natgillin/translations-raw huggingface dataset:
The Commission has taken the Government's declarations into account in its assessment of the compliance of the measure at issue with the state aid rules.
Komisija je upoštevala izjave vlade pri upoštevanju usklajenosti zadevnega ukrepa v okviru pravil o pomoči države.
Viewed in isolation, the shareholder loan proposal would probably have been considered not to constitute aid under the Treaty.
Projekt delničarskega posojila bi se lahko obravnaval posebej, kot da ne sestavlja pomoči v okviru pogodbe.
However, the Commission has come to the conclusion that the declarations had the effect of restoring confidence to the market as far as the Company was concerned, thereby ruling out the application of the prudent private investor principle and turning the shareholder loan proposal into the concretisation of the aid granted to France Télécom.
Komisija je zato prišla do sklepa, da so izjave vplivale na obnovitev zaupanja na trgu v zvezi s podjetjem, ob neupoštevanju uporabe načela zasebnega dobro poučenega vlagatelja in ob izvajanju projekta delničarskega posojila ob uresničenju pomoči, dodeljene podjetju FT.
The Commission recognises that this is the first time it has had to examine whether this type of conduct constitutes aid.
Komisija priznava, da mora tokrat prvič preveriti, ali je ta način ravnanja sestavni del pomoči.
In so far as the aid depends, as a result, on conduct which preceded the notification of the shareholder loan proposal, a diligent operator could have had confidence in the lawfulness of the conduct of the Member State concerned, which, for its part, had duly notified the loan proposal.
Če je pomoč odvisna od ravnanja pred ocenjevanjem projekta predplačila, mora prizadeven operater imeti zaupanje v zakonitost ravnanja zadevne države članice, ki je s svoje strani pravilno objavila projekt predplačila.
As Advocate General Darmon stated in his Opinion in Case C 5/89, ‘the doubts with which some undertakings may be assailed, when faced with “atypical” forms of aid, as to whether notification is necessary should not be made light of’.
Kot je rekel generalni pravobranilec Darmon v svojih zaključkih v zadevi C 5/98„ne smemo prezirati negotovosti, ki lahko prevzame nekatera podjetja, pred ‚neobičajnimi‘ oblikami pomoči glede nujnosti obveščanja“.
In conclusion, the Commission finds that France Télécom could legitimately have confidence in France's conduct not constituting state aid.
Nazadnje Komisija meni, da je imelo podjetje FT lahko zakonito zaupanje, da ravnanje Francije ni bilo del pomoči države.
In the light of the above, the Commission considers that, in the present case, ordering the aid's recovery would be contrary to the general principles of Community law.
Glede na zgoraj omenjeno Komisija meni, da bi bil v tem primeru zahtevek za povračilo pomoči v nasprotju s splošnimi načeli prava Skupnosti.
The Commission finds that, placed in the context of the declarations made from July 2002, the shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line constitutes state aid,
Komisija ugotavlja, da je delničarsko posojilo, ki ga je Francija dodelila podjetju FT decembra 2002 v obliki kreditne linije v višini 9 milijard EUR v okviru izjav, oblikovanih od julija 2002, državna pomoč –
Placed in the context of the declarations made from July 2002, the shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line constitutes state aid incompatible with the common market.
Delničarsko posojilo, ki ga je Francija dodelila podjetju France Télécom decembra 2002 v obliki kreditne linije v višini 9 milijard EUR v okviru izjav, oblikovanih od julija 2002, predstavlja državno pomoč, ki ni združljiva s skupnim trgom.
The aid referred to in Article 1 does not have to be recovered.
Pomoč iz člena 1 ni predmet povračila.
Done at Brussels, 2 August 2004
V Bruslju, 2. avgusta 2004.
See paragraphs 1-8 of the opening decision, which are to be considered an integral part of this Decision.
Glej točke od 1 do 8 odločitve o začetku, ki se obravnavajo kot sestavni del te odločbe.
See footnote 1.
Glej opombo na koncu strani št. 1.
Party wishing that its identity be kept confidential.
Stranka želi ohraniti zaupnost svoje identitete.
Also called MCI for the purposes of this Decision.
