natgillin/translations-raw huggingface dataset:
Consequently, according to LDCOM, it is clearly established that the State did not at all intend to announce hypothetical future events but was in fact announcing its future line of conduct.
Zaradi tega podjetje LDCOM meni, da pojav take kvalifikacije kaže, da država ni nikoli nameravala objaviti morebitnih prihodnjih dejstev, vendar pa je dejansko objavila svoje prihodnje ravnanje.
In LDCOM's opinion, Community case law also confirms that any press article, emanating either from the company concerned or from the Government, which is of an unconditional nature necessarily indicates that state resources are being made available.
Podjetje LDCOM meni, da skupna sodna praksa prav tako potrjuje, da vsi časopisni članki, ki so povezani z zadevnim podjetjem ali z vlado, ki ima brezpogojni značaj, kažejo na potrebno razpolaganje z državnimi sredstvi.
In the present case, the declarations emanate directly from the Government and are of an unconditional nature.
V tem primeru izjave izhajajo neposredno iz vladne strani in imajo brezpogojen značaj.
It follows from the above that the legally and financially binding declarations of support made by the French authorities on and after 2 June 2002 are akin to a guarantee the purpose of which is to enable France Télécom to avoid bankruptcy and to survive within its existing business perimeter.
Iz omenjenega sledi, da so pravno in finančno zavezujoče izjave o pomoči francoskih organov od 2. junija 2002 enake narave kot jamstvo, katerega cilj je preprečitev stečaja podjetja FT in njegovo preživetje v obsegu obstoječih dejavnosti.
In LDCOM's opinion, the guarantee is an unlimited one.
Podjetje LDCOM meni, da gre za neomejeno jamstvo.
LDCOM states that it is therefore not only the provision of a credit line and the amount thus granted but the very announcement of that provision which constitutes the aid.
Podjetje LDCOM navaja, da pomoči ne predstavlja samo razpolaganje s kreditno linijo in na tak način dodeljen znesek, ampak pomoč predstavlja tudi obvestilo o tem razpolaganju.
In accordance with the Notice on state aid in the form of guarantees, the criterion relating to state resources is fulfilled, whether or not the guarantee is called.
V skladu z obvestilom o državni pomoči v obliki jamstev je izpolnjeno merilo glede državnih sredstev o tem, ali naj se za jamstvo zahteva ali ne.
Considering that the measures at issue did not satisfy the criteria of the said Notice, on the grounds that France Télécom could not then find the necessary funds on the markets, LDCOM observes that the measures constitute aid.
Ob upoštevanju, da zadevni ukrepi ne izpolnjujejo meril omenjenega sporočila z razlogom, da podjetje FT sredstev ne more najti na trgih, podjetje LDCOM opaža, da zadevni ukrepi pomenijo pomoč.
LDCOM also argues that ‘in view of the amounts involved, the State alone was capable of providing such a guarantee, no prudent investor being able to ensure the credibility vis-à-vis the markets of the “taking in hand” of France Télécom’.
Podjetje LDCOM poudarja tudi, da „ob upoštevanju vloženih zneskov lahko samo država zagotovi takšno jamstvo, saj nobeden od dobro poučenih vlagateljev ne more zagotoviti verodostojnosti do trgov o prevzemu „podjetja FT“.
Lastly, LDCOM stresses that any analysis to the contrary would be fraught with consequences inasmuch as not only would it run counter to the principles of domestic positive law but it would also open up the possibility for Member States to sustain with impunity the share price of companies in which they have an interest.
Podjetje LDCOM poudarja, da bi vsaka drugačna analiza imela velike posledice, če bi bila analiza v nasprotju z načeli notranjega pozitivnega prava, vendar pa ta analiza državam članicam omogoča, da podpirajo nekaznovanje podjetij, v katerih imajo delež.
The effect of this unlimited guarantee is clearly felt in the market and the market's reaction corresponds to the value investors actually place on the guarantee.
