natgillin/translations-raw huggingface dataset:
On the criterion concerning the movement in company capital referred to in point 5(a) of the Guidelines, the French authorities point out that the relevant indicator is, pursuant to Article L225-248 of the Commercial Code, the company capital of France Télécom SA, which has always remained positive and has never fallen by half.
Glede na merila v zvezi z oblikovanjem lastnega kapitala, ki so omenjena v točki 5 a) smernic, francoske oblasti poudarjajo, da je v skladu s členom L225-248 trgovinskega zakonika ustrezni pokazatelj lastniški kapital podjetja FT SA, ki je vedno ostal pozitiven in ki se ni nikoli zmanjšal za polovico.
France Télécom was therefore not in the situation referred to in the Guidelines in which shareholders' funds fall below the company capital.
Francoske oblasti poudarjajo, da se podjetje FT tako ni znašlo v položaju, ki je omenjen v smernicah in v skladu s katerim so lastna sredstva vredna manj kot lastniški kapital.
France Télécom was not in a cessation of payments situation; there were merely signs of a possible liquidity requirement by the first half of 2003 should the expected market recovery not occur.
Podjetje FT se ni znašlo v položaju, ko bi prenehalo s plačevanjem, ampak je preprosto zaznalo možno omejitev likvidnosti na začetku prvega polletja 2003 v skladu s hipotezo, da se pričakovani prevzem na trgu ne bi zgodil.
The French authorities add that France Télécom had anticipated reserves of EUR 6,9 billion as at 31 December 2003 and could have crossed the threshold of the year 2003 without resorting to the financial market.
Francoske oblasti so dodale, da je imelo podjetje FT 31. decembra 2003 na razpolago 6,9 milijard EUR in da bi lahko obravnavalo prag iz leta 2003, pri tem pa se ne bi oprlo na finančni trg.
At the meeting on 22 January 2004, the French authorities indicated that France Télécom had had recourse to the syndicated loan, which was less expensive than the bond market and out of which EUR 4 billion had been made available to the Company.
Na srečanju z dne 22. januarja, 2002 so francoske oblasti poudarile, da se je podjetje oprlo na sindicirani kredit, ki je bolj ugoden kot trg obveznic, prav tako pa je izkoristilo razpolaganje s sindiciranim kreditom v višini 4 milijarde EUR.
The French authorities observe inter alia that France Télécom had access to the financial markets during the course of 2002 and describe all of the financing instruments at the Company's disposal between 11 July 2002 and 15 January 2003.
Francoske oblasti so prav tako opazile, da je podjetje FT v letu 2002 imelo dostop do finančnih trgov, poleg tega pa so opisale vse načine financiranja, ki so bile na voljo podjetju FT med 11. julijem 2002 in 15. januarjem 2003.
They mention the fact that, on 14 February 2002, France Télécom negotiated the provision of a syndicated credit line of EUR 15 billion and that during the course of 2002 the Company issued bonds, EUR 442,2 million worth of which was repayable in shares.
Omenile so predvsem dejstvo, da se je 14. februarja 2002 podjetje FT pogajalo o oblikovanju sindicirane kreditne linije v višini 15 milijard EUR in da je podjetje FT uresničilo izdajo obveznic v letu 2002, od katerih je bilo 442,2 milijonov EUR obveznic izplačanih v obliki delnic.
The French authorities also state that France Télécom was not open to any financial risk owing to the downgrading of its credit rating by the rating agencies as there was no early repayment clause in the covenants.
Francoske oblasti so poudarile tudi, da podjetje FT zaradi znižanja ocene s strani agencij za ocenjevanje ni bilo izpostavljeno nobenemu finančnemu tveganju, saj ni prišlo do pričakovanega sklicevanja na določbe v paktih.
Moreover, according to the concordant opinion of several consultant banks consulted between June and November 2002, France Télécom was, prior to the announcement of the Ambition 2005 plan and of the majority shareholder's support, able to refinance itself on the bond markets.
Poleg tega pa obstaja soglasno mnenje več različnih bank, s katerimi so se posvetovali med junijem in novembrom 2002, da se je bilo pripravljeno podjetje FT pred objavo načrta Ambition 2005 in pred pomočjo večinskega delničarja refinancirati na trgu obveznic.
The French authorities thus indicate that, in July and September 2002 respectively, […] and […] offered to refinance, through swap programmes starting in October or November, France Télécom's bond debts maturing between 2003 and 2005.
