natgillin/translations-raw huggingface dataset:
However, given the amounts involved, a prudent private investor in a market economy would in all probability have conducted a financial and economic analysis of the investment before deciding whether, in view of the statutory return on the capital contributions, the amount of FRF 5,88 billion in tax exemption was needed for the undertaking to guarantee the long-term profitability of its overall investment and for the shareholder to be sufficiently remunerated.
Vendar odločitev o odtegnitvi ali neodtegnitvi davka od družbe EDF v skladu s členom 34 francoske ustave ne spada na področje navedenega zakona in na podlagi zakona št. 97-1026 ni mogoče veljavno odločiti o tem vprašanju.
It is particularly striking that, apart from the remuneration to be paid to the state over the 1997-2000 period, no study of the remuneration or return in the longer term was carried out, although France claims precisely to have made a long-term investment.
Družba EDF je tako plačala davek od dohodkov za nekatere računovodske rezervacije, ne pa tudi za druge po istem ukrepu prerazvrstitve, izvedenem v skladu z zakonom.
However, a prudent private investor in a market economy would not have neglected to conduct an analysis of the profitability of the investment for the period after the year 2000.
Pripravljalni dokumenti, ki so jih predložili francoski organi in so navedeni v uvodni izjavi 104, poleg tega kažejo, da je Conseil d'État leta 1997 menil, da je bilo treba nezakonodajne določbe odstraniti iz besedila osnutka zakona;
According to the figures produced at the time as set out in recital 101, EDF's net debt/equity ratio was to drop to 148 % as a result of the new capital contribution overall, which came to FRF 50,7 billion, including the FRF 5,88 billion by way of the contested exemption.
Sama podjemna pogodba za svoje izvajanje vključuje predpostavko, da je potreben zakonodajni ukrep za ureditev, kakršna je določena z zakonom št. 97-1026, kar dokazuje dejansko neločljivo povezavo med cilji pogodbe in cilji zakonodajalca.
Without the tax exemption, the ratio would have been around 163 %, or some three times lower than the ratio of 480 % before Act No 97-1026.
Vendar niti v pogodbi, sklenjeni aprila 1997, niti v pripravljalnih dokumentih in dopisih, izmenjanih med nadzornimi organi družbe EDF, niso predložena stališča o natančnem znesku davka.
Considered separately from the other effects of the reclassification of the various provisions, the contribution of the tax exemption to the improvement in the ratio is negligible and it is very doubtful that it had a real effect in terms of reducing the cost of borrowing for EDF (recitals 170 to 172).
Toda na podlagi tega okvira, dokazanega na podlagi navedb Francije v njenih pripombah, ni mogoče zanesljivo ugotoviti, da navedeni ukrep izhaja iz ravnanja delničarja, ki bi izvedel naložbo.
In any event, the documents submitted by the French authorities do not mention or analyse in investment terms the return for the shareholder resulting from a ratio of 148 %, still less a ratio of 163 %.
Potreba po odpravi nepravilnosti, ki jih je ugotovilo računsko sodišče oktobra 1994, je namreč tudi del tega okvira.
In this connection, there are no prior economic evaluations comparable to those which a rational private investor in a market economy would have had carried out, as referred to by the Court of Justice in paragraph 84 of its judgment.
Po eni strani je bilo treba odpraviti računovodsko nepravilnost, zaradi katere družbi EDF več let ni bilo treba plačevati davka od dohodkov pravnih oseb, toda francoski organi so poudarili, da navedeni mehanizem ni izpodbijal monopola družbe EDF (uvodna izjava 105) in da je bilo treba ohraniti trden okvir, ki ga je omogočala liberalizacija trga (uvodna izjava 95).
The economic study submitted by EDF in support of its comments (recitals 69-70) does not find that France acted as an investor rather than a public authority.
Drži, da je liberalizacija omogočila širitev na nacionalne trge drugih držav članic in da so bili nekateri ukrepi določeni v podjemni pogodbi za obdobje od 1997 do 2000, da bi se družba EDF še bolj mednarodno razširila.
The study was produced after the supposed investment decision taken in 1997 and was not examined by the authorities responsible for taking such a decision.
Vendar nič manj ne drži, da prednosti, ki jih zagotavljajo javni organi nacionalnim podjetjem z ukrepi finančne podpore na pragu liberalizacije, niso omejene na javna podjetja niti ne določajo ravnanja preudarnega vlagatelja v javno podjetje.
For this reason alone, the study is not admissible as evidence, as set out by the Court of Justice (recital 126, paragraph 104 of the judgment of 5 June).
