natgillin/translations-raw huggingface dataset:
Thus, the medium-term objectives were (i) to meet France Télécom's financing requirements; and (ii) to achieve a net reduction in debt and a reconstitution of capital, a sine qua non for the Company's rehabilitation in the long run in terms of borrowing on the stock market.
Srednjeročni cilji so bili dvojni: (i) soočiti se s potrebami financiranja podjetja FT in (ii) uresničiti povračilo čistega dolga ter ponovno vzpostaviti lastna sredstva; osnovni pogoj preoblikovanja v okviru podjetja v obliki kredita v povezavi z borzo.
In the HSBC report, it is stated that: ‘Assuming a business plan which incorporates the operational improvement in the TOP programme, we consider that France Télécom has a refinancing requirement over the period 2002-07 of approximately €22 billion ... [On the other hand], assuming a business plan which does not incorporate the operational improvement in the TOP programme, we estimate that France Télécom has a refinancing requirement over the period 2002-07 of approximately €35 billion’.
V poročilu banke HSBC je določeno: „Ob upoštevanju poslovnega načrta, ki vključuje operativno izboljšanje programa TOP, ocenjujemo, da ima podjetje FT potrebo po refinanciranju v obdobju 2002–2007, za približno 22 milijard EUR …[Poleg tega] ob upoštevanju poslovnega načrta, ki ne vključuje operativnega izboljšanja programa TOP, ocenjujemo, da ima podjetje FT potrebo po refinanciranju v obdobju 2002–2007, za približno 35 milijard EUR.“
The key elements of the plan in question and the measures which the French authorities envisaged adopting with regard to France Télécom were notified to the Commission by letter dated 3 December 2002 and additional information was submitted by letters dated 14 and 15 January 2003.
Osnovni elementi zadevnega načrta, kot tudi ukrepi, ki so jih francoski organi nameravali sprejeti v okviru podjetja FT, so bili sporočeni Komisiji s pismom z dne 3. decembra 2002, dodatni podatki pa so bili predstavljeni v pošti 14. in 15. januarja 2003.
A detailed description of the Ambition 2005 plan and its various aspects (operations, debt renegotiation and strengthening of the Company's capital base) as well as of the other measures envisaged by the French authorities is given in the opening decision and is not repeated in this Decision.
Podroben opis načrta Ambition 2005 in njegovih različnih delov (operativni, ponovna pogajanja o dolgu in krepitvi lastnih sredstev) ter drugi ukrepi, ki so jih predvideli francoski organi, se pojavijo v odločitvi o začetku in se ne ponovijo v tej odločbi.
The presentation of the Ambition 2005 plan was accompanied by a press release of the Minister for Economic Affairs and Finance in which the Government confirmed its support for the plan, its commitment to take part in the operation to strengthen the Company's capital base and the making-available of a shareholder loan in the form of a EUR 9 billion credit line. The parts of the press release that are relevant to this Decision are as follows: ‘Francis Mer, Minister for Economic Affairs, Finance and Industry, confirms the State's support for the action plan approved by France Télécom's board of directors on 4 December.
Skupaj s predstavitvijo načrta Ambition 2005 je tudi sporočilo za javnost ministra za gospodarstvo in finance, v katerem je vlada potrdila svojo podporo zadevnemu načrtu, svoje sodelovanje pri krepitvi lastnih sredstev in dodelitev delničarskega posojila v obliki kreditne linije, v znesku 9 milijard EUR. Ustrezni odstavki tega sporočila za potrebe te odločbe so naslednji: „Francis Mer, minister za gospodarstvo, finance in industrijo, potrjuje podporo države poslovnemu načrtu, ki ga je potrdil upravni odbor France Télécoma 4. decembra.
1/The France Télécom group is a coherent industrial entity with a remarkable track record.
1/Skupina France Télécom sestavlja celovito gospodarsko skupino, ki ima izredne uspehe.
However, the company is now faced with an unbalanced financial structure and a need for capital and refinancing in the medium term.
Vsekakor se mora podjetje danes soočiti s finančno neuravnoteženo strukturo, s potrebami po lastnih sredstvih in refinanciranju na srednje dolgi rok.
