natgillin/translations-raw huggingface dataset:
It adds that the measures cannot be considered compatible within the meaning of the Guidelines.
Podjetje Cable & Wireless je tudi dodalo, da ti ukrepi ne smejo biti združljivi v okviru smernic.
Inasmuch as the Company is not in financial difficulties, the Guidelines are not applicable.
Če podjetje ni v finančnih težavah, te smernice niso veljavne.
Comments from AFORS Télécom
Pripombe združenja AFORS Télécom
AFORS Télécom (Association française des Opérateurs de Réseaux et Services de Télécommunications) observes that the measures at issue constitute state aid. More particularly, it states as follows:
Združenje AFORS (Francosko združenje operaterjev za omrežja in storitve telekomunikacije Télécom) je opazilo, da predstavljajo zadevni ukrepi državno pomoč, še bolj natančno pa je upoštevalo naslednje:
Through a series of step-by-step decisions taken in the course of 2002 — including the State opting for payment of the 2002 dividends in shares and not in cash — until the opening of a EUR 9 billion credit line made available to France Télécom via ERAP, the French authorities restored investors' confidence by giving formal status to their support.
Z nizom postopnih odločitev v letu 2002 – pri katerih je država za izplačevanje dividend v letu 2002 izbrala plačilo v obliki delnic in ne v obliki gotovine – do začetka kreditne linije v višini 9 milijard EUR, s katerimi razpolaga podjetje FT prek podjetja ERAP, so francoske oblasti ponovno vzpostavile zaupanje vlagateljev v konkretizacijo pomoči.
Moreover, even if the credit line opened by ERAP were never used by France Télécom, it symbolises the guarantee of state support and hence mobilises state resources within the meaning of Article 87(1) of the Treaty.
Združenje AFORS Télécom poudarja, da simbolizira ta kredit, tudi če podjetje FT kreditne linije, ki jo bo vzelo podjetje ERAP, ne bo nikoli porabilo, jamstvo za državno pomoč, s tem pa se sproščajo državna sredstva v skladu s členom 87(1) Pogodbe.
The terms on which the credit line was granted and the terms governing its remuneration do not satisfy the tests of the prudent private investor principle.
Pogoji dodeljevanja kreditne linije in pogoji odplačevanja ne izpolnjujejo meril načela dobro poučenega zasebnega vlagatelja.
AFORS Télécom argues that France Télécom's financial failings since 2000 could not have happened in the presence of a prudent investor.
Združenje AFORS Télécom poudarja tudi, da finančni odkloni podjetja FT od leta 2000 v prisotnosti dobro poučenega vlagatelja niso mogli posredovati.
The State thus did not perform its role of ‘watchdog’ and it allowed France Télécom to increase its indebtedness on an unheard-of scale.
Tako država ni prevzela svoje vloge „opozarjanja“ in je dovolila podjetju FT, da poveča svoj dolg do nesorazmernih vrednosti.
AFORS Télécom observes that France Télécom's past acquisitions strategy was conducted without regard to the inherent risks inasmuch as the State in its capacity as shareholder assured France Télécom of its support against any prospect of bankruptcy.
Združenje AFORS Télécom opaža, da podjetje FT pri svoji nekdanji strategiji nakupov ni upoštevalo možnosti povezanih tveganj, saj je država v vlogi delničarja podjetju FT zagotovila pomoč za preprečitev možnega stečaja.
The State's support has had the effect of preventing any further downgrading of France Télécom's credit rating by the rating agencies, which has made it possible to speed up France Télécom's return to the market and the refinancing of its debt under less onerous financial conditions.
Državna pomoč je preprečila, da bi agencije za ocenjevanje pozneje znižale oceno podjetja FT, kar je omogočilo hitrejšo vrnitev podjetja FT na trg in refinanciranje dolga pod bolj ugodnimi finančnimi pogoji.
France Télécom has enjoyed an advantage which AFORS Télécom estimates is worth EUR 1,5 billion. Hence, it is the credibility of the French State, enjoying as it does excellent creditworthiness, and not that of the restructuring plan, that determined the conditions of France Télécom's return to the financial markets.