Učinek takega neomejenega jamstva jasno razkriva, da so rezultati in vplivi na trgu sorazmerni z vrednostjo, ki jo vlagatelji dejansko pripisujejo temu jamstvu.
Thus, the stock exchange price of France Télécom's shares rose as from July 2002, leading to an increase in the operator's stock exchange value.
Tako se je ponujena borzna cena delnic podjetja FT od julija 2002 dvignila, kar je povzročilo rast tržne vrednosti operaterja.
LDCOM argues that the increase in value thus brought about by the State's announcement may be put at EUR 5,9 billion. Similarly, France Télécom's spreads started to improve as from July 2002, thereby reducing the operator ' s financial burden and permitting the rebuilding of its financial capacity.
Podjetje LDCOM meni tudi, da takšno zvišanje vrednosti, ki je posledica obvestila države, znaša 5,9 milijard EUR. Prav tako so se razmiki (spreads) podjetja FT od julija 2002 začeli izboljševati, s čimer so se zmanjšale finančne obremenitve operaterja, kar je omogočilo ponovno potrditev finančne sposobnosti podjetja.
These spreads make it possible to evaluate in concrete terms the financial weight of the State ' s announcement.
Te razlike pri razmikih omogočajo konkretno oceno finančne teže državnega obvestila.
They must be related to France Télécom ' s entire debt financed through bond issues.
Ta razlika mora poleg tega veljati za celoten dolg, ki ga je podjetje FT pridobilo prek posojil v obveznicah.
Depending on the circumstances, they vary from 2 % to 3 %, equal to an annual saving of between EUR 1,37 billion and EUR 2,05 billion. Assuming that France Télécom will maintain a constant level of indebtedness and hence that the debt will be financed indefinitely, LDCOM evaluates the impact of the saving thus made at between EUR 19,57 billion and EUR 29,36 billion. Moreover, the State's support has enabled France Télécom to refinance itself on the bond markets on more advantageous terms than it would have obtained beforehand.
Razlika pri razmikih se v danem primeru razlikuje za 2 do 3 % pri letnem gospodarstvu, ki znaša od 1,37 milijard EUR do 2,05 milijard EUR. Če predpostavljamo, da bo podjetje FT ohranilo stalen nivo zadolževanja in če bodo posledično dolg financirali večno, podjetje LDCOM ocenjuje, da bo učinek na gospodarstvo znašal od 19,57 milijard EUR do 29,36 milijard EUR. Poleg tega je državna pomoč podjetju FT omogočila, da se refinancira na trgu obveznic pod pogoji, ki so bolj ugodni kot prejšnji pogoji.
Announcement of the making available of a EUR 9 billion credit line: LDCOM does not analyse this measure in the light of Article 87(1) of the Treaty, but refers to the analysis carried out by the Commission in its opening decision, insisting on the part played by ERAP.
Obvestilo o razpolaganju s kreditno linijo v višini 9 milijard EUR: Podjetje LDCOM ni nadaljevalo z analizo tega ukrepa v skladu s členom 87(1) pogodbe, in je s sklepom o odprtosti prepustilo analizo Komisiji, pri čimer je vztrajalo na vlogi podjetja ERAP.
In LDCOM's opinion, both from the point of view of its amount and of that of its modalities or its very objective, the State's support is not covered by the prudent investor criterion.
Podjetje LDCOM meni, da se znesek, pogoji in cilji državne pomoči ne morejo sklicevati na merila dobro poučenega vlagatelja.
It also states that, for a private investor, maintaining the integrity of a group's operational structure is a means to the end of earning a return on his investment.
Podjetje LDCOM je poudarilo tudi, da je za zasebnega vlagatelja ohranjanje celovitosti operativne strukture določene skupine sredstvo za dosego cilja donosnosti njegove naložbe.
In the present case, for the French authorities it is an end in itself.
V tem primeru gre za to, da francoske oblasti dosežejo svoj cilj.
It is understandable that the State should bear social and political considerations in mind, but such a move would violate the principle of equality between public and private sectors.
