natgillin/translations-raw huggingface dataset:
As a preliminary remark, Bouygues Telecom observes that the policy of expansion carried out in 2000 in the mobile telephony sector with encouragement from the State led to a worsening of the operator's financial and economic situation, which an initial savings drive did not succeed in containing.
Podjetje BT je najprej poudarilo, da je politika širitve ob koncu leta 2000 na področju mobilne telefonije na pobudo države povzročila poslabšanje finančnega in gospodarskega stanja operaterja, ki ga prvi gospodarski načrt ni uspel vsebovati.
As regards the statements by the Minister for Economic Affairs and Finance, the unfailing and repeated support of the State, expressed in a series of announcements from 12 July 2002 to 4 December 2002 and supplemented by a series of measures including the opening of the EUR 9 billion credit line and the irrevocable commitment by the State to participate in a capital increase in proportion to its shareholding in the Company, amounts to a commitment on its part, from which it cannot withdraw, to make good by all available means any failure by the Company to meet its financial commitments.
V zvezi z izjavami ministra za gospodarstvo in finance, trajna in ponovna državna podpora, oblikovana z vrsto sporočil od 12. julija 2002 do 4. decembra 2002 in dopolnjena z vrsto ukrepov, od katerih kreditne linije v višini 9 milijard EUR in nepreklicna obveza države pri sodelovanju krepitve kapitala v višini svojega deleža v podjetju, predstavljata obveznost, ki je ne sme kršiti, zato da bi z vsemi sredstvi ublažila možno neizpolnjevanje podjetja v okviru njegovih finančnih obveznosti.
Bouygues Telecom stresses here that this commitment constitutes a veritable state guarantee producing legal effects committing the State's resources.
Podjetje BT ob tem poudarja, da ta obveznost predstavlja resnično državno jamstvo pravnih učinkov, ob uvajanju državnih sredstev.
It adds that the State's guarantee is unlimited in amount and time.
Podjetje BT dodaja, da je državno jamstvo neomejeno v okviru višine zneska in časa.
Bouygues Telecom refers in this connection to the Crédit Foncier de France (CFF) decision, in which the Commission found that the public declarations by the Government had the object and effect of reassuring the bank's creditors about the quality of their loans and could not be considered — as the French authorities maintained — to be a mere political commitment without any legal value.
Podjetje BT tako poudarja odločitev družbe Crédit Foncier de France (CFF), v kateri je Komisija menila, da imajo javne izjave vlade za cilj pomiritev upnikov banke o kakovosti njihovih kreditov in ne morejo veljati – kot so podpirali francoski organi – kot enostavna politična in nepravna obveznost.
Bouygues Telecom thus states that, in that case, the declarations of support had the effect of reassuring those of CFF's creditors who had not yet demanded the immediate repayment of their loans, of avoiding the need for CFF to use the credit line opened by the State on its behalf and of enabling the latter to devise and implement a restructuring plan.
Podjetje BT poudarja, da so v tem primeru izjave o podpori želele pomiriti upnike družbe CFF, ki niso zahtevali takojšnega povračila terjatev, z namenom da bi se izognili temu, da bi družba CFF uporabila kreditne linije države v svojo korist in ji omogočila razvoj ter izvedbo načrta prestrukturiranja.
Bouygues Telecom points out, furthermore, that the Community-law approach is borne out by an analysis of domestic law.
Podjetje BT opaža, da so pravne rešitve Skupnosti soočene z analizo notranjega prava.
Under French commercial law, such declarations of support may be likened to letters of intent, which, as can be seen from recent case law, the courts equate with actual guarantees.
Še zlasti v francoskem gospodarskem pravu se lahko izjave o podpori primerjajo s pismi o nameri, ki jih sodišča primerjajo z resničnimi jamstvi, kot kaže nedavna sodna praksa.