Podjetje FT je pri tem dobilo prednost, ki jo združenje AFORS Télécom ocenjuje na 1,5 milijard EUR. Tako so bili pogoji vrnitve podjetja FT na francoske trge določeni s pomočjo verodostojnosti francoske države z odlično kreditno sposobnostjo, ne pa s pomočjo načrta o prestrukturiranju.
Moreover, the State's support had the advantage that France Télécom no longer had to modify its strategic perimeter.
Poleg tega je državna pomoč imela to prednost, da podjetju FT ni bilo treba spremeniti svojega strateškega obsega.
The Ambition 2005 plan consists of guidelines and not of clearly worded, binding and irreversible commitments and cannot be compared to the restructuring process implemented in Europe by, say, British Telecom.
Načrt Ambition 2005 je sestavljen iz usmeritev in ne iz jasno določenih obveznosti, ki so zavezujoče in trajne, poleg tega pa jih ne moremo primerjati s procesom prestrukturiranja, ki poteka v Evropi, predvsem v podjetju British Telecom.
The advantages enjoyed by France Télécom prolong distortions of competition damaging to the members of AFORS Télécom.
Zaradi prednosti podjetja FT se škodljivo izkrivljanje konkurence za člane združenja AFORS Télécom še podaljšuje.
In AFORS Télécom's opinion, the aid granted by the French State reinforces the already existing anticompetitive practices which are highly detrimental to alternative operators.
Združenje AFORS Télécom meni, da francoska državna pomoč krepi že obstoječo prakso preprečevanja konkurence, ki je škodljiva za druge operaterje.
AFORS Télécom mentions among other things the exclusive utilisation of France Télécom's distribution network by Orange and Wanadoo, the unbundling offers which systematically benefit Wanadoo and France Télécom, and the monopoly position held by France Télécom in the market for shared-revenue services (the supplying to consumers of value-added content accessible by telephone).
Združenje AFORS Télécom omenja tudi, da podjetje Orange in podjetje Wanadoo izključno uporabljata distribucijsko omrežje podjetja FT, poleg tega pa omenja tudi ponudbe združevanja, od katerih imata koristi podjetje Wanadoo in podjetje FT, omenja pa tudi monopolni položaj podjetja FT na trgu storitev z deljenimi prihodki (dobava vsebin z dodano vrednostjo, ki so dostopne prek telefona).
AFORS Télécom points to the real risk of prolongation of this conduct which the state aid would allow.
Združenje AFORS Télécom poudarja tudi resnično tveganje podaljšanja teh pogojev, kar omogoča država.
Compensatory measures should be imposed on France Télécom with a view, firstly, to ensuring that the conduct of the State is analogous to that of a company which has to restore its financial capacity without benefiting from exceptional aid and, secondly, to restoring fair competition.
Za podjetje FT bi morala biti uvedena nadomestila, katerih namen je doseči, da bi država ravnala podobno kot podjetje, ki želi ponovno vzpostaviti svojo finančno sposobnost, pri čimer ni uporabljena nobena posebna pomoč, namen nadomestil pa je tudi ponovna vzpostavitev pravične konkurence.
This would involve (i) restricting France Télécom's investment to that of an indebted company, e.g. by limiting its overall investment policy to investments the return on investment period of which is less than 12 months in the case of retail activities; (ii) introducing transparent structures between each business within the group; and (iii) preventing the state aid from being used to fuel a price war, for example through the systematic publication of its tailor-made retail offerings.
Gre predvsem za (i) omejevanje naložb podjetja FT, tako kot je to pri zadolženih podjetjih, kar pomeni na primer omejevanje globalne politike investiranja podjetja FT za naložbe, katerih doba vračila za dejavnosti na drobno je krajša od 12 mesecev; (ii) vzpostavitev preglednih struktur za vse dejavnosti v skupini in (iii) preprečevanje dodeljevanja državne pomoči v skladu s tarifnimi spori, na primer s pomočjo sistematične objave ponudb na drobno po meri.
