natgillin/translations-raw huggingface dataset:
The frequency of these inversions, during which debt coming due in one year was considered by the market to be more risky than three-year debt, was particularly evident during the period July-September 2002.
Pogostost teh „inverzij“, med katerimi je trg obravnaval dolg z rokom plačila eno leto kot bolj tvegan od dolga na tri leta, je bila še posebej očitna v obdobju med julijem in septembrom 2002.
Table 4 provides a graphical representation of the behaviour of France Télécom's spreads.
Tabela 4 prikazuje grafično predstavitev gibanja „razmikov“ podjetja FT.
Credit spreads for bonds with a 1- and 3-year maturity — France Télécom
Kreditni razmiki z rokom plačila v obdobju od 1 do 3 let – France Télécom
Source: Bloomberg.
Vir: Bloomberg
A different way of observing the increased risk associated with France Télécom's debt is to study the price of its bonds.
Študija cen svojih obveznic je drugačen način opazovanja rasti tveganja povezanega, z dolgom podjetja FT.
Table 5 shows a subset of France Télécom's bonds.
Tabela 5 prikazuje podsistem obveznic podjetja FT.
The fall in the price of the bonds in June/July 2002, which is a mirror image of the increase in the credit spreads, reflects a lesser value of France Télécom's debt due to the increased risk of default perceived by the market.
Padec cen obveznic v juniju/juliju 2002, kar je obratna slika zvišanja „kreditnih razmikov“, odraža manjšo vrednost dolga podjetja FT zaradi zvišanja tveganja padca na trgu.
Table 5:
Tabela 5
Price of France Télécom's bonds from 1 May 2002 to 24 July 2002
Cene obveznic podjetja FT v obdobju od maja 2002 do 24. julija 2002
It is clear, moreover, that, despite the difficulties of a few other operators in the telecommunications sector in Europe, the difficult situation with which France Télécom was faced was a direct result of the state of its balance sheet and financial structure.
Poleg tega se je težka situacija, s katero se je soočilo podjetje FT, kljub težavam nekaterih drugih operaterjev v sektorju telekomunikacij v Evropi, očitno pokazala pri stanju proračuna in finančne strukture.
This is highlighted by a study of the spreads of Deutsche Telekom and KPN, as shown in Tables 6 and 7.
To je dokazano s študijo razmikov podjetij Deutsche Telekom in KPN, kot kažeta tabeli 6 in 7.
Table 6:
Tabela 6
Credit spreads for bonds with a 1- and 3-year maturity — KPN
Kreditni razmiki z rokom plačila od 1 do 3 let – KPN
Table 7:
Tabela 7
Credit spreads for bonds with a 1- and 4-year maturity — Deutsche Telekom
Kreditni razmiki z rokom plačila od 1 do 4 let – Deutsche Telekom
This study reveals that Deutsche Telekom also experienced spread inversions, but they were of short duration only and on a much smaller scale.
Ta študija odkriva, da je Deutsche Telekom prav tako šel skozi „inverzijo razmikov“, vendar je bilo njihovo obdobje krajše in obseg veliko manj pomemben.
The levels attained by France Télécom during the period June/July 2002 were much higher.
Ravni, ki jih je doseglo podjetje FT v obdobju junij/julij 2002, so bile večinoma višje.
France Télécom's share price
Cena delnic podjetja FT
At the same time, France Télécom's share price fell significantly during the first half of 2002, reaching its lowest level first on 27 June 2002 (EUR 7,79), and then on 30 September 2002 (EUR 6,01), as can be seen from Table 8.
Vzporedno je cena delnic podjetja FT utrpela znaten padec v prvi polovici leta 2002 in je prvič dosegla svojo najnižjo raven 27. junija 2002 (7,79 EUR), drugič pa 30. septembra 2002 (6,01 EUR), kot kaže tabela 8.
Table 8:
Tabela 8
The events of July 2002
Dogodki v juliju 2002
In an interview published in Les Échos on 12 July 2002, the French Minister for Economic Affairs, Finance and Industry (‘the Minister for Economic Affairs and Finance’) said that: ‘The State shareholder will behave like a prudent investor and would take appropriate steps if France Télécom were to face any difficulties … I repeat, if France Télécom were to face any financing problems, which is not the case today, the State would take whatever decisions were necessary to overcome them’.
