natgillin/translations-raw huggingface dataset:
Litigation over promises made is designed solely to compensate for any loss suffered by the promise's recipient.
Edini cilj spornih obljub je izravnava izgub, ki bi jih morda lahko utrpel upravičenec do obljube.
The compensation due cannot therefore procure for the latter an advantage.
Odškodnina slednjemu ne more nuditi prednosti.
The memorandum concludes by saying that the Court of Justice has not defined the extent to which an unconditional and legally binding promise to grant aid can be considered as ‘having been implemented’.
Obvestilo zaključuje, da Sodišče Evropskih skupnosti ni določilo, s katerimi ukrepi neka brezpogojna in pravno zavezujoča obljuba o dodeljevanju pomoči lahko velja kot „izvršena“.
The second memorandum states that the Commission should formally extend the procedure to include the measures analysed by the experts appointed by it as they were not covered by the opening decision.
Drugo obvestilo poudarja, da bi Komisija morala uradno predstaviti uporabo ukrepov, ki so jih analizirali strokovnjaki, ki jih je imenovala Komisija, saj ti ukrepi niso bili zajeti v odločitvi o odprtju.
It adds that ‘unilateral declarations made by a state authority, acting in its role of majority shareholder, must, under French law and under Community law, fulfil various criteria in order to be able to be characterised as an irrevocable, clear and unconditional commitment and in order to be able to be characterised as state aid’.
Obvestilo poudarja tudi, da „enostranske izjave, ki jih izreče nek državni funkcionar v okviru vloge večinskega delničarja, morajo v skladu s francosko zakonodajo in v skladu z zakonodajo Skupnosti ustrezati raznim merilom, preden veljajo kot nepreklicna, jasna in brezpogojna obveza in preden lahko veljajo kot državna pomoč“.
The memorandum concludes on this point that the various declarations on which the experts have focused manifestly do not satisfy these conditions.
Obvestilo pri tem zaključuje, da razne izjave, na katerih vztrajajo strokovnjaki, ne izpolnjujejo nujno teh pogojev.
According to Mr Ehlermann, the analysis put forward by the experts would have as a corollary ‘a muzzling effect on any state authority which, where it is the majority shareholder in a company, is required to inform the Commission in advance of any public declaration concerning its shares, intentions or opinions as majority shareholder within or in favour of the company it controls’.
Ehlermann meni, da ima analiza, ki jo priporočajo strokovnjaki, „zavezujoč učinek za vse državne osebnosti, ki, ker predstavljajo večinskega delničarja v družbi, morajo predhodno obvestiti Komisijo o vseh javnih izjavah, ki so povezane z njihovimi dejavnostmi, nameni in mnenji v vlogi večinskega delničarja v imenu družbe, ki jo nadzirajo ali v korist te družbe“.
The experts' analysis would also lead to ‘an unfounded enrichment of that same authority which, as a result of non-compliance with an obligation of silence, would benefit from an order to recover funds which it has never mobilised.
Analiza strokovnjakov pripelje tudi do „neupravičenega bogatenja istega organa, ki ima zaradi nespoštovanja tihe obveze koristi od izterjave sredstev, ki niso bili nikoli zagotovljeni.
The State would thus be rewarded — by the company, which is not master of its shareholders' declarations — for having violated this alleged “obligation of silence”.
Država bi bila tako nagrajena – preko podjetja, ki ni odgovorno za izjave svojega delničarja – za kršenje te domnevne ‚tihe obveze‘.
The calculation of the aid as carried out by the experts is vitiated, not only by material errors and deficiencies on the economic side as mentioned by HSBC, but also by fundamental errors of law which render it invalid and unusable by the Commission.’ The memorandum's author challenges the quantification of the aid set out in the expert report and states that, in quantifying the aid, account should be taken only of the net cost to the State of its intervention in favour of the company.
Izračun o pomoči, ki so ga naredili strokovnjaki med drugim vsebuje materialne napake in pomanjkanje gospodarskih načrtov, ki spadajo na področje banke HSBC, in osnovne pravne napake, zaradi katerih je ta izračun za Komisijo neuporaben.“ Avtor obvestila spodbija tudi določanje omenjene pomoči v poročilu strokovnjakov in poudarja, da za določitev pomoči pri intervenciji v korist podjetja edino pravico predstavlja upoštevanje državne neto cene.
According to the third memorandum submitted by France Télécom, the State has not placed any credit line at France Télécom's disposal through ERAP.
V tretjem obvestilu, ki ga je predložilo podjetje FT je napisano, da država podjetju FT kreditne linije ni dala na razpolago preko podjetja ERAP.