Comments from Cégétel
Pripombe podjetja Cégétel
Cégétel maintains that there are two separate measures: (i) the announcement by the French authorities of the granting of a shareholder loan to France Télécom; and (ii) the participation by the State in the recapitalisation of France Télécom.
Podjetje Cégétel trdi, da obstajata dva različna ukrepa pomoči: (i) obvestilo francoskih oblasti o dodelitvi delničarskega posojila v korist podjetju FT in (ii) sodelovanje države pri dokapitalizaciji podjetja FT.
As regards the first measure, Cégétel remarks first of all that the situation of a company with a private reference shareholder and that of a company with a public majority shareholder are not comparable.
Kar se tiče prvega ukrepa, podjetje Cégétel vnaprej poudarja, da položaja podjetja z zasebnimi delničarji ne moremo primerjati s položajem podjetja z večinskim javnim delničarjem.
A similar announcement made by a private shareholder would have been received with the greatest circumspection by the rating agencies and would have caused them to take a close look at the arrangements for the refinancing by the shareholder in question of the credit line thus extended.
Podjetje Cégétel je trdilo, da bi agencije za ocenjevanje podobno obvestilo, ki bi ga objavil javni delničar, lahko sprejele z največjo previdnostjo in da bi to moralo pripeljati do tega, da bi se te agencije natančno pozanimale o pogojih refinanciranja kreditne linije, ki jo je na tak način sprejel zadevni delničar.
Cégétel concludes from this that the mere fact of being backed by the State confers a considerable advantage vis-à-vis investors and prevented any further downgrading of France Télécom's credit rating by the rating agencies despite the fact that the operator appeared to be in an insoluble situation.
Podjetje Cégétel tako zaključuje, da samo dejstvo, da se podjetje opira na državo, prinaša precejšnjo prednost pri vlagateljih, poleg tega pa povzroči poznejše znižanje ocene podjetja FT, ki jo določijo agencije za ocenjevanje, tudi če se izvajalec znajde v nerešljivem položaju.
Cégétel concludes on this point that the government declarations were worded in such a way that the markets would be certain that lending money to France Télécom would be strictly equivalent to lending money directly to the State.
Podjetje Cégétel na tej točki sklepa, da so bile vladne izjave oblikovane na tak način, da so imeli trgi zagotovilo, da je posojanje denarja podjetju FT enako, kot če bi denar posodili neposredno državi.
France Télécom thus enjoyed advantages which it would not have secured under normal market conditions, compared, for example, with the situation of Vivendi Universal.
Podjetje FT je bilo tako upravičeno do prednosti, ki jih ni pridobilo pod običajnimi tržnimi pogoji, predvsem v primerjavi s položajem podjetja Vivendi Universal.
The recourse to the bond market enabled it to avoid having to resort exclusively to financial institutions in order to cope with its liquidity crisis and suffering all the constraints linked to that type of financing.
Opiranje na trg obveznic je podjetju omogočilo, da se je izognilo temu, da bi se pri soočenju z likvidnostno krizo v podjetju in z vsemi omejitvami te vrste financiranja podjetje oprlo izključno na finančne ustanove.
Cégétel maintains that the terms of grant of the credit line by the French authorities are not in keeping with those granted by a prudent investor in relation to one of his participations.
Podjetje Cégétel podpira dejstvo, da kreditni pogoji, ki jih dodelijo francoske oblasti, niso enaki kot pogoji kreditne linije, ki jih dodeli dobro poučen vlagatelj s pomočjo ene od svojih naložb.
More particularly, a prudent investor would never have agreed to the policy of financing acquisitions through debt which placed France Télécom in a critical financial situation such that the State had to carry out a recapitalisation.
Dobro poučen vlagatelj ne bi nikoli sprejel politike financiranja nakupov s pomočjo zadolževanja, ki je podjetje FT pripeljalo v kritični finančni položaj, zaradi česar država mora začeti dokapitalizacijo.