Bouygues Telecom adds that, even if the French Court of Cassation has not yet adopted a position in principle on the general value of a unilateral commitment as a source of obligation, it does recognise the value thereof on a case-by-case basis.
Podjetje BT dodaja, da kljub temu, da francosko vrhovno sodišče še ni sprejelo položaja načela o splošni vrednosti enostranske obveznosti kot vir obveznosti, priznava vrednost od primera do primera.
In preparing its comments, Bouygues Telecom called on the services of an expert who stated that it followed from a long line of judgments by the French administrative courts that the existence of a commitment entered into by an administrative authority must be assessed in the light, not of the commitment's form, but of its intrinsic characteristics.
Podjetje BT se je v okviru svojih opažanj sklicevalo na strokovnjaka, ki poudarja, da se obveznosti nekega upravnega organa ne cenijo glede na njegovo obliko, ampak glede na njegove bistvene značilnosti, ki izhajajo iz stalne sodne prakse francoskih sodnikov.
The expert remarked that that case law was expressly applied in the specific case of declarations: the administrative courts thus considered that, even where they were not accompanied by any specific legal act, the promises constituted commitments as they were the embodiment of the administrative authority's will.
Strokovnjak podjetja BT dodaja, da je namerno naredil prijavo sodne prakse v posebnem primeru izjav: Upravni sodnik meni, da obljube, kljub temu da jim ne bo priložen noben poseben pravni akt, sestavljajo obveznosti, ker predstavljajo izražanje volje upravnega organa.
For there to be a commitment on the part of the State, it was sufficient for the authority to have behaved in such a way as to convince others that it would act in a certain manner.
Pravzaprav zadošča, da upravni organi delujejo na tak način, da sprejmejo obsodbo, ki bi delovala na določen način, ker je to obveznost države.
It mattered little, therefore, whether the commitment was written or verbal or whether it could simply be deduced from the authority's conduct, the only condition laid down by the administrative courts being that the promise in question must be firm and precise or sufficiently persuasive.
Ni pomembno, ali je pisna ali ustna in ali se jo lahko enostavno odstrani iz ravnanja upravnega organa, sodnikov edini pogoj je, da je zadevna obljuba trdna in natančna ali dovolj spodbudna.
Bouygues Telecom's expert stated that, in the present case, the declarations by the Minister for Economic Affairs and Finance satisfied all the criteria for being characterised as a commitment by the State.
Strokovnjak podjetja BT poudarja, da v tem primeru izjave ministra za gospodarstvo in finance izpolnjujejo zahtevane kriterije za določanje obveznosti države.
In each of his declarations, the Minister manifested his wish to lend France Télécom his unconditional support — in accordance with procedures which, moreover, were expressly specified: the strengthening of the Company's capital base, the taking of measures enabling the Company to avoid any financing problems, and the recourse to ERAP, to which would be transferred the State's entire shareholding.
V vsaki od teh izjav minister pravzaprav izraža svojo voljo za brezpogojno podporo podjetju FT – glede na načine, ki so poleg tega izrecno določeni: krepitev lastnih sredstev, ukrepanje, ki omogoča podjetju izogibanje vsem finančnim težavam, opiranje na ERAP, na katerega se bo preneslo celotno sodelovanje države.
Inasmuch as those declarations were firm and precise and made without reservations, they could be construed as constituting commitments by the State.
Kadar so izjave trdne, natančne in oblikovane brez omejitev, se razumejo kot obveznosti države.
Furthermore, because the Minister had had his declarations published, they could not be mere declarations of intent.
Ker je poleg tega minister poskrbel za objavo svojih izjav, le-te ne morejo predstavljati enostavnih izjav o nameri.
Bouygues Telecom's expert stressed that, since those promises could be construed as constituting commitments by the State, they had by their very nature legal value and were of such a character as to render the State liable, whether they were legal or not, vis-à-vis France Télécom, its creditors and its employees.