The memorandum argues, moreover, that, under domestic law, declarations are not legally binding on the State, either vis-à-vis France Télécom or vis-à-vis third parties.
Obvestilo med drugim tudi poudarja, da v skladu z notranjim pravom izjave ne obvezujejo države na pravnem področju, pa naj bodo te izjave povezane s podjetjem FT ali pa s katerim koli tretjim podjetjem.
Declarations do not constitute a legal instrument in the ordinary-law sense, nor are they an act giving rise to a right in the public-law sense.
Obvestilo razkriva, da izjave ne predstavljajo pravnega akta v okviru skupne zakonodaje, niti akta, ki predstavlja neko odločilno pravico v okviru javnega prava.
The State, however, cannot commit itself without an act giving rise to a right, carried out in compliance with the rules on competence (the declaration in the present case is a declaration of intent without any material implementation) and on budgetary procedure.
Tako se država ne more obvezati brez odločilne pravice, ki je sprejeta ob spoštovanju pravic o pristojnosti (če gre za del izjave o nameri brez dejanskega izvajanja) in brez proračunskega postopka.
Moreover, the State's responsibility is not incurred and in any event the obligation to make amends for wrongdoing does not constitute state aid as ‘in the event of the State's being ordered to pay damages, the transfer of resources stems, not from the legal act itself, but from the incurrence of responsibility as a result of that act.
Obvestilo tudi poudarja, da državna odgovornost ni bila uvedena in da v takem stanju obveza o povračilu, ki izhaja iz kaznivega dejstva, ne predstavlja državne pomoči, ker „v primeru obsodbe države glede škode in interesov prenos sredstev ne povzroča pravnega dejstva, ampak zahtevo za odgovornost v sorazmerju s tem dejstvom.
And the beneficiary of the transfer of state resources is not the company concerned but the victim who has suffered damage’.
Zadevno podjetje ni upravičenec do prenosa državnih sredstev, ampak je to žrtev, ki je utrpela škodo“.
The memorandum's author also states that it is impossible to notify a legal act despite the fact that, under the Treaty, all aid measures must be notified to the Commission.
Avtor obvestila poudarja tudi, da je nemogoče objaviti neko pravno dejstvo, saj Komisija v skladu s pogodbo mora biti obveščena o vseh ukrepih pomoči.
The annex to the memorandum describes more particularly the context in which the declarations were made, pointing out that this is necessary in order to measure their true scope.
Priloga obvestila razkriva predvsem ozadje, v katerem so bile oblikovane izjave, prav tako pa določa, da je to potrebno za oceno pravih posledic.
An analysis of the declarations in the light of events between late June and December 2002 thus shows that the declarations could not constitute a promise, and does not show that the appropriate measures planned by the State were financial measures.
Analiza izjav v luči dogodkov, ki so se zgodili od konca junija do decembra 2002 kaže, da izjave niso mogle predstavljati obljub, prav tako pa to ne pomeni, da so prav finančni ukrepi predstavljali ustrezne ukrepe, ki jih omenja država.
There were differences of opinion within the Government at the time and the Minister for Economic Affairs and Finance did not represent the government standpoint.
V tistem obdobju so na vladni strani obstajale razlike v mnenjih, saj stališče ministrstva za ekonomijo in finance ni bilo enako kot stališče vlade.
The author states that the expert provides no legal or factual evidence of the State's will to commit itself.
Avtor poudarja, da strokovnjak ne pomeni nobene pravnega ali dejanskega izražanja, da se država želi obvezati.
A study of the facts reveals that there was no such intention on the part of those responsible, who were at a loss how to solve the problem, and that operators had never said they believed the State had committed itself to one or other solution.
Neka študija dejstev je pokazala, da pri odgovornih, ki niso poznali rešitve za to težavo, ni obstajala nobena namera in da izvajalci niso nikoli izrazili dvoma v zvezi z dejstvom, da se je država obvezala, da bo obdržala to ali neko drugo rešitev.
The economic report submitted by France Télécom, for its part, stresses that the scope of the analysis contained in the consultant's report is highly restrictive ‘as it analyses principally the effects of the declaration of 12 July 2002 and uses a single methodology, that of event studies’.
Kar se tiče gospodarskega poročila, ki ga je predložilo podjetje FT, obvestilo poudarja, da je polje analize v poročilu svetovalcev zelo omejeno, „ker predvsem gre za analizo učinkov izjav iz julija 2002 in ker je uporabljena edinstvena metoda, ki se imenuje metoda študij dogodkov (event studies)“.