Sodišče nazadnje navaja, da je pomembno preučiti pravila, ki veljajo za sporni ukrep, da bi lahko določili njegovo naravo, torej ali gre za naložbo države delničarke ali za pristojnost javnega organa.
The fact that the study used authentic basic data available at the time does not invalidate this conclusion.
Pri umestitvi ukrepa v eno ali drugo skupino je torej mogoče upoštevati spoštovanje veljavnih pravil, ki veljajo za ta ukrep.
The study was commissioned to support the case following the extension of the investigation procedure in May 2013 and the conclusions it would reach were apparently known to EDF in July 2013, although the study dates from October 2013.
Treba je torej preučiti pravila, ki urejajo naložbo davčnih virov v podjetja, kakršno je družba EDF.
Other grounds also invalidate the quantified findings of the study, and consequently undermine the conclusions that EDF draws from it in support of its comments;
Davčni prejemki se tako vplačajo v proračun v korist države in ne v korist javnih podjetij.
these grounds are: The study uses basic data almost exclusively from the time and applies widely recognised methodological approaches for evaluating enterprise value, subject to the major reservations set out below.
Za navedeni proračun velja ustavno načelo univerzalnosti, v skladu s katerim se vsi prejemki in odobrena proračunska sredstva vpisujejo v dva ločena sklopa, ne da bi bila določena posebna povezava na primer med prejemkom od davka od dohodkov pravnih oseb in izdatkom, kakršna je kapitalska injekcija javnega podjetja, kakršno je družba EDF.
For all that, it constitutes a particularly complex economic evaluation, following relatively thorough data research, which took some three months to carry out and validate.
Drži, da je v francoskem pravu mogoča vnaprejšnja namenitev davčnega vira pravni osebi, ki ni država, in sicer v obliki subvencije ali naložbe, vendar mora biti takšna namenitev predpisana z izrecnimi določbami.
This complex process comprised successive and various methodological choices, some of which are questionable.
Člen 18 sklepa št. 59-2 je tako določal, razen med drugim za posojila in predujme, da je namenitev prejemkov države izjema in da lahko izhaja samo iz določbe finančnega zakona, sprejetega na pobudo vlade.
Without this process, it is quite impossible, from the basic data drawn from scattered and diverse sources, to form an overall view or make a quantified projection of the profitability that the French state could expect in 1997, as the study does.
Toda zakon št. 97-1026 z dne 10. novembra 1997 ni bil zakon o financah in zato na njegovi podlagi ni bilo mogoče davčnega vira nameniti za okrepitev kapitala družbe EDF.
However, the Court of Justice requires the private investor test to be based on evaluations which were foreseeable at the time when the decision to make the investment was taken (paragraph 105 of the judgment of 5 June 2012).
Poleg tega se ne zdi, da so bile v zakonu o financah, ki se je uporabljal za proračun leta 1997, na vladno pobudo sprejete posebne določbe o vnaprejšnji namenitvi prihodka od davka, ki ga je morala plačati družba EDF, na stroške francoske države za kakršno koli naložbo v kapital družbe EDF v okviru navedenega proračuna.
Contrary to what is claimed by EDF, the very fact that, with data available in 1996-1997, the relevant authorities of the French state did not themselves carry out or commission a study on this scale and with this level of complexity indicates that the profitability of the investment for the shareholder was not the sole relevant consideration for the French authorities when they took their decision.
Zdi se, da torej ni bilo uporabljeno navedeno pravilo, na podlagi katerega je mogoče davčni vir, namenjen državi, nameniti pravni osebi, ki ni država, kakršna je družba EDF.
The study analyses the conduct of the French state in the light of the private investor principle using information and hypotheses that are very different from those outlined in recitals 87 to 108 and which, according to the French authorities, formed the basis for the supposed decision.
Velika večina navedenih dejstev jasno kaže, da Francija pred podelitvijo iz neplačila davka od dohodkov izhajajoče gospodarske prednosti ali hkrati z njo ni sprejela sklepa, da bo z oprostitvijo davka izvedla naložbo v družbo EDF.
As such, the study is based on speculation and conjecture with respect to the data, information and hypotheses that the French authorities might have taken into account (among other possible options) in 1997 and has no force as evidence in 2015 (or October 2013, when it was carried out) to explain the decision taken by the French authorities in 1997, which these authorities themselves explain with reference to different data and hypotheses.