Za namen te odločbe imenovano tudi MCI.
To which a complaint lodged by the same companies dated 22.1.2003 was annexed.
Katerim je bila dodana pritožba, ki sta jo podjetji predstavili dne 22. januarja 2003.
LDCOM sent the Commission a corrigendum, which was forwarded to the French authorities on 16.6.2003.
Družba LDCOM je Komisiji poslala popravek, ki je bil posredovan francoskim organom 16. junija 2003.
The French authorities sent a corrected version of one of the annexes by email dated 30.7.2003.
Francoski organi so po elektronski pošti 30. julija 2003 poslali popravljeno različico ene izmed prilog.
Containing a consultation carried out by Mr Sureau.
Vsebuje svetovanje g. Sureauja.
Galmot and Mr J. Studzinski of HSBC).
Galmot in sir Studzinski iz banke HSBC).
This letter contains studies the authors of which wish to remain anonymous.
To pismo vsebuje študije, katerih avtorji želijo ostati anonimni.
They include an economic study, a study on English law, a study on American law and a study on French law concerning the binding force of declarations by the State.
Gre za študije gospodarstva, angleške zakonodaje, ameriške zakonodaje in francoske zakonodaje o zavezujoči moči izjav države.
Containing the expert reports described in point 4.13.
Vsebuje strokovna poročila, opisana v točki 4.13.
The State still holds the majority of France Télécom's capital.
Država ima še vedno v lasti večino kapitala družbe FT.
See paragraph 60.
Glej uvodno izjavo 60.
Paragraphs 9-12 of the opening decision.
Točke od 9 do 12 odločitve o začetku.
According to the 2003 report l'État actionnaire, France Télécom has 240000 employees in 39 countries.
Glede na poročilo 2003, l’Etat actionnaire ima FT 240000 sodelavcev v 39 državah.
Hearing of Mr Thierry Breton, France Télécom's CEO, before the commission of enquiry into the management of public undertakings, sitting of 4.6.2003.
Zaslišanje g. Thierryja Bretona, predsednika podjetja FT, pred komisijo za preiskave o upravljanju z javnimi podjetji, seja z dne 4. junija 2003.
NERA: ‘The debt ratio is defined as the ratio of long term debt to total long term capital (debt and equity)”
NERA: „Razmerje zadolženosti je določeno kot razmerje med dolgoročnim dolgom in vsemi dolgoročnimi sredstvi (dolg in kapital)“. ( „The debt ratio is defined as the ratio of long term debt to total long term capital (debt and equity)“.)
NERA: ‘The debt-equity ratio is calculated as the ratio of long-term debt to equity”
NERA: „Razmerje dolga lastniškega kapitala je izračunano kot razmerje dolgoročnega dolga na kapital“. ( „The debt-equity ratio is calculated as the ratio of long-term debt to equity“.)
NERA: ‘The “times-interest-earned ratio” or “interest cover” measures the extent to which interest is covered by earnings before interest and taxes (EBIT) plus depreciation.
NERA: „Izraza ‚times-interest-earned ratio‘ oziroma ‚interest cover‘ označujeta, kdaj so obresti pokrite z izidom pred obračunanjem obresti in davkov ter amortizacije (EBIT). Ta ukrep označuje raven ustreznosti denarnega toka, ki ga vodi podjetje, in njegovo zmožnost, da se sooči s plačilom teh obresti “.
The measure gives a level of the adequacy of cash flow generation and the consequent comfort a company enjoys in meeting its interest payments ”
„The ‚times-interest-earned ratio‘ or ‚interest cover‘ measures the extent to which interest is covered by earnings before interest and taxes (EBIT) plus depreciation. The measure gives a level of the adequacy of cash flow generation and the consequent comfort a company enjoys in meeting its interest payments “.)
NERA: ‘Calculations based on data supplied by France Telecom.
NERA: „Izračuni temeljijo na podatkih, ki jih je posredovalo podjetje FT. Ocene pokrivajo obresti in glavnico, povezane s posojilom v obveznicah in s komercialnimi zapisi (obresti na komercialne zapise so bili upoštevani od 25. julija do 31. decembra 2003, zaradi pomanjkanja podatkov za predhodne datume“.) ( „Calculations based on data supplied by France Telecom.