Razumljivo je, da ima država socialne in politične pridržke, vendar pa s takim mnenjem pri posredovanju država krši načelo enakosti med javnimi in zasebnimi sektorji.
In LDCOM's opinion, the State's position that a prudent majority investor would not have called into question France Télécom's functional integrity does not stand up to an analysis of the conduct of such an investor under the market conditions prevailing in June-July 2002.
Poleg tega podjetje LDCOM meni, da položaj države, v katerem dobro poučen večinski vlagatelj ni posumil o funkcijski integriteti podjetja FT, ne vzdrži analize o ravnanju takega vlagatelja v resničnih pogojih na trgu v obdobju od junija do julija 2002.
Thus, investors who invest an extremely large proportion of their assets in a company threatened with collapse will be the first to demand a radical and immediate review of its strategy, involving, if necessary, a huge sell-off of strategic assets.
Tako so vlagatelji, ki so vložili velik delež svojega premoženja v podjetje, tvegali, da bi prišlo do neizpolnjevanja obveznosti, in bodo prvi zahtevali obsežen in takojšen pregled strategije, ki lahko, če je to potrebno, povzroča obsežne prenose strateških naložb.
The relevance of this analysis can be verified by comparing the situation in which France Télécom would have found itself without the State's support with that of Vivendi Universal, which was obliged, under pressure from the markets, to revise its range of assets.
Ustreznost te analize se preveri s primerjavo položaja, v katerem bi se znašlo podjetje FT brez državne podpore in položaja, v katerem se je znašlo podjetje Vivendi Universal pod pritiskom trgov, potem ko je bilo prisiljeno preveriti obseg svojih sredstev.
LDCOM thus maintains that the Commission must not only refuse to take as point of departure the maintenance of the group's functional integrity, but also analyse the impact of such maintenance as being the veritable effect on competition.
Podjetje LDCOM trdi, da Komisija mora zavrniti možnost, da bi za izhodišče vzela ohranjanje funkcionalne integritete skupine, poleg tega pa mora učinke ohranjanja imeti za pravo oškodovanje konkurence.
It argues that, in July 2002, without any state intervention, France Télécom would have had no choice but to reduce its range of assets, enforce redundancies and revise its strategic objectives.
Podjetje LDCOM meni, da pred državnim posredovanjem v juliju 2002 podjetje FT ni imelo druge možnosti, kot da zmanjša obseg svojih sredstev, da odpušča zaposlene in da ponovno zastavi svoje strateške cilje.
LDCOM puts the total amount of aid at EUR 15 billion, this being the sum which France Télécom succeeded in raising on the financial markets thanks to the aid granted to it by the State.
Podjetje LDCOM ocenjuje, da skupni znesek pomoči znaša 15 milijard EUR, ta vsota pa ustreza znesku, ki ga je podjetju FT uspelo pridobiti na finančnih trgih zaradi pomoči, ki mu jo je dodelila država.
The aid amount cannot therefore be limited to the EUR 9 billion provided directly by the State, since it was through various state measures (unlimited guarantee, shareholder loan, staff movements) that France Télécom was able to increase its capital by such an amount.
Tako se znesek pomoči dejansko ne more omejiti na 9 milijard EUR, ki jih je neposredno zagotovila država, saj je podjetje FT z različnimi vrstami državnih posredovanj (neomejeno jamstvo, delničarsko posojilo, prerazporeditev zaposlenih) lahko nadaljevalo s povečanjem kapitala do omenjenega zneska.
In LDCOM's opinion, the aid granted by the State constitutes restructuring aid.
Podjetje LDCOM meni, da državna pomoč predstavlja pomoč za prestrukturiranje.
LDCOM has carried out a comparison between the situation before and after the public intervention in the markets for voice telephony, high-speed Internet access and low-speed Internet access, and that which would have obtained in the absence of any public intervention.