Tako so francoske oblasti omenile, da sta v ta namen julija 2002 in septembra 2002 banka […] in banka […] ponudili refinanciranje s pomočjo programov izmenjave v oktobru in novembru glede obvezniških dolgov podjetja FT, ki bi zapadli v času med letoma 2003 in 2005.
As to the statement by France Télécom's former CEO to the effect that the Company no longer had access to the market, the French authorities point out that his opinion was necessarily subjective in view of the circumstances.
Kar se tiče izjave prejšnjega vodstva podjetja FT, v skladu s katero podjetje FT nima več dostopa do trga, so francoske oblasti opazile, da je bilo njihovo mnenje ob upoštevanju okoliščin subjektivno.
Duty of care of the State as shareholder
Prošnja države v vlogi delničarja
As regards the allegation that the State had failed in its duty of care as shareholder with regard to the Company's past conduct, the French authorities maintain that the argument to the effect that a prudent investor would not have found himself in the same situation as the French State is irrelevant as, according to well established case law, the Commission has to place its analysis at the time when the investment decision was taken, unless it can be shown that the State's past conduct involves aid elements, something which has not been claimed in the present case.
Kar se tiče prošenj države v vlogi delničarja v zvezi s preteklim vodenjem podjetja so francoske oblasti poudarile, da utemeljitev, po kateri se dobro poučen delničar ne more znajti v položaju francoske države, ni ustrezna, ker mora v skladu s stalno sodno prakso Komisija opraviti analizo, takoj potem, ko je sprejeta odločitev o vlaganju, razen če želi slednja pokazati, da gre pri ravnanju države v preteklosti za elemente pomoči, kar pa se v tem primeru ni zgodilo.
At all events, even if the legal obligation on the State to hold a majority of the capital placed France Télécom at a disadvantage, the Commission cannot, without violating the neutrality principle enshrined in the Treaty, call into question the French authorities' choice to maintain the Company in the public sector.
V takem položaju velja naslednje: tudi če je pravna obveza države o večinski upravičenosti do kapitala za podjetje FT slaba, Komisija ne more podvomiti o odločitvi francoskih oblasti, da bi se podjetje obdržalo v javnem sektorju, če se pri tem ne priznava načela nevtralnosti v pogodbi.
The French authorities stress that they intervened as soon as they became aware of the financial difficulties encountered by the Company.
Francoske oblasti tudi poudarjajo, da so posredovale takoj potem, ko so izvedele za finančne težave podjetja.
In their comments of 29 July 2003, the French authorities insist on the fact that, according to the judgment in Stardust, it is necessary to place oneself in the context of the period during which the financial support measures were taken and that this ‘… excludes automatically the period before July 2002’.
V pripombah francoskih oblasti z dne 29. julija 2003 so francoske oblasti vztrajale na tem, da je v skladu s sodno prakso Stardust , primerno, da bi se postavili v čas, v katerem so bili sprejeti ukrepi pomoči in da to „[…] samodejno izključuje obdobje pred julijem 2002“.
They also stress that the payment in shares of the dividends for 2001 was in keeping with the prudent private investor principle inasmuch as there was at that time a strong potential for an increase in the share price.
Oblasti so tudi poudarile, da je bilo izplačilo dividend za leto 2001 v obliki delnic v skladu z načelom dobro poučenega zasebnega vlagatelja, saj je obstajala velika možnost za povečanje cene delnic.
Rationality of the TOP plan
Utemeljitev načrta TOP
The French authorities stress that, in the light of the above, the increase in the cash flow and the strengthening of the capital base provided for in the Ambition 2005 plan are components of a strategy that would have been followed by any prudent majority shareholder.
Francoske oblasti so poudarile, da sta, ob upoštevanju omenjenega, povečanje denarnih tokov in krepitev lastnih sredstev, predvidenih v načrtu Ambition 2005, sestavna dela strategije, ki bi jo uporabil vsak previden večinski delničar.
Hence, owing to the fact that the Company's fundamentals were healthy, France Télécom's situation cannot be compared to that of companies such as Vivendi Universal or Crédit Lyonnais.
Tako zaradi dejstva, da so bile osnove podjetja dobre, položaja podjetja FT ne moremo primerjati s podjetji, kot je Vivendi Universal ali Crédit Lyonnais.
As to the rationality of the TOP plan, the French authorities state that the plan in question represents a considerable effort on the Company's part.
Kar se tiče utemeljitve načrta TOP, francoske oblasti poudarjajo, da zadevni načrt za podjetje pomeni znatno pomoč.
It is an overall plan for a change of management direction based on specific actions which has already produced its first positive results.
Francoske oblasti poudarjajo, da gre za celoten načrt o preusmeritvi vodenja, ki temelji na konkretnih dejanjih in ki je že pokazalo prve pozitivne rezultate.
