natgillin/translations-raw huggingface dataset:
It would point out also that, in applying the prudent private investor test, the Commission generally enquires whether a prudent private investor of a size comparable to that of the public investor would have acted in a similar manner to the public investor.
Prav tako poudarja, da je uporaba merila zasebnega dobro poučenega vlagatelja na splošno pripeljala Komisijo do preiskave, če zasebni dobro poučeni vlagatelj, tako kot javni vlagatelj, lahko ravna tako kot javni vlagatelj.
According to well established case law, the analysis of the prudent private investor principle is based on the information the investor has at his disposal at the time he takes his investment decision.
Iz stalne sodne prakse je razvidno, da analiza načela zasebnega dobro poučenega vlagatelja temelji na elementih, s katerimi razpolaga vlagatelj v trenutku sprejemanja odločitve o vlaganju.
The success of the operation in March-April 2003 cannot therefore be taken into account in assessing the State's conduct in December 2002.
Uspeha postopka v marcu oziroma aprilu 2003 se torej ne more upoštevati pri ocenjevanju ravnanja države v decembru 2002.
The Commission would stress, moreover, that, in applying the concomitance criterion it cannot base the assessment of the State's conduct on the conduct of other economic operators in so far as their conduct and the market were influenced by the State's declarations.
Poleg tega Komisija poudarja če so izjave države vplivale na trg in na ravnanje gospodarskih dejavnikov, se Komisija ne more opirati na ravnanje drugih gospodarskih dejavnikov za ocenjevanje ravnanja države in uporabljati merilo istočasnosti.
The State's declarations, made in July and then repeated, to the effect that it would take the necessary steps to enable the Company to overcome its financing difficulties distort the concomitance test in so far as private investors cannot be considered to have made up their minds on the sole basis of the Company's situation. This holds true irrespective of whether those declarations contain state aid or not.
Pravzaprav večkrat ponovljene julijske izjave države o izvajanju potrebnega, da bo ta omogočila podjetju premagovanje težav financiranja, izkrivljajo preizkus istočasnosti, če se zasebni vlagatelji še ne morejo obravnavati, kot da so se odločili samo na podlagi situacije podjetja in neodvisno od vprašanja, ali so te izjave prikrivale pomoč države ali ne.
What is more, the application of the principle of the prudent private investor in a market economy cannot be based on the market situation in December, but must logically be based on the situation of a market uncontaminated by prior declarations and interventions.
Kar je še več, uporaba načela zasebnega dobro poučenega vlagatelja v tržnem gospodarstvu se ne more opirati na situacijo trga v decembru, ampak mora temeljiti na situaciji trga, ki ga niso okužile predhodne izjave in posegi.
It seems logical, therefore, to examine the decisions in question from the angle of the situation prior to July 2002.
Zdi se torej logično, da se preveri zadevne izjave od predhodne situacije v juliju 2002 naprej.
If the decisions in question are thus analysed in the context of the situation prior to July 2002, it would appear that they do not satisfy the prudent private investor test.
Če se zadevne izjave analizira v okviru predhodne situacije julija 2002, potem je videti, kot da izjave ne spoštujejo načela zasebnega dobro poučenega vlagatelja.
As already indicated, in 2002 France Télécom was operating in a difficult economic context.
Kot je bilo že poudarjeno, se je podjetje FT v letu 2002 znašlo v težki gospodarski situaciji.
The debt-reduction plan announced by the management and centred on a major assets sale had been judged unworkable by the Moody's rating agency, which had downgraded the Company's credit rating by two notches on 24 June 2002.
Načrt za odpravo dolga, ki ga je objavilo vodstvo in ki je osredotočen na prenos pomembnega premoženja, je agencija za ocenjevanje Moody's ocenila kot neuresničljivo in 24. junija 2002 znižala oceno podjetja za dve stopnji.
As a result, France Télécom had then lost the markets' confidence.
Podjetje FT je zato izgubilo zaupanje na trgih.