In this connection, Cégétel notes in particular the interest rate applicable to the drawings on the loan and the absence of securities and guarantees.
Ob tem podjetje Cégétel poudarja predvsem obrestne mere, ki se uporabljajo pri izdajanju posojila, ter odsotnost garancije in jamstev.
Regarding quantification of the aid relating to the shareholder loan, Cégétel maintains that point 3.2, fourth subparagraph, of the Notice on state aid in the form of guarantees is applicable and that, in view of the fact that, thanks to state support, France Télécom has been able to borrow EUR 16 billion to meet its maturities despite the catastrophic nature of its finances, the amount of the aid is equivalent to the amount raised thanks to the announcement.
Glede izračuna pomoči v zvezi z delničarskim posojilom podjetje Cégétel poudarja, da se uporablja točka 3.2, alinea 4 sporočila o državnih pomočeh v obliki jamstev in da je bil, ob upoštevanju dejstva, da si je zaradi državne pomoči podjetje FT lahko izposodilo 16 milijard EUR, s katerimi je podjetje preprečilo zapadlost kljub temu, da je bil finančni položaj podjetja FT katastrofalen, znesek pomoči zaradi tega obvestila enak kot dvignjeni znesek.
Cégétel maintains that the same reasoning applies to the recapitalisation, which it analyses, from an economic point of view, as being the transfer of EUR 9,2 billion of France Télécom's debt to ERAP, which benefits from the State's guarantee.
Podjetje Cégétel poudarja, da se enako razmišljanje uporablja pri dokapitalizaciji, poleg tega pa z gospodarskega vidika razčlenjuje, da podjetje FT dolguje podjetju ERAP znesek v višini 9,2 milijard EUR, pri čemer pa ima podjetje FT koristi od državnega jamstva.
Cégétel counts the whole of this amount as aid.
Podjetje Cégétel meni, da ta celoten znesek predstavlja pomoč.
It also highlights the amount of the aid corresponding to the redundancy costs which a company would have had to bear in terms of staff cuts, namely EUR 1,5 billion, and which the historical operator would not bear owing to its employees being transferred to civil service jobs under the Ambition 2005 plan.
Prav tako pa poudarja tudi znesek pomoči, ki ustreza stroškom odpuščanja, ki bi jih podjetje moralo pokriti v okviru zmanjševanja števila zaposlenih, kar pomeni 1,5 milijarde EUR, in ki jih prejšnji operater ni pokril zaradi prerazporeditve uslužbencev podjetja FT v javno upravo, kar je bilo predvideno v načrtu Ambition 2005.
Cégétel maintains that France Télécom benefits from a formal guarantee in so far as the Court of Cassation considers that private-law companies enjoying special legal status are not subject to the applicable judicial liquidation procedures (cf., for example, SEITA or Air France).
Poleg tega podjetje Cégétel poudarja, da ima podjetje FT koristi od formalnega jamstva v takšni meri, da vrhovno sodišče meni, da podjetja v zasebnem pravu s posebnim pravnim statutom niso podvržena postopkom veljavne sodne likvidacije (na primer podjetje SEITA ali podjetje Air France).
Thus, by virtue of this case law, France Télécom must be regarded as not falling within the ambit of the ordinary-law arrangements.
Tako se na podlagi te sodne prakse mora obravnavati, da se je podjetje FT izognilo skupni zakonodaji.
Cégétel acknowledges that France Télécom has not enjoyed EPIC status since 1996, but points out that, in reality, the guarantee has not disappeared inasmuch as the state authorities have sought, through their repeated declarations, to convince the markets that France Télécom would retain, come what may, the support of its reference shareholder and that, if necessary, the State would help the operator to meet its maturities.
Podjetje Cégétel priznava, da podjetje FT od leta 1996 ne uporablja več statuta podjetja EPIC, vendar pa opaža, da v resnici jamstvo ni izginilo, saj so državne oblasti s svojimi ponovnimi izjavami trge prepričale, da podjetje FT v vseh okoliščinah ohranja referenčno pomoč svojih delničarjev in da bi, če bi bilo to potrebno, država operaterju pomagala, da se sooči z zapadlimi plačili.