Figures include bond and commercial paper interest and principal (interest on commercial paper was computed from 25 July 2002 to 31 December 2003 due to data unavailability for previous dates)”
Figures include bond and commercial paper interest and principal (interest on commercial paper was computed from 25 July 2002 to 31 December 2003 due to data unavailability for previous dates)“.)
‘Credit ratings are used by investors as indications of the likelihood of repayment in accordance with the terms on which they invested.
„Izraz “credit ratings” uporabljajo vlagatelji kot kazalec možnosti, da obdržijo povračilo v skladu s pogoji, ki urejajo njihovo vlaganje. Dejansko ocene kredita, označene s ‚stopnjo vlaganja‘ (mednarodne kategorije od ‚AAA‘ do ‚BBB‘ za dolgoročno in od ‚F1‘ do ‚F3‘ za kratkoročno), označujejo razmeroma nizko možnost neizpolnjevanja, medtem ko ocene kategorij ‚špekulativno‘ ali ‚stopnja nevlaganja‘ (mednarodne kategorije od ‚BB‘ do ‚D‘ za dolgoročno in od ‚B‘ do ‚D‘ za kratkoročno) lahko označujejo visoko možnost neizpolnjevanja ali da je že prišlo do neizpolnjevanja “ (stran na svetovnem spletu agencije Fitchs Rating: http://www.fitchratings.com/)).
Thus, the use of credit ratings defines their function: “investment grade” ratings (international long-term “AAA” — “BBB” categories; short-term “F1” — “F3”) indicate a relatively low probability of default, while those in the “speculative” or “non-investment grade” categories (international long-term “BB” — “D”; short-term “B” — “D”) may signal a higher probability of default or that a default has already occurred ’ (Fitch Rating ' s Internet site: http://www.fitchratings.com/).
„Credit ratings are used by investors as indications of the likelihood of repayment in accordance with the terms on which they invested. Thus, the use of credit ratings defines their function: ‚investment grade‘ ratings (international long-term ‚AAA‘ – ‚BBB‘ categories; short-term ‚F1‘ – ‚F3‘) indicate a relatively low probability of default, while those in the ‚speculative‘ or ‚non-investment grade‘ categories (international long-term ‚BB‘ – ‚D‘; short-term ‚B‘ – ‚D‘) may signal a higher probability of default or that a default has already occurred “ (stran na svetovnem spletu agencije Fitchs Rating: http://www.fitchratings.com/)).
Moody's: ‘Moody's places France Telecom and Orange's long-term debt ratings on review for downgrade — Approximately EUR 60 billion of Debt Securities Affected… The France Telecom ratings under review for possible downgrade relate to the following: Convertible global bonds, Euro MTNs, Eurobonds, Floating Rate Euro MTNs, Floating Rate French Franc Bonds, French Bonds, Swiss Franc Bonds, its issuer rating and bank loan rating…. any resulting rating action should not exceed more than one notch’.
Moody’s: ‘Moody's places France Telecom and Orange's long-term debt ratings on review for downgrade – Approximately EUR60 billion of Debt Securities Affected… The France Telecom ratings under review for possible downgrade relate to the following: Convertible global bonds, Euro MTNs, Eurobonds, Floating Rate Euro MTNs, Floating Rate French Franc Bonds, French Bonds, Swiss Franc Bonds, its issuer rating and bank loan rating…. any resulting rating action should not exceed more than one notch’.
‘France Telecom's Long-Term“BBB+” Rating Placed on CreditWatch Negative; A-2 Rating Affirmed… The action follows news that the German stock-exchange regulatory authority will investigate a possible agreement between France Telecom, the main shareholder — Gerhard Schmid — of France Telecom ' s 28,5 % -owned German associate Mobilcom AG, and a consortium of European banks regarding the conditions for a change in control of Mobilcom’.