V intervjuju, objavljenem v časopisu Les Echos, 12. julija 2002, je francoski minister za gospodarstvo, finance in industrijo (v nadaljevanju minister za gospodarstvo in finance) izjavil: „Država v vlogi delničarja bo ravnala kot previden vlagatelj in če bi podjetje France Télécom imelo težave, bi posegli po ustreznih ukrepih … Ponavljam, če bi podjetje France Télécom imelo težave s financiranjem, vendar pa danes ni tako, bi država s potrebnimi ukrepi storila vse, da te težave premaga“.
On that same day, as indicated above, S & P downgraded France Télécom's rating to BBB-.
Ob tem času, kot je bilo že omenjeno, je agencija S & P znižala rating podjetja FT na oceno BBB-.
This downgrade was nevertheless limited to a rating still qualifying as investment grade: any further downgrade would have led to the Company's debt being accorded junk-bond status, as being no longer of investment grade.
To znižanje je bilo medtem omejeno na rating, ki se vedno kaže z oceno vlaganja: vsako dodatno znižanje bi lahko povzročilo dolg podjetja na stopnji „junk bond“ (obveznice z visok obrestno mero), kar pomeni, da se ne kaže več na stopnji vlaganja.
The fact that France Télécom's rating was being kept at investment grade was commented on by Goldman Sachs in a report dated 22 July 2002, which states that France Télécom was about to be downgraded to junk-bond level by S & P and Moody's.
Dejstvo, da je bil rating podjetja FT ohranjen na „stopnji vlaganja“, je izjavil analitik Goldman Sachs v poročilu z dne 22. julija 2002, ki poudarja, da sta agenciji S & P in Moddy's znižali oceno podjetja FT na „junk bond“.
In its press release of 12 July 2002, S & P states that the reason why it had decided to continue France Télécom at investment grade was to do with the State's indications as to its intentions towards the Company: ‘France Télécom could face certain difficulties refinancing its debt obligations coming due in 2003.
V svojem sporočilu za javnost z dne 12. julija 2002 agencija S & P poudarja, da so bile razlog, zaradi katerega se je odločila obdržati podjetje FT na stopnji vlagatelja, oznake, ki jih je oblikovala država v svojih namenih s podjetjem: „Podjetje FT se lahko sooči z določenimi težavami pri vrnitvi dolga z rokom plačila v letu 2003. Kljub temu oznaka države podpira ocenjevanje podjetja FT na stopnji vlagatelja“. („FT could face certain difficulties refinancing its debt obligations coming due in 2003. Nevertheless, the State’s indication underpins France Télécom’s investment-grade credit quality“.)
This assurance had been provided, firstly, directly by the French Government to S & P: ‘the French State — which owns 55 % of France Télécom — has made clear 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.
Dolgoročna ocena podjetja France Télécom je znižana na BBB-“. (‘the French State –which owns 55 % of France Télécom – has clearly indicated to Standard & Poor’s that it twill behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties.
France Télécom LT rating cut to BBB-’.) and, secondly, publicly in the interview referred to in paragraph 36.
France Télécom LT rating cut to BBB-’.), po drugi strani pa je to javno v intervjuju tudi omenila v uvodni izjavi 36.
In the light of the above, there is no question but that in July 2002 France Télécom was facing a crisis of confidence.
Ob upoštevanju zgornjega je bilo nesporno, da je bil podjetje FT julija 2002 v središču krize zaradi zaupanja.
Rating agencies and analysts alike were convinced that the Company risked not being able to implement the refinancing plan presented by the management in order to meet its maturities.
Agencije za ocenjevanje in analize so bile prepričane, da je podjetje tvegalo in ni izpeljalo načrta za vrnitev dolga, ki ga je predstavilo vodstvo, za soočenje z roki.
The Company was therefore faced with an acute financing problem linked to its indebtedness.
Podjetje se mora torej soočiti s težavo financiranja, ki je povezano z zadolževanjem.