The French authorities stress in this connection that the plan is an extremely precise one which makes possible an increase in the Company's profitability with a rate of return on investment (RRI) of 43 % in 2005 for those investors who participated in the April 2003 capital increase, that is, a much higher return than the reference RRI (11 %) expected by a private investor in the telecommunications sector.
Ob tem oblasti poudarjajo, da gre za izjemno natančen načrt, ki omogoča povečanje donosnosti podjetja s stopnjo vračila za vlaganja v višini 43 % v začetku leta 2005 za vlagatelje, ki so pričakovali povečanje kapitala v aprilu 2003 z neto donosom, ki je večji od referenčne stopnje vračila za vlaganja (11 %), ki jo pričakujejo zasebni vlagatelji v telekomunikacijski sektor.
The TOP plan also includes a staff management optimisation chapter.
Načrt TOP vključuje tudi del o optimizaciji dela zaposlenih.
As to the disposal plan, the French authorities state that the disposal of assets at the end of 2002 made it possible to carry forward any liquidity constraint to the end of 2003 without even having to resort to the financial markets.
V zvezi z načrtom o prenosih so francoske oblasti poudarile, da je prenos premoženja ob koncu leta 2002 omogočil poročanje o možnem omejevanju likvidnosti ob koncu leta 2003 v odsotnosti kakršnega koli opiranja na finančne trge.
Moreover, a disposal of strategic assets would not have been in the interests of France Télécom and its shareholders in the medium to long term.
Poleg tega prenos premoženja dolgoročno ni v nasprotju z interesi podjetja FT in njegovih delničarjev.
The French authorities stress, lastly, that the strategies followed by competing operators are no more prudent and that a plan must be assessed, not in the light of the scope or strategic character of the assets whose disposal is being contemplated, but in that of the rationality of the plan as a whole.
Francoske oblasti poudarjajo tudi, da strategije, ki so jim sledili konkurenčni operaterji, niso bile več previdne in da načrta ne moremo upoštevati v okviru razsežnosti in strateškega značaja premoženja, za katerega je bil predviden prenos, ampak v okviru utemeljitve celotnega načrta.
Moreover, the success of the December 2002 and January 2003 bond issues confirmed a posteriori the confidence private investors place in the Company's operational potential.
Poleg tega je uspeh izdajanja obveznic v decembru 2002 in v januarju 2003 pozneje potrdil zaupanje zasebnih vlagateljev v izvedbeni potencial podjetja.
Application of the prudent investor principle to the participation in the strengthening of the Company's capital base
Uporaba načela dobro poučenega vlagatelja pri sodelovanju pri krepitvi lastnih sredstev
With regard to the application of the prudent private investor principle to the announcement by the State of its anticipated participation in the strengthening of the Company's capital base, the French authorities observe that they made their agreement conditional on the presentation, by the new management, of a new, credible rebalancing plan and on participation by the banks.
V zvezi z uporabo načela dobro poučenega zasebnega vlagatelja ob državnem obvestilu o pričakovanju sodelovanja države pri krepitvi lastnih sredstev so francoske oblasti opazile, da so svoje soglasje povezale s predstavitvijo novega vodstva, z novim načrtom za primerno uravnoteženje, povezale pa so ga tudi s sodelovanjem bank.
On compliance with the concomitance principle, the French authorities point out that, from the outset, the State shareholder took every step to ensure the concomitant participation of public and private shareholders and that it took no risk before private investors did.
Ob upoštevanju načela istočasnega obstoja francoske oblasti poudarjajo, da je država v vlogi delničarja od vsega začetka sprejela vse ukrepe, s katerimi bi zagotovila istočasno sodelovanje javnih in zasebnih delničarjev in da pred zasebnimi vlagatelji ne bi nikakor tvegala.
Thus, the announcement of the State's intention to participate in the strengthening of the Company's capital base dates from 12 September 2002, and on that date a banking syndicate had already undertaken to underwrite, when the time came, that part of a capital increase which was intended for private investors alongside the public shareholder, on condition that a credible rebalancing plan was announced to the market.
Tako gre pri državnem obvestilu o nameri glede sodelovanja pri krepitvi lastnih sredstev z dne 12. septembra 2002 in istočasnem izvajanju bančnega sindiciranja od septembra 2002 za jamstvo za zagotavljanje dobrega konca v zvezi s povečanjem kapitala, namenjenega privatnim vlagateljem poleg javnega delničarja pod pogojem, da je na trgu objavljen načrt za primerno uravnoteženje.