„Dolgoročni dolg podjetja France Télécom BBB+ je postal negativen; ocena A-2 je bila potrjena … Ta odločitev sledi novici po kateri bo uprava nemške borze vlagala v možen sporazum med podjetjem France Télécom, večinskim delničarjem – Gerhard Schmid – Mobilcoma AG, ki je 28,5 % v lasti podjetja France Télécom, in evropskim bančnim konzorcijem, o pogojih spremembe nadzora nad podjetjem Mobilcom“. ( ‘France Telecom's Long-Term‚BBB+‘ Rating Placed on CreditWatch Negative; A-2 Rating Affirmed… The action follows news that the German stock-exchange regulatory authority will investigate a possible agreement between France Telecom, the main shareholder–Gerhard Schmid–of France Telecom ' s 28,5 % -owned German associate Mobilcom AG, and a consortium of European banks regarding the conditions for a change in control of Mobilcom’.)
‘… Despite expectations that FT's EBITDA will grow to around €14 billion in 2002, FT's substantial interest and capex requirements means the company is not expected to generate material free cashflow for deleveraging in the near term.
‘[…] Despite expectations that FT’s EBITDA will grow to around €14 billion in 2002, FT’s substantial interest and capex requirements means the company is not expected to generate material free cashflow for deleveraging in the near term.
‘Standard & Poor's said today that it has lowered its long- and short-term corporate credit ratings on France Telecom (FT) to triple-“B”/ “A-3” from triple- “B”-plus/ “A-2”.
‘Standard & Poor's said today that it has lowered its long- and short-term corporate credit ratings on France Telecom (FT) to triple-‚B‘/ ‚A-3‘ from triple- ‚B‘-plus/ ‚A-2‘.
Fitch reduced France Télécom's rating on 5 July 2002 and S & P reduced it on 12 July.
Agencija Fitch je znižala oceno podjetja FT 5. julija 2002, agencija S & P pa 12. julija 2002.
In its 12 July press release, S & P stated that: ‘FT could face certain difficulties refinancing its debt obligations coming due in 2003’.
V sporočilu za javnost z dne 12. julija S & P potrjuje, da: „se podjetje FT lahko sooči z določenimi težavami pri ponovnem financiranju svojega dolga, ki poteče leta 2003“. ( ‘FT could face certain difficulties refinancing its debt obligations coming due in 2003’.)
Hearing of Mr V. de la Bachelerie, France Télécom's auditor, before the above-mentioned commission of enquiry: ‘By law, we have to put into effect the alert procedure as soon as a number of criteria and indicators appear.
Zaslišanje g. V. de la Bachelerie, revizorja pri podjetju FT, pred zgoraj omenjeno komisijo za preiskave: „Po zakonu moramo uveljaviti postopek opozarjanja, zaradi pojava določenega števila kriterijev in kazalcev.
The procedure was not applicable before mid-2002, at which time a signal given out by the market came to our attention, namely the downgrading of France Télécom's rating.
Ta postopek se ni uporabljal pred prvo polovico leta 2002, ko se je pokazal signal s trga: znižanje ocene podjetja France Télécom.
As part of our auditor's duties, we thus had to deal with the question within the audit committee and the board of directors, demanding that board members be provided with a short-term liquidity plan in order to cope with the “liquidity wall” problem.
V okviru naše naloge revizorja smo obravnavali vprašanje v revizijskemu odboru in po posvetu z upravo, ob poudarku, da se načrt za kratkoročno likvidnost zagotovi članom upravnega sveta, da bi se soočili s težavami praga likvidnosti.
It must be said that this constraint appeared at a late stage, in so far as the company had, up to that time, the means with which to refinance itself and had, moreover, introduced substantial financing measures, including jumbos.
Treba je povedati, da se je ta omejitev pokazala pozno, ko je imela družba do takrat sredstva za ponovno financiranje in je izvedla pomembna financiranja, še zlasti financiranje ‚jumbo‘.
Consequently, when the liquidity wall appeared with the downgrading of the rate, we ask for an update of the cash flow forecasts.
Zato smo takrat, ko se je ob poslabšanju ocene pojavil prag likvidnosti, zahtevali sprotno dopolnjevanje napovedi državne blagajne.