Nevertheless, the agencies had maintained the Company ' s rating at investment grade on the strength of the State ' s indications.
Kljub temu so agencije obdržale oceno podjetja na ravni vlaganj, ob upoštevanju izjav države.
A downgrading of the rating would have worsened the crisis and lessened the Company ' s ability to cope.
Znižanje ratinga na nižjo raven bi še poslabšalo to krizo in zmanjšalo število načinov podjetja, da se z njimi sooči.
In the words of the group ' s former CEO, Mr Michel Bon: ‘It will be in June 2003, therefore, that France Télécom's financing problems may become critical or even insurmountable.
„V juniju 2003 lahko torej težave s financiranjem podjetja FT postanejo ključne oziroma ‚zapletene‘" (povzeto po besedah nekdanjega predsednika skupine, g. Michela Bona).
If, between now and then, France Télécom has not regained access to the market (owing to its penalising rating), the State will have to find ways of helping it to refinance itself’.
Če medtem podjetje France Télécom ne bo ponovno našlo dostopa na trg (zaradi kazenske ocene), se bo država znašla pred dejstvom, da je treba najti načine za pomoč podjetju France Télécom pri refinanciranju“.
The data published on 13 September 2002 and events at that time
Podatki, objavljeni od 13. septembra 2002 naprej in dogodki v tem obdobju
The data published on 13 September 2002
Podatki, objavljeni 13. septembra 2002
The conclusion set out in paragraph 39 was confirmed retroactively in September 2002 when France Télécom's half-yearly accounts were presented.
Zaključki, predstavljeni v uvodni izjavi 39, so bili potrjeni za nazaj v septembru 2002, ko je bilo predstavljeno tudi polletno poročilo podjetja FT.
From its scrutiny of the half-yearly accounts published on 13 September 2002, the Commission notes an improvement in France Télécom's figures for the first half of 2002 compared with the previous year: an increase of 10 % in turnover, 13,2 % in EBITDA and 17,3 % in the operating result.
Pri pregledu polletnega poročila, objavljenega 13. septembra 2002, Komisija opaža rast prometa podjetja FT v prvem polletju 2002 v primerjavi s prejšnjim letom: 10-odstotna rast prihodka, 13,2 % od EBITDA in 17,3 % od operativnih rezultatov.
The Commission notes also the sustained growth in mobile telephony and the improved performance of the Internet business.
Komisija prav tako ugotavlja rast, ki jo podpirata mobilna telefonija in boljši uspeh internetnih dejavnosti.
However, the operating result of the fixed telephony segment in France, which accounted for 31 % of turnover for the same period, was down by 12,2 %.
Medtem je operativni rezultat fiksnega področja v Franciji, ki predstavlja 31 % prometa, za isto obdobje padel za 12,2 %.
Alongside the good operating results described above, France Télécom confirmed the imbalance in its financial situation.
Vzporedno z dobrimi operativnimi rezultati, opisanimi zgoraj, podjetje FT potrjuje neuravnoteženost svojega finančnega stanja.
The negative result of EUR 12,2 billion as at 30 June 2002 was primarily due to the substantial provisions made for investments.
Negativni rezultat 30. junija 2002 v višini 12,2 milijard EUR, je večinoma povezan s pomembnimi provizijami, opravljenimi v imenu vlaganj.
As a result of this half-year loss, from being positive overall France Télécom's consolidated own funds became negative as at 30 June 2002 to the tune of EUR 440 million.
To je posledica polletne izgube, ko so zajamčena lastna sredstva podjetja FT postala negativna v višini 440 milijonov EUR, medtem ko so se dvignila na pozitiven saldo.
