natgillin/translations-raw huggingface dataset:
Moreover, the plan presented by Mr Bon at that time did not appear relevant in the eyes of the market and was followed by France Télécom's downgrading by the rating agencies.
Poleg tega se načrt g. Bona v tem obdobju ni zdel primeren v okviru trga in je sledil znižanju ocene podjetja FT.
This situation was reflected by the statement by Thierry Breton before the Senate finance committee.Return on the transaction: Bouygues Telecom indicates that the period for calculating the return on the investment begins at the earliest on 12 July 2002, the date of the first declaration by the State having the effect of binding it legally vis-à-vis France Télécom and its creditors, and ends at the latest on 4 and 5 December 2002, the dates on which the Ambition 2005 plan was made public and the EUR 9 billion credit line was opened. It argues that the reasonable return which a prudent private investor would have been entitled to expect in such circumstances cannot be reliably calculated.
Podjetje BT poudarja, da je to stanje izražala izjava Thierryja Bretona pred komisijo za finance v Senatu.donos postopka: Podjetje BT poudarja, da se obdobje za izračun vračila vlaganja začne najprej 12. julija 2002, namreč na datum prve izjave države, katere namen je pravno spodbuditi državo pri zadevah podjetja FT in pri upnikih, in se konča najkasneje 4. in 5. decembra 2002, namreč do datuma, ko je bil objavljen načrt Ambition 2005 in ko se je odprla kreditna linija 9 milijard EUR. Podjetje BT ocenjuje, da je primeren donos, ki bi ga moral pričakovati dobro poučen zaseben vlagatelj, takrat, ko se številke ne morejo zanesljivo izračunati.
Thus, the recapitalisation of France Télécom cannot be compared to any other financial transaction in view of the scale of the liquidity crisis faced by the Company.
Tako se dokapitalizacija podjetja FT ne more primerjati z nobenim drugim finančnim postopkom, vključno z obsegom krize likvidnosti podjetja.
As a result, the State was unable to assess its risk by making a probability calculation and was confronted with a radical uncertainty (that is to say, a non-probabilisable risk) when it decided to guarantee France Télécom: thus, both the level of risk and the return were not quantifiable.
Zato država ni bila sposobna upoštevati tveganja z nadaljevanjem izračuna možnosti in je bila soočena s precejšno negotovostjo (z ne možnim tveganjem), ko se je odločila jamčiti za podjetje FT: tako količina ravni tveganja kot donosnosti nista bili izmerljivi.
At all events, the investment could not be characterised as reasonable.
Podjetje BT poudarja, da v vsakem primeru vlaganje ne more biti razumljeno kot pametno.
In particular, a projection of France Télécom's stock-exchange valuation and of the return on investment expected by a private investor shows that the investment is unreasonable.
Zlasti ker slika o borzni vrednosti podjetja FT in o vračanju vlaganja, ki jo pričakuje zasebni vlagatelj, prikazuje, da vlaganje ni pametno.
In accordance with the method used by the Commission to assess the prudent nature of an investment, the return on investment which a prudent investor would have demanded, bearing in mind in particular the risks connected with the transaction, may be estimated at at least 30-40 %.
V skladu z načinom, ki ga uporablja Komisija za merjenje ravni poučenosti nekega vlagatelja, je lahko vračilo vlaganja, ki bi ga pričakoval previden vlagatelj, vključno s tveganji, povezanimi s tem postopkom, ocenjeno na najmanj od 30 % do 40 %.
This rate is the minimum required by the Commission in the Alitalia and Iberia cases.
Ta stopnja je najmanjša stopnja, ki jo je zahtevala Komisija pri poslih s podjetjema Alitalia in Iberia.
According, however, to the methods used by Bouygues Telecom, that is to say, EPS (Enterprise value or Analysts target price 12 months), the return on investment in the transaction at issue is only 16 %.