Uporaba načela preudarnega zasebnega vlagatelja v tržnem gospodarstvu
The study's value as evidence is undermined still further by the fact that, to reach the findings outlined in recital 70, the study relies on hypotheses which are arbitrary or random, or uncorroborated by the facts, or counter to the information contained in the evidence provided by the French authorities and which, according to them, illustrates that the private investor test is applicable and does in fact apply in this case.
Sodišče je v obravnavanem primeru v sodbi z dne 5. junija 2012 menilo, da mora uporaba merila preudarnega zasebnega vlagatelja v tržnem gospodarstvu omogočati določiti, ali bi zasebni delničar v podobnih pogojih vložil znesek, enak dolgovanemu davku, v podjetje, ki je v primerljivem položaju z družbo EDF (točka 95 sodbe).
So, first, the study conjectures that after 2000, the remuneration paid to the state as shareholder would not be regulated by decree and contained in a contract between the state and EDF but would be set by reference to the dividends which other undertakings in the sector paid in 1996-1997 [27].
Pri presoji vprašanja, ali so izpolnjeni pogoji, določeni z navedenim načelom, je mogoče upoštevati tudi morebitno razliko med stroški zasebnega vlagatelja in stroški, ki jih ima država kot vlagatelj (točka 96 sodbe).
However, the remuneration on the capital contributions to EDF had been regulated by decree since 1956 (recital 102) and was statutory and reflected in the multiannual contracts before and after 1997, in the light of considerations unrelated to the dividends paid by undertakings in the sector operating in markets other than France (recitals 94 and 95).
Presojo je treba izvesti na podlagi objektivnih in preverljivih elementov ter predvidljivih ocen takrat, ko je bil sprejet sklep o naložbi (točki 102 in 105 sodbe).
Likewise, and in second place, the study, with no good reason, reintroduced into EDF's income statement provisions from EDF's company accounts worth FRF 11,6 billion (before tax) and FRF 7,3 billion (after tax) [28], artificially increasing EDF's value by that amount without taking account of the information which was available and the developments which were foreseeable in 1997 with respect to EDF's commitments under its staff pension scheme (recitals 168-169).
Pri navedeni presoji je treba upoštevati samo koristi in obveznosti, povezane s položajem države kot delničarke, in ne tistih, ki so povezane z njeno javno oblastjo (točka 79 sodbe).
Thirdly, the increase in the value of EDF resulting from the increase in return and results is calculated in the study on the basis of the ‘market expectations’ in 1997 [29].
Glede na položaj in značilnosti družbe EDF, ki je obstajala kot javni organ pod več kot 50-letnim popolnim nadzorom francoske države, je treba upoštevati sklicevanje na vlagatelja, ki ima dolgoročen cilj glede donosnosti, in preučiti zlasti informacije, ki jih je predložila Francija, kakor so navedene v uvodnih izjavah od 87 do 108.
However, the French authorities had specific and quantified projections for EDF's revenue and income for 1997 to 2000, validated as part of the process of drawing up the contract for services for the same period and stated that they relied on these projections and data to take their decision (recitals 78-79, 90, 94, 96);
Francoski organi se namreč sklicujejo na te dokaze kot na osnovo za svojo odločbo iz leta 1997.
they also had in 1997 detailed knowledge of the undertaking and its financial prospects (recital 77).
Leta 1997 je bila povprečna stopnja donosnosti dolgoročnih (30-letnih) obveznic Francije določena na 6,35 %.
The use of ‘market expectations’ from third parties to estimate EDF's value in these circumstances is neither reliable nor consistent with the arguments put forward by France to explain the decision which its authorities are supposed to have taken, all the more so since the French authorities argue that most of EDF's business in 1997 was conducted in France subject to regulated tariffs (recital 85).
Tudi za krajšo dospelost (10 let), trajajočo manj od tiste s ciklom življenjske dobe objektov družbe EDF, je bila povprečna obrestna mera za obveznice francoske države 5,58 % [32].
Moreover, these tariffs were set at a low level with a view to boosting the competitiveness of French industry and the purchasing power of French households (recitals 89 and 95).
Te vrednosti pomenijo donos na finančna sredstva, ki so se štela za manj tvegana, in hkrati strošek dolgoročnega financiranja za francosko državo v zadevnem obdobju.
Lastly, and in fourth place, the study postulates with no justification that increasing the capital contribution to EDF in 1997 was, at least potentially, equivalent to acquiring a liquid financial asset [31].
Zato bi preudaren zasebni vlagatelj v tržnem gospodarstvu zahteval večjo donosnost, kot jo omogočajo obveznice države.