At that time, the Government had not yet taken any steps to improve the Company's operation and results or commissioned any in-depth audit.
V tem obdobju vlada še ni izvedla ukrepa za izboljšanje upravljanja podjetja in njegovih rezultatov in ni zahtevala natančne revizije.
In particular, the Government had not yet appointed a new management team and no recovery plan was yet in place or even on the drawing board .
Vlada še zlasti ni postavila novega vodstva niti ni oblikovala nobenega načrta za preoblikovanje .
The support announced by the French Government beginning with its July 2002 declarations was therefore in the nature of a unilateral move by the State at a time when the market was somewhat sceptical about the Company's capacity to redress its financial situation and when financial analysts were recommending caution over participating in a possible operation to strengthen the Company's capital base.
Podpora, ki jo je francoska vlada objavila z izjavami julija 2002, se kaže kot enostransko dejanje države, ker je bil trg preveč skeptičen v zvezi z zmožnostjo podjetja pri spremembi finančne situacije in ker so finančni analitiki priporočili previdnost v zvezi s sodelovanjem pri možni krepitvi lastnih sredstev podjetja .
In the light of the Company's financial situation as described in this Decision, the overall context of loss of market confidence at the time and the lack of any credible and realistic debt-reduction plan until December, the Commission considers it improbable that a private investor would, from July 2002, have made declarations similar to those made by the French Government, likely as they were, from a purely economic point of view, to seriously place his credibility and reputation on the line and, from a legal point of view, to even oblige him from that date to support the Company financially come what may.
Glede na finančno situacijo podjetja, omenjeno v tej odločbi, v širšem okviru izgube zaupanja na trgih v tem obdobju in tudi glede na odsotnost verodostojnega in realnega načrta za povračilo dolga do decembra Komisija meni, da je malo verjetno, da bi zasebni vlagatelj od julija 2002 izjavljal podobno kot francoska vlada, kar lahko s popolnoma gospodarskega stališča pomeni resno obvezo verodostojnosti in ugleda ter s pravnega stališča, da se obveže od tega datuma za finančno podporo podjetju v takem primeru.
In so doing, any investor would have assumed a very considerable risk vis-à-vis the Company, without being indemnified by the Company or its other shareholders and without any compensation being envisaged in return for his support.
Ob tem mora vsak vlagatelj sam pri sebi predvideti zelo pomembna tveganja v podjetju, brez upoštevanja slednjega ali drugih delničarjev podjetja in brez predvidenega kakršnega koli nadomestila kot povračila svojo podporo.
It is likely that even a reference shareholder in possession of the same information on the Company's economic situation as that which the French authorities had at their disposal at the time would not have taken such a step without first carrying out a thorough audit of the Company ' s financial situation and taking the measures necessary to ensure its recovery in order to gain a fairly precise idea of the risk he was about to take and of the associated remuneration prospects.
Verjetno je, da tudi referenčni delničar, ki ima enake podatke o gospodarski situaciji podjetja, kot jih ima francoska vlada o tem obdobju, ne more izvajati ukrepov brez predhodne natančne revizije finančne situacije podjetja in brez potrebnih ukrepov za spremembo le-te, da bi se oblikovala dovolj natančna zamisel o potrebnem tveganju in o perspektivah pripadajočega nadomestila.
Such a reference shareholder would in any case have needed the financial markets' help in setting the company to rights, and the markets did not at that time seem prepared to invest in or grant much in the way of credit to France Télécom.
Poleg tega bi moral referenčni delničar imeti na vsak način potrebo po sodelovanju na finančnih trgih za spremembo situacije podjetja, trgi v tem obdobju pa niso razpolagali ali dodeljevali veliko kredita podjetju FT.
It is unlikely that a prudent private investor in the same position as the French State would, in the light of France Télécom's economic situation and the unavailability of any clear, comprehensive information thereon, have made any declarations of support for the Company in July 2002.
