natgillin/translations-raw huggingface dataset:
In the fixed telephony market, it advocates, among other things, accounting separation and the creation of a genuine management system for France Télécom's network activities so as to prevent the pursuit of anticompetitive practices.
V zvezi s trgom fiksne telefonije podjetje B priporoča predvsem finančno ločevanje in dodeljevanje pravega upravnega gospodarstva za dejavnosti v omrežju podjetja FT, s čimer bi se izognili nadaljevanju protikonkurenčne prakse.
It also proposes the imposition on France Télécom of an obligation to inform fixed telephony subscribers about the possibility for them to choose their operator for the routing of their telephone calls so as to attenuate the ‘tremendous “competitive leverage” afforded it by its virtual monopoly in the market for access to the telephone network and in the markets for the routing of telephone communications’.
Podjetje B predlaga tudi, da bi za podjetje FT uvedli obveznosti o obveščanju naročnikov na storitev fiksne telefonije o možnosti glede izbire operaterja pri posredovanje telefonskih klicev, s čimer bi zmanjšali „učinek ‚konkurenčnega vzvoda‘, ki podjetju FT nudi nepravičen monopolni položaj na trgu dostopa do telefonskega omrežja in na trgu posredovanja telefonskih komunikacij“.
In the mobile telephony market, B proposes inter alia the imposition on Orange of an obligation to make a MVNO (Mobile Virtual Network Operator) offer to operators wishing to penetrate this market.
Kar se tiče mobilne telefonije podjetje B predlaga predvsem obvezo o tem, da podjetje Orange zagotovi operaterjem, ki želijo prodreti na trg, ponudbo MVNO (Mobile Virtual Network Operator – navidezni mobilni operater).
Comments from Tiscalinet
Pripombe podjetja Tiscalinet
Tiscalinet argues that the declarations made by the State as from 2 July 2002 signal to the market that any compulsory administration of France Télécom is ruled out.
Podjetje Tiscalinet poudarja, da izjave, ki jih je država oblikovala od 2. julija 2002 trgu sporočajo, da je izvajanje pravne sanacije podjetja FT izključeno.
At the same time, the State's option for its 2002 dividends to be paid in shares and not in cash is another signal by the State to the market that it supports France Télécom even though a prudent investor would have opted for payment of the dividends in cash.
Hkrati s tem pa državna izbira izplačevanja dividend iz leta 2002 v obliki delnic in ne v obliki gotovine na trgu predstavlja še en državni znak o tem, da slednja podpira podjetje FT, čeprav bi se lahko dobro poučen vlagatelj odločil tudi za izplačilo omenjenih dividend v obliki gotovine.
Tiscalinet adds that the approaches made by the Minister for Economic Affairs and Finance to the Caisse des Dépôts et Consignations, which holds 5 % of the historical operator's capital, to induce it to block the securities to make them less volatile and strengthen investor confidence raises the question as to what private investor would have acted in that way.
Podjetje Tiscalinet dodaja tudi, da se pri posredovanju ministrstva za gospodarstvo in za finance pri „Caisse des Dépôts et Consignations“, ki ima v lasti 5 % lastniškega kapitala pri prejšnjem operaterju, s čimer država želi zamrzniti vrednostne papirje, da bi ti papirji postali bolj stabilni in da bi se s tem okrepilo zaupanje vlagateljev, zastavlja vprašanje o tem, kateri zasebni vlagatelj bi lahko ukrepal na tak način.
Tiscalinet also stresses that the set of legislative measures aimed at extending ERAP's company objects so as to enable it to hold France Télécom shares, the provision of a state guarantee to ERAP to enable it to invest in France Télécom and the instrument dealing with the method by which the State would hold France Télécom's capital strengthen the analysis of the irrevocable character of the state guarantee on which market operators, and in particular bond holders, relied when subscribing to the successive calls made by France Télécom.