However, in 1997 EDF was a public industrial and commercial establishment with no share capital (recital 19), with the French authorities and EDF affirming at the time that it would retain this status in the future (recitals 95, 105).
Vendar na podlagi tekoče donosnosti, ki jo je lahko pričakovala francoska država leta 1996 in 1997, kakršna izhaja iz dokumentov, ki so jih predložili francoski organi, ni mogoče ugotoviti, da navedena naložba opravi test preudarnega zasebnega vlagatelja v tržnem gospodarstvu.
The arbitrary nature of this postulation, on which the findings of the study none the less crucially depend, is demonstrated in more detail in recitals 179 to 181.
Francoski organi so predložili napoved pričakovanega poslovnega izida družbe EDF za obdobje po prestrukturiranju bilance, kakor so jo leta 1997 preučili zadevni organi (uvodna izjava 92, preglednica 1).
Nature and subject-matter of the measure, its context and the rules to which it is subject
Ocene iz preglednice so podprte z drugimi dokumenti iz zadevnega obdobja (uvodne izjave od 96 do 97 in 103).
The Court of Justice states that the nature of the measure is one of the relevant factors to take into account when ascertaining whether the private investor principle is applicable (paragraph 86 of its judgment).
Te ocene referenčnega scenarija družbe EDF za prihodnje obdobje so potrdili državni organi (uvodna izjava 97).
The decision to contribute additional capital to EDF by waiving the tax on the reclassification of the irregular RAG provisions is both an accounting decision on moving amounts between different items on EDF's balance sheet (recitals 100 and 105) and a tax decision, since the authorities responsible deemed that the corporation tax should be levied before reclassification (recital 35), even though tax was paid on other reclassified accounting provisions.
Na podlagi tega izkaza poslovnega izida in zneskov, pričakovanih od vloženih sredstev države v družbo EDF (uvodna izjava 100, preglednica 2), je mogoče izračunati donosnost, ki jo je lahko država pričakovala glede na kapitalske injekcije, dodelitve v skupni kapital (začetni kapital in dodelitve) in v lastna sredstva družbe EDF (skupni kapital, odkloni prevrednotenja, zakonski pridržki in ponovni prenos) [33], v skladu s preglednico 4.
Contrary to what is claimed by the French authorities, it has not been established that the two accounting and tax strands are indissociable within a single measure put in place by Act No 97-1026 of 10 November 1997.
Preglednica 4
Article 4(2) of the Act provides that the value of the assets in kind allocated under concession to the RAG and appearing as liabilities on EDF's balance sheet should be entered, net of the corresponding revaluation reserves, under the item ‘contributed capital’ (recital 28).
Napovedana donosnost kapitala v bilanci družbe EDF 1997–2000 (v milijardah FRF)
It could be concluded that, under the Act, any revaluation reserves aside, no further accounting or tax treatment was to reduce the value entered as a capital contribution to EDF.
Izračuni Komisije na podlagi preglednic 1 in 2
However, in accordance with Article 34 of the French Constitution, the decision to levy tax or not is not a matter regulated by law, and Act No 97-1026 could not therefore legitimately settle this question.
1997–2000
Under this Article, Parliament's legislative powers in tax matters are confined to setting the base, rates and collection procedures for tax of all kinds.
Stalni 3-odstotni delež
EDF paid corporation tax on some accounting provisions and not on others following the same reclassification operation provided for in the Act.
Spremenljivi delež
Furthermore, the preparatory documents submitted by the French authorities and referred to in recital 104 show that the Council of State took the view in 1997 that non-legislative provisions should be eliminated from the draft law;
Stalni in spremenljivi delež
a draft amendment designed to limit the amounts that the state could collect from EDF under the Act was also rejected.
Donosnost lastniškega kapitala (79,8 milijarde FRF) (%)
Lastly, the line ministers took the view in April 1997 that the detailed arrangements for implementing EDF's restructuring, on both the accounting and the tax fronts, should be the subject of further discussions between the supervising authorities and the undertaking (recital 98).
Donosnost kapitala in dotacij (53,3 milijarde FRF) (%)
These implementation arrangements, detailed and quantified in the letter from the line ministries to EDF on 22 December 1997, following the adoption of the Act (recital 31), suggest that the tax elements were dissociable from the provisions of Act No 97-1026 of 10 November 1997.
Donosnost kapitalskih injekcij (50,7 milijarde) (%)
In their letter the ministers explain the restructuring of the upper part of EDF's balance sheet pursuant to Article 4 of Act No 97-1026 of 10 November 1997 and appear to reach a tacit decision on the tax implications of the restructuring, without there being any question of a profitable investment or of any mandatory requirements of the law.