The French authorities stress that this condition was normal in view of France Télécom's unbalanced financial situation, the State's participation also being conditional on the announcement of a plan considered by the market to be credible.
Francoske oblasti so poudarile, da je ta pogoj ob upoštevanju neuravnoteženega finančnega položaja podjetja FT običajen, poleg tega pa so poudarile tudi, da je bilo sodelovanje države prav tako izpostavljeno objavi primernega načrta na trgu.
They add that, if the private investors had not stood guarantors, the State would not have made such an announcement.
Francoske oblasti so poudarile, da če zasebni vlagatelji ne bi pomenili jamstva, država ne bi mogla narediti take objave.
The French authorities also state that the private financing predated the public financing inasmuch as the financial contributions by private investors — in the form of debenture loans and the rescheduling of bank loans between December 2002 and February 2003 — took place in significant proportions.
Francoske oblasti poudarjajo tudi, da so se zasebna financiranja v preteklosti izvajala z javnim financiranjem, saj so se finančni prispevki zasebnih vlagateljev – v obliki posojil v obveznicah in ponovnega razdeljevanja bančnih kreditov v času od decembra 2002 do februarja 2003 – pojavili v precej velikem odstotku.
The analysis of any making available of state funds must, in the French authorities' view, be carried out in the light of such private financing.
Francoske oblasti poudarjajo, da bi morala biti izpeljana analiza vseh možnih razpolaganjih z državnimi sredstvi glede na taka zasebna financiranja.
The French authorities maintain that the recapitalisation operation carried out on 24 March 2003 complies with the concomitance principle.
Francoske oblasti menijo, da izvedba dokapitalizacije z dne 24. marca 2003 spoštuje načelo istočasnega obstoja.
The State, for its part, made no capital contribution before the private shareholders did, as can be seen from the arrangements for the shareholder loan described in point 5.6, which included no unconditional recapitalisation commitment by the State before March 2003.
Kar se tiče države, slednja ni uporabila nobenega kapitalskega donosa pred zasebnimi delničarji, tako kot je to prikazano v pogojih delničarskega posojila, opisanih v točki 5.6, ki ne vključuje nobene obveze o brezpogojni državni dokapitalizaciji pred marcem 2003.
The banks' undertaking of September 2002 referred to in paragraph 159 was thus confirmed by the banking syndicate's formal guarantee in March 2003 and enabled the State to take no risk as regards the participation of private investors in the capital increase.
Obvezo bank, ki je bila sprejeta septembra 2002, ob upoštevanju oznake 159 tako potrjuje formalno jamstvo bančnega sindikata iz marca 2003, poleg tega pa omogoča, da država ob sodelovanju zasebnih vlagateljev pri povečanju kapitala nič ne tvega.
The French authorities stress that, in accordance with the judgment in Alitalia, the State did not commit itself formally prior to the banks' formal undertaking.
Francoske oblasti poudarjajo, da se v skladu s sodno prakso Alitalia pred uradno obvezo bank država formalno ni obvezala.
The private shareholder participation is significant at 40 %, which has been held by the Court of Justice to be in keeping with the concomitance principle.
Sodelovanje zasebnih delničarjev je pomembno, saj znaša 40 %, Sodišče Evropskih skupnosti pa je razsodilo, da je to v skladu z načelom istočasnega obstoja.
The underwriting banking syndicate was selected by open tender, which ensured that the banks' remuneration corresponded to optimised market conditions, notably as regards the commission paid to the banks.
Bančni sindikat za jamstvo je bil izbran s pomočjo razpisov, s čimer so zajamčili, da izplačilo bank ustreza pogojem najboljših trgov, predvsem kar se tiče provizije, vrnjene bankam.
The French authorities also mention that the commissions paid in the present case ([…] % of the total amount underwritten) are in keeping with the guidelines set out in the Alitalia decision of 19 June 2002.
Francoske oblasti omenjajo tudi, da so provizije, ki so bile v tem primeru vrnjene ([…] % celotnega zajamčenega zneska) v skladu z navedbami, omenjenimi v odločbi Alitalia z dne 19. junija 2002.
As regards the expected return, the French authorities state that, as has already been indicated, compliance with the prudent private investor principle is also demonstrated by the high profitability prospects of the TOP plan, as confirmed by the plan's favourable reception by the market.
Ker gre za pričakovan donos, francoske oblasti navajajo, da v skladu s povedanim spoštovanje načela dobro poučenega vlagatelja prav tako ponazarja perspektive o povečani donosnosti načrta TOP, ki so bile potrjene z ugodnim sprejemom na trgu.