A simplified analysis of cash flow as at 30 June 2002 shows that net debt increased during the first half of 2002 by EUR 6,3 billion inasmuch as EBITDA, at EUR 6,870 billion, did not cover expenditure represented by:
Poenostavljena analiza pretoka blagajne dne 30. junija 2002 kaže, da se je čisti dolg v prvem polletju leta 2002 dvignil z 6,3 milijard EUR v, ker EBITDA, 6,870 milijard EUR, ni pokrila naslednjih stroškov:
debt interest (EUR 3099 million),
obresti, povezane z dolgom (3099 milijonov EUR),
investments (EUR 3820 million),
vlaganja (3820 milijonov EUR),
the repurchase of France Télécom shares from Vodafone (EUR 4973 million),
odkup delnic podjetja FT od podjetja VODAFONE (4973 milijonov EUR),
the repurchase of Orange shares from E.On (EUR 950 million), and
odkup delnic podjetja Orange od podjetja E.On (950 milijonov EUR) in
the payment of taxes (EUR 608 million).
plačilo davka (608 milijonov EUR).
Of a net indebtedness of EUR 69,69 billion as at 30 June 2002, the bulk, or EUR 50,6 million worth, is made up of bonds. Table 9 gives a breakdown, by major category, of the various components of the debt.
Od čiste zadolžitve 69,69 milijard EUR dne 30. junija 2002 je pomemben del obvezen v višini 50,6 milijard EUR. Tabela 9 prikazuje razdelitev na večje kategorije različne sestavine dolga.
Source: France Télécom's consolidated accounts: half year ended 30 June 2002.
Vir: Konsolidirani računovodski izkazi podjetja France Télécom: polletje zaključeno 30. junija 2002
EUR billion
milijard EUR
30 June 2002
junija 2002
Exchangeable or convertible bonds
Zamenljive ali konvertibilne obveznice
Bonds
Posojila v obveznicah
Leasing operation
Najem
Other, non-bank loans
Druga posojila
Drawings on syndicated loans of EUR 15 billion
Črpanje iz sindiciranih kreditnih linij 15 milijard EUR
Drawings on syndicated loans of USD 1,4 billion
Črpanje iz sindiciranih kreditnih linij 1,4 milijard dolarjev iz Združenih držav Amerike
Other bank overdrafts and other short-term borrowings
Druge bančne prekoračitve in kratkoročna posojila
Movable investments
Vrednostni papirji od vlaganj
Cash in hand
Razpoložljiva sredstva
Net indebtedness
Čisti dolg
The maturity schedule of this debt is characterised by its short duration.
Za terminski načrt tega dolga je značilno kratko trajanje.
Thus, EUR 12,9 billion of debt comes due in 2003, including EUR 10,5 billion worth of bonds, EUR 1,0 billion worth of loans to subsidiaries, and EUR 1,4 billion worth of private investment.
12,9 milijard EUR dolga, od katerih je 10,5 milijard EUR posojil v obveznicah, 1,0 milijard EUR posojil hčerinskim podjetjem in 1,4 milijard EUR zasebnega vlaganja, katerih rok plačila je v letu 2003.
During the first half of 2004, EUR 5,5 billion worth of bonds and EUR 6,4 billion worth of credit lines (EUR 1,4 billion and EUR 5 billion of the EUR 15 billion back-up facility) came due, giving a total of EUR 11,9 billion. France Télécom was therefore faced with having to repay EUR 24,8 billion between 1 January 2003 and 30 June 2004.
V prvem polletju 2004 je potekel rok plačila v višini 5,5 milijard EUR za posojila v obveznicah in v višini 6,4 milijard EUR, povezanih s kreditnimi linijami (1,4 milijard EUR in 5 milijard EUR v zvezi z linijo 15 milijard EUR), v skupni višini 11,9 milijard EUR. Podjetje FT se je torej moralo soočiti z rokom povračila v višini 24,8 milijard EUR v obdobju med 1. januarjem 2003 in 30. junijem 2004.
During the second half of 2004, EUR 2,8 billion worth of bonds and EUR 2,6 billion worth of loans to subsidiaries will come due, giving an amount of EUR 5,4 billion and a total amount of EUR 17,4 billion for 2004 as a whole.
V drugem polletju 2004 bo potekel rok plačila za posojila v obveznicah v višini 2,8 milijard EUR in posojil hčerinskim podjetjem v višini 2,6 milijard EUR, torej skupaj v višini 5,4 milijard EUR in v končni skupni višini 17,4 milijard EUR ob koncu leta 2004.
