natgillin/translations-raw huggingface dataset:
During the first half of 2002, France Télécom saw its credit rating downgraded following publication of its 2001 annual accounts.
V prvi polovici leta 2002 je podjetje FT videlo svojo močno znižano oceno po objavi svojih letnih računovodskih izkazov leta 2001.
The lowest point in the downgrading of France Télécom's credit rating was reached on 24 June 2002 when Moody's downgraded the Company's rating to just above that of junk bond, thereby making it very difficult for it to refinance its debt.
Najvišja točka znižanja ocene podjetja FT je bila dosežena 24. junija 2002, ko je agencija Moody's znižala rating podjetja na malo višjo raven od „junk bonds“ in tako zelo otežila ponovno financiranje dolga.
This downgrading caused considerable concern on the financial markets about France Télécom ' s financial situation (and in particular about its capacity to refinance its EUR 15 billion debt falling due at the end of 2003), and the markets expected a reaction from the State designed to reassure them.
To znižanje je povzročilo veliko zaskrbljenost na finančnih trgih glede finančne situacije podjetja FT (in še posebej glede njegove zmožnosti ponovnega financiranja dolga v višini 15 milijard EUR, ki ima rok plačila konec leta 2003), trgi zato pričakujejo ustrezen odziv države, da jih pomiri.
These circumstances show, in the Commission ' s opinion, that the State had to act urgently to reassure the market and to prevent any further downgrading of France Télécom ' s credit rating to that of junk bond status, as this would have had a highly negative impact on the Company ' s financial situation.
Te okoliščine označujejo, po mnenju Komisije, da mora država nujno ukrepati, da bi povrnila zaupanje na trg in preprečila vsako nadaljnje znižanje ocene podjetja FT na raven „junk bonds“, kar bi moralo imeti izredno negativne posledice na finančno situacijo podjetja.
The State thus retained this trust through successive declarations.
Država je torej ohranila zaupanje z zaporednimi izjavami.
In fact, the State ' s intervention had the effect of preventing any downgrading of the Company ' s credit rating to that of junk bond status, as is, moreover, clearly stated in S & P ' s press release of 12 July 2002, where the assurances provided by the State are hailed as being a key factor in France Télécom's not being reduced to junk bond status.
Pravzaprav je poseg države preprečil vsako znižanje ocene podjetja na raven „junk bonds“, kot je jasno označeno v sporočilu za javnost agencije S & P z dne 12. julija 2002, ki navaja, da so bila zagotovila države ključni dejavnik da se raven podjetja FT ni znižala na raven „junk bonds“.
In conclusion, while each of these declarations taken separately might not suffice to prove the existence of a decision by the State to support France Télécom, taken together they do seem to suggest that such a decision exists (being embodied in the offer of the shareholder loan to France Télécom upfront of the State's participation in a future recapitalisation).
Skratka, če vsaka od teh ločeno sprejetih izjav ne bi zadostovala za prikaz obstoja o odločitvi države za podporo podjetju FT, vse zadevne izjave skupaj predlagajo obstoj te odločitve (ki je uresničena v ponudbi delničarskega posojila podjetju FT, kot predplačilo sodelovanja države pri prihodnji dokapitalizaciji).
Such was at all events the view taken by the markets.
Takšno je bilo v vseh primerih zaznavanje na trgih.
The firm character of that decision would be confirmed in the event of its being established that the declarations are binding under domestic law and are capable of placing the State's credibility on the line.
Poleg tega bo trden značaj te odločitve potrjen v primeru, ko bo določeno, da so te izjave obvezne v notranjem pravu in lahko zahtevajo verodostojnost države.
First of all, the Commission has studied the question whether, under domestic law, a private investor who has made the same declarations as the State would be obliged to keep his promises.
V uvodu Komisija opaža, da je preučila ali mora v notranjem pravu zasebni vlagatelj, ki izjavi enako kot država, spoštovati svoje obljube.
In view of the fact that, in the present case, the investor is the State, the study of domestic law also included administrative law.
Če je v tem primeru vlagatelj država, študija notranjega prava zadeva tudi upravno pravo.
The Commission commissioned an expert report on the subject and it also received several reports from third parties.
Komisija poudarja, da je o tem zahtevala poročilo o strokovnosti in je tudi prejela več poročil s strani tretjih oseb.
On the basis of this information, the Commission cannot rule out at this stage that the declarations in question may have binding force under French administrative, civil, commercial and criminal law, as well as under the law of the State of New York.