Vendar pa glede na načine, ki jih je uporabilo podjetje BT, torej EPS (Enterprise value ali Analysts target price 12 months), je vračilo vlaganja v zadevnem postopku lahko samo 16 %.
Nor can the State count on a remuneration in terms of dividends as France Télécom has announced that it will not be distributing any.
Poleg tega država ne more računati na povračilo v okviru dividend, ker je podjetje FT objavilo, da z njimi ne razpolaga več.
Generally speaking, it is not appropriate to make an ex post analysis of France Télécom's positive results in the assessment of the prudent investor test.
Na splošno podjetje BT poudarja, da ni treba delati naknadne analize pozitivnih rezultatov podjetja FT pri ocenjevanju načela dobro poučenega vlagatelja.
A private investor would never have committed himself financially without entering the slightest reservation at a time when the total amount of the France Télécom group's debts had not been established.
Tako se zasebni vlagatelj ne bo nikoli finančno zavezal brez oblikovanja najmanjšega nadomestila, medtem ko skupni znesek dolgov skupine FT še ni bil določen.
Bouygues Telecom adds in this regard that, in accordance with the case law of the Court of Justice of the European Communities, it cannot be maintained that the commitments entered into by the State towards France Télécom are a reflection of the conduct of a prudent investor solely on the ground that France Télécom had become a profitable company.
Podjetje BT dodaja, da se v skladu s sodno prakso Sodišča Evropskih skupnosti lahko podpre samo obveznosti države za podjetje FT, ki odražajo ravnanje dobro poučenega vlagatelja z eno namero, da podjetje FT postane dobičkonosno podjetje.
Difference between the situation of a private investor and that of the State: Bouygues Telecom argues that, in view of the prolonged crisis in the world economy and more particularly in a telecommunications sector undergoing transition, and bearing in mind the size of the sum in question, no private investor could have envisaged a capital increase of that amount without conditions and only a State of the creditworthiness of France could have coped with such uncertainty.
razlika situacije zasebnega vlagatelja in države: Podjetje BT ocenjuje, da ob upoštevanju situacije podaljšane krize svetovnega gospodarstva in še posebej sektorja za telekomunikacije v prehodnem obdobju in ob upoštevanju pomembnosti zadevne vsote noben zaseben vlagatelj ne more predvideti zvišanja kapitala te vsote in brez pogojev in da lahko samo država, ki razpolaga s kreditno sposobnostjo Francije, sprejme takšno negotovost.
It thus points out that the financing of the strengthening of the Company's capital base, covered entirely by debt without any own funds, would have affected the credit rating of any private investor who behaved in a similar way, whereas a State, on the other hand, can be punished only by its electors, who do not have the same objectives.
Državo lahko kaznujejo samo volivci, ki pa nimajo enakih ciljev.
The creditors and shareholders of the private investor would have asked for the investment to be backed by a business plan containing precise commitments, including the disposal of assets.
Posojilodajalci in delničarji zasebnega vlagatelja so zahtevali, da se zadevni vlagatelj zavaruje s poslovnim načrtom, ki vsebuje natančno določene obveznosti, npr. je prenos premoženja.
Bouygues Telecom concludes that, at all events, a prudent investor whose financial capacity was comparable to that of the French State and who issued such a guarantee would not have inspired much confidence in the markets and that it is clear that it was due to the qualification of ‘sovereign debt’ enjoyed by the State's commitments that confidence was restored.
Podjetje BT sklepa, da v vsakem primeru dobro poučeni vlagatelj, katerega zmožnosti se lahko primerjajo s francosko državo in ki zagotovi takšno jamstvo, ne bo vzbudil veliko zaupanja na trgu in je jasno, da je bilo v okviru razvrstitve „državnega dolga“, od katerega imajo korist obveznosti države, vzpostavljeno zaupanje.
Concomitance criterion: Bouygues Telecom argues that the concomitance principle has not been complied with.
kriterij istočasnosti: Podjetje BT trdi, da načelo istočasnosti ni bilo spoštovano.