In 2005, lastly, EUR 8,5 billion worth of bonds, an amount of EUR 10 billion corresponding to the balance of the EUR 15 billion back-up facility, and an amount of EUR 0,1 billion relating to private investments will come due, giving a total of EUR 18,6 billion during the course of 2005.
V letu 2005 bo potekel rok plačila za posojila v obveznicah v višini 8,5 milijard EUR, 10 milijard EUR, ki ustreza saldu kreditnih linij 15 milijard EUR, in 0,1 milijard EUR v zvezi z zasebnimi vlaganji, torej skupaj v višini 18,6 milijard EUR do konca leta 2005.
During the period 2003-05, France Télécom will be faced with a total repayable debt of EUR 48,9 billion.
Podjetje FT se bo moralo soočiti z izterljivim dolgom v obdobju 2003–2005 v skupni višini 48,9 milijarde EUR.
As was mentioned in the opening decision, the Commission would point out that France Télécom's debt stems mainly from the massive acquisitions engaged in by the Company as from 1999, which were financed primarily out of cash .
Kot je bilo omenjeno v odločitvi o začetku, Komisija poudarja, da je vzrok za dolg podjetja FT predvsem v obsežnih nakupih, ki jih je podjetje opravljalo od leta 1999 in so bili večinoma financirani z denarnimi sredstvi .
More than EUR 100 billion was thus spent by France Télécom in its quest for growth, 80 % of which was paid for in cash .
Podjetje FT je torej porabilo 100 milijard EUR za razvojno politiko, od katerih je 80 % plačalo z denarnimi sredstvi .
The Commission would also point out that the Company's external growth was focused on the mobile telephony sector(including the acquisition of Orange plc , which was the most costly, and the Mobilcom transaction , without forgetting the other transactions involving fixed telephony (e.g. TPSA , the Internet (Freeserver) or cable (NTL).
Komisija poudarja tudi, da je zunanji razvoj podjetja osredotočen na področje mobilne telefonije (zlasti glede na pridobitev podjetja Orange plc , ki je bilo najdražje, in posel podjetja Mobilcom , vendar pri tem ne smemo pozabiti na posle na področju fiksne telefonije (na primer TPSA , interneta (Freeserver) ali kabelskih operaterjev (NTL).
On 12 September, the Government announced that it had accepted the resignation of France Télécom's CEO, Mr Michel Bon, but remained silent about the appointment of a new CEO.
septembra je vlada javno sporočila, da je sprejela odstop predsednika podjetja FT, g. Michela Bona, brez objave imenovanja novega predsednika.
On 13 September, the Government reiterated in a press release its support for the Company and expressly indicated that it had decided to take part in a forthcoming operation aimed at increasing France Télécom's own funds: ‘… After the exceptional losses of the first six months, France Télécom is faced with a serious shortage of capital.
septembra je vlada ponovila v sporočilu za javnost svojo podporo podjetju in je izrecno poudarila, da se je odločila sodelovati pri prihodnjih poslih krepitve lastnih sredstev podjetja FT: „… Po izrednih izgubah v prvem polletju se je podjetje France Télécom soočilo s hudim pomanjkanjem lastnih sredstev.
This financial situation is weakening the company's potential.
Takšna finančna situacija prizadene zmogljivost podjetja.
The Government is therefore determined to exercise its responsibilities to the full. … Taking note of the new situation brought about by the considerable deterioration in the accounts, Mr Bon has tendered his resignation to the Government, which has accepted it.
Vlada je torej odločila, da v celoti izvede svoje odgovornosti … Zaradi novih okoliščin, ki jih je ustvarilo močno poslabšanje proračuna, je g. Bon predlagal vladi svoj odstop, ki ga je vlada tudi sprejela.
The resignation will take effect at a board meeting to be held in the next few weeks, at which a new chairman will be presented … The new chairman will in a very short space of time propose to the board a plan for improving the company's accounts, enabling its debts to be reduced and its financial structure to be restored while maintaining its strategic advantages.