Strokovnjak podjetja BT poudarja dejstvo, da ker se obljube razumejo kot obveznost države, imajo po naravi pravno vrednost in lahko povzročijo uporabo zakonitih ali nezakonitih obveznosti, in to glede na podjetje FT, svoje upnike ali zaposlene.
Bouygues Telecom maintains that the declarations made by the French Government on and after 12 July 2002 are ‘administrative acts’ binding on the State which are of such a character as to render the State answerable before the administrative courts.
Podjetje BT opaža, da so izjave francoske vlade od 12. julija 2002„upravni akti“, ki zavezujejo državo in ki lahko povzročijo izvajanje obveznosti pred upravnimi sodišči.
The latter thus have to judge any conduct of the authorities through the resulting administrative acts, whatever their form, whether they cause damage or not, and the effects of which stem either from a modification of the regulatory set-up or from an effect on the personal situation of the plaintiff.
Sodnik tako razume ravnanje uprave prek upravnih aktov, ki izhajajo iz njega, v kakršni koli obliki, če so to pritožbe ali ne, in katerih učinki izhajajo iz spremembe pravnega sistema ali iz pretvarjanja zasebnih okoliščin tožnika.
Bouygues Telecom also submitted to the Commission on 26 May 2004 another study which also comes to the conclusion that the declarations by the State constitute the expression of a formal, precise and irrevocable commitment by the State — legally sanctionable, where appropriate, via the incurment of the liability of the State should it be at fault in failing to respect its commitments towards France Télécom.
Podjetje BT je 26. maja 2004 prav tako predložilo Komisiji drugo študijo, v kateri je prav tako zaključek, da izjave države predstavljajo izražanje uradne natančne in nepreklicne obveznosti države, in če je potrebno pravno kaznovane, prek zahteve za odgovornost države, če je le-ta naredila napako pri nespoštovanju svojih obveznosti do podjetja FT.
Bouygues Telecom states that there is therefore no doubt that the measures at issue constitute, not psychological support as the French authorities have maintained, but a guarantee legally binding on their author.
Podjetje BT navaja, da ni nobenega dvoma o dejstvu, da zadevni ukrepi predstavljajo psihološko pomoč – kot je to potrdila francoski organi, vendar z jamstvom, ki pravno povezuje njihovega avtorja.
Bouygues Telecom states lastly on this point that the binding nature of the declarations made by the State by way of the guarantee is confirmed by a circular of the Ministry of Economic Affairs and Finance dated 22 July 2003 which expressly refers to the existence of implicit guarantees.
Podjetje BT končno navaja, da je značaj, ki povezuje izjave države o jamstvu potrjen z okrožnico ministrstva za gospodarstvo in finance z dne 22. julija 2003, ki izrecno povezuje obstoj implicitnega jamstva.
With regard to the shareholder loan and the operation to strengthen the Company's capital base, Bouygues Telecom maintains that, firstly, the opening of a EUR 9 billion credit line for the benefit of France Télécom and, secondly, the irrevocable commitment by the State to participate in any future capital increase in proportion to its shareholding in the Company followed by the recapitalisation operation as such, are the implementation of the state guarantee and are financed by state resources.
V zvezi z delničarskim posojilom in postopkom krepitve lastnih sredstev podjetja BT podpira na eni strani odprtje kreditne linije 9 milijard EUR v korist podjetju FT, na drugi strani pa nepreklicno obveznost države pri sodelovanju prihodnjega zvišanja kapitala na višino svojega deleža v podjetju FT, ki ji sledi postopek dokapitalizacije, v kolikor se izvaja jamstvo države in se financira z državnimi sredstvi.
In this connection, Bouygues Telecom adds that the recourse to ERAP in the granting, by the French authorities, of a EUR 9 billion credit line for the benefit of France Télécom in no way alters the state origin of the funds.
Zato podjetje BT dodaja, da opiranje francoske države na ERAP pri dodeljevanju kreditne linije 9 milijard EUR v korist podjetja FT, v ničemer ne spreminja državnega porekla sredstev.