Podjetje Tiscalinet poudarja tudi, da vsi pravni ukrepi za doseganje poglobitve socialnega položaja podjetja ERAP, ki podjetju ERAP omogočajo, da razpolaga z delnicami podjetja FT, dodelitev državnega jamstva v korist podjetja ERAP, ki podjetju ERAP omogoča, da vlaga v podjetje FT in besedilo o pogojih državnega pridržanja lastniškega kapitala podjetja FT potrjujejo analizo o nepreklicnem značaju državnega jamstva, na katerega se zanašajo prisotni na trgu, oziroma obveznice, s katerimi bi odobrili zaporedne razpise podjetja FT po tem datumu.
These factors bear out that the State is acting as a ‘last resort’ vis-à-vis France Télécom, a transaction to which a prudent investor would not have subscribed.
Ti elementi podpirajo dejstvo, da je država za podjetje FT predstavljala „zadnji izhod“, česar dobro poučen vlagatelj ne bi nikoli uporabil.
In Tiscalinet's opinion, only the French State was capable of mobilising such resources.
Podjetje Tiscalinet meni, da bi samo francoska država lahko priskrbela toliko sredstev.
Tiscalinet maintains that the guarantee given by the State and the subscription to the capital increase which no prudent private investor would have made enabled France Télécom to avoid having to carry out huge asset disposals with the sole aim of maintaining its business perimeter and of benefiting from relatively low bond rates compared with its intrinsic financial situation.
Podjetje Tiscalinet poudarja, da sta državno jamstvo in vpis povečanja kapitala, ki ga noben dobro poučen zasebni vlagatelj ni izpolnil, podjetju FT omogočila, da se je izognilo obsežnim prenosom premoženja z enim samim ciljem, da bi tako podjetje ohranilo svoj obseg dejavnosti in da bi imelo koristi od sorazmerno šibke stopnje obveznic glede na notranji finančni položaj podjetja.
The aid is incompatible with the Guidelines.
Pomoči so neodvisne od smernic.
Tiscalinet maintains that the conditions for the granting of restructuring aid are not met, inter alia because the Ambition 2005 plan does not contain sufficient compensatory measures to safeguard competition.
Podjetje Tiscalinet poudarja, da pogoji pomoči pri prestrukturiranju niso bili izpolnjeni, predvsem zato, ker načrt Ambition 2005 ne vsebuje zadostnih nadomestil za ohranjanje konkurence.
It refers to the distortions of competition brought about by the French State's support in the case of the high-speed Internet access market.
Podjetje Tiscalinet omenja izkrivljanje konkurence, ki ga je povzročila francoska državna pomoč na trgu dostopa do interneta s hitrim prenosom podatkov.
It maintains that France Télécom is able to invest heavily in certain aspects of the network, using advertising monies, which benefits Wanadoo.
Podjetje Tiscalinet poudarja, da je podjetje FT s proračunom za oglaševanje sposobno veliko vlagati v določene elemente v omrežju, od česar ima koristi podjetje Wanadoo.
Moreover, Wanadoo has not had to dispose of major assets and continues to benefit from Yellow Pages income and from France Télécom's commercial agency network.
Poleg tega pa podjetje Wanadoo ni moglo prepustiti večjih sredstev, poleg tega pa še naprej prejemati sredstva od oglaševanja v rumenih straneh in sredstva od agencije za prodajo in svetovanje podjetja FT.
Tiscalinet also points out that the strategy introduced by France Télécom, notably as regards the launch of the simplified mixed public purchase and exchange offer concerning Wanadoo's shares of 11 March 2004, had the effect of enabling France Télécom to benefit from fiscal aid which it would not have received without the State's support measures.
Podjetje Tiscalinet je poudarilo tudi, da je zaradi strategije, ki jo je uporabilo podjetje FT, predvsem kar se tiče uvajanja poenostavljene mešane javne ponudbe, ki se nanaša na delnice podjetja Wanadoo od 11. marca 2004, v zvezi z nakupom in z izmenjavo, podjetje FT posledično dobilo davčno pomoč, ki je ne bi moglo dobiti brez državne pomoči.