This state of affairs is due to the failure of past investments, which were carried out badly at the height of the financial “bubble” and, more generally, to the market downturn.
To stanje je posledica prejšnjih neuspešnih vlaganj, slabo vodenih in izpeljanih na najvišji stopnji pred ‚finančnim zlomom‘ in, bolj splošno, spremembe trgov.
The impossibility for France Télécom to finance its growth otherwise than through debt has made the situation worse.
Nezmožnost podjetja France Télécom, da financira svoj razvoj drugače kot z zadolževanjem, je še poslabšala to stanje.
2/The State, as majority shareholder, has asked the new management to restore the company's financial equilibrium while maintaining the group's integrity … 3/In the light of the action plan drawn up by management and the investment return prospects, the State will participate in the EUR 15 billion strengthening of the company's capital base in proportion to its share in the capital, giving an investment of EUR 9 billion. The State shareholder thus intends to act like a prudent investor.
2/Država, večinski delničar, je zahtevala od novega vodstva, da vzpostavi finančno uravnoteženost podjetja, ob ohranjanju celote skupine … 3/Ob upoštevanju poslovnega načrta, ki ga je zasnovalo vodstvo, in perspektiv o vračilu za vlaganja, bo država sodelovala pri krepitvi lastnih sredstev 15 milijard EUR, sorazmerno s svojim delom v kapitalu, kar pomeni vlog v višini 9 milijard EUR. Država v vlogi delničarja namerava ukrepati tudi kot dobro poučen vlagatelj.
It will be for France Télécom to work out the detailed arrangements and precise timetable for the strengthening of its capital base.
Dolžnost podjetja France Télécom bo določiti načine in natančen koledar krepitve lastnih sredstev.
The Government wants the utmost account to be taken during the operation of the situation of individual shareholders and of employees with shares in the company.
Vlada želi, da se postopek odvija ob največjem upoštevanju stanja posameznih delničarjev in delničarjev, ki so zaposleni v podjetju.
To enable the company to launch a market operation at the most opportune moment, the State is prepared to make an upfront prepayment towards the strengthening of the capital base in the form of a temporary shareholder loan, remunerated at market rates, placed at France Télécom's disposal.
Država je za možnost podjetja, da s postopkom prične ob najbolj ugodnem trenutku, pripravljena pospešiti svoje sodelovanje pri krepitvi lastnih sredstev, prek začasnega delničarskega posojila, plačanega v skladu s pogoji na trgu, ki jih dodeli podjetju France Télécom.
4/The State's entire shareholding in France Télécom will be transferred to a public industrial and commercial entity, ERAP.
4/ERAP, industrijsko in trgovsko podjetje, bo preneslo celotno sodelovanje države na podjetje France Télécom.
The latter will borrow on the financial markets in order to finance the State's share in the strengthening of the company's capital base’ .
Podjetje se bo zadolžilo na finančnih trgih zaradi financiranja dela države pri krepitvi lastnih sredstev podjetja“.
A few days after the presentation of the Ambition 2005 plan, France Télécom launched two successive bond issues on 11 and 12 December 2002 for a total amount of EUR 2,9 billion. The first bond issue was for a total amount of EUR 2,5 billion over seven years, at a fixed rate of 7 %, or Euribor + 290bp.
Nekaj dni po predstavitvi načrta Ambition 2005 je podjetje FT uvedlo dve izdaji obveznic 11. decembra in 12. decembra 2002, v skupnem znesku 2,9 milijard EUR. Prvo posojilo obveznic je bilo v skupnem znesku 2,5 milijard EUR, na 7 let, s fiksno stopnjo 7 %, kar pomeni EURIBOR + 290pb.
For France Télécom, the cost of the fixed-rate tranche is 7,165 % (all-in).
Za podjetje FT je strošek dela fiksne stopnje 7,165 % (all-in).
The second bond issue was placed on the pound sterling (GBP) market for an amount of GBP 250 million at a fixed rate of 8 % over 15 years, or LIBOR + 330bp.