It points out that the recourse to ERAP means that France Télécom benefited, firstly, from an advantageous interest rate owing to its status as an industrial and commercial public establishment and, secondly, from the express guarantee provided by the State for an amount of EUR 10 billion. As a result, the measures at issue are financed by state resources, even if the credit line has ultimately not been used.
Podjetje BT poudarja, da je opiranje na ERAP na eni strani koristilo podjetju FT pri ugodni stopnji posojila, zaradi svojega statusa javnega industrijskega in trgovskega podjetja (EPIC), na drugi strani pa zaradi hitro sprejetega jamstva države za znesek 10 milijard EUR. Zato so zadevni ukrepi financirani z državnimi sredstvi, kljub temu, da kreditna linija še ni bila uporabljena.
In its additional comments of 11 April 2003, Bouygues Telecom maintains that, in view of the Company's financial situation, the recapitalisation operation carried out on 24 March 2003 was possible only because of the prior intervention of the other aid measures.
V dodatnih pripombah dne 11. aprila 2003, podjetje BT podpira, da ob upoštevanju finančne situacije podjetja postopek dokapitalizacije, ki se je izvedel 24. marca 2003, ni bil mogoč zaradi predhodnega posredovanja drugih ukrepov pomoči.
Consequently, the recapitalisation constitutes per se state aid as it stems directly from prior state aid.
Zato dokapitalizacija predstavlja državno pomoč kot tako, ker izhaja neposredno iz predhodne države pomoči.
As regards the condition relating to the advantage, Bouygues Telecom points out that the occurrence giving rise to the guarantee took place subsequently to the reduction in France Télécom's credit rating by the rating agencies with a view to restoring the market's confidence.
V zvezi s pogoji o prednosti podjetje BT ocenjuje, da je do jamstva prišlo po znižanju ocene agencije za ocenjevanje podjetju FT, da bi vzpostavili zaupanje na trgu.
Again on this point, Bouygues Telecom states that the guarantee had the effect of enabling France Télécom to gain renewed access to the financial markets.
Poleg tega podjetje BT določa, da je bil namen jamstva omogočiti podjetju FT nov dostop na finančni trg.
Thus, the guarantee improved the prospects attaching to France Télécom's credit rating and enabled it to avoid junk-bond classification.
Tako je jamstvo izboljšalo perspektivo povezano z oceno podjetja FT in omogočilo izogniti se razvrstitvi med „junk bonds“.
Bouygues Telecom observes next that the stock-exchange price of France Télécom's shares improved considerably.
Podjetje BT opaža, da se je borzni tečaj podjetja FT znatno izboljšal.
In addition, the spreads on the bond market narrowed after the month of June 2002 and France Télécom was able to stagger its debt maturities and face up to the liquidity wall.
Poleg tega so se razmiki na trgu obveznic skrčili po juniju 2002 in podjetje FT je lahko razporedilo svoj dolg in se soočilo z rastjo likvidnosti.
Bouygues Telecom stresses that, not only did the guarantee make possible France Télécom's very recourse to the financial market, but it also enabled the bond issues to be made at a rate which did not reflect France Télécom's true financial situation.
Podjetje BT poudarja, da je jamstvo omogočilo ne samo vrnitev podjetja FT na finančni trg, ampak tudi dovoljenje za izvajanje obveznic na stopnji, ki ne odraža dejanske finančne situacije podjetja FT.
Bouygues Telecom states more precisely, in its comments of 11 April 2003, that the announcement and implementation of the state support gave rise to aid at the origin of advantages linked to the shareholder loan and the recapitalisation.
Podjetje BT bolj natančno razkriva v svojih pripombah 11. aprila 2003, da sta obvestilo in izvajanje državne podpore ustvarila pomoč iz prednosti, povezano z delničarskim posojilom in z dokapitalizacijo.