Cégétel maintains, lastly, that the measures cannot be considered compatible within the meaning of the Guidelines.
Podjetje Cégétel poudarja tudi, da ukrepi v smislu smernic ne morejo veljati kot združljivi.
Thus, the Ambition 2005 plan does not contain any specific provisions on asset disposals or a social plan.
Tako načrt Ambition 2005 ne vsebuje nobenega določenega dela v zvezi s prenosom sredstev in s socialnim načrtom.
Cégétel proposes inter alia the following compensatory measures in the fixed telecommunications market: (i) the sale of local loop access and associated services; and (ii) increased ring-fencing between France Télécom and the companies Orange and Wanadoo.
Poleg tega podjetje Cégétel predlaga predvsem naslednja nadomestila na trgu fiksnih telekomunikacij: (i) ponovna prodaja storitev dostopa do lokalnega omrežja in sorodnih storitev, pa tudi (ii) krepitev ločevanja podjetja FT in podjetij Orange in Wanadoo.
Comments from LDCOM
Pripombe podjetja LDCOM
LDCOM identifies a dual mechanism of aid in support of France Télécom, backed by support for staff mobility, namely: (i) the provision of an unlimited guarantee; and (ii) the granting of a EUR 9 billion credit line.
Podjetje LDCOM razkriva dvojni mehanizem pomoči ali podpore, namenjene podjetju FT, ki je podprto tudi s prerazporeditvijo zaposlenih: (i) dodelitev neomejenega jamstva; in (ii) dodelitev kreditne linije v višini 9 milijard EUR.
Provision of the unlimited guarantee: LDCOM bases its considerations on the content of the declarations by the French authorities which have appeared since 20 June 2002 in the press via press releases of the Ministry of Economic Affairs and Finance addressed directly or indirectly to the rating agencies.
Dodelitev neomejenega jamstva: Podjetje LDCOM se opira na vsebino izjav francoskih oblasti, ki so bile od 20. junija 2002 dalje objavljene v sporočilih za javnost ministrstva za finance in za gospodarstvo ter v sporočilih, ki so neposredno ali posredno namenjena agencijam za ocenjevanje.
These declarations, which seek to reassure the financial markets about France Télécom's situation, have contributed directly to the improvement in France Télécom's credit rating in the markets and have helped the Company to face up to the liquidity wall with which it was confronted.
Te izjave, katerih cilj je pomiriti finančne trge o položaju podjetja FT, so neposredno prispevale k izboljšanju ocene podjetja FT na trgih, poleg tega pa so podjetju omogočile, da se je spopadlo z zorenjem likvidnosti, s katerim se je podjetje moralo soočiti.
According to LDCOM, the State's intervention by may be characterised from a legal standpoint in a number of ways.
Podjetje LDCOM meni, da državno posredovanje lahko dobi več pravnih kvalifikacij.
It points out that, under French law, no form is required for the creation of a legal obligation and that an oral declaration may therefore, under certain conditions, constitute a legal act giving rise to a right on the part of its addressee.
Kar se tiče francoske zakonodaje, podjetje poudarja, da nobena oblika ni potrebna za ustvarjanje pravne obveznosti in da je lahko ustna izjava pod določenimi pogoji pravni akt, ki prejemniku zagotavlja neko odločilno pravico.
The binding force of the unilateral act is based on the theory of commitment by unilateral will, which is one of the sources of the law of obligations.
V bistvu zavezujoča moč enostranskega akta temelji na teoriji o obveznosti po enostranski volji, ki predstavlja vir pravice do obveznosti.
This obligation arises from the dual condition of the firm and precise nature of the will.
Ta obveznost povzroča dvojni pogoj zaprtega in določenega značaja volje.
LDCOM also affirms that the State's responsibility is based, in company law, on the analysis of the theory of the apparent mandate and of the de facto manager — in the latter instance for having directly contacted the rating agencies.