At the time of the half-yearly accounts, which were adopted at the beginning of September 2002 and finalised at the board meeting on 12 September 2002, a review was carried out of the liquidity situation in the short term — liquidity visibility being assessed over the short term, that is to say, less than a year.
Ob polletnem poročilu z začetka septembra 2002 in dokončanem na Svetu 12. septembra 2002 se je izvajal pregled okoliščin likvidnosti, kratkoročno – vidljivost likvidnosti se kratkoročno oceni na manj kot eno leto.
The situation, which was by then critical, was made official in the notes annexed to the financial statements on 30 June 2002’.
Kritično stanje je bilo potrjeno v ocenah, priloženih k finančnim stanjem z dne 30. junija 2002.“
The wording of the French Government's declarations is reproduced in paragraph 204 below.
Besedilo izjav francoske vlade je ponatisnjeno spodaj v uvodni izjavi 204.
Goldman Sachs: ‘FT was on the brink of “junk” status with both Moody ' s and S & P ' s ’.
Goldman Sachs: „Podjetje FT sta na špekulativno stopnjo znižali agenciji Moody's in S & P“. ( ‘FT was on the brink of “junk” status with both Moody’s and S & P’s ’.)
Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor's Ratings Direct (12.7.2002)
Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor’s Ratings direct, (12. julij 2002).
Hearing of Mr Thierry Breton, France Télécom's CEO, before the National Assembly's Economic Affairs Committee on 11.12.2002: ‘He pointed out that the financing plan that had been implemented had not been adhered to and matters had grown worse at the beginning of 2001 with the result that a liquidity crisis was foreseeable by the summer of 2003 … Mr Breton stated that, threatened with a suspension of payments, the company was in a state of shock … owing to the scale of its debt, as it had to find enough liquidity to reimburse EUR 15 billion in 2003 and again in 2004, and EUR 20 billion in 2005’.
Zaslišanje g. M. Thierryja Bretona, predsednika podjetja FT, pri Odbor za gospodarske zadeve in Državnemu zboru, 11. decembra 2002: „Opazil je, da se načrta za izvajanje financiranja ni upoštevalo in da se je v začetku leta 2001 poslabšalo tako, da je v poletju 2003 predvidena kriza likvidnosti … G. M. Thierry Breton je izjavil, da se je podjetje zaradi prenehanja plačevanja znašlo v šoku … zaradi teže svoje zadolžitve, ker bi moralo najti sredstva za povrnitev 15 milijard EUR v letu 2003 in nato v letu 2004 ter 20 milijard EUR v letu 2005“.
Senate, 21.11.2002, opinion presented on behalf of the Committee on Economic Affairs and the Plan (1) on the draft Finance Act, 2003, adopted by the National Assembly.
Senat, 21. novembra 2002, mnenje predstavljeno v imenu Odbora za gospodarske zadeve in Načrta (1) o projektu zakona o financiranju za leto 2003, ki ga je sprejel Državni zbor.
These figures have been taken from the annex to the French authorities’ letter of 3.12.2002.
Te številke so vzete iz priloge pisma francoske vlade, z dne 3. decembra 2002.
See also the press release of the Ministry of Economic Affairs and Finance of 5.12.2002: ‘… the company is faced today with an unbalanced financial structure and a need for own funds and refinancing in the medium term.
Glej tudi sporočilo za javnost ministra za gospodarstvo in finance dne 5. decembra 2002: „… podjetje se mora danes soočiti s finančno neuravnoteženo strukturo, s potrebami lastnih sredstev in refinanciranja na srednje dolgi rok.
This situation is due to the failure of past investments, which were carried out badly at the peak of the financial bubble, and, more generally, to the reversal of the markets.
To stanje je posledica prejšnjih neuspešnih vlaganj, slabo vodenih in izpeljanih na najvišji stopnji pred finančnim zlomom in, bolj splošno, spremembe trgov.
France Télécom's inability to finance its growth other than through debt has made matters worse’.
Nezmožnost podjetja France Télécom, da financira svoj razvoj drugače kot z zadolževanjem, je še poslabšala to stanje“.