Drugo posojilo v obveznicah je bilo postavljeno na trg britanskega funta (GPB) v znesku 250 milijonov GPB, s fiksno stopnjo 8 % na 15 let, kar pomeni LIBOR + 330pb.
Other issues were made on 15 January 2003 for a total amount of EUR 5,5 billion. These were part of a three-tranche issue (EUR 1 billion at a fixed rate of 6 %, scheduled to mature in 4,7 years; EUR 3,5 billion at a fixed rate of 7,5 %, scheduled to mature in 10 years; and EUR 1 billion at a fixed rate of 8,125 %, scheduled to mature in 30 years).
Druge izdaje so bile izvedene 15. januarja 2003 v skupnem znesku 5,5 milijard EUR. To posojilo v obveznicah je v treh delih (1 milijarda EUR s fiksno stopnjo 6 %, rok plačila 4,7 leta; 3,5 milijard EUR s fiksno stopnjo 7,5 %, rok zapadlosti 10 let; in 1 milijarda EUR s fiksno stopnjo 8,125 %, rok plačila 30 let).
On 10 February 2003, that part of the EUR 15 billion syndicated loan which had matured, namely approximately EUR 5 billion over three years at the rate Euribor + 125bp, was renewed.
februarja 2003 je bil obnovljen del sindiciranega kredita v višini 15 milijard EUR pred rokom plačila, in sicer približno 5 milijard EUR na 3 leta s stopnjo Euribor + 125pb.
On 17 December 2002, S & P indicated that, since July 2002, the Government's support had been a key factor in maintaining France Télécom's investment-grade status and that its announcement concerning the shareholder loan and the commitment to subscribe, in proportion to its shareholding, to a EUR 15 billion recapitalisation operation had confirmed that support.
Agencija S & P je 17. decembra 2002 pojasnila, da je bila podpora vlade od julija 2002 eden od ključnih dejavnikov za vzdrževanje ocene podjetja FT na ravni vlaganj in da je njegovo obvestilo o delničarskem posojilu in obveznostih vpisa, proporcionalno glede na sodelovanje pri postopku dokapitalizacije 15 milijard EUR, potrdila to podporo.
February/March 2003
Februar/marec 2003
France Télécom ended the 2002 financial year with a loss of approximately EUR 21 billion and a net financial debt of almost EUR 68 billion.
Podjetje FT je zaključil proračunsko leto 2002 z izgubo približno 21 milijard EUR in s čistim finančnim dolgom skoraj 68 milijard EUR.
On 4 March 2003, the operation to strengthen the Company's capital base by EUR 15 billion as envisaged by the Ambition 2005 plan was launched.
marca 2003 je bil uveden postopek za krepitev lastnih sredstev v višini 15 milijard EUR, predvidenih z načrtom Ambition 2005.
The operation was broadly successful and was terminated on 11 April.
Postopek je dosegel velik uspeh in se je zaključil 11. aprila.
On 14 April 2003, the State held 58,9 % of France Télécom's capital, of which 28,6 % through ERAP.
aprila 2003 je država razpolagala s 58,9 % kapitala podjetja FT, od katerega 28,6 % prek podjetja ERAP.
The Commission notes that the capital increase largely met the structural needs of France Télécom's financing.
Komisija ugotavlja, da je povečanje kapitala večinoma odgovorilo na strukturne potrebe financiranja podjetja FT.
Thus, following the operation, France Télécom's credit rating began to improve: on 14 May 2003 S & P raised its rating to BBB, outlook stable (from A-3 to A-2 for its short-term rating) and on 8 August 2003 Fitch raised its rating from BBB- to BBB.
Po tem postopku se je ocena podjetja FT pričela izboljševati in agencija S & P je 14. maja 2003 izdala oceno BBB s stabilno perspektivo (od A-3 do A-2 za kratkoročno oceno), agencija Fitch pa je 8. avgusta 2003 izdala oceno podjetja FT BBB- do BBB.
The Commission would point out in this connection that the agencies thereupon ceased to consider the State's support to be a key factor in the Company's credit rating.
Komisija poudarja, da so agencije prenehale obravnavati podporo države kot ključni element ocene podjetja.