Malo je verjetno, da bi se zasebni dobro poučeni vlagatelj v enaki situaciji kot francoska vlada izrekel o podpori v korist podjetja FT julija 2002, ob upoštevanju gospodarske situacije podjetja FT in ob odsotnosti jasnih in popolnih podatkov, ki so na razpolago o tem.
It is even less likely that he would have granted a shareholder loan, taking on himself alone a very substantial financial risk.
Torej je še manj verjetno, da bi dodelil delničarsko posojilo, ob predvidevanju izredno pomembnih finančnih tveganj.
The argument advanced by France Télécom and the French authorities to the effect that ‘it may be objected that any show of support by the State would have an implicit guarantee effect in view of the “unlimited” means at the State's disposal’, which ‘would be tantamount to making it impossible to apply the principle of the prudent private investor — whose resources are always limited — and to treating the conduct of the State shareholder differently from that of the private investor’, and that this would prevent any public declaration by the State, cannot be accepted by the Commission.
V zvezi s predstavljenim argumentom podjetja FT in francoske vlade, po katerem „se lahko oporeka, da bi vsako izražanje podpore države moralo imeti učinek neposrednega zagotovila na ‚neomejen‘ način, s katerim razpolaga država“, ki „bi ponovno onemogočila uporabo načela zasebnega dobro poučenega vlagatelja, katerega sredstva so vedno omejena, in obravnavala ravnanje državnega delničarja na različen način od javnega vlagatelja“, in da bi to oviralo vsako javno izjavo države, Komisija teh argumentov ne more sprejeti.
There is no question of preventing the State from behaving like a prudent private investor and making, if necessary, declarations of support which a prudent private investor would make (such as declaring its intention to take part in a possible recapitalisation scheme where the operation is based on a serious and credible recovery plan) or of obliging the State to notify any declaration.
Pravzaprav ni vprašljivo preprečevati državi ravnanja zasebnega dobro poučenega vlagatelja in oblikovati, če je potrebno, izjave o podpori, ki jo je zasebni dobro poučeni vlagatelj izvedel (na primer izraziti namero o sodelovanju pri možnem projektu dokapitalizacije, če postopek temelji na načrtu resnega in verodostojnega spreminjanja), niti obvezati državo, da objavi vsako izjavo.
The Commission would point out that an explicit reservation to the effect that any subsequent intervention would be notified in advance to the Commission and implemented only after it had been approved would render the declarations conditional and would thus make it possible to examine the subsequent intervention by the State on the basis of the market situation existing at the time of its adoption.
Komisija poudarja, da bi eksplicitno nadomestilo, glede na katerega se vsak zadnji poseg predhodno javi Komisiji in izvede samo po potrditvi, povrnilo pogojne izjave in omogočilo preverjanje zadnjega posega države, na osnovi situacije trga v obdobju njegovega sprejetja.
It follows from all of the above considerations that the test of the prudent private investor in a market economy is not satisfied.
Iz teh razlogov sledi, da načelo zasebnega dobro poučenega vlagatelja v tržnem gospodarstvu ni izpolnjeno.
Consequently, the advantage conferred on France Télécom by the proposal to grant a shareholder loan — examined in the light of the prior declarations and interventions of the French authorities — constitutes state aid, even if the scale of the advantage is difficult to calculate.
Zato je predplačilo dodeljeno podjetju FT s projektom pomoči delničarskega posojila, preverjenega v okviru izjav in predhodnih posegov francoske vlade, pomoč države, kljub temu, da je obseg posojila težko izračunati.
COMPATIBILITY OF THE AID
USKLAJENOST POMOČI
As to the compatibility of the aid in question, the Commission would point out first of all that its analysis as set out in paragraphs 122 and 123 of the opening decision is still applicable in the present case.
Glede na usklajenost pomoči Komisija v uvodu ocenjuje, da analiza iz točk 122 in 123 o odločitvi o začetku v tem primeru še vedno ostaja uporabna.
Consequently, the aid's compatibility with the common market may be analysed in accordance with the criteria applied in the Guidelines.