Iz dokumentov, ki so jih navedli in predložili francoski organi, izhaja, da je bil leta 1997 donos, ki ga je pričakovala država delničarka od družbe EDF za celotno obdobje od 1997 do 2000 9,4 milijarde FRF, od tega 6 milijard FRF od deleža s stalno stopnjo 3 % in 3,4 milijarde FRF za celotno obdobje od dodatnega deleža, po prerazvrstitvi na podlagi zakona št. 97-1026.
Hence the concern for EDF's activities to become more international evident in the 1997-2000 contract and the preparatory documents, as well as the parliamentary documents.
Ta donosnost, ki jo je mogoče uporabiti za znesek oproščenega davka, prerazvrščenega v kapitalsko injekcijo, je bila veliko manjša od 6,35-odstotne donosnosti obveznic, ki jih je francoska država izdala leta 1997 z namenom lastnega dolgoročnega financiranja.
The contract itself presupposes that its implementation will require a regularising legislative measure such as that laid down in Act No 97-1026, thereby establishing a de facto link between the objectives of the contract and of the legislator.
Preudaren zasebni vlagatelj v tržnem gospodarstvu bi presodil, da je bila tekoča donosnost, pričakovana od zneska 5,88 milijarde FRF, ki ustreza oprostitvi davka, nezadostna, da bi lahko upravičila naložbo.
However, neither the contract concluded in April 1997 nor the preparatory documents or exchanges with EDF's line ministries take a position on the precise amount of tax.
Sodišče je poleg tega v točki 96 sodbe z dne 5. junija 2012 ocenilo, da je treba v okviru uporabe načela preudarnega zasebnega vlagatelja v tržnem gospodarstvu upoštevati razliko med stroškom naložbe za zasebnega vlagatelja in stroškom naložbe za državo.
This context, outlined by the evidence cited by France in its comments, does not, however, establish beyond doubt that the measure could be ascribed to a shareholder making an investment.
Za to je treba primerjati donosnost, s katero je bilo mogoče po navedbah francoskih organov upravičiti ukrep prerazvrstitve rezervacij dajatev koncedentu v višini oproščenega davka, z donosnostjo za zasebnega delničarja, ki bi izvedel enak ukrep dokapitalizacije v podjetje, v vsakem pogledu podobno družbi EDF, brez pristojnosti, ki je zasebni vlagatelj nima, da pri kapitalski injekciji oprosti davek od dohodkov pravnih oseb.
The need to correct the irregularities identified by the Court of Auditors in October 1994 is also part of the picture.
Tako podjetje, katerega delničar bi imel na voljo 5,88 milijarde FRF za njegovo dokapitalizacijo v enakih pogojih kot družba EDF, bi lahko napovedal letni donos 4,64 % na dodatni kapital, ki bi ga vložil delničar, to je 272 milijonov FRF na leto, brez upoštevanja davka od dohodkov pravnih oseb.
While, on one side, there was a need to correct an accounting irregularity that had allowed EDF to avoid paying corporation tax for years, on the other, the French authorities stressed that the measure did not call into question EDF's monopoly (recital 105) and that the stable framework allowed by the liberalisation of the market should be maintained (recital 95).
Z uporabo veljavne stopnje davka od dohodkov pravnih oseb, ki je bila leta 1997 41,66 %, bi napovedani donos znašal 159 milijonov FRF letno za isti kapitalski vložek, kar pomeni nominalno letno stopnjo donosa 2,7 %.
Although liberalisation opened up possibilities for expansion into the national markets of other Member States and some measures were included in the 1997-2000 contract for services so that EDF could become more international, the concern of the public authorities to place national undertakings at an advantage through financial support in the early stages of liberalisation was not confined to public undertakings;
Tako stopnjo za udeležbo v kapitalu podjetja skupaj s tveganji, povezanimi s tako naložbo, je treba primerjati s stopnjo 6,35 % obveznic Francije v istem obdobju.
nor does it constitute typical behaviour by a prudent investor in a public undertaking.
Nizka donosnost bi torej odvrnila zasebnega vlagatelja, ki nima davčnih pristojnosti države.
Lastly, the Court of Justice states that the rules to which the disputed measure is subject are relevant for determining whether it constitutes an investment by the state as shareholder or a prerogative of a public authority.
Zaradi tako majhnih možnosti, da bi vloženi kapital prinesel donos, se zdi izključeno, da bi preudaren zasebni vlagatelj, katerega podjetje