COMMENTS FROM THIRD PARTIES
PRIPOMBE TRETJIH STRANI
The Commission has received comments from a number of interested third parties.
Komisija je prejela pripombe z več zainteresiranih strani.
The essence of those comments is reproduced in this section.
Vsebina teh pripomb je povzeta v naslednjem delu.
Comments from Telecom Italia
Pripombe podjetja Telecom Italia
Telecom Italia stresses that any aid granted to France Télécom is likely to affect competition in the telecommunications markets, and in the French market in particular.
Telecom Italia poudarja, da vsak ukrep pomoči, dodeljen v korist podjetja FT, lahko vpliva na konkurenco na trgih telekomunikacij in še zlasti na francoski trg.
It is therefore essential that the aid granted by the French authorities should be accompanied by compensatory measures aimed at reducing its impact on competition.
Nujno je treba, da ukrepe, ki jih dodelijo francoski organi, spremljajo nadomestila, z namenom zmanjšanja učinka na konkurenco.
In this context, it would be particularly appropriate to adopt regulatory measures making for easier and speedier access by new entrants and their use of France Télécom's infrastructures, particularly as regards access to the local loop and the length of time it takes to negotiate interconnection and provisioning agreements.
V tem okviru je še zlasti ustrezno sprejeti ukrepe uredbe, ki olajšujejo in pospešujejo dostop do novih povezav in uporabe infrastrukture podjetja FT, še zlasti v zvezi z dostopom do lokalnega omrežja in s trajanjem obdobja za pogajanja o sporazumih za medsebojne povezave in ponudbo storitev končnemu uporabniku (provisioning).
Comments from WorldCom
Pripombe podjetja WorldCom
WorldCom indicates that it shares the Commission's analysis as set out in the opening decision.
Podjetje WorldCom je določilo, da se strinja z analizo, ki jo je razvila Komisija v odločitvi o začetku.
It points out that the aid granted by the State to France Télécom enabled the latter to obtain the liquidity it needed to reimburse its debt without having to dispose of any strategic assets.
To podjetje je poudarilo, da je pomoč, ki jo je država dodelila podjetju FT, omogočila podjetju FT pridobiti potrebna likvidna sredstva za povračilo svojega dolga, brez prepustitve strateških sredstev.
It adds that the support of the State enabled France Télécom to ensure the continuance of its industrial strategy, that is to say, the creation of a series of vertically integrated operators of telecommunications networks and services.
Prav tako poudarja, da je skrb države omogočila podjetju FT zagotoviti nadaljnji obstoj industrijske strategije, torej ustvarjanje vrste operaterjev za omrežja in storitve telekomunikacij, ki so vključeni vertikalno.
WorldCom concludes that this industrial strategy entails anticompetitive practices, including the existence of cross-subsidies and of a price squeeze between the price proposed by France Télécom to the final customer and the price of access proposed to competitors of the historical operator, and the possibility of making tailor-made bids that are impossible to match when public contracts are being awarded (the ‘Sipperec’ and ‘public assistance/Paris hospitals’ contracts being two such examples).
Podjetje WorldCom je ugotovilo, da ta industrijska strategija povzroča protikonkurenčne prakse, kot so obstoj navzkrižnega subvencioniranja in razlika med predlagano ceno (price squeeze) podjetja FT končnim uporabnikom in ceno predlaganega dostopa konkurentom prejšnjega operaterja, možnost ponudb na ukrep, ki kljubuje vsaki konkurenci pri oddaji javnih naročil (na primer trgi „Sipperec“ in „Assistance public/Hôpitaux de Paris“).
In order to reduce the distortions of competition caused by the aid granted to France Télécom, WorldCom proposes compensatory measures of a structural nature, including the disposal of assets such as Global One/Equant, Orange, Wanadoo/Oléane and/or the local network in France, or else the effective and transparent separation of France Télécom from its commercial activities.