Tiscali draws attention, moreover, in its letter of 5 April 2004 to the anticompetitive strategy introduced in the DSL market in France thanks to the initial aid from the French State.
Podjetje poleg tega Tiscali v svoji pošti z dne 5. aprila 2004 vztraja na protikonkurenčni strategiji, ki je bila uvedena na trgu dostopa DSL v Franciji zaradi prvotne pomoči francoske države.
In the alternative, if the aid were to be found compatible with the Guidelines, Tiscalinet proposes compensatory measures essentially in the high-speed Internet access market, such as the setting of a minimum price for France Télécom's ADSL retail offerings to its subsidiaries, a ban on making joint offers of France Télécom's and Wanadoo's services, a ban on distributing Wanadoo's services in France Télécom's commercial agencies, and the disposal of the Yellow Pages business and of Wanadoo's foreign subsidiaries.
Poleg tega pa, če bi pomoči morale veljati za združljive v smislu smernic, podjetje Tiscalinet predlaga razna nadomestila, predvsem na trgu dostopa do interneta s hitrim prenosom podatkov, na primer določanje minimalne cene za ponudbe ADSL na drobno pri hčerinskih podjetjih, prepoved skupnih ponudb podjetja FT in podjetja Wanadoo, prepoved širjenja storitev podjetja Wanadoo pri agencijah za prodajo in svetovanje podjetja FT, ukinitev rumenih strani in tujih hčerinskih podjetij podjetja Wanadoo.
Comments from D
Pripombe podjetja D
D has submitted a document entitled ‘Stage report on the fulfilment of President Jacques Chirac's campaign commitments in the fields of industry, energy, telecommunications and posts of June 2003’.
Podjetje D je predložilo dokument z naslovom „Poročilo o raznih stopnjah uresničevanja obveznosti kampanje predsednika Jacquesa Chiraca na področju industrije, energije, telekomunikacij in pošte iz junija 2003“.
On the subject of France Télécom, the document states that: ‘Thanks to the State's resolute support and to the appointment of Thierry Breton, France Télécom has been more than just saved from a life-threatening situation.’
V zvezi s podjetjem FT ta dokument omenja naslednje: „Zaradi državne pomoči in imenovanja Thierryja Bretona podjetje France Télécom ni izstopilo le iz smrtonosnega položaja.“
Comments from France Télécom
Pripombe podjetja FT
France Télécom has presented its comments in the form of three reports: (i) a report drawn up by Mr Ehlermann dated 12 January 2004 entitled ‘Opinion for the attention of France Télécom’; (ii) a report drawn up by Mr Galmot dated 6 January 2004 entitled ‘Does the case law of the Court of Justice of the Communities allow the conclusion to be drawn that the “financial measures introduced by the State in support of France Télécom”, regarding which the Commission has initiated the procedure provided for in Article 88(2) of the Treaty, have effected a “transfer of state resources” for the benefit of that company?’; and (iii) a report by HSBC entitled: ‘HSBC Opinion of 6 January 2004’.
Podjetje FT je predstavilo svoje pripombe v obliki treh poročil: (i) poročilo, ki ga je pripravil g. Ehlermann z dne 12. januarja 2004 z naslovom „Mnenje v zvezi s podjetjem France Télécom“; (ii) poročilo, ki ga je pripravil g. Galmot z dne 6. januarja 2004 z naslovom „Ali sodna praksa Sodišča Evropskih skupnosti omogoča dopuščanje da so ‚finančni ukrepi, ki jih je uporabila država pri nudenju pomoči podjetju France Télécom‘ in zaradi katerih je Komisija začela s postopkom, ki je določen v členu 88(2) Pogodbe, učinkovali kot ‚prenos državnih sredstev‘ v korist tega podjetja ‚in (iii) poročilo banke HSBC z naslovom‘ Mnenje banke HSCB z dne 6. januarja 2004“.
These three reports are described briefly below.
Ta tri poročila so na kratko opisana v nadaljevanju.
The first report analyses the French authorities' conduct in the light of the rules applicable to state aid in general and of the prudent investor test in particular.