Podjetje LDCOM je pred javnim posredovanjem in po njem naredilo primerjavo položaja na trgu govorne telefonije, na trgu dostopa do interneta s hitrim prenosom podatkov, dostopa do interneta s počasnim prenosom podatkov in prevladujočega položaja v primeru, če javnega posredovanja ne bi bilo.
This comparison confirms that the aid has had the effect of maintaining the status quo ante in the run-up to 2005 (intact operational and marketing capacities), which makes it possible by deduction to quantify in terms of market shares some of the effects of the public intervention.
Ta primerjava potrjuje, da je pomoč omogočila, da podjetje ohrani enak položaj do leta 2005 (nespremenjene operativne zmožnosti in zmožnosti trženja), kar omogoča, da s sklepanjem v skladu s tržnim deležem ocenimo določene učinke javnega posredovanja.
LDCOM proposes that remedies should be imposed on France Télécom under point 35 of the Guidelines, the effect of which will have to be to restore the market situation to what it would have been had France Télécom been forced to modify its business perimeter spontaneously.
Podjetje LDCOM je v skladu s točko 35 smernic predlagalo, da bi za podjetje FT uvedli ukrepe, katerih učinek bi bil vzpostavitev takšnega položaja na trgu, v katerem bi podjetje moralo biti, če bi bilo prisiljeno, da samodejno nadaljuje s spreminjanjem obsega svojih dejavnosti.
In so far as the State has, in LDCOM's view, set itself the primary objective of maintaining France Télécom as an integrated telecommunications operator, the main markets affected are that for mobile telephony and that for fixed telephony, both upstream (interconnection, DSL access) and downstream (retailing of communications, DSL Internet access, etc.).
V kolikor si je država, kot trdi podjetje LDCOM, za svoj primarni cilj zastavila ohranitev podjetja FT kot integriranega telekomunikacijskega operaterja, bo to vplivalo predvsem na trge mobilne telefonije in na trge fiksne telefonije, tako v začetni (medsebojne povezave, dostop DSL), kot tudi v končni fazi (prodaja komunikacij na drobno, dostop do interneta prek dostopa DSL).
LDCOM proposes therefore that the Commission should take behavioural measures to limit the distortion of competition thus brought about and to enable alternative operators to work under the conditions which they would have enjoyed in the absence of aid.
Podjetje LDCOM je zato predlagalo, da naj bi Komisija sprejela ukrepe, ki bi omejili izkrivljanje konkurence, povzročene na tak način, hkrati pa bi drugim operaterjem omogočili, da razpolagajo s pogoji, ki bi jih morali imeti, če te pomoči ne bi bilo.
It proposes, therefore, a reduction in the market shares of France Télécom and its subsidiaries in the high-speed Internet market (maximum of 42 % of the market for the sale of high-speed Internet access by DSL, in terms of value) and in the voice telecommunications market (maximum of 55 % of the local and national voice communications market, in terms of value) and a series of measures aimed at implementing the limitation in France Télécom's market shares.
Podjetje LDCOM predlaga zmanjšanje tržnega deleža podjetja FT in njegovih hčerinskih družb na trgu interneta s hitrim prenosom podatkov (največ 42 % na trgu prodaje dostopa do interneta s hitrim prenosom podatkov prek dostopa DSL – v vrednosti) in na trgu glasovnih telekomunikacij (največ 55 % trga lokalnih, glasovnih in nacionalnih telekomunikacij – v vrednosti), poleg tega pa predlaga tudi niz ukrepov, ki se nanašajo na izvajanje omejevanja določenih tržnih deležev podjetja FT.
The second category of measures proposed by LDCOM consists of the imposition of measures aimed at enabling the development of competitors.
Druga kategorija ukrepov, ki jih predlaga podjetje LDCOM, je uvedba ukrepov, ki bi omogočili razvoj konkurence.
In its comments of 17 May 2004, LDCOM states that the declarations by the Minister for Economic Affairs and Finance constituted a unilateral state act non-compliance with which was punishable under international law.