Da bi zmanjšali izkrivljanje konkurence, ki jo je povzročila podjetju FT dodeljena pomoč, je podjetju WorldCom predlagal strukturna nadomestila, še zlasti prenos sredstev podjetij Global One/Equant, Orange, Wanadoo/Oléane in/ali omrežja lokalne službe v Franciji ali tudi učinkovita in transparentno strukturno ločitev med podjetjem FT in njegovimi tržnimi sredstvi.
Under the heading of behavioural quid pro quos, WorldCom mentions a to-be-wished-for accounting segregation between France Télécom's commercial and non-commercial activities, full publication of its accounts and a monitoring of its prices.
Zaradi nadomestil ravnanja se podjetje sklicuje na ločeno računovodstvo med tržnimi in netržnimi dejavnostmi podjetja FT, na popolno objavo računovodstva in tarifnega nadzora.
Comments from C
Pripombe podjetja C
C submits the following comments:
Podjetje C je predstavilo naslednje pripombe:
the measures at issue constitute state aid.
zadevni ukrepi predstavljajo državno pomoč.
C argues that, in accordance with the Guidelines on state aid for rescuing and restructuring firms in difficulty(‘the Guidelines’), where public funding is provided to a firm which is in financial difficulties there is a presumption that state aid is involved.
Podjetje C poudarja, da v skladu s smernicami za državno pomoč pri reševanju in prestrukturiranju podjetja v težavah(v nadaljevanju „smernice“), dodelitev javnih skladov podjetju v finančnih težavah predstavlja domneven obstoj elementov pomoči.
C states that the announcement of and terms governing the making available by the French State to France Télécom of the EUR 9 billion credit line and the participation by the French State in the recapitalisation of France Télécom involve aid elements.
Podjetje C opredeljuje, da obvestilo in pogoji o razpolaganju kreditne linije v znesku 9 milijard EUR s strani francoske države v korist podjetju FT in tudi sodelovanje francoske države pri dokapitalizaciji podjetja FT vsebuje elemente pomoči.
It points out that the prudent investor test is not satisfied as regards the arrangements for providing the credit line inter alia because of the interest rate proposed and the amount of the commitment fee.
Podjetje poudarja, da načelo dobro poučenega vlagatelja ni spoštovano kar zadeva načine razpolaganja kreditne linije, zaradi predlagane obrestne mere in zneska interkalarnih obresti („commitment fee“).
It also points out that the principle of concomitance has not been complied with in so far as the French authorities granted the credit line and announced their participation in the recapitalisation prior to the announcement of the Ambition 2005 plan and prior to the firm commitment of the investors.
Podjetje C poudarja tudi, da načelo istočasnega obstoja ni bilo spoštovano, če so francoski organi dodelili kreditno linijo in objavili sodelovanje pri dokapitalizaciji pred objavo načrta Ambition 2005 in pred finančno obveznostjo vlagateljev.
Inasmuch as France Télécom's competitors are not in a position to raise capital on these terms and on such a scale, France Télécom has received an advantage which it would not have obtained under market conditions.
Ker konkurenti podjetja FT niso zmožni zbiranja kapitala v teh okoliščinah in v tem obsegu, je podjetje FT dobilo prednost, ki pa je ne more obdržati v pogojih na trgu.
the measures at issue cannot be considered compatible within the meaning of the Guidelines.
zadevni ukrepi ne morejo veljati za združljive v smislu smernic.
Alternatively, C takes the view that the aid granted should be strictly limited to that which is necessary to ensure France Télécom's viability and that it must not help to finance France Télécom's aggressive expansion.
Poleg tega pa podjetje C poudarja, da mora biti dodeljena pomoč strogo omejena na to, za kar je potrebna, da bi zagotovili učinkovitost podjetja FT, in da ne more sodelovati pri financiranju agresivne širitve podjetja FT.
C adds that France Télécom's privatisation would ensure compliance with the ‘one time last time’ principle applicable to restructuring aid.
Podjetje C dodaja, da je privatizacija podjetja FT zagotovila spoštovanje načela „prvič in zadnjič“, ki se nanaša na pomoči za prestrukturiranje.
It draws the Commission's attention to the distortions of competition in the German telecommunications market caused by the aid measures and proposes, by way of compensatory measures within the meaning of the Guidelines, the sale of all or part of France Télécom's subsidiary Orange.