Prvo poročilo razčlenjuje ravnanje francoskih oblasti v zvezi s pravili, ki veljajo na splošno za državno pomoč v zvezi z načelom dobro poučenega vlagatelja.
The arguments set out in the report, which seeks to show that the declaration of 5 December 2002 concerning the shareholder loan does not affect the State's resources, are essentially as follows: (i) the December 2002 announcement of the shareholder loan is not an irrevocable commitment (but a mere declaration of intent), and is conditional.
Argumenti, razloženi v tem poročilu, ki želi pokazati, da izjava z dne 5. decembra 2002 v zvezi z delničarskim posojilom ne vpliva na državna sredstva, so predvsem naslednji: (i) obvestilo o delničarskem posojilu iz decembra 2002 ni nepreklicna obveza (ampak preprosta izjava o nameri), poleg tega pa je to pogojno obvestilo.
The announcement does not therefore constitute a guarantee, and even less so an unlimited guarantee; (ii) the Crédit Foncier de France decision (referred to above) is not a valid precedent and, moreover, it concerns a declaration that is not comparable to the December 2002 announcement.
Obvestilo torej ne predstavlja jamstva, še manj pa neomejenega jamstva; (iii) sklep banke Crédit Foncier de France (omenjena zgoraj) ni veljaven precedens, poleg tega pa gre za izjavo, ki ni primerljiva z obvestilom iz decembra 2002.
The report also seeks to show that France Télécom was not a company in financial difficulties within the meaning of the Guidelines at the time the State decided to take part in the recapitalisation and announced its readiness to provide a shareholder loan.
Poročilo poleg tega poskuša pokazati, da v trenutku, ko se je država odločila, da bo sodelovala pri dokapitalizaciji in v trenutku, ko je objavila svojo pripravljenost za odobritev delničarskega posojila, podjetje FT v okviru smernic ni bilo v finančnih težavah.
It stresses that it is normal and usual for the majority shareholder to grant a loan upfront of its participation in the recapitalisation.
Poročilo poudarja, da je pri večinskem delničarju običajno in navadno, da slednji podeli posojilo v okviru pričakovanja sodelovanja pri dokapitalizaciji.
The second report focuses on whether the mere announcement of the making available of a shareholder loan in the form of a credit line can as such constitute a commitment of state resources.
Drugo poročilo se osredotoča na vprašanje o tem, ali preprosto obvestilo o razpolaganju z delničarskim posojilom v obliki kreditne linije lahko kot takšno predstavlja obvezo glede državnih sredstev.
The report states that, according to the Commission's argument, an irrevocable announcement of a commitment to grant a loan, coupled with its apparent provision, is sufficient to establish a commitment of state resources, which corresponds to the concept of measure having an effect equivalent to state aid, which has already been rejected by the Court of Justice.
Poročilo navaja, da v skladu s trditvijo Komisije nepreklicno obvestilo o dodelitvi posojila skupaj z očitnim razpolaganjem s tem posojilom zadošča za nastanek obveze o državnih sredstvih, kar ustreza konceptu učinka državne pomoči, ki ga je Sodišče evropskih skupnosti že zavrnilo.
According to the report, there is no transfer of state resources because, in the end, there was no opening of a credit line or provision of a guarantee, which would have required authorisation by a finance act.
V skladu s poročilom ne gre za prenos državnih sredstev, ker na koncu ni prišlo do odprtja kreditne linije, prav tako pa ni šlo za dodeljevanje jamstva, ki bi zahtevalo odobritev v skladu z zakonom o financiranju.
There is likewise no transfer of state resources because, under French law, no oral declaration by a public authority is capable of having any effect whatever on the public finances and of carrying out the slightest transfer of state resources. And in the present case, all that is involved is mere ministerial declarations having no negative impact on the public finances.
Poleg tega pa ni šlo za prenos državnih sredstev, ker v skladu s francosko zakonodajo nobena ustna izjava javne osebnosti ne more nikakor vplivati na javne finance, poleg tega pa taka izjava ne more predstavljati prenosa državnih sredstev, če pa do teh izjav pride, pa gre le za preproste izjave ministrstva, ki nimajo nobenega negativnega učinka na javne finance.