The report also states that the methodology used by NERA is based on ‘a highly theoretical approach which consists in assuming that the markets are efficient and in measuring the impact of an event by quantifying the variations in stock exchange prices at the time of that event.
Poročilo prav tako poudarja, da metoda, ki jo je uporabilo podjetje NERA, temelji na „izredno teoretičnem ukrepu, ki sestavlja izdelavo hipoteze o tem, da so trgi učinkoviti in oceno učinkov nekega dogodka z oceno različnih borznih cen ob tem dogodku.
This over-theoretical approach does not reflect the reality of the situation of a reference shareholder’.
Ta pretirano teoretičen ukrep ne ustreza resnični situaciji referenčnega delničarja“.
The report stresses, moreover, that the NERA report is ‘confused about the profits, the sources of profits and the costs for France Télécom and its shareholders’.
Gospodarsko poročilo tudi poudarja, da je poročilo podjetja NERA „nejasno kar se tiče dobičkov, virov dobičkov in cen za podjetje FT in za njegove delničarje“.
The report concludes by saying that the consultant's conclusions are wrong because:
Poročilo zaključuje, da so zaključki svetovalca napačni, ker:
‘Analysis of the France Télécom group's situation at the time of the announcement of the results for the first half of 2002 shows that (i) the group has an unbalanced balance sheet and a short-term liquidity problem, but (ii) the business's operating results are very good.
„Analiza situacije skupine FT v trenutku objave rezultatov za prvo polletje v letu 2002 kaže (i) na neuravnoteženo stanje bilance skupine in na kratkoročne težave z likvidnostjo, hkrati pa kaže, (ii) da so bili operativni rezultati delovanja zelo dobri.
Analysis of the range of measures a prudent shareholder must envisage in a situation of heavy indebtedness indicates that it was rational to introduce a recovery plan, including a recapitalisation, for a group with healthy assets whose intrinsic worth is greater than the sum of its market capitalisation and its net debt.
Analiza ukrepov, ki bi jih moral sprejeti previden delničar, če bi se znašel v položaju velike zadolženosti, kaže, da je bila izvedba načrta o sanaciji, vključno z dokapitalizacijo pri skupini z dobro aktivo in pri skupini, katere notranja vrednost podjetja je večja kot znesek borzne kapitalizacije in neto zadolženosti, upravičena.
Analysis of value creation and profitability prospects suggest that the State is making a very good investment by participating in a capital increase and that it is taking little risk in providing a shareholder loan’.
Analiza o oblikovanju vrednosti in perspektiv o dobičkonosnosti kaže, da je država izvedla zelo dobro naložbo, ko je sodelovala pri povečanju kapitala in da je zelo malo tvegala, ko je v tem primeru podelila delničarsko posojilo.“
Comments from ECTA
Pripombe združenja ECTA
ECTA is of the opinion that the following measures constitute state aid: (i) the ministerial declarations of July and October 2002 informing the market that the State would not leave France Télécom in financial difficulties; (ii) the acceptance by the State of the payment of dividends for 2001 in shares and not in cash; (iii) the granting of a EUR 9 billion credit line and the advance commitment by the State to take part in the future capital increase; (iv) the provision by the State of a state guarantee for the benefit of ERAP enabling the latter to borrow on the markets at a rate of 3,375 % instead of the 10,4-10,9 % applicable to a company with junk bond status; and (v) the apparent transfer of France Télécom's employees within ERAP despite the fact that they continue to work for France Télécom.
Mnenje združenja ECTA je, da naslednji ukrepi predstavljajo državno pomoč: (i) izjave ministrstev iz julija 2002, s katerimi so obvestili trg, da država ne bo dopustila, da podjetje FT zaide v finančne težave; (ii) dejstvo, da je država za leto 2001 sprejela dividende v obliki delnic in ne v obliki gotovine; (iii) dodelitev kreditne linije v višini 9 milijard EUR, pa tudi pričakovana obveza države, da bo tudi v prihodnosti sodelovala pri povečanju kapitala; (iv) dodelitev državnega jamstva v korist podjetja ERAP, s katerim je država podjetju omogočila, da je slednji dobil posojilo na trgu z obrestmi 3,375 % namesto z obrestmi 10,4 – 10,9 %, ki bi jih dobilo podjetje, za katerega bi bilo znano, da ima „junk bonds“ in (v) očitna prerazporeditev zaposlenih v podjetju FT v podjetje ERAP, čeprav so ti zaposleni še naprej delali za podjetje FT.
The aid granted to France Télécom enabled it to maintain an aggressive marketing and advertising policy and to continue as an integrated operator while increasing its stake in Orange.