The French authorities' decision to invest dates from 12 July 2002 and France Télécom's financial difficulties on that date by themselves point to the recapitalisation being state aid, all the more so as the State took its investment decision in ignorance of the Company's exact economic and financial situation and prior to the drawing-up of the financing plan.
Datum odločitve o delu vlaganja so francoski organi sprejeli 12. julija 2002, finančne težave podjetja na ta datum pa same po sebi omogočajo razumevanje dokapitalizacije kot pomoč države, medtem ko je država sprejela odločitev, da investira brez poznavanja natančne gospodarske in finančne situacije podjetja FT ter pred pripravo finančnega načrta.
Bouygues Telecom points out that the participation of private investors was neither certain nor significant at the time of the announcement by the Government of its participation in the capital increase, even if the analysis of the date of taking of the decision to invest is brought forward to 5 December.
Podjetje BT ocenjuje, da sodelovanje zasebnih vlagateljev ni bilo zanesljivo niti pomembno ob obvestilu vlade o svojem sodelovanju pri zvišanju kapitala, kljub temu da je bila analiza datuma sprejema odločitve o vlaganju odbita 5. decembra.
According to the case law of the Court of Justice, where private investors are prepared to intervene only after the authorities have decided to grant aid, the fact that those investors are then prepared to intervene at the same time is no longer relevant.
V skladu s sodno prakso Sodišča Evropskih skupnosti dejstvo, da so zasebni vlagatelji, kadar niso na razpolago za posredovanje, potem ko se je vlada odločila dodeliti pomoč, istočasno na razpolago za posredovanje, ni več primerno.
Such an intervention is the consequence of the support given by the State and not the result of a decision of a private investor.
Takšno posredovanje je posledica podpore države in ne rezultat odločitve zasebnega vlagatelja.
Hence, in the present case, the fact that a banking syndicate undertook to underwrite the transaction cannot be taken as a basis for concluding that the concomitance principle is complied with.
V tem primeru torej dejstvo, da se sindikat bančništva zaveže k jamstvu dobrega zaključka postopka, ne more biti razlog, da je načelo istočasnosti spoštovano.
The French authorities' decision to invest is firm and unconditional whereas that of the private investors is not, and the private investors made their contribution only after having received, on a number of occasions and with certainty, the assurance that the State would also participate in the transaction and especially that it would take every step to ensure that France Télécom did not have any financing problems.
Odločitev o delu vlaganja francoske vlade je trdna in brezpogojna, medtem ko odločitve zasebnih vlagateljev to niso, kajti oni so prispevali svoj del šele po prejemu večkratnega in zanesljivega zagotovila države, da bo sodelovala pri postopku in predvsem naredila vse, da bi omogočila podjetju FT izogibanje vseh finančnih težav.
At all events, Bouygues Telecom takes the view that, in accordance with the case law relating to the Seleco decision referred to in paragraph 80, a significant participation by private investors is not in itself sufficient to rule out any aid element.
V vsakem primeru podjetje BT ocenjuje, da v skladu s sodno prakso o odločitvi o podjetju Seleco iz oznake 80, pomembno sodelovanje dela zasebnih vlagateljev ne zadošča za izključitev vseh sestavin pomoči.
It maintains, moreover, that the State's investment is higher than the amount of its participation in France Télécom's capital.
Podjetje BT prav tako podpira, da je vlaganje države večje od zneska sodelovanja pri kapitalu podjetja FT.
It argues, lastly, that the very high level of banking commissions allows the bank to subscribe to the underwritten shares at a lower discount than that offered to the public.
Podjetje BT na koncu ocenjuje, da zelo visok znesek bančnih provizij, po njihovem znižanju, omogoča znižanje lastnih cen iz vpisa delnic.
As regards the effect on competition, Bouygues Telecom points out inter alia that the measures at issue have had the effect of affecting competition in the market for mobile telecommunications.