Torej se lahko njena usklajenost s skupnim trgom analizira po merilih, uporabljenih v smernicah.
The Commission would observe that France Télécom was a firm in difficulty within the meaning of the guidelines, as can be seen from Table 10.
Komisija opaža, da je bilo podjetje France Télécom v težavah v okviru smernic, kot prikazuje tabela 10.
More particularly, a firm is regarded as being in difficulty where ‘more than half of its registered capital has disappeared and more than one quarter of that capital has been lost over the preceding 12 months’.
Bolj natančno se podjetje obravnava, kot da je v težavah, kadar „je več kot polovica njegovega vpisanega kapitala izginila in ko je bila več kot četrtina tega kapitala izgubljena v zadnjih dvanajstih mesecih“
Consolidated balance sheet
Konsolidirana bilanca stanja
Source: France Télécom Annual Reports 1999, 2002, 2003.
Vir: Letna porocila podjetja France Telecom1999, 2002, 2003.
(Amounts in EUR million)
(zneski v m ihjonih EUR)
(1998 data, EUR 1 = FRF 6,55957)
(podatki za leto 1998, 1 EUR = 6,55957 FRF)
Financial year ended 31 December
Poslovno leto, zakljuceno 31. decembra
Share capital
Lastniški kapital
Additional paid–in capital
Premija ob izdaji
Group's share of net result
Cisti poslovni izid skupine
Conversion reserve
Prevrednotene rezerve
Own shares
Lastne delnice
Shareholders' equity
Lastni kapital
Minority interests
Manjšinska kapitalska udeležba
Non–reimbursable funds and the like
Nepovratni in podobni skladi
Long– and medium–term debt
Financni dolgorocni in srednjerocni dolgovi
Other long–term liabilities
Drugi dolgorocni dolgovi
Total long–term liabilities
Skupni dolgorocni dolg
Current portion of long– and medium–term debt
Del dolgorocnih in srednjerocnih dolgovkrajšig od 1 leta
Bank overdrafts and other short–term borrowings
Bancne prekoracitve in druga kratkorocna posojila
Trade accounts payable
Dolgovi ponudnikov
Accrued expenses and other payables
Stroški za placilo in drugi kratkorocni zneski
Other current liabilities
Drugi dolgovi
Deferred income taxes
Odložení davki
Deferred income
Predhodno doloceni proizvodi
Total current liabilities
Skupni kratkorocni dolg
Total liabilities
Pasiva, skupaj
According to the letter of the Guidelines, which refer to the registered capital, the relevant indicators for the purposes of characterising France Télécom as a firm in difficulty do not include all the elements constituting the own capital but are limited to the share capital and the additional paid-in capital.
Po pismu o smernicah, ki se nanaša na vpisani kapital, ustrezni kazalci v okviru oznake podjetja v težavah podjetja FT ne vključujejo vseh sestavin lastnega kapitala, ampak so omejeni na lastniški kapital in na premije ob izdaji.
On 31 December 2001, according to this definition, the registered capital came to EUR 28,8 billion (corresponding to EUR 4,6 billion of share capital plus EUR 24,2 billion of additional paid-in capital).
decembra 2001 se je po tej definiciji vpisani kapital dvignil na 28,8 milijard EUR (kar pomeni 4,6 milijard EUR lastniškega kapitala in 24,2 milijard EUR premij ob izdaji).
On 31 December 2002, the registered capital came to EUR 29,5 billion (corresponding to EUR 4,8 billion of share capital plus EUR 24,7 billion of additional paid-in capital).
decembra 2002 se je vpisani kapital dvignil na 29,5 milijard EUR (kar pomeni 4,8 milijard EUR lastniškega kapitala in 24,7 milijard EUR premij ob izdaji).
For the 2002 financial year, the group's net loss came to EUR 20,7 billion, which corresponds to a 70 % loss of registered capital (EUR 20,7 billion/EUR 29,5 billion).