Podjetje LDCOM potrjuje tudi, da odgovornost države v skladu s pravom družb izhaja predvsem iz analize teorije o očitnih pooblastilih in iz dejstva, predvsem v zvezi z zadnjo točko, o neposrednem obveščanju agencij za ocenjevanje.
Under international law, the State's contractual responsibility is also incurred in so far as a unilateral legal act has binding force where it can be shown that the declaration was expressed publicly with the intention of binding its author.
V skladu z mednarodnim pravom je pogodbena odgovornost države prav tako določena tako, da je enostranski pravni akt zavezujoč, če je mogoče dokazati, da je bila izjava izražena javno in z namenom, da bi bila za avtorja zavezujoča.
Thus, a mere oral and public declaration made by a State may create a legal obligation on its part.
Tako preprosta ustna in javna izjava države lahko zanjo predstavlja pravno obveznost.
In the present case, according to LDCOM, the content of the declarations binds the French authorities as the letter of the declarations constitutes a clear and unequivocal unilateral commitment by the State to be the lender of last resort to France Télécom and not to leave the latter in the financial crisis it has known since the summer of 2002.
Podjetje LDCOM meni, da vsebina izjav zavezuje francoske oblasti, saj pismo o teh izjavah predstavlja jasno in nedvoumno enostransko obveznost države o tem, da je v skrajnem primeru država posojilodajalec podjetja FT in da država ne bo dopustila, da podjetje FT zapade v finančno krizo, tako kot se je to zgodilo v letu 2002.
Inasmuch as the State's commitment is of a binding nature, any failure to honour that commitment may incur the State's contractual responsibility (third parties could have forced the State to carry out its commitment).
Državna obveza ima zavezujoč značaj, vse kršitve te obveze pa lahko povzročijo uporabo pogodbenih obveznosti (tretja oseba lahko državo prisili, da izvaja svoje obveznosti).
LDCOM asserts that the State's tortious liability was also incurred, notably under company law.
Podjetje LDCOM je potrdilo, da se uveljavlja tudi kazenska odgovornost države, predvsem v skladu s pravom družb.
Thus, a company which gives the impression of taking over the debts of another company gives rise to a claim on itself by third parties.
Podjetje, ki je navidezno prevzelo dolgove nekega drugega podjetja, v očeh tretjih oseb povzroči terjatve.
According to LDCOM, the State, by its declarations, guaranteed third parties that it would take over France Télécom's maturing debt.
Podjetje LDCOM meni, da je država s svojimi izjavami tretjim osebam dajala jamstvo, da bo prevzela dolgove podjetja FT tik pred njihovo zapadlostjo.
More precisely, LDCOM maintains that the State's declarations to the effect that it ‘will contribute to the very substantial strengthening of the company's capital base’ give rise to an obligation on its part incurring its legal and financial responsibility.
Podjetje LDCOM bolj natančno poudarja, da izjave države, v skladu s katerimi je „na svoje stroške prispevala k obsežni krepitvi sredstev podjetja“, v njenem imenu povzročajo pravno in finančno obveznost.
According to learned opinion: ‘if the State did not respect the commitment thus entered into, its responsibility would incontestably be incurred before the administrative courts, the forum for hearing cases involving promises not kept by the State’.
V skladu z naslednjo doktrino: „če država ne spoštuje obveznosti, sprejetih na tak način, bo njena odgovornost neizpodbitno zavezana pred upravnimi sodišči, ki presodijo sporne obljube, ki jih država ne upošteva“.
LDCOM states that Article L465-1, third subparagraph, of the Monetary and Financial Code provides for the punishment of persons who distort the normal functioning of markets by illicit actions which influence the trend of stock prices.
Poleg tega je podjetje LDCOM poudarilo, da člen L465-1, tretja alinea denarnega in finančnega kodeksa, omejuje osebe, ki spreminjajo običajen potek delovanja trgov s protipravnimi delnicami, ki vplivajo na razvoj borzne cene.