V svojih pripombah z dne 17. maja 2004 je podjetje LDCOM poudarilo, da izjave ministra za gospodarstvo in za finance predstavljajo enostranski državni akt, vsako nespoštovanje tega akta pa se kaznuje z mednarodnim pravom.
It also states that the prohibition on a person denying a fact to the detriment of another person (estoppel) is a general principle of international commercial law which is binding on the State.
Podjetje LDCOM je trdilo tudi, da prepoved spodbijanja v škodo drugih (estoppel) predstavlja splošno načelo prava o mednarodni trgovini, ki velja v državi.
It points out in this connection that the principle's applicability in the present case is incontestable in view of the fact that the French State is acting as a shareholder and hence also as an operator in international trade.
Podjetje LDCOM pri tem trdi, da je v tem primeru uporaba tega načela nesporna, če upoštevamo dejstvo, da je država ukrepala v vlogi delničarja, torej enako kot operater v mednarodni trgovini.
LDCOM also stresses that the State cannot go back on its declarations without harming its own financial credibility.
Podjetje LDCOM je poudarilo tudi, da država ne more preklicati svojih izjav, če pri tem ne želi škoditi lastni finančni verodostojnosti.
In its intervention on the market, the State plays a role of borrower and a role of majority shareholder in a number of companies.
Pri posredovanju na trgu ima država pri določenem številu podjetij vlogo posojilodajalca in vlogo večinskega delničarja.
This dual role leads to a dual credit rating by the rating agencies, in its capacity as borrower and in its capacity as shareholder through the ratings given to public undertakings.
Ta dvojna vloga se kaže kot dvojna ocena, ki jo oblikujejo agencije za ocenjevanje glede zmožnosti posojilodajalca in glede zmožnosti delničarja v zvezi z danimi ocenami javnih podjetij.
This twofold intervention possibility calls for particular vigilance as any deficiency established in either of these two roles is likely to have consequences for its other role and for its rating (LDCOM refers to Moody's assessment of public undertakings).
Ta dvojna možnost posredovanja predvideva posebno pozornost, saj ima vsakršno neizpolnjevanje, ki ga odkrijejo pri eni od teh dveh vlog, lahko posledice na drugo vlogo in oceno (podjetje LDCOM se sklicuje na oceno javnih podjetij podjetja Moody's).
LDCOM further stresses the fact that the credibility of the State is fundamentally different from that of other enterprises in a similar situation which cannot reassure the market (as in the case of Vivendi Universal).
Podjetje LDCOM poudarja tudi dejstvo, da je verodostojnost države bistveno drugačna od verodostojnosti, ki jo imajo druga podjetja v podobnem položaju in da to ne more pomiriti trga (primer podjetja Vivendi Universal).
The security which, for the financial markets, French public borrowings represent is therefore the justification for the unconditional confidence placed by investors in the State's declarations, the State having always respected its commitments.
Varnost, ki jo za finančne trge predstavljajo francoska javna posojila torej upravičuje brezpogojno zaupanje, ki ga imajo vlagatelji v državne izjave, saj država vedno spoštuje svoje obveznosti.
The taking into account of the support given by the State following its entering into direct contact with the rating agencies, the role of which is be extremely critical as regards the risk inherent in a financial investment, highlights the credibility of the State's support for France Télécom.
Z upoštevanjem državne pomoči po vzpostavitvi neposrednega stika z agencijami za ocenjevanje, katerih vloga je, da so izjemno kritične glede tveganj, ki izhajajo iz finančnega vlaganja, se poudari verodostojnost državne pomoči, namenjene podjetju FT.
LDCOM also points out that the State's rating attains the top mark of Aaa as it honours its commitments.
Podjetje LDCOM poudarja tudi, da je država dosegla najvišjo oceno Aaa, ker spoštuje svoje obveznosti.
A disengagement by the State would lead to a fall in its rating, which would result in a re-evaluation of public debt interest.
Podjetje LDCOM poudarja, da oprostitev državnih obveznosti povzroča znižanje ocene, kar bi povzročilo ponovno oceno obresti javnega dolga.