The third report focuses on the economic rationale behind the State's conduct between 4 September 2002 (the announcement of the first six months' results) and 15 April 2003 (the carrying out of the capital increase).
Tretje poročilo se osredotoča na gospodarsko ureditev ravnanja države med 4. septembrom 2002 (obvestilo o rezultatih prvega polletja) in 15. aprilom 2003 (uresničevanje povečanja kapitala).
The report is based on an analysis of France Télécom's situation in September 2002 and draws a distinction between, on the one hand, France Télécom's operational performance (healthy activities with a potential for improving the operational cash flow) and, on the other, the amount of the operator's debt (level of indebtedness, debt maturities, negative consolidated own capital resulting from losses linked to non-recurring items).
Poročilo temelji na analizi stanja podjetja FT v septembru 2002 in vsebuje razlikovanje med operativno učinkovitostjo podjetja FT (uveljavljene dejavnosti z možnostjo izboljšanja operativnega denarnega toka) in zneskom operaterjevega dolga (raven zadolženosti, terminski načrt dolga, negativni zajamčen lastni kapital, ki je posledica izgub, povezanih z neponovljivimi elementi).
The report concludes on this point that the time lag between the generation of the group's cash flow and the heavy short-term financial commitments (2003-2005) poses a problem of refinancing but not of solvency.
Poročilo v tej točki zaključuje, da časovna razlika med rastjo denarnega toka v skupini in obsežno kratkotrajno finančno zapadlostjo (2003–2005) predstavlja težavo v zvezi z refinanciranem in ne v zvezi s plačilno sposobnostjo.
HSBC also describes the background to the short-term liquidity crisis, worsened as it was by a crisis of confidence on the part of the market vis-à-vis the group.
Banka HSBC opisuje tudi ozadje kratkotrajne likvidnostne krize, ki se je poslabšala zaradi krize v zvezi z zaupanjem v trg te skupine.
It states that, in a situation such as that, reason demanded that urgent steps be taken and required the introduction of a plan to improve the operational results, an increase in capital, a rescheduling of debt and a targeted policy of disposing of assets.
Banka HSBC poudarja, da v takem položaju ureditev povzroča nujnost in spodbuja izvajanje načrta, s katerim bi izboljšali operativne rezultate, povečanje kapitala, ponovno porazdelitev dolga in politiko, katere cilj je doseči prenos premoženja.
It argues that, in the present case, the Ambition 2005 plan is a complete and rational coherent plan as it permits among other things the generation of a EUR 15 billion cash flow via an operational improvement and a disposal of assets that does not involve any amputation of core businesses.
Banka HSCB poudarja, da je v tem primeru načrt Ambition 2005 celovit, racionalen in skladen načrt, saj omogoča predvsem rast denarnih tokov za 15 milijard EUR s pomočjo operativnega izboljšanja prenosa premoženja, ki je neoviran od večine dejavnosti.
It stresses that a capital increase in support of a company introducing an operational recovery plan is a natural way of rebalancing the accounts.
Banka HSBC poudarja tudi dejstvo, da povečanje kapitala, ki se opira na družbo in s katerim se vzpostavi načrt o operativni sanaciji, predstavlja naravno rešitev za ustalitev bilance stanja.
It points out that the oral support of a majority shareholder is also usual and rational and that it is normal practice for reference shareholders to announce their decision before other shareholders do.
Banka HSBC je poudarila tudi, da je ustna podpora večinskega delničarja prav tako popolnoma običajna in racionalna in da je običajno in pogosto, da referenčni delničar objavi svojo odločitev pred drugimi delničarji.
It also points out that in this case the shareholder loan was a low-risk, profitable and normal transaction — pending a capital increase — aimed at safeguarding the majority shareholder's financial interests at a time (the month of December) when it was not possible to recapitalise the company for reasons of scheduling.
