natgillin/translations-raw huggingface dataset:
The French authorities thus make clear that, in so far as it has not entered into force, the loan has not been used by the Company and therefore has not been able to postpone the Company's liquidity needs.
Francoske oblasti poudarjajo, da v primeru, ko posojilo ni stopilo v veljavo, podjetje tega posojila ni uporabilo in tako ni moglo povzročiti zamud glede potreb podjetja po likvidnosti.
They maintain that the loan announcement does not constitute a guarantee.
Francoske oblasti poudarjajo, da obvestilo o posojilu ne predstavlja jamstva.
French law does not recognise an implicit guarantee: any guarantee provided by the State must be enshrined in a law.
Francoska zakonodaja ne priznava samoumevnega jamstva: vsako državno jamstvo mora biti sprejeto z zakonom.
It is wrong to treat the announcement of a possible state loan as a guarantee.
Izenačevanje obvestila o možnem državnem posojilu z jamstvom je netočno.
The French authorities insist that the guarantee which the State provided to ERAP to enable it to finance its participation in the strengthening of France Télécom's capital base must not be equated with a guarantee given to France Télécom.
Francoske oblasti vztrajajo tudi na tem, da jamstva, ki ga je država podelila podjetju ERAP, s katerim bi bilo omogočeno financiranje njegovega sodelovanja pri krepitvi lastnih sredstev v podjetju FT, ne smemo enačiti z jamstvom, ki bi ga država podelila v korist podjetja FT.
As far as ERAP is concerned, the French authorities state categorically that its role was entirely neutral and that it intervened only for budgetary reasons.
Kar zadeva podjetje ERAP, francoske oblasti poudarjajo, da je bila njegova vloga povsem nevtralna in da je podjetje posredovalo samo zaradi proračunskih razlogov.
Likewise, the announcement by the State of a loan proposal did not facilitate France Télécom's access to the bond market.
Poleg tega pa državno obvestilo o načrtu posojila ni moglo olajšati dostopa podjetja FT na trg obveznic.
First of all, the debenture loans are not covered by any sort of guarantee, their duration being longer than that of the shareholder loan.
Posojila v obveznicah niso upravičena do nobene oblike jamstva, če trajajo dlje od posojila.
Moreover, bondholders have no recourse in the event of non-payment upon maturity.
Poleg tega pa imetniki obveznic v tem primeru nimajo koristi od opiranja na nepovračilo.
Secondly, it is not possible to compare the announcement, by the State, of the possibility of its making an upfront prepayment towards the strengthening of the Company's capital base with the guarantee given in the above-mentioned Crédit Foncier de France decision because, inasmuch as the loan envisaged in the present case was hypothetical and strictly limited in duration and amount, it could not by itself resolve the Company's financial problems having regard to its debt repayment schedule.
Francoske oblasti so poudarile, da državnega obvestila ni bilo mogoče primerjati z možnostjo o pričakovanju državnega sodelovanja pri krepitvi lastnih sredstev s pomočjo jamstva, ki je bilo dodeljeno v sklepu zgoraj omenjene banke Crédit Foncier de France, saj je bilo posojilo, predvideno v tem primeru hipotetično, poleg tega pa je imelo strogo omejen čas trajanja in omejen znesek, jamstvo pa ob upoštevanju roka dolga ne bi moglo rešiti finančnih težav podjetja.
Thirdly, the bond issues were determined solely by the market's perception of France Télécom's capacity to honour its commitments unaided by any state guarantee.
Francoske oblasti tudi poudarjajo, da so bile izdaje obveznic določene le z upoštevanjem, da je bil trg sposoben podjetju FT dodeliti obveznosti brez državnega jamstva.
This is attested to by the spreads, which are consistent with France Télécom's credit rating and therefore appreciably higher than those of other operators.
To so potrdili razmiki, ki so bili usklajeni z oceno podjetja FT in so bili tako rahlo drugačni od razmikov drugih operaterjev.
The confidence shown by the market at the time of the said bond issues is thus due essentially to the change in the management team and the favourable reception accorded to the new strategy revealed when the Ambition 2005 plan was presented.
Zaupanje, ki ga je izkazal trg z omenjenimi izdajami obveznic, je izključno posledica spremembe vodstvene skupine in pozitivnega sprejema nove strategije, ki je nastala ob predstavitvi načrta Ambition 2005.
As to compliance with the prudent investor principle in relation to any shareholder loan, the French authorities stress that, when the decision to take part in a capital increase was taken and the conditions therefor were met (credible plan and management, underwriting syndicate), it was logical that the State should make an upfront prepayment.