Na podlagi teh informacij Komisija v tem stanju ne more izključiti, da so zadevne izjave imele prisilno moč na podlagi francoskega upravnega, civilnega, gospodarskega in kazenskega prava in tudi na podlagi prava zvezne države New York.
The main criticism levelled by the French authorities is that, under domestic law, unilateral commitments are the exception, and that letters of intent, which do not form a homogeneous category, are treated as equivalent to a unilateral commitment only in exceptional circumstances.
Glavna kritika francoske vlade je opažanje, da so enostranske obveznosti v notranjem pravu izjema in da pisma o nameri, ki niso enotna kategorija, ne veljajo razen za enostranske obveznosti.
But the question is not whether French law is unequivocal on this matter, but whether there is any basis in private law for concluding that there exists a unilateral commitment in circumstances such as those of the present case.
Vendar ni vprašanje ali je francosko pravo o tem enopomensko, ampak ali obstajajo elementi v zasebnem pravu, ki bi razkrili obstoj enostranske obveznosti v okoliščinah, kot so v tem primeru.
The fact that there exists a usable body of case law of the Court of Cassation, of which the French authorities are trying simply to minimise the scope, is incontestable.
Torej dejstvo, da obstaja uporabna sodna praksa Vrhovnega sodišča, katere pomen poskuša francoska vlada enostavno izničiti, ni sporno.
It is entirely likely that such repeated and concordant declarations, emanating as they do from the Minister responsible for managing the State's shareholdings and representing the Company's majority shareholder, will be considered credible by the market, and as a result they create an expectation on the part of the latter that the State will do everything necessary to resolve any financial difficulties that France Télécom may face.
Takšne izjave, ponovljene in usklajene, povezane s pristojnim ministrom za upravljanje sodelovanja države in predstavljanje večinskega delničarja podjetja, je v celoti mogoče razumeti kot verodostojne, kajti tako ustvarjajo čakanje trga, v skladu s katerim bo država storila vse potrebno za rešitev vseh finančnih težav podjetja FT.
Any failure by the State to fulfil that expectation would have directly affected its reputation in its capacity as owner, shareholder or manager of companies, whether quoted or not, and in its capacity as issuer of bonds to finance the public debt.
Če država ni spoštovala tega čakanja, lahko to neposredno vpliva na njen ugled kot lastnika, delničarja ali upravljavca podjetja, ki kotira ali ne, ter tudi na kakovost izdajanja obveznosti za financiranje javnega dolga.
Thus, the declarations by the French Government, starting from those of July 2002, are the expression of a strategy based on the reputation of the State.
Tako izjave francoske vlade od julija 2002 izražajo strategijo, ki temelji na ugledu države.
This strategy consists in entering into credible commitments in the short and the long term.
Ta strategija je v tem, da se država obveže na primeren način na dolgi in kratki rok.
A majority shareholder in or an owner of companies (or, more generally, a manager) who does not conduct himself in the manner he had publicly announced and an issuer of bonds who does not keep his word risk logically, irrespective of any legal obligation, losing their reputation.
Večinski delničar ali lastnik podjetja (ali bolj splošno upravljavec), ki ne ravna v skladu s svojimi javno objavljenimi izjavami, in izdajatelj obveznosti, ki se ne drži svojih besed, tvega, neodvisno od vsake pravne obveznosti, da izgubi svoj ugled.
This loss of reputation will involve almost certain economic costs for the same operator when he tries to borrow again on the capital markets (assuming he still finds someone prepared to grant him a loan) or when he acts as owner or manager of a company.
Nadomestilo za to izgubo ugleda vsebuje gospodarske stroške, ki skoraj zagotovo pripadajo istemu operaterju, ko bo želel novo posojilo kapitala na trgu (ob dopuščanju možnosti, da se vedno najde kdo na razpolago za dodelitev kredita) ali ko bo ravnal kot lastnik ali upravitelj podjetja.
In the present case, the majority shareholder is the French State.
V tem primeru je večinski delničar Francija.
The French State is a major economic operator, active in the economy as owner, shareholder or, more generally, manager of a large number of public undertakings .
Francija je velik gospodarski udeleženec, aktiven v gospodarstvu kot lastnik, delničar ali bolj splošno kot upravitelj velikega števila javnih podjetij .
It is also a major borrower on the capital markets with a view to financing its public debt .
Francija je prav tako pomemben posojilodajalec na trgu kapitala za financiranje svojega javnega dolga .
A loss of credibility would therefore have not negligible consequences both for its reputation as a major economic operator and issuer on the international markets and for its reputation as a major political actor.