Banka HSBC je poudarila tudi, da je delničarsko posojilo predstavljalo netvegan, dobičkonosen in običajen del posla – v pričakovanju povečanja kapitala – s katerim bi zaščitili državne interese večinskega delničarja, medtem ko dokapitalizacija v mesecu decembru zaradi koledarskih razlogov ni bila mogoča.
It adds that the loan was to be made on market conditions.
Banka HSBC je poudarila, da je bilo posojilo predvideno pod tržnimi pogoji.
The HSBC report mentions also the trend in the price of France Télécom shares on the stock exchange, pointing out that the shares had risen in July 2002 as a result of rumours of nationalisation, only to fall again in September because, although the market had got wind of a possible EUR 15 billion capital increase, the practical arrangements were not as yet clear.
V poročilu banke HSBC je omenjen tudi razvoj borzne cene delnic podjetja FT, hkrati pa je v njem poudarjeno dejstvo, da se je cena delnic v juliju 2002 dvignila zaradi govoric o nacionalizaciji, nato pa je septembra padla, saj, potem ko se je trg zavedel možnega povečanja kapitala v višini 15 milijard EUR, pogoji še vedno niso bili jasni.
It points out that France Télécom's financial projections presage, for the State, a highly satisfactory return: according to the DCF — discounted cash flow — method, the recapitalisation involves an annual rate of return of 25 %, whereas the average rate on the telecommunications market is 9,9 %.
V poročilu je poudarjeno tudi, da finančne ocene podjetja FT lahko državi pomenijo zadovoljivo donosnost: po metodi DCF – prosti denarni tokovi (discounted cash flow) – dokapitalizacija povzroča stopnjo letnega donosa v višini 25 %, medtem ko povprečna rast na trgu telekomunikacij znaša 9,9 %.
In response to the dispatch of the consultant's legal report and economic report, France Télécom submitted three legal memoranda criticising the reports' content and an economic report.
V odgovor na pravno in gospodarsko poročilo pravnega svetovalca je podjetje FT predložilo tri pravna obvestila, ki kritizirajo vsebino poročil in gospodarskega poročila.
The first memorandum states that the various legal categories under French civil, commercial or administrative law used by the consultant in its analysis of the State's declarations are not relevant to any finding that the ministerial declarations may be capable of creating rights on the part of third parties.
Prvo obvestilo razkriva, da razne pravne kategorije, ki izhajajo iz francoskega civilnega prava, iz gospodarskega prava in iz upravnega prava, ki jih uporablja pravni svetovalec pri svoji analizi državnih izjav, niso primerne za to, da bi z njimi ocenjevali, ali so izjave ministrstev takšne narave, da imajo od njih koristi tretje osebe.
More particularly, the memorandum claims that the conditions required for the State's responsibility to be incurred for non-compliance with its promise are not met in the present case.
Bolj natančno pa to obvestilo razkriva, da pogoji za zahtevanje državne odgovornosti pri nespoštovanju svoje obljube v tem primeru niso izpolnjeni.
It argues that in no way does the mere act of making a promise, even to pay certain sums of money, suffice in itself to commit public finances, to ‘immobilise state resources’, without a legal instrument.
V obvestilu je poudarjeno, da dejstvo o oblikovanju obljube, tudi če gre za obljubo o plačilu določenega denarnega zneska, v nobenem primeru ne zadošča za to, da bi bila taka obljuba brez pravnega akta sama po sebi obvezujoča za javne finance v zvezi z „uporabo državnih sredstev“.
It concludes on this point that there is nothing in French case law to show that there has been a ‘transfer of state resources’ in the present case due to the conditional promise of a shareholder loan.
Obvestilo na tej točki zaključuje, da francoska sodna praksa ne more dokazati, da je v tem primeru šlo za „prenos državnih sredstev“, ki izhaja iz pogojne obljube o delničarskem posojilu.
It adds that there must be a link between the state resources and the advantage granted.
Obvestilo prav tako poudarja, da bi morala obstajati povezava med državnimi sredstvi in dodeljenim posojilom.