Kar zadeva spoštovanje načela dobro poučenega vlagatelja v zvezi z možnim posojilom, so francoske oblasti poudarile, da je bilo zaradi sprejema odločitve o sodelovanju pri povečanju kapitala in ker so se pogoji pri tem združili (načrt in ustrezno vodstvo, sindikat za jamstvo), logično, da država pričakuje sodelovanje.
The first discussions about the loan proposal date back to November 2002.
Prvi pogovori v zvezi s tem načrtom o posojilu so potekali novembra 2002.
The French authorities also stress that the legitimacy of such a measure could not be challenged because, as is mentioned above, it was based on a credible, detailed plan the content of which was mostly known at the time of the announcement of the loan proposal on 4 December 2002.
Francoske oblasti so tudi poudarile, da zakonitost takega ukrepa ni bila sporna, saj je zakonitost, kot je omenjeno zgoraj, temeljila na primernem in podrobnem načrtu, katerega vsebina je bila znana od trenutka obvestila načrta o posojilu z dne 4. decembra 2002.
Moreover, the State had already received the undertaking, conditional on the presentation to the market of a credible plan, from the banking syndicate and it knew full well at the end of November that that condition would be met given the market's positive reaction to the appointment of the new management.
Poleg tega pa je država razpolagala z obvezo, ki jo je pogojevala predstavitev ustreznega načrta na trgu bančnega sindikata, od konca novembra pa imela v rokah vse elemente za upoštevanje dejstva, da je bil ta pogoj odpravljen, pri tem pa je bilo ob imenovanju novega vodstva naprej moč opaziti pozitiven odziv na trgih.
The French authorities stress in this connection that it is not pertinent to assess the amount involved in the present case but that, in accordance with the Alitalia judgment, it is necessary to examine the conformity of the conditions of financing the operation for a company of comparable size.
Francoske oblasti ob tem poudarjajo, da v tem primeru ni primerno upoštevati vloženega zneska, ampak da je v skladu s sodno prakso Alitalia primerno preučiti skladnost finančnih pogojev delovanja za podjetje primerljive velikosti.
As to the remuneration of the potential loan, the French authorities stress that it was granted on normal market terms and that it was increased by a premium to reflect its subordinate nature.
Kar se tiče možnega izplačila posojila, so francoske oblasti poudarile, da je bilo posojilo v skladu s trgom in da je bilo previsoko ocenjeno zaradi kazni, s čimer bi upoštevali podrejeni položaj posojila.
The proposal provided for a non-utilisation commission and the absence of security was in keeping with the practice of a prudent investor in the case of a short-term loan granted by a shareholder upfront of his subscription to a capital increase.
Francoske oblasti tudi poudarjajo, da je načrt predvideval provizijo za neuporabo in da je bila odsotnost prepričanja v skladu s prakso dobro poučenega vlagatelja v primeru kratkoročnega posojila, ki bi ga odobril delničar, v pričakovanju njegovega vpisa k povečanju kapitala.
The repayment of the sum in shares was customary and was based on the cash value.
Francoske oblasti so omenile tudi obstoj povračila zneska v obliki delnic, kar bi vplivalo na gotovino.
The French authorities state that, in accordance with the Alitalia judgment, rather than compare the strategy chosen by the public shareholder with alternative solutions involving less risk, the Commission should assess whether, in similar circumstances, a private investor could have taken such a measure.
Francoske oblasti so določile, da v skladu s sodno prakso Alitalia Komisija ni zadolžena za primerjanje strategije, ki jo je izbral delničar z nadomestnimi rešitvami, ki so povzročile manjša tveganja, ampak da Komisija mora oceniti, ali bi pod podobnimi pogoji zasebni vlagatelj lahko uporabil tak ukrep.
The announcements made by the State
Državna obvestila
In their comments of 29 July 2003, the French authorities stress the context which must be taken into account when analysing the declarations made by the State in its capacity as a prudent shareholder and not as a public authority.
V svojih pripombah z dne 29. julija 2003 francoske oblasti poudarjajo kontekst, v katerem morajo biti analizirane izjave države v vlogi previdnega delničarja in ne v vlogi javne službe.
Thus, between the months of September and December 2002, the State engineered a change in management the key feature of which was the change in the Company's CEO and closely monitored the drafting of a rebalancing plan while at the same time ensuring the support of private investors with a eye to the launch of a possible capital increase (see above for a detailed description of the State's intervention).