Podjetje BT v zvezi z učinkom na konkurenco poudarja, da naj bi zadevni ukrepi vplivali predvsem na konkurenco na trgu mobilnih telekomunikacij.
In substance, it refers to the fact that the scale of France Télécom's debt can be traced back to the development of the mobile telecommunications business.
Podjetje BT se v bistvu sklicuje na dejstvo, da izvira obseg dolga podjetja BT iz razvoja dejavnosti na področju mobilnih telekomunikacij.
Thus, Orange does not bear the debt linked to its acquisitions; instead, the parent company bears it in its entirety.
Zato podjetje Orange ne prevzema dolga, povezanega z nakupi, ki jih v celoti podpira matično podjetje.
Being endowed with the means of coping with its debt thanks to the measures at issue, France Télécom enables Orange to consolidate and develop its position in the mobile telecommunications markets.
Ker ima podjetje FT zaradi zadevnih ukrepov na voljo sredstva, potrebna za soočenje z dolgom, dovoljuje podjetju Orange, da le-to okrepi in razvije svoj položaj na trgu mobilnih komunikacij.
With a 49,8 % market share, Orange is in a dominant position in the French mobile telephony market.
Podjetje BT poudarja, da ima podjetje Orange prevladujoč položaj na francoskem trgu mobilnih telefonij, saj ima na njem 49,8 % ustaljenega tržnega deleža.
In its comments of 11 April 2003, Bouygues Telecom points out that the structure of the mobile telecommunications market in France is due to a capitalistic investment strategy (together with an aggressive commercial strategy) carried on by Orange to the detriment of its operational profitability, thanks to the support granted to it by the State through France Télécom, notably via the aid at issue in the present case.
Podjetje BT navaja v svojih opažanjih z dne 11. aprila 2003, da je izvor strukture trga mobilnih telekomunikacij v Franciji rezultat strategije kapitalističnih naložb, ki jih vodi podjetje Orange (to je predvsem agresivna komercialna strategija) v škodo lastni operativni donosnosti, kar se je zgodilo zaradi pomoči, ki jo je podjetju prek podjetja FT dodelila država, predvsem zaradi zadevnih pomoči v takem primeru.
It stresses, moreover, that the measures at issue affect competition throughout the telecommunications market and dissuade foreign operators from coming to propose their services in France.
Podjetje BT prav tako poudarja, da vplivajo zadevni ukrepi na konkurenco na celotnem trgu telekomunikacij in da ti ukrepi odvračajo tuje operaterje od tega, da bi svoje storitve ponudili na voljo v Franciji.
France is thus the only European country in which no ‘foreign’ mobile operator has been able to establish itself.
Francija je tudi edina evropska država, v kateri ni bila mogoča ustalitev nobenega „tujega“ operaterja.
As to the compatibility of the support measures within the meaning of the Guidelines, Bouygues Telecom argues that they do not possess the exceptional character required in order to be characterised as rescue aid within the meaning of the Guidelines.
Podjetje BT v zvezi z usklajenostjo teh ukrepov v smislu smernic poudarja, da ukrepi pomoči ne predstavljajo izjemnega značaja, ki je potreben za to, da je pomoč za reševanje določena v okviru smernic.
Basically, the fact is that the Ambition 2005 plan does not satisfy the minimum requirements of the Guidelines.
Podjetje BT se sklicuje na dejstvo, da načrt Ambition 2005 ne zadovoljuje niti najmanjših potreb, ki jih zahtevajo smernice.
Moreover, the plan is not a restructuring plan capable of modifying the structure of France Télécom with a view to improving its profitability, but is limited to increasing the Company's liquidity so as to lessen the impact of its current difficulties.
Podjetje BT prav tako poudarja, da načrt Ambition 2005 ni načrt prestrukturiranja, ki bi spremenil strukturo podjetja FT zato, da bi izboljšal njegovo donosnost, ampak da se ta načrt omejuje na povečanje likvidnosti podjetja, s čimer bi ublažili njegove trenutne težave.