These advantages had the effect inter alia of moving the liquidity wall further away, that is to say, of increasing the amount of financing available for meeting debt repayments and of permitting an actual and potential postponement of payments and actual and potential cost savings.
Cilj teh prednosti je bilo izogibanje rasti likvidnosti, torej zviševanju zneska načinov financiranja, za soočenje s potekom dolga, da bi omogočili realno in možno razliko izterljivosti blagajne in realno in možno gospodarstvo stroškov.
Concluding on this point, Bouygues Telecom maintains that the advantage gained by France Télécom amounts to more than EUR 40 billion (EUR 3 billion in respect of all the support measures taken by the French State on France Télécom's behalf and EUR 36,7 billion in respect of the State's participation in the Company's recapitalisation), which amount takes no account of the considerable latitude granted to France Télécom as a result of the removal of all financial concerns, the liquidity wall being shifted by almost EUR 43 billion.
Ob zaključku te točke podjetja BT poudarja, da podjetje FT opaža prednost zvišano na več kot 40 milijard EUR (3 milijarde EUR zaradi ukrepov podpore francoske države v korist podjetja FT in 36,7 milijard EUR zaradi sodelovanja države pri dokapitalizaciji podjetja FT) in da ta znesek ne upošteva pomembne svobode dodeljene podjetju FT zaradi povečanja finančne preobremenjenosti; rast likvidnosti se je povečala na skoraj 43 milijard EUR.
In its additional comments of 7 January 2004, Bouygues Telecom states that the advantage enjoyed by France Télécom as a result of the State's irrevocable commitment of support may be estimated at more than EUR 30 billion, while the advantage derived from the recapitalisation operation may be put at more than EUR 50 billion.
Podjetje BT je v svojih dodatnih pripombah dne 7. januarja 2004 navedel, da bo prednost podjetja FT zaradi nepreklicne obveznosti državne podpore več kot 30 milijard EUR, medtem ko bo prednost iz postopka dokapitalizacije več kot 50 milijard EUR.
As to the prudent private investor test, Bouygues Telecom argues that the support measures do not satisfy that test for the following reasons:
V zvezi z načelom dobro poučenega zasebnega vlagatelja podjetje BT ocenjuje, da ukrepi podpore niso usklajeni s tem načelom, zaradi naslednjih vzrokov:
Unconditional, unlimited commitment: Bouygues Telecom takes the view that the State's declarations constitute a firm and unconditional legal commitment which an investor would never have undertaken without entering the slightest reservation.
Brezpogojna in neomejena obveznost: Podjetje BT poudarja, da izjave države sestavljajo trdno in brezpogojno pravno obveznost, ki je vlagatelj ne sme prejeti brez oblikovanja najmanjšega nadomestila.
It is therefore an unlimited guarantee granted to a company which is extraordinarily leveraged and fragile in the short term.
Gre za neomejeno jamstvo, dodeljeno izjemno zadolženemu in šibkemu podjetju, za kratek rok.
In Bouygues Telecom's opinion, the measure at issue does not fulfil the criteria mentioned in the Commission Notice on the application of Articles 87 and 88 of the EC Treaty to state aid in the form of guarantees(hereinafter called ‘the Notice on state aid in the form of guarantees’) in so far as, in particular, France Télécom was in financial difficulties at the time the guarantee was granted and in so far as the guarantee does not relate to any specific transaction and gives rise to no remuneration.
Podjetje BT meni, da zadevni ukrep ne izpolnjuje kriterijev omenjenih v sporočilu Komisije o uporabi členov 87 in 88 Pogodbe ES o državni pomoči v obliki jamstva (v nadaljevanju „sporočilo o državni pomoči v obliki jamstva“), če je bilo podjetje FT v finančnih težavah ob dodelitvi jamstva in če le-to ne temelji na nobenem določenem postopku in ne upravičuje nobenega povračila.
France Télécom has therefore secured advantages which it would not have secured under normal market conditions.