Odstop bo začel veljati po srečanju upravnega odbora, ki bo v naslednjih tednih, in ob koncu katerega bo predstavljen nov predsednik … Novi predsednik upravnemu odboru čim prej predlaga načrt za prenovo proračuna, ki omogoča odpravo dolga in preoblikovanje finančne strukture, ob vzdrževanju strateških adutov.
The State will help France Télécom implement this plan and will contribute to a very substantial strengthening of the company's capital base, according to a timetable and in a manner to be determined in the light of market conditions.
Država doprinese svojo podporo podjetju France Télécom pri izvajanju tega načrta in s svoje strani prispeva k obsežni krepitvi sredstev podjetja, po koledarju in glede na načine za določanje pogojev na trgu.
In the meantime, the State will, if necessary, take steps to prevent the company from being faced with any financing difficulties …’.
Od takrat naprej, če je potrebno, država ukrepa tako, da se podjetje izogne vsem finančnim težavam …“.
That same day, Moody's changed the outlook of France Télécom's debt from negative to stable owing to the restated commitment to support the Company.
Na isti dan je agencija Moody's spremenila dolg podjetju FT z negativne perspektive na stabilno zaradi potrditve obveze o pomoči podjetju FT.
October 2002
Oktober 2002
On 2 October 2002, the Government appointed Mr Thierry Breton CEO of France Télécom.
oktobra 2002 je vlada imenovala g. Thierryja Bretona za predsednika podjetja FT.
A press release of the Minister for Economic Affairs and Finance announced the appointment.
V sporočilu za javnost ministra za gospodarstvo in finance je bilo to imenovanje tudi objavljeno.
In the same press release, the Government repeated its commitments: ‘On a proposal from the company's board of directors, the Council of Ministers has decided to appoint Thierry Breton chairman of France Télécom … To that end, the new chairman will immediately carry out an inventory of the company, the findings of which will be communicated to the board in the weeks ahead and which will form the basis for a financial recovery and strategic development plan enabling the company's debt to be reduced while building on its strengths.
V istem sporočilu je vlada ponovila svoje obveznosti: „Na predlog Upravnega odbora podjetja se je za predsednika podjetja France Télécom Svet ministrov odločil imenovati Thierryja Bretona … V ta namen bo novi predsednik nemudoma sporočil stanje podjetja, katerega rezultati bodo posredovani Upravnemu odboru v prihodnjih tednih, in na katerem bo temeljil načrt za finančno preoblikovanje in strateški razvoj, ki omogoča zmanjšanje dolga podjetja ob krepitvi njegovih adutov.
Within this framework, Thierry Breton will enjoy the support of the State in its capacity as shareholder, determined as it is to exercise its responsibilities to the full.
V tem okviru Thierry Breton razpolaga s podporo države v vlogi delničarja, ki je določena za izvajanje vseh svojih obveznosti.
The State will assist in implementing the recovery measures and will contribute, for its part, to the strengthening of the company's own capital base in a manner to be determined in close collaboration with the company's chairman and board.
Država bo pomagala pri izvajanju dejavnosti preoblikovanja in s svoje strani prispevala h krepitvi lastnih sredstev podjetja na načine, ki bodo določeni s tesnim sodelovanjem predsednika podjetja in Upravnega odbora.
As already indicated, the State will, if necessary, take steps to prevent the company from being faced with any financing difficulties’.
Kot je bilo že omenjeno, država medtem, če je potrebno, ukrepa tako, da se podjetje izogne vsem finančnim težavam“.
December 2002/January 2003
December 2002/januar 2003
On 4 December 2002, at a meeting of the Company's board, an action plan entitled Ambition FT 2005(‘the Ambition 2005 plan’) was presented by France Télécom's new management, being aimed, according to the French authorities, at bringing about a noticeable improvement in the Company's operational performance and offering the prospect of a satisfactory return on capital invested.
decembra 2002 je novo vodstvo na upravnem odboru podjetja predstavilo akcijski načrt „Ambition FT 2005“ (v nadaljevanju „načrt Ambition 2005“), ki po mnenju francoskih organov zagotavlja občutno izboljšanje operativnih učinkovitosti podjetja in zadovoljivo perspektivo dobičkonosnosti vloženih lastnih sredstev.