Tako je od septembra do decembra 2002 država povzročila spremembo vodenja, katerega določujoč element je bila sprememba vodstva v podjetju, ki mu je takoj sledilo oblikovanje načrta o uravnoteženju ob upoštevanju zagotavljanja podpore zasebnih vlagateljev v primeru poznejšega uvajanja možnega povečanja kapitala (glej zgornji podrobni opis državnega posredovanja).
According to the French authorities, these operational measures had a decisive financial impact, were very well received by the financial markets and led to the recovery in France Télécom's share price.
Francoske oblasti menijo, da so ti operativni ukrepi imeli odločilen finančni učinek in da so povzročili pozitiven sprejem na finančnih trgih in sanacijo podjetja FT.
The French authorities stress that the State never indicated or suggested that it would give France Télécom its unconditional and unlimited support.
Francoske oblasti poudarjajo, da država ni nikoli omenila ali namigovala, da bo podjetju FT nudila brezpogojno in neomejeno pomoč.
They add that ‘the State … emphasised in the summer [the French authorities are referring to the statement made by the Minister for Economic Affairs on 12 July] that it would act like a prudent private shareholder and not as a public authority and that it intended to intervene as a shareholder in a way (still to be defined) which would be no different from that which a private investor would choose, which necessarily ruled out the possibility that the State had already decided to intervene in an unconditional and irrevocable manner’.
Poleg tega pa dodajajo, da je „Država […] od poletja naprej poudarjala [francoske oblasti se sklicujejo na izjavo ministra za gospodarstvo z dne 12. julija], da ravna tako kot previdni zasebni delničar in ne tako kot javna služba ter da namerava posredovati tako, kot bi posredoval delničar v skladu s pogoji (ki jih moramo še določiti), ki niso nič drugačni od pravil, ki bi jih izbral zasebni delničar, kar izključuje dejstvo, da bi se država odslej odločila, da bo posredovala na brezpogojen in nepreklicen način“.
This declaration that the conditions would not differ from those of a private investor, excludes de facto any unconditional and irrevocable support.
Te izjave, ki niso bile nič drugačne od pogojev, ki bi jih izbral zasebni vlagatelj, dejansko izključujejo vsako brezpogojno in nepreklicno pomoč.
The French authorities also argue that the declarations made by the French authorities between July and October 2002 constituted ‘vague prior declarations’ without any ‘corresponding practical measures’.
Francoske oblasti so poudarile tudi, da gre pri izjavah francoskih oblasti med julijem in oktobrom 2002 za „nejasne predhodne izjave ‚brez‘ ukrepov, s katerimi bi te izjave uresničili“.
The French authorities state in this connection that the subsequent declarations were to be assessed in the light of the first declaration and that it is wrong to assert that as of 12 July 2002 the State had ‘committed itself irrevocably to supporting France Télécom’ and had, on that occasion, entered into ‘an irrevocable commitment to participate in the strengthening of the capital base’.
Francoske oblasti so ob tem poudarile, da bi poznejše izjave morali upoštevati v luči prve izjave in da je napačno potrjevati, da je od 12. julija 2002 država sprejela „nepreklicno obvezo o pomoči podjetju FT“ ter da je ob tej priložnosti sprejela „nepreklicno obvezo o sodelovanju pri krepitvi lastnih sredstev“.
The French authorities point out that the State shareholder announced its intention to participate in the strengthening of the Company's capital base for the first time in September 2002 and that ‘this would take the form of a transaction followed by the market (reference to a timetable to be defined in the light of market conditions)’.
Francoske oblasti navajajo, da je delničar v septembru 2002 prvič objavil svojo namero o sodelovanju pri krepitvi lastnih sredstev podjetja in da „je to dobilo obliko delovanja, ki mu je sledil trg (sklicevanje na koledar za določitev pogojev na trgu)“.
Concerning the declaration of 2 October 2002, the French authorities argue that this confirmed that the presentation of a credible plan was a precondition for the State's participation.
Kar zadeva izjavo z dne 2. oktobra 2002, so francoske oblasti trdile, da ta izjava potrjuje dejstvo, da je predstavitev načrta, ki je bila ocenjena kot primerna, predstavljala predpogoj za sodelovanje države.
The French authorities state that, at all events, it was not possible ‘to deduce from the lack of precision of the State's declarations concerning France Télécom between July and October 2002, despite the State having indicated that it would act like a prudent investor, any intention on the State's part — nor a fortiori any commitment- to take measures which would contravene the Community rules on state aid.