Izguba verodostojnosti bi imela nezanemarljive posledice na ravni ugleda kot večinskega gospodarskega udeleženca in izdajatelja na mednarodnih trgih kot tudi na ravni ugleda kot velikega političnega udeleženca.
Taken as a whole, these factors may be deemed to actually endanger state resources (either by incurring the State's responsibility vis-à-vis investors, or by increasing the cost of the State's future transactions).
V celoti so ti elementi lahko zasnovani kot tvegani, ob dejanskem ogrožanju državnih sredstev (ali ob obvezovanju odgovornosti države proti vlagateljem ali ob zviševanju stroškov države pri prihodnjih prenosih).
The argument to the effect that the French authorities' declarations as from July 2002 are aid is therefore innovative, but probably not without foundation.
Trditev, po kateri so izjave francoske vlade julija 2002 postale pomoč, je torej napredna trditev, vendar verjetno ni neutemeljena.
Nevertheless, the Commission is not of the opinion that it can establish irrefutably the existence of aid on this basis.
Zato Komisija ne ocenjuje, da bi lahko na neovrgljiv način na tej osnovi oblikovala pomoč.
It does, on the other hand, consider that it can demonstrate the presence of aid elements in a more conventional manner taking as a basis the December 2002 measures which were the subject of the notification.
Nasprotno, Komisija ocenjuje, da lahko določi prisotnost elementov pomoči z bolj tradicionalnim pristopom glede na ukrepe decembra 2002, ki so bili zajeti v obvestilu.
In this respect, it is sufficient to establish that the prior declarations had a real impact on the perception of the markets in December, without having to characterise these prior declarations as being in themselves state aid.
V tem pogledu je dovolj ugotoviti, da so imele predhodne izjave dejanski vpliv na zaznavanje trgov v decembru, ne da bi bilo treba oceniti te predhodne izjave, kot da same predstavljajo pomoč države.
In the present case, the market's reaction and the comments by financial analysts confirm that the market regarded these declarations as a credible strategy of commitment by the State to support France Télécom.
V tem primeru odziv trga in pripombe finančnih analitikov potrjujejo, da je trg te izjave obravnaval kot strategijo verodostojne obveznosti države pri podpori podjetja FT.
As to the market's reaction, NERA states that the event study carried out of the announcement of 12 July 2002 shows that that announcement led to an abnormal and not negligible increase in the value of France Télécom's shares and bonds.
Glede odziva trga je NERA poudarila, da študija dogodkov (event Study), izvedena v sporočilu z dne 12. julija 2002 kaže, da je to sporočilo povzročilo neobičajno in nezanemarljivo povišanje vrednosti delnic in obveznic podjetja FT.
Thus, compared with a set of telecom indexes representative of the market, France Télécom's share price rose by between 37,8 % and 43,8 %.
Cena delnic podjetja FT je glede na skupen reprezentativni Index Télécom napredovala v obsegu med 37,8 % in 43,8 %.
The abnormal increase in bond prices amounted, for its part, to between 3,2 % and 9,7 %.
Pri neobičajnem povišanju cen obveznic pa se ta giblje med 3,2 % in 9,7 %.
This reaction implies that the market believed that, by the announcement, the State was committing itself to offering France Télécom greater support and that the market placed great store by the announcement.
Takšen odziv nakazuje, da je s tem sporočilom trg zrasel, ker se je država obvezala ponuditi večjo podporo podjetju FT in je temu sporočilu dodelila pomembno vrednost.
As to the comments by financial analysts, Deutsche Bank, for example, mentioned several times in a report published on 22 July 2002 that the State's support was decisive in preventing a crisis and that the market was convinced, in the light of the Government's declarations, of the state support that would be provided by the Government to France Télécom (even if the market did query the scope and modalities of that support).
V zvezi s pripombami finančnih analitikov je Deutsche Bank na primer v poročilu, objavljenem 22. julija 2002, večkrat omenila, da je bila podpora države določena za izogibanje krizi in da je bil trg zaradi izjav vlade prepričan, o državni podpori v korist podjetja FT(kljub temu, da se je trg spraševal o vsebini in načinih te podpore) .
Similarly, S & P considered the Government ' s declarations to be credible to the point of influencing the Company ' s credit rating.
Prav tako je agencija S & P razumela izjave vlade kot verodostojne, dokler ne vplivajo na oceno podjetja.