Podjetje C je pritegnilo pozornost Komisije, zaradi izkrivljanja konkurence na trgu nemških telekomunikacij, ki so jih povzročili ukrepi pomoči, in je predlagalo v skladu z nadomestili iz kreditnih linij, prenos vseh ali samo dela podjetja Orange, hčerinske družbe podjetja FT.
Comments from A
Pripombe podjetja A
A points out that, as indicated in the opening decision, the State's intention of restoring France Télécom's financial health by granting a EUR 9 billion shareholder loan and the provision by the State to France Télécom of an ‘intangible’ guarantee covering its bond issues are measures which do not satisfy the prudent private investor test and which contain aid elements.
Podjetje A poudarja, da kljub temu, da je v odločitvi o začetku označena namera države za ponovno vzpostavitev finančne trdnosti podjetja FT z dodelitvijo delničarskega posojila v višini 9 milijard EUR in z državno pomočjo, z „nematerialnim“ zagotovilom v korist podjetju FT, da bi zaščitila svoje obveznice, obstajajo ukrepi, ki ne ustrezajo načelu dobro poučenega vlagatelja in vsebujejo elemente pomoči.
It adds that France Télécom's policy regarding the collection of royalties for its patents also contains aid elements.
Podjetje A dodaja, da politika podjetja FT v zvezi z nadomestilom dajatev v skladu s svojimi patenti vsebuje elemente pomoči.
Comments from Bouygues and Bouygues Télécom
Pripombe podjetij Bouygues in Bouygues Télécom
Bouygues and Bouygues Télécom submit the following comments:
Podjetji Bouygues in Bouygues Télécom sta predstavili naslednje pripombe:
Bouygues Telecom points out that the unfailing and irrevocable support of the State is the cornerstone of France Télécom's recapitalisation plan, which has led to the Company's recovery.
podjetje BT poudarja, da trajna in nepreklicna državna podpora predstavlja temelj načrta dokapitalizacije podjetja FT, ki vodi k preoblikovanju podjetja.
Thus, according to Bouygues Telecom, only the French State could, in view of the Company's critical financial situation, restore the markets' confidence and create a virtuous circle enabling it to meet its short-term commitments and launch a huge recapitalisation operation under favourable economic conditions.
Po mnenju podjetja BT lahko samo Francija, ob upoštevanju kritičnih finančnih okoliščin podjetja, ponovno vzpostavi zaupanje trgov in vzpostavi pozitivni krog, ki mu omogoča soočenje s kratkoročnimi obveznostmi in začetek obsežnega postopka dokapitalizacije v ugodnih gospodarskih pogojih.
In Bouygues Telecom's opinion, the following measures satisfy the requirements of Article 87(1) of the Treaty and hence constitute state aid:
Podjetje BT meni, da naslednji ukrepi izpolnjujejo pogoje iz člena 87(1) Pogodbe in posledično sestavljajo državne pomoči:
the statements made by the Minister for Economic Affairs and Finance during the period from 12 July to 4 December 2002 constitute a state guarantee committing the State's resources;
izjave ministra za gospodarstvo in finance v obdobju od 12. julija do 4. decembra 2002 predstavljajo državno jamstvo, z vlaganjem državnih sredstev,
the shareholder loan and the operation to strengthen the Company's capital base commit state resources;
delničarsko posojilo in postopek krepitve lastnih sredstev zavezuje državna sredstva,
the measures at issue confer advantages on France Télécom which it would not have obtained under normal market conditions;
zadevni ukrepi dodeljujejo prednosti podjetju FT, ki jih v običajnih tržnih pogojih ne more doseči,
the measures at issue do not satisfy the test of a prudent private investor operating under normal market conditions;
zadevni ukrepi ne spoštujejo načela dobro poučenega zasebnega vlagatelja, ki deluje v tržnih pogojih,
the measures at issue affect competition;
zadevni ukrepi vplivajo na konkurenco,
the measures at issue affect intra-Community trade.
zadevni ukrepi vplivajo na trgovanje znotraj Skupnosti.