Bouygues Telecom insists also on the fact that the measures at issue are weak in comparison with those taken by the historical operator's competitors, such as KPN, Deutsche Telekom or British Telecom, both as regards the disposal of assets and as regards the social measures taken.
Podjetje BT tudi vztraja, da so zadevni ukrepi videti šibki, če jih primerjamo z ukrepi, ki so jih sprejeli konkurenti prejšnjega operaterja, predvsem podjetja KPN, Deutsche Telekom in British Telecom, tako na področju prenosa sredstev, kot tudi na področju socialnih ukrepov.
The restructuring plan does not contain any substantial compensatory measures capable of preventing any undue distortions of competition so as to offset the aid granted by the State.
Načrt prestrukturiranja poleg tega ne vsebuje večjih nadomestil, ki bi omogočili preprečevanje neupravičenega izkrivljanja konkurence, s katerim bi se izravnala pomoč, ki jo je dodelila država.
Bouygues Telecom notes among other things the lack of any disposal of valuable or strategic assets.
Podjetje BT razkriva predvsem odsotnost prenosa vrednostnih ali strateških sredstev.
Thus, the sales envisaged by France Télécom are limited to non-strategic assets worth very little (EUR 3,5 billion, according to France Télécom's own estimates).
Tako so prenosi, ki jih omenja podjetje FT, omejeni na nestrateška sredstva in na zelo nizek znesek (po ocenah podjetja FT gre za 3,5 milijarde EUR).
Additionally, Bouygues Telecom maintains that compensatory measures must be adopted for the benefit of the historical operator's competitors in the mobile telecommunications market, and in particular for the benefit of the last entrant, the presence of whom is a precondition for the existence of genuine competition in the French market.
Podjetje BT poleg tega podpira dejstvo, da morajo biti izravnalni ukrepi morajo biti sprejeti v korist konkurentov prejšnjega operaterja na trgu mobilnih telekomunikacij in predvsem v korist zadnjega konkurenta, katerega prisotnost je pogoj za obstoj prave konkurence na francoskem trgu.
It proposes inter alia as compensatory measures within the meaning of the Guidelines a five-year ban on Orange proposing lower rates than its competitors for equivalent services, and the imposition of a self-limitation on Orange's monthly market shares to 33 % until such time as Orange's net market share is reduced to 40 %.
Podjetje BT predlaga predvsem nadomestne ukrepe v okviru smernic, ki bi podjetju Orange prepovedale uvajati tarife, ki so nižje od tarif, ki jih imajo njegovi konkurenti za nudenje enakih storitev, in to za obdobje petih let, prav tako pa bi se uvedlo samoomejevanje mesečnih tržnih deležev podjetja Orange na 33 %, dokler se neto tržni delež podjetja Orange ne bi znižal na 40 %.
It also proposes a limitation of the length of the commitments entered into by consumers vis-à-vis Orange to 12 months (acquisition and renewal), a freezing of the deployment of Orange's GSM and GPRS network so as to re-establish a competitive balance, the obligation to dispose of strategic assets and the obligation to limit marketing activities.
Podjetje BT prav tako predlaga 12-mesečno omejitev trajanja obveznosti, ki jo odobrijo uporabniki podjetja Orange, (nakupi in obnova), zamrznitev uvajanja omrežja GSM in omrežja GPRS podjetja Orange, s čimer bi ohranili uravnoteženost konkurence, obveznost prepuščanja strateških sredstev in obveznost omejevanja marketinških dejanj.
In its comments of 26 May 2004, Bouygues Telecom furnishes inter alia an economic analysis which states that, in view of the specific attitude of States (variable according to their own credibility), the support of the State has a substantially different scope from that of a majority shareholder.
Podjetje BT je v svojih opažanjih z dne 26. maja 2004 naredilo tudi gospodarsko analizo, ki določa, da ima državna pomoč ob upoštevanju specifičnega odnosa držav (ki je različen glede na njihovo verodostojnost) drugačne posledice kot pomoč večinskega delničarja.