On 12 July, S & P thus downgraded France Télécom ' s rating to BBB- but maintained its investment-grade rating with a stable outlook , stating that ‘The French state — which owns 55 % of France Télécom — has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties … Indeed S & P believes that the company could face certain difficulties refinancing its debt obligations coming due in 2003.
12 julija je agencija S & P znižala oceno podjetju FT na BBB-, vendar jo je ohranila na ravni vlaganja s stabilno perspektivo , ob poudarku, da „Francija – v lasti ima 55 % podjetja France Télécom, ki je jasno naznanila agenciji Standard & Poor, da gre za poučenega vlagatelja in da bo ustrezno ukrepala, če bo imelo podjetje FT težave. Agencija S & P meni, da se podjetje FT lahko sooči z določenimi težavami pri ponovnem financiranju svojega dolga, ki zapade v letu 2003. Kljub temu ocena države podpira ocenjevanje podjetja FT na stopnji vlagatelja“. („The French state-which owns 55 % of France Télécom has clearly indicated to Standard&Poor’s that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties … Indeed S & P believes that the company could face certain difficulties refinancing its debt obligations coming due in 2003.
The fact that the State's support, proclaimed as from July 2002, was credible to the point of enabling France Télécom's credit rating to remain at investment-grade quality is also corroborated by France Télécom itself.
Dejstvo, da je bila podpora države, javno razglašena julija 2002, verodostojna, dokler je omogočala oceni podjetja FT ohraniti raven vlagatelja, je podkrepilo samo podjetje FT.
This evidence confirms the Commission's opinion that the French Government was obliged, in order to keep its reputation intact on the financial markets, to respect the promises it had made (there is nothing on file to suggest that this was not always the Government's intention).
Ti elementi potrjujejo mnenje Komisije, po katerem je francoska vlada zavezana ohraniti celoten svoj ugled na finančnih trgih in spoštovati svoje obljube (poleg tega noben element v dokumentaciji ne more namigovati, da to ni bila namera vlade že od samega začetka).
The Commission notes that the declarations had a major impact on the market.
Komisija ugotavlja, da so te izjave imele zelo pomemben vpliv na trg.
A study of the comments and documents submitted by the French authorities and of the available parliamentary debates shows that the State's declarations helped to restore the financial markets' confidence.
Študija o pripombah in dokumentaciji, ki jo je zagotovila francoska vlada, in razpoložljiva parlamentarna dela kažejo, da so izjave vlade prispevale k vrnitvi zaupanja na finančne trge.
In fact, ever since S & P ' s press release of 13 July 2002, the rating agencies were all agreed that the support shown by the State since July 2002 was decisive in maintaining France Télécom's investment-grade credit quality.
Pravzaprav od sporočila za javnost agencije S & P z dne 13. julija 2002 so agencije za ocenjevanje sklenile poudariti, da je bila podpora, ki jo je objavila država od julija 2002, odločilna za ohranjanje ocene podjetja FT na ravni vlagatelja.
The maintenance of France Télécom's investment-grade credit quality thus enabled the Company to avoid additional financial costs on the funds it had already borrowed owing to the existence of step-up clauses in some bond issues and on future borrowings.
Ohranjanje ratinga podjetja FT na ravni vlagatelja je omogočilo podjetju FT, da se izogne dodatnim finančnim stroškom za sredstva, ki si jih je že izposodilo zaradi prisotnosti step-up clauses v nekaterih izdajah obveznic, in za sredstva, ki si jih bo izposodilo naknadno.
The maintenance of investment-grade rating enabled the Company, moreover, to put its finances back on to a sound footing through a recapitalisation operation carried out under optimum conditions in March/April 2003.
Poleg tega je ohranjanje ocene na ravni vlaganja omogočilo podjetju spremembo finančne situacije s pomočjo postopka dokapitalizacije, izvedene v optimalnih pogojih marca oziroma aprila 2003.
Back in September 2002, one of the conditions imposed by the banks for their participation in the operation was ‘the maintenance of at least the current ratings investment-grade quality of the company's long-term debt by the Moody's and Standard & Poor's rating agencies; this condition will be included in the guarantee and investment contract’.
Že septembra 2002 je bil eden od pogojev, ki so ga postavile banke za sodelovanje pri postopku dokapitalizacije „Ohranjanje na najnižji ravni sedanje ocene raven vlaganja dolgoročnega dolga družbe pri agencijah za ocenjevanje Moody's in Standard & Poor's; ta pogoj bo povzet tudi v pogodbi o jamstvu in naložbi“.