Likewise, a disengagement from one public undertaking might have an impact on the credit rating of all the others.
Prav tako pa ima oprostitev obveznosti javnega podjetja lahko posledice pri oceni vseh drugih podjetij.
Comments from B
Pripombe podjetja B
In B's opinion, the making available of funds, coupled with the public commitment by the State to support France Télécom, is comparable to the providing of a financial guarantee capable of reassuring not only the Company's creditors but also the entire market, which has helped to improve France Télécom's situation vis-à-vis the stock markets.
Podjetje B trdi, da je razpolaganje s sredstvi, ki izhajajo iz javne obveze države o pomoči podjetju FT, primerljivo z dodelitvijo finančnega jamstva za pomiritev upnikov podjetja, pa tudi za celoten trg, kar prispeva k izboljšanju položaja podjetja FT na delniških trgih.
Hence, B concludes, the measure at issue has been granted through state resources.
Podjetje B sklepa, da je bil zadevni ukrep odobren s pomočjo državnih sredstev.
Given that the State's conduct cannot be considered to be that of a private investor in a market economy, the Company enjoyed an advantage which it would not have obtained under normal market conditions.
Ker ravnanje države ne more veljati kot ravnanje zasebnega vlagatelja v tržnem gospodarstvu, je podjetje imelo koristi od prednosti, ki jih pod običajnimi pogoji na trgu ne bi moglo pridobiti.
Thus, at the time of opening of the credit line, France Télécom's financial situation was such that no prudent investor would have carried out a transaction of this type.
Tako je bil v trenutku odprtja kreditne linije finančni položaj podjetja FT takšen, da noben dobro poučen vlagatelj ne bi mogel nadaljevati s takim delovanjem.
Likewise, B maintains that the concomitance principle has not been complied with, the participation of private investors having been made possible only by the announcement and making available of a shareholder loan the amount of which was so huge that no private investor would have been able to mobilise so much money.
Podjetje B poudarja tudi, da ni bilo spoštovano načelo istočasnega obstoja, poleg tega pa trdi, da sodelovanje zasebnih vlagateljev ni bilo omogočeno in da z obzirom na obvestilo in na razpolaganje z delničarskim posojilom, katerega vsota je bila izredno visoka, noben zasebni vlagatelj ne bi bil sposoben zagotoviti tako velikega zneska kapitala.
It points out that the support measures reassured private investors that any risk of France Télécom's becoming bankrupt could be ruled out.
Podjetje B poudarja, da so ukrepi pomoči pomirili zasebne vlagatelje glede tveganja za stečaj podjetja FT.
It also argues that the amount of France Télécom's recapitalisation (between 80 and 100 % of its stock exchange valuation) is such that, in the light of France Télécom's economic situation, no private investor would have carried out such a transaction were it not for the declarations of support and the prefinancing measures taken by the Government.
Podjetje B poudarja tudi, da je bil znesek dokapitalizacije podjetja FT (v višini od 80 do 100 % borzne vrednosti) tako velik, da ne bi mogli reči, da bi zasebni vlagatelj ob upoštevanju gospodarskega stanja podjetja FT in v odsotnosti vladnih izjav o pomoči in o ukrepih predhodnega financiranja nadaljeval s takšnim dejanjem.
B maintains that the measures cannot be considered compatible within the meaning of the Guidelines.
Podjetje B poudarja tudi, da ukrepi ne morejo veljati za združljive v smislu smernic.
In the alternative, it proposes compensatory measures, inter alia in the market for fixed telephony, in the market for Internet access and in the market for mobile telephony.
Poleg tega je podjetje B predlagalo tudi izravnalne ukrepe, predvsem na trgu fiksne telefonije, na trgu dostopa do interneta in na trgu mobilne telefonije.
It points to the various effects on the development of competition in the French market.
Podjetje B je natančno določilo različne vplive na razvoj konkurence na francoskem trgu.