The analysis also points out that state intervention is part of a long tradition and that that intervention is judged on the basis of an already established reputation.
Analiza tudi poudarja, da je državno posredovanje del dolge tradicije in da se takšno posredovanje ocenjuje na osnovi že oblikovanega slovesa.
In Bouygues Telecom's view, it is clear that, by supporting France Télécom, the State is staking its reputation and hence is placing on the line its ability to intervene again in favour of other French companies.
Podjetje BT meni, da država s podpiranjem podjetja FT upravičuje svoj sloves, s tem pa tudi svojo zmožnost ponovnega posredovanja v korist francoskih podjetij.
The analysis also stresses that the question of the French State's credibility is to be seen in the context of the specific French situation with regard to privatisation.
Analiza tudi poudarja, da je vprašanje verodostojnosti francoske države povezano s francosko specifičnostjo v zvezi s privatizacijo.
Any flagging in its support would have deprived the State of its capacity to act subsequently, which was speedily done in the case of Alstom.
Neizpolnjevanje, povezano s pomočjo, podeljuje državi možnost naknadnega ukrepanja, kar se je zgodilo v primeru podjetja Alstom.
Bouygues Telecom also furnishes an analysis of whether the State's declarations had any binding effect under the law of the state of New York, where the Company is also quoted.
Podjetje BT je naredilo tudi analizo o tem, ali imajo državne izjave zavezujoč učinek glede na pravo države New York, v kateri podjetje prav tako kotira.
According to that analysis, it is probable that such declarations would be considered binding either as a unilateral contract or by virtue of the principle of estoppel.
V skladu s to analizo je verjetno, da so te izjave zavezujoče kot enostranske pogodbe na podlagi načela „estoppel“.
Bouygues Telecom furnishes, lastly, a study of whether such declarations emanating from the British Government would have a binding character under English law.
Podjetje BT je naredilo tudi študijo o tem, ali so izjave angleške vlade v skladu z angleškim pravom zavezujoče.
The conclusion of that study is that such declarations would be binding or would impose on the State the burden of justifying a change of position.
Zaključek te študije je pokazal, da so te izjave zavezujoče, oziroma da zahtevajo od države, da obrazloži spremembo svojega stališča.
Comments from Cable & Wireless
Pripombe podjetja Cable & Wireless
Cable & Wireless expresses the view that the measures at issue constitute state aid.
Podjetje Cable & Wireless je opazilo, da predstavljajo zadevni ukrepi državno pomoč.
The market's confidence following the announcement of the granting by the French authorities of the shareholder loan sufficed to confer an advantage on France Télécom.
Zaupanje v trg, potem ko so francoske oblasti izdale obvestilo o odobritvi delničarskega posojila, je zadoščalo, da je dobilo podjetje FT prednost.
In so far as a prudent private investor would not have taken the decision to recapitalise a company such as France Télécom, which was clearly inefficient prior to the adoption of the 2005 Ambition Plan, the Company enjoyed an advantage which it would not have secured under normal market conditions.
V primeru, ko se dobro poučeni zasebni vlagatelj odloči, da dokapitalizira podjetje kot je to na primer storilo podjetje FT, ki je bilo očitno neučinkovito že pred sprejemom načrta Ambition 2005, pridobi to podjetje prednosti, ki jih pod običajnimi pogoji na trgu ne bi moglo dobiti.
Cable & Wireless also points to the dangerous precedent that would be created by allowing a government to underwrite all the financial problems of public undertakings and to the negative dynamic that would be created for competition.
Podjetje Cable & Wireless je izpostavilo tudi nevaren precedenčni primer, ki ga označuje dejstvo, da bi država jamčila za vse finančne težave javnih podjetij in za negativno gibanje, ki ga to jamstvo povzroči za konkurenco.