Francoske oblasti so poudarile, da v takem stanju „zaradi odsotnosti državnih izjav v zvezi s podjetjem FT med julijem in oktobrom 2002, tudi če je država omenila, da bo ravnala tako kot dobro poučen vlagatelj, ni bilo mogoče sklepati o nameri države – še toliko bolj pa – o kakršni koli obvezi o sprejemu ukrepov, ki bi kršili pravila Skupnosti o državnih pomočeh.
Infringement of the Treaty rules cannot be presumed and cannot be caused by vague declarations prior to a decision without any measures translating them into practice’.
Kršitev pravil iz Pogodbe dejansko ne more biti predvidena in ne sme povzročiti nejasnih predhodnih izjav za sprejem odločitve, če pri tem ni nobenih ukrepov, s katerimi bi te izjave lahko uresničili“.
The French authorities maintain that ‘the only specific measures envisaged by the State in its capacity as majority shareholder in France Télécom are those set out in the information/notification dossier forwarded to the Commission and announced publicly on 5 December 2002, namely the participation alongside private shareholders in a EUR 15 billion capital increase in proportion to the share held by the State in France Télécom's capital and a possible shareholder loan remunerated at market rates upfront of the capital increase.
Francoske oblasti so poudarile tudi, da so „Edini določeni ukrepi, ki jih predvideva država v vlogi večinskega delničarja v podjetju FT ukrepi, ki so bili predstavljeni v dokumentu o informiranju/obvestilu, ki je bil predložen Komisiji, javno pa je bil objavljen 5. decembra; ti ukrepi vključujejo sodelovanje z zasebnimi vlagatelji pri povečanju kapitala za 15 milijard EUR v višini deleža, s katerim je razpolagala država pri svojem kapitalu v podjetju FT, in možno obvestilo o delničarskem izplačilu pod tržnimi pogoji v pričakovanju tega povečanja kapitala.
The indication by the State that it would play its role of prudent shareholder in no way constitutes a state guarantee.
Dejstvo, da je država spomnila, da igra vlogo previdnega delničarja, nikakor ne predstavlja državnega jamstva.
Such an approach would be contrary to the principle of neutrality of Community law as recognised by Article 295 of the EC Treaty’.
Tak pristop je v nasprotju z načelom nevtralnosti prava Skupnosti, ki je določeno s členom 295 Pogodbe ES“.
Movements in France Télécom's share price and spreads
Razvoj cene delnic in razmiki podjetja FT
The French authorities argue that only the operational measures had an impact on France Télécom's share price.
Francoske oblasti poudarjajo, da bi samo operativni ukrepi lahko vplivali na borzno ceno podjetja FT.
Thus, the Company's share price rebounded on 2 October 2002 (up more than 10,4 % on the previous week) following the announcement of the appointment of the new CEO, indicative of a new operational management style, and the share price's progress continued upwards with the announcement of the TOP plan and of the new executive board on 5 December 2002, which led to a rise of more than 25 % in two days.
Tako je borzna delnic podjetja 2. oktobra 2002 poskočila (povečanje za več kot 10,4 % v tednu od 2. oktobra) po obvestilu o imenovanju novega vodstva, kar je znak novega operativnega upravljanja, rast cene pa se je nadaljevala in še stopnjevala po objavi načrta TOP in po imenovanju novega izvršnega odbora z dne 5. decembra 2002, kar je povzročilo dvig za več kot 25 % v dveh dneh.
The French authorities maintain that the participation by the State in a strengthening of the capital base and in a possible shareholder loan constituted measures described in the press before 5 December 2002 and cannot therefore be considered as being behind the share price increase.
Francoske oblasti poudarjajo, da sta sodelovanje države pri krepitvi lastnih sredstev in možno delničarsko posojilo ukrepa, opisana v tisku pred 5. decembrom 2002 in da tako ne moreta veljati kot izvor rasti borzne cene.
The declarations of principle made by the State between July and October 2002 were not the determining factor in this increase and as long as there were no operational measures the share price fluctuated, reflecting the market's uncertainty about the Company's situation, and the Mobilcom risk in particular.
Francoske oblasti navajajo, da načelne izjave države med julijem in oktobrom 2002 niso bile določujoče glede te rasti in ker ni bilo operativnih ukrepov, je razvoj cene še vedno nihal, kar povzroči negotovost na trgu glede položaja podjetja in predvsem glede tveganja podjetja Mobilcom.
This perception led to a fall in the share price, which reached its lowest point on 30 September 2002 following a period of relative stability during the summer in the absence of any specific announcements or rumours.