‘According to the information communicated by the French authorities, this level of indebtedness is due to the fact that, since 1999, France Télécom has undergone very considerable external growth, which it has financed entirely by borrowing, without resorting, like its competitors, to mechanisms for increasing capital or exchanging shares owing to the legal obligation aimed at ensuring that France Télécom's capital is majority-held by the State.
„Na podlagi podatkov, ki jih je sporočila francoska vlada, se zadolženost pojasnjuje z dejstvom, znanim podjetju FT od leta 1999, da zelo pomemben zunanji razvoj, ki se ga je financiralo izključno s posojili brez pomoči mehanizmov rasti kapitala ali izmenjave delnic, tako kot njegove tekmece, zaradi pravne obveznosti, predvideva, da večino kapitala podjetja FT obdrži država.
The French authorities have also referred to the reversal of the markets, which has led to successive debt plans not being implemented … In the course of 2000, the company thus financed its acquisitions massively on the bond and banking markets: France Télécom's total long-term loan issues reached €59 billion in 2000-01, and the “€15 G” credit line is itself no more than the partial refinancing of acquisition financing via bank loans set up in mid-2000 to the tune of €30 billion ... ’ (paragraphs 20 and 21 of the opening decision, unofficial translation).
Poleg tega je francoska vlada sprožila spremembe trga, ki so vodile k neizvajanju zaporednih načrtov dolga … V letu 2000 je podjetje obširno financiralo nakupe na obveznih bančnih trgih: skupna višina izdanih dolgoročnih posojil podjetja FT je dosegla 59 milijard EUR v letu 2000–2001, kreditna linija ‚15 milijard EUR‘ pa ni isto kot delno refinanciranje bančnega financiranja nakupov, ki so se izvajali v sredini leta 2000, v višini 30 milijard EUR … “ (točke 20 in 21 odločitve o začetku).
France Télécom press release of 5.12.2002, p. 2.
Sporočilo podjetja FT za javnost dne 5. decembra 2002, str. 2.
See also hearing of Mr Thierry Breton, France Télécom's CEO, before the Economic Affairs Committee on 11.12.2002: ‘during the course of 2000, carried out acquisitions worth a total of EUR 106 billion (purchase of Orange plc, NTL, Equant, TPSA)’.
Glej tudi zaslišanje g. Thierryja Bretona, predsednika podjetja FT, pri odboru za gospodarske zadeve, 11. decembra 2002: „v letu 2000 ob začetku nakupov v skupnem znesku 106 milijard EUR (nakup podjetij Orange, PLC, NTL, Equant, TPSA)“.
Hearing of Mr Thierry Breton, France Télécom's CEO, before the above-mentioned Economic Affairs Committee meeting: ‘In total, he observed, out of approximately EUR 100 billion worth of purchases, 75 was used to develop the strategy in the mobiles sector, 10 billion being invested in TPSA, 11,2 billion in Mobilcom and 9 billion in NTL’.
Zaslišanje g. Thierryja Bretona, predsednika podjetja FT, pri zgoraj omenjenem Odboru za gospodarske zadeve: „Vse skupaj je bilo približno za 100 milijard EUR nakupov, 75 milijard je bilo porabljenih za razvoj strategije na področju mobilne telefonije, 10 milijard je bilo vloženih v podjetje TPSA, 11,2 milijard v podjetje Mobilcom in 9 milijard v podjetje NTL“.
See also the report by Goldman Sachs of 26.9.2002, which explained that the debt had been ‘amassed through a series of transactions in 2000, mainly the acquisition of Orange and the Mobilcom joint venture’.
Glej tudi poročilo podjetja Goldman Sachs z dne 26. septembra 2002, ki je pojasnilo, da je bil dolg‚ „zbran s serijo zaporednih prenosov v letu 2000, večinoma z nakupom podjetja Orange in mešane družbe Mobilcom“ ( „amassed through a series of transactions in 2000, mainly the acquisition of Orange and the Mobilcom joint venture“).
Above-mentioned commission of enquiry: ‘In the case of Orange, which contributed decisively to the explosion of the group's debt’.
Zgoraj omenjena komisija za preiskave: „V primeru podjetja Orange, ki je odločno prispevalo k zadolženosti skupine“.