Iz naslova proračunskega leta 2002 se je čista izguba skupine dvignila na 20,7 milijard EUR, kar pomeni 70-odstotno izgubo vpisanega kapitala (20,7 milijard EUR proti 29,5 milijard EUR).
If account were taken of the negative reserves of EUR 8,9 billion, the result would be a loss of the entire registered capital.
Poleg tega, če se upošteva negativne rezerve 8,9 milijard EUR, se lahko doseže popolno izgubo vpisanega kapitala.
Hence it must be concluded that France Télécom was a firm in difficulty within the meaning of the Guidelines.
Tako je treba potrditi, da je bilo podjetje FT v težavah v okviru smernic.
This finding is borne out by an analysis of point 6 of the Guidelines.
Poleg tega ta odločba potrjuje analiza iz točke 6 iz smernic.
This point mentions a number of signs illustrating the financial difficulties of a firm.
Ta točka omenja določeno število znakov, ki prikazujejo finančne težave podjetja.
They include qualitative criteria such as increasing losses, diminishing turnover, declining cash flow, mounting debt, rising interest charges and falling or nil net asset value.
Gre za merila kakovosti kot naraščajočo raven izgub, znižanje prihodka, znižanje bruto marže samofinanciranja, naraščajočo zadolženost, rast finančnih stroškov in tudi slabitev ali izginotje vrednosti čistega premoženja.
As to the French authorities' arguments concerning the growth in the operational elements, the Commission would point out that a company's balance sheet, operating results and future cash flow forecasts are elements forming an integral part of a company's assessment.
Glede argumentov francoske vlade o rasti operativnih elementov Komisija trdi, da so proračun podjetja, njegovi operativni rezultati in predvidevanja o prihodnjem denarnem toku sestavni deli ocenjevanja družbe.
The debt in a company's balance sheet has an effect on its future cash flow even if it is due to past events.
Zlasti dolg, vpisan v proračun podjetja, vpliva na prihodnji denarni tok, kljub temu, da izvira iz predhodnih dogodkov.
The Commission would stress that, although it is aware of the growth in the Company's turnover and of the fact that its cash flow was both high and growing faster than its turnover, it cannot ignore the real market position of a company burdened with a colossal debt.
Komisija poudarja, da se zaveda rasti prihodka podjetja in dejstva, da se je njegova bruto marža samofinanciranja zvišala in zrasla hitreje kot prihodek, kljub temu, da ne more prikriti dejanskega stanja trga podjetja z ogromnim dolgom.
Nor can it dissociate the strategic decisions taken by a company from its operational decisions.
Prav tako ne more ločiti strateških odločitev podjetja o operativnih odločitvah.
Thus, contrary to what the French authorities maintain, the Company's cash flow growth cannot be viewed in isolation.
V nasprotju s tem, kar meni francoska vlada, se poudarka na rast denarnega toka podjetja ne more sprejeti posebej.
The above-mentioned HSBC report states, moreover, that, even with the TOP plan, the Company's financing requirement would be for EUR 21,9 billion in 2004 and 2005; without the TOP plan, the requirement would be for EUR 33 billion over the same period.
Zgoraj omenjeno poročilo banke HSBC potrjuje, da bo kljub načrtu TOP potreba po financiranju podjetja 21,9 milijard EUR v letu 2004 in 2005; brez načrta TOP bo ta potreba 33 milijard EUR za isto obdobje.