In so far as the shareholder loan is made by way of an upfront prepayment by the State towards France Télécom's recapitalisation, it follows that it cannot be examined without regard to the effects of these declarations.
Če je posojilo del predplačila za sodelovanje države pri dokapitalizaciji podjetja FT, sledi, da se posojilo ne more obravnavati brez upoštevanja učinka teh izjav.
A downgrading of France Télécom's credit rating would have rendered any shareholder loan improbable or at the very least more costly.
Znižanje ocene podjetja FT bi moralo povrniti vsako delničarsko posojilo malo verjetno ali vsaj bolj težko.
The Commission would note that, inasmuch as they seek to show that the shareholder loan taken in isolation and disregarding the events preceding it satisfies the prudent investor test, the French authorities' comments might seem at first sight not to be altogether without foundation.
Komisija ugotavlja, da se lahko pripombe francoske vlade, dokler kažejo, da delničarsko posojilo, posebej prejeto ob neupoštevanju predhodnih dogodkov, upošteva načelo dobro poučenega vlagatelja, na prvi pogled ne zdijo povsem neutemeljene.
However, this impression fades after more detailed analysis.
Vsekakor ta vtis ob natančnejši analizi izgine.
The Commission would stress that, for the reasons given below, the decision to act upfront of the capital increase operation by granting a shareholder loan cannot be analysed independently of the above-mentioned declarations.
Komisija poudarja, da zaradi v nadaljevanju omenjenih razlogov, odločitev o pričakovanem postopku zvišanja kapitala s pomočjo delničarskega posojila ne more biti analizirana neodvisno od omenjenih izjav.
In this connection, the Commission would recall that the State had declared in July 2002 that it wished to take the necessary steps to enable the Company to overcome its financing difficulties.
V ta namen Komisija opozarja, da je država julija 2002 izrazila željo po sprejetju potrebnih ukrepov, da bi podjetju omogočila premagati težave s financiranjem.
The French authorities remained vague initially about the arrangements for putting these declarations into practice.
Francoska vlada se prvič ni jasno izrazila o načinih izvedbe teh izjav.
They then fleshed them out in successive statements by announcing, in September, the decision to participate in an operation to strengthen the capital base, by announcing, in December, the provision to the Company of a EUR 9 billion credit line, and by putting in place the necessary conditions for that provision.
Bolj natančno so jih pojasnili ob zaporednih posegih z objavo v mesecu septembru o odločitvi za sodelovanje pri postopku krepitve lastnih sredstev, z objavo v mesecu decembru o razpolaganju podjetja s kreditno linijo v višini 9 milijard EUR in o uvedbi sredstev, potrebnih za to razpolaganje.
The fact that the measures notified in December (including the decision to act upfront of a future recapitalisation by granting a shareholder loan), viewed separately, may create the illusion of perfectly rational transactions does not alter the fact that the behaviour of economic operators in December was clearly influenced by the actions and declarations made by the State beforehand, notably from July 2002, signalling the State's intention to mitigate the Company's financing problems.
Dejstvo, da so ukrepi objavljeni decembra (zlasti odločitev o pričakovanju prihodnje dokapitalizacije s pomočjo delničarskega posojila) prejeti posebej, lahko ustvari vtis o povsem racionalnih postopkih in ne zmanjšuje dejstva, da je bilo ravnanje gospodarskih dejavnikov decembra očitno pod vplivom spletk in izjav države, zlasti od julija 2002 naprej, o namenu države o ublažitvi težav s financiranjem podjetja.
The Commission would point out in this connection that the State's declarations were decisive in maintaining the Company's investment-grade credit quality and that a junk bond rating would have made the shareholder loan more unlikely and certainly much more costly.
Komisija zato poudarja, da so bile izjave države odločilne za ohranjanje ocene podjetja na ravni vlaganja in da bi ocena „junk bond“ morala povrniti delničarsko posojilo malo verjetno in vsekakor veliko težje.
In this sense, the State's decision to act upfront of the Company's recapitalisation by granting a credit line ultimately constitutes a concretisation of the State's announcements.
V tem pogledu odločitev države o pričakovanju dokapitalizacije podjetja s pomočjo kreditne linije na koncu predstavlja uresničitev objav države.
The Commission would stress first of all that it is aware that the operation to recapitalise France Télécom carried out in April 2003 was a success and that the shareholder loan was never actually made.
Komisija predvsem poudarja, da se zaveda uspešnosti postopka dokapitalizacije podjetja FT v aprilu 2003 in da delničarsko posojilo ni bilo nikoli izvedeno.