Pomoč, ki je bila dodeljena podjetju FT, je podjetju omogočila, da ohrani tržno politiko in agresivno oglaševanje, prav tako pa mu je omogočila, da ohrani svojo kakovost v vlogi integriranega operaterja in da poveča sodelovanje v okviru podjetja Orange.
ECTA is of the opinion that a company in France Télécom's situation ought to have acted altogether differently, as did France Télécom's competitors in the global telecommunications services market, such as British Telecom and KPN, which had to dispose of strategic assets to reduce their debt.
Združenje ECTA meni, da bi družba, ki bi se znašla v enakem položaju kot podjetje FT, morala reagirati popolnoma drugače kot so to storili konkurenčni operaterji podjetja FT na trgu globalnih telekomunikacijskih storitev, na primer British Telecom in KPN, ki sta prepustila svoja strateška sredstva, da bi zmanjšala svoj dolg.
ECTA is of the opinion that the measures mentioned in paragraph 141 constitute unlawful aid and that they cannot be justified under the Guidelines in so far as none of the criteria laid down in those guidelines are fulfilled.
Združenje ECTA meni, da omenjeni ukrepi ob upoštevanju oznake 141 predstavljajo nezakonito pomoč in da ukrepi v zvezi s smernicami niso bili utemeljeni, saj ni bil izpolnjen noben od predvidenih kriterijev za omenjene smernice.
In the alternative, ECTA states that, if the Commission were to adopt any compensatory measures, these should be substantial.
Poleg tega pa združenje ECTA poudarja, bi možni izravnalni ukrepi, ki jih je sprejela Komisija morali biti pomembni.
ECTA points out under the heading of structural measures that, without the state aid, FT would have had to dispose of Orange and Wanadoo.
Združenje ECTA tudi poudarja, da bi v primeru strukturnih ukrepov brez državne pomoči podjetje FT moralo prepustiti podjetje Orange in Wanadoo.
As to behavioural measures, ECTA proposes a reduction in the market shares of France Télécom, Equant, Orange and Wanadoo, pointing out, however, that these latter measures are harder to introduce than structural measures.
Kar se tiče ukrepov glede ravnanja, združenje ECTA predlaga zmanjšanje tržnega deleža podjetja FT, podjetij Equant, Orange in Wanadoo, hkrati pa poudarja, da je vzpostavitev slednjih ukrepov veliko težje kot vzpostavitev strukturnih ukrepov.
Summary of the facts
Povzetek dejstev
The French authorities state by way of introduction that they have behaved in accordance with the prudent private investor principle from the outset.
Francoske oblasti želijo najprej spomniti, da je so že od začetka ravnale v skladu z načelom dobro poučenega zasebnega vlagatelja.
Since the announcement of France Télécom's results for the first half of 2002, which highlighted an unbalanced financial structure and significant capital needs despite good operating results, the State has drawn the necessary conclusions, placing a new CEO at the head of the Company and gathering together a banking syndicate which undertook from September 2002 to underwrite a capital increase when the time came.
Prav tako je od objave rezultatov podjetja FT za prvo polletje leta 2002, s katerimi je bila razkrita neuravnotežena finančna struktura podjetja in v katerih so bile razkrite potrebe po večjih lastnih sredstvih, kljub dobrim operativnim rezultatom, država posledično imenovala novo vodstvo, ki bi vodilo podjetje, od septembra 2002 naprej pa je oblikovala tudi bančni sindikat, ki bi zagotovil, da bi se povečanje kapitala dobro končalo.
At the same time, the State asked the new management to carry out an in-depth audit of the Company.
Istočasno je država od novega vodstva zahtevala natančno revizijo podjetja.
On the basis of the Ambition 2005 plan, about which the majority shareholder was kept regularly informed, and of the banking syndicate's commitment, the State announced, on 4 December 2002, its decision to participate in the strengthening of the Company's capital base to the tune of EUR 9 billion and the fact that it was prepared to place at France Télécom's disposal, through ERAP, an advance on this subscription remunerated at market rates.
Na osnovi načrta Ambition 2005, v skladu s katerim se večinskega delničarja redno obvešča in na osnovi obveze bančnega sindikata, je država 4. decembra 2002 objavila svojo odločitev, da bo sodelovala pri krepitvi lastnih sredstev podjetja v višini 9 milijard EUR, prav tako pa je objavila, da bo podjetju FT preko podjetja ERAP omogočila možno delničarsko posojilo za plačano ponudbo v skladu s tržnimi pogoji.
However, in view of the financial terms of grant of this advance by the French authorities and of the Commission's misgivings about the presence of aid elements in the measure, France Télécom preferred to resort directly to the bond market.