Cost of services and products sold
Stroški storitev in proizvodov
Selling and administrative expenses
Tržni in upravni stroški
Research and development expenses
Stroški raziskav in razvoja
Operating income/loss before amortisation of fixed assets and of actuarial adjustments in the early retirement plan (EBITDA)
Izid poslovanja pred amortizacijo stalnih sredstev in aktuarskih razlik nacrta za predupokojitveni program (EBITDA)
Operating income/loss (EBIT)
Poslovni izid (EBIT)
Interest expenses, net (excluding perpetual bonds redeemable for shares — TDIRA)
Cisti financni stroški razen vrednostnih papirjev za nedolocen. cas, odplacljivih v delnicah
Interest expenses on TDIRA
Stroški obresti vrednostnih papirjev za nedolocen cas odplacljivih v delnicah
Foreign exchange gain/loss, net
Razlika v cisti izmenjavi
Discounting of early retirement plan
Ucinek izvedbe nacrta za predupokojitveni program
Current income/loss from integrated companies
Tekoci izid vkljucenih družb
Other non-operating income (expense), net
Drugi cisti neoperativni stroški
Corporation tax
Davek na družbe
Employee profit-sharing
Sodelovanje uslužbencev
Net income/loss from integrated companies
Cisti izid vkljucenih družb
Equity in net income/loss of affiliates
Delež kvot pri izidih enakovrednih družb
Goodwill amortisation
Amortizacija razlik nakupa
Exceptional goodwill amortisation
Izredna amortizaci a razlik nakupa
Net income/loss of the consolidated group
Cisti Izid konsolidirane celote
Résultat net (Part du groupe)
Cisti izid (del skupine)
Analysis of the various criteria mentioned in paragraph 237 shows that France Télécom was incurring growing losses in 2001 and 2002.
Analiza različnih meril iz uvodne izjave 237 odkriva, da je podjetje FT utrpelo naraščajoče izgube v letu 2001 in tudi v letu 2002.
Moreover, France Télécom's net financial liabilities (see Table 12) came to EUR 63,5 billion on 31 December 2001, EUR 69,7 billion on 30 June 2002 and EUR 68,0 billion on 31 December 2002.
Poleg tega se je čisti finančni dolg podjetja FT (glej tabelo 12) 31. decembra 2001 zvišal na 63,5 milijard EUR, 30. junija 2002 na 69,7 milijard EUR in 31. decembra 2002 na 68 milijard EUR.
Source: France Télécom annual reports and consolidated balance sheets as at 30 June 2002
Vir: Letna poročila podjetja France Télécom in konsolidirani računovodski izkazi podjetja France Télécom z dne 30. junija 2002.
(EUR billion)
milijard EUR
Total long-term liabilities
skupni dolgoročni dolg
Current portion of liabilities
del dolgov krajših od enega leta
Bank overdrafts and other short-term borrowings
bančne prekoračitve in druga kratkoročna posojila
Gross liabilities
bruto dolg
Marketable securities
vrednostni papirji od vlaganj
Cash
razpoložljiva sredstva
Other long-term liabilities
drugi dolgoročni dolgovi
Net financial liabilities
čisti finančni dolg
The Commission would also stress the growth in net interest expenses from EUR 2 billion in 2000 to EUR 3,8 billion in 2001 and EUR 4 billion in 2002.
Komisija poudarja tudi rast finančnih stroškov z 2 milijard EUR v letu 2000 na 3,8 milijard EUR v letu 2002.
The net asset value which corresponds to the share capital value fell from EUR 33,2 billion on 31 December 2000 to EUR 21 billion on 31 December 2001 and reached minus EUR 10 billion on 31 December 2002.
Vrednost čistega premoženja, kar ustreza vrednosti lastnega kapitala, se je znižala 31. decembra 2000 s 33,2 milijard EUR na 21 milijard EUR 31. decembra 2001 in dosegla negativno vrednost 31. decembra 2002 10 milijard EUR.
It follows, therefore, that, of the six criteria mentioned in point 6 of the Guidelines as being signs of a company's poor health, four are satisfied.
To pomeni, da so štiri od šestih omenjenih meril v točki 6 o smernicah kot državnih kazalcih slabega stanja podjetja izpolnjena.
Finally, the Company's financial difficulties are confirmed by the difficulties it had in 2002 in refinancing itself on suitable terms on the capital market.
Nazadnje finančne težave podjetja potrjujejo težave podjetja FT v letu 2002, da bi se ponovno financiralo v ustreznih pogojih na trgu kapitala.