Francoske oblasti poudarjajo, da je to zaznavanje povzročilo padec borzne cene, ki je ob relativni stabilnosti v času poletja in v odsotnosti raznih objav ali posebnih govoric najnižjo vrednost dosegla 30. septembra 2002.
During that period, the State's declarations as to its intention to play fully its role of shareholder did not stop the downward trend in France Télécom's share price.
Oblasti poudarjajo, da v tistem obdobju državne izjave v zvezi z namero o tem, da bo država v celoti odigrala svojo vlogo delničarja, niso zaustavile padanja delnic podjetja FT.
As to movements in France Télécom's spreads, the French authorities state that they cannot be relied upon to highlight alleged support for the Company linked to the July declarations.
Kar se tiče razvoja razmikov podjetja FT, francoske oblasti poudarjajo, da slednji ne more biti povzročen zaradi poskušanja dokazovanja domnevne pomoči podjetju, ki je povezana z izjavami iz meseca julija.
A comparative analysis of the spreads of France Télécom and Deutsche Telekom since January 2002 shows a certain similarity throughout the period concerned: France Télécom's spreads narrowed in July 2002, reflecting the assessment of the telecoms risk independently of the State's declarations.
Pravzaprav kaže primerjalna analiza razmikov podjetja FT in podjetja Deutsche Telekom od januarja 2002 na določeno podobnost v celotnem obdobju:razmiki podjetja FT so julija 2002 padli, kar odraža upoštevanje tveganja Telekoma neodvisno od državnih izjav.
Moreover, the spreads widened in December 2002 following the announcement by the State of the operational measures it was considering taking.
Poleg tega so se razmiki decembra 2002 po državnem obvestilu o operativnih ukrepih, ki jih država namerava sprejeti, dvignili.
The French authorities conclude that the movements in France Télécom's spreads are linked to trends in the telecommunications sector and that the State's declarations were not a decisive factor.
Francoske oblasti po tem sklepajo, da je razvoj razmikov podjetja FT povezan z razvojem telekomunikacijskega sektorja, tudi če državne izjave ne bi bile določene.
In response to the dispatch of the consultant's legal report and economic report on 9 and 10 June 2003, the French authorities maintained that remarks made by the Minister for Economic Affairs and Finance in an interview published in Les Échos on 12 July 2002 are outside the scope of the investigation procedure opened by the Commission on 30 January 2003.
V odgovoru na pravno in gospodarsko poročilo svetovalca z dne 9. in 10. junija 2003 so francoske oblasti poudarile, da so izjave ministra za gospodarstvo in finance, ki jih je oblikoval v intervjuju, objavljenem v časopisu Les Echos z dne 12. julija 2002, zunaj postopka raziskave, ki jo je sprožila Komisija 30. januarja 2003.
The Commission was, they claimed, no longer able to extend the procedure to include these remarks as the 18-month period provided for in Article 7(6) of Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty had almost expired.
Komisija ne bo več enakomerno širila postopka, povezanega s tem, ker je 18-mesečni rok, ki je predviden v členu 7(6) Uredbe (ES) št. 659/1999 Sveta z dne 22. marca 1999 o uporabi člena 93 pogodbe ES, že skoraj potekel.
At all events, they reserved the right to present to the Commission further expert opinions on the consultant's reports.
V tem primeru si francoske oblasti pridržujejo pravico, da Komisiji predstavijo dodatna strokovna znanja, povezana s poročilom svetovalca.
The French authorities have presented the following comments on the legal report:
Kar se tiče pravnega poročila, so francoske oblasti predstavile naslednje pripombe:
They point out ‘first of all that the legal report is based on an erroneous (not to say tendentious) interpretation of the facts.
Razkrivajo „da pravno poročilo temelji na zmotni (celo neobjektivni) interpretaciji dejstev.
In particular, … the report manifestly twists — albeit clear — remarks made by the Minister for Economic Affairs in the course of an interview with a journalist published in July 2002.
Zlasti … pa to poročilo na očiten način izkrivlja izjave ministra za gospodarstvo, oblikovane v novinarskem intervjuju, objavljenim julija 2002.
The French authorities strongly contest that it is possible to propose interpretations as unfounded as these in order to draw legal conclusions and in particular to assert that there exists any guarantee granted by the State to France Télécom’.
Francoske oblasti ostro ugovarjajo dejstvu, da bi s pomočjo takih neutemeljenih razlaganj lahko oblikovali pravne sklepe, predvsem pa da bi z njimi potrdili obstoj kakršnega koli jamstva, ki ga je država dodelila podjetju France Télécom“.