They maintain, moreover, that, when the investment decision was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines and that the Company had access to the financial markets during the second half of 2002.
Poleg tega pa francoske oblasti poudarjajo, da ob sprejemu odločitve o vlaganju podjetje FT v okviru smernic ni bilo v težavah in da je imelo podjetje v drugem polletju leta 2002 dostop po finančnih trgov.
The French authorities stress that the capital increase was effected as soon as it was technically possible to present to the State and to investors updated data on the Company's operational prospects, which demonstrates the State's choice of high-quality investors motivated by long-term return prospects.
Francoske oblasti so poudarile, da je bilo povečanje kapitala opravljeno takoj potem, ko je bilo državi in vlagateljem tehnično omogočeno, da predstavijo zagotovila o operativnih pričakovanjih podjetja, kar kaže na to, da je država izbrala kakovostne vlagatelje, ki upajo na dolgoročen donos.
The French authorities point out that the timetable constraints were technical constraints linked to France Télécom independent of any favourable stock market conditions.
Francoske oblasti natančneje navajajo tudi, da so koledarske omejitve predstavljale tehnične omejitve, povezane s podjetjem FT, in da so te omejitve neodvisne od možnih ugodnih pogojev na borzi.
The French authorities state that the operation was a success and that the fixed amount underwritten was more than five times that sought from the market.
Francoske oblasti poudarjajo, da je bilo delovanje uspešno in da je zajamčeni znesek več kot petkrat večji od zneska na borzi.
The French authorities add that the amount of the recapitalisation is not a relevant factor and that all that matters is whether the operation was rational.
Francoske oblasti so tudi dodale, za znesek dokapitalizacije ni bil primeren element in da bi pri tem morali vedeti, ali je bilo delovanje dobičkonosno.
At all events, the amount in the present case was not excessive compared with, say, the capital increase in the case of KPN.
V takem položaju znesek v tem primeru ni bil prevelik, predvsem v primerjavi s povečanjem kapitala v podjetju KPN.
Concluding on this point, the French authorities stress that the capital increase seems already (the French authorities' comments date from July 2003) to be a prudent investment as France Télécom's share price has risen by almost 50 % compared with the rate of capital increase.
Ob zaključku te točke francoske oblasti poudarjajo, da kaže, da je povečanje kapitala (pripombe francoskih oblasti iz julija 2003) previdna naložba, saj se je cena delnic v primerjavi s potekom povečanja kapitala povečala za skoraj 50 %.
As to the repayment of the ERAP loan by the State as announced by the deputy Minister for the Budget in December 2002, it concerns only the modalities for investment by the State and has no impact on relations between the State, the shareholders and the Company.
Kar se tiče povračila posojila, ki ga je podjetju ERAP posodila država v skladu z objavo ministra, zadolženega za proračun v decembru 2002, gre samo za pogoje o državnem vlaganju, ki ne vplivajo na odnose med državo, delničarji in podjetjem.
The shareholder loan
Delničarsko posojilo
The French authorities maintain that the loan proposal was never signed by France Télécom owing to the excessive cost of the financial terms proposed to it and the fact that the Commission was raising doubts about the measure's lawfulness under the Treaty.
Francoske oblasti poudarjajo, da podjetje FT ni nikoli podpisalo načrta o posojilu zaradi previsokih stroškov finančnih pogojev, ki so bili predlagani podjetju FT, in zaradi dejstva, da je Komisija sprožila dvome v zvezi z zakonitostjo tega ukrepa glede na pogodbo.
Consequently, no state resources were placed at the Company's disposal via the shareholder loan proposal.
Posledično v okviru načrta o delničarskem posojilu podjetje ni razpolagalo z nobenimi državnimi sredstvi.
The French authorities argue that the entry into force of the loan cannot be deduced from the announcement made by the State on 4 December 2002, which concerns only the commitment by the State shareholder to participate in the operation to strengthen the Company's capital base, mention being made only of the ‘possible’ provision of a shareholder loan.
Francoske oblasti navajajo, da začetek veljave posojila ne more izhajati iz obvestila, ki ga je država objavila 4. decembra 2002 zgolj v zvezi z obvezo države v vlogi delničarja o tem, da bo država sodelovala pri izvajanju krepitve lastnih sredstev podjetja, medtem ko „možno“ razpolaganje z delničarskim posojilom ni bilo omenjeno.
The French authorities observe that, at all events, the loan proposal conferred no advantage on France Télécom.
Oblasti so tudi opazile, da v takem položaju načrt o objavi podjetju FT ni prinesel nobene prednosti.