Kljub vsemu se je podjetje FT ob upoštevanju finančnih pogojev posojila, ki ga dodelijo francoske oblasti in naznanil Komisije o svojih dvomih glede prisotnosti elementov pomoči pri tem ukrepu, raje zateklo neposredno na trg obveznic.
The French authorities then point out that the total amount of the financing resulting from the bond issues came to approximately EUR 9 billion, equivalent to the maximum amount of the advance constituted by the shareholder loan.
Francoske oblasti so tudi poudarile, da se je skupni znesek financiranja, ki izhaja iz izdanih obveznic, dvignil na približno 9 milijard EUR, kar ustreza največjemu znesku, ki je predvideno za delničarska posojila.
They state that the success of the bond issues demonstrated France Télécom's ability to gain access to the financial markets under good conditions as well as the markets' confidence in the operational measures contained in the TOP plan and in the new management's ability to implement it.
Francoske oblasti so poudarile, da uspeh izdanih obveznic kaže na to, da je podjetje FT sposobno, da na finančnih trgih ohranja dobre pogoje, poleg tega pa kaže na zaupanje trga v operativne ukrepe, določene v načrtu TOP in zaupanje v to, da bo novo vodstvo te ukrepe sposobno izvajati.
They also state that the capital increase was launched as soon as was technically possible, namely on 24 March 2003, and that it was a success.
Francoske oblasti so tudi poudarile, da je bilo povečanje kapitala uvedeno takoj potem, ko je bilo to tehnično mogoče, torej 24. marca 2003, hkrati pa trdijo, da je bilo to povečanje uspešno.
At the meeting between the French authorities and the Commission on 22 January 2004 the French authorities stressed that, in their view, the recapitalisation operation satisfied the prudent investor test and that, consequently, the financial measures granted by the State to France Télécom did not contain any aid element.
Na srečanju francoskih oblasti in Komisije z dne 22. januarja 2004 so francoske oblasti poudarile, da menijo, da je država pri izvajanju dokapitalizacije spoštovala načelo dobro poučenega delničarja in da posledično finančni ukrepi, ki jih je sprejela država v zvezi s podjetjem FT, ne predstavljajo nobene oblike pomoči.
In their opinion, the prudent investor test may be defined as the need, before acting, to appoint a new CEO, to conduct an audit and to prepare a credible plan.
Francoske oblasti menijo, da je načelo dobro poučenega delničarja določeno kot potreba po imenovanju novega vodstva po ukrepanju, da se izvede revizija in da se pripravi primeren načrt.
The chronology of events illustrated by the French authorities in itself demonstrated the prudent character of the State's conduct.
Časovni potek dogodkov kaže, da so francoske oblasti predstavljale previdno ravnanje države.
The French authorities emphasise that, with these factors under control, they were masters of the situation (in particular the issue price).
Francoske oblasti poudarjajo, da so s temi elementi nadzirale potek situacije (predvsem ceno izdajanja).
The Company's financial situation
Finančni položaj podjetja
The French authorities maintain that, when the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
Francoske oblasti poudarjajo, da ob sprejemu odločitve o vlaganju podjetje FT v okviru smernic ni bilo v težavah.
The Company's turnover was increasing steadily (by 10 % between the first half of 2001 and the first half of 2002), and its gross cash flow was high and growing faster than its turnover.
Pravzaprav se je prihodek podjetja neprestano dvigal (povečanje za 10 % od prvega polletja 2001 do prvega polletja 2002), bruto marža samofinanciranja pa je bila visoka in je rasla hitreje od dohodka.
Despite this, the French authorities refer to the Company's unbalanced financial structure as at 30 June 2002 and point out that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets.
Francoske oblasti so tako 30. junija 2002 upoštevale stanje neuravnotežene finančne strukture v podjetju, poleg tega pa so določile, da izgube niso obremenjevale provizije in izrednega odplačevanja, ki je povezano z amortizacijo predhodno pridobljenih sredstev s popolnoma nepredvidljivimi spremembami na trgu.
France Télécom's operating costs were increasing more slowly than its turnover, which meant that its profitability was improving.
Francoske oblasti so tudi poudarile, da so operativni stroški podjetja FT naraščali počasneje od dobička, kar je pomenilo, da se dobičkonosnost podjetja povečuje.
This performance was confirmed when the 2002 accounts were published, showing as they did the virtuous dynamic triggered within the Company by the new management.
Ta učinkovitost je bila potrjena z objavo računov za leto 2002, kar je pokazalo živahno gibanje v podjetju, ki ga je povzročilo novo vodstvo.