Podjetje FT je torej doseglo prednost, ki je ne bi moglo v običajnih pogojih trga.
Terms governing the granting of the shareholder loan: Bouygues Telecom argues that the mechanism adopted by the State meets by and large a concern falling within the realm of public finances (compliance with the Maastricht criteria, notably), and is not in keeping with the principle of a prudent investor operating in a market economy.
Pogoji dodeljevanja delničarskega posojila: Podjetje BT trdi, da mehanizem, ki ga je sprejela država, ustreza preobremenjenosti, povezani z javnimi financami (upoštevanje, še posebno kriterijev iz Maastrichta) in ne ravnanju previdnega vlagatelja v tržno gospodarstvo.
Repayment of the loan subscribed by ERAP on behalf of the State with a view to participating in the recapitalisation is not assured.
Povračilo posojila, vpisanega pri ERAP za državo, da bi sodelovala pri dokapitalizaciji, ni zagotovljeno.
The method of repayment first and foremost envisaged is linked to the sale of shares, the profit on which is potential and cannot for that reason confer on the investment in question the nature of a ‘prudent’ transaction.
Način povračila predvidenega v prvi vrsti je povezano s prodajo vrednostnih papirjev, kar je potencialen dobiček in se zaradi tega ne more dodeliti v zadevno vlaganje z oznako „dobro poučen“.
Bouygues Telecom points out that the guarantee granted by the French State to ERAP to the tune of EUR 10 billion enabled ERAP to gather together the funds needed to grant the credit line on advantageous terms, i.e. at a rate of 3,375 %.
Podjetje BT ocenjuje, da je jamstvo francoske države ERAP-u v višini 10 milijard EUR omogočilo ERAP-u, da združi potrebna sredstva pri dodeljevanju kreditne linije v ugodnih pogojih, torej na stopnji 3,375 %.
Any prudent private investor would have carried out such a transaction at a higher cost for which he would have demanded specific guarantees linked to the company's assets.
Vsak dobro poučen zasebni vlagatelj bi lahko izvedel takšen postopek z visokimi stroški, za katerega bi zahteval posebna jamstva povezana s premoženjem podjetja.
Recapitalisation: In substance on the commitment by the French authorities to recapitalise France Télécom and the recapitalisation operation itself, Bouygues Telecom claims that the prudent private investor test is not satisfied in the present case as the State undertook to participate in France Télécom's recapitalisation on 12 July 2002, i.e. prior to the existence of the Ambition 2005 plan, without knowing France Télécom's exact economic situation, which had become much worse, and without the concomitant participation of private investors.
Dokapitalizacija: O obveznosti dela francoskih organov za dokapitalizacijo podjetja FT in o postopku same dokapitalizacije, podjetje BT ocenjuje, da načelo dobro poučenega zasebnega vlagatelja ni bilo spoštovano, ker se je država zavezala k sodelovanju pri dokapitalizaciji podjetja FT 12. julija 2002, torej pred obstojem načrta Ambition 2005, brez poznavanja natančnega gospodarskega položaja podjetja FT, ki je bilo močno znižano, in brez istočasnega sodelovanja zasebnih vlagateljev.
In this connection, Bouygues Telecom stresses the following points:
Zato podjetje BT poudarja naslednje točke:
The company's financial situation: Bouygues Telecom stresses that the historical operator's financial health at the time of the decision to invest prevented it from resorting to private investors without the State's support (EUR 70 billion of losses, EUR 8 billion of negative equity and debt maturities amounting to EUR 50 billion over the following three years).
finančni položaj podjetja: Podjetje BT poudarja, da finančna trdnost prejšnjega operaterja v trenutku odločanja o vlaganju ni dovoljevala zatekanja k zasebnim vlagateljem brez podpore države (70 milijard EUR izgube, negativna lastna sredstva v višini 8 milijard EUR, zapadlost povračila dolga se je povečala na 50 milijard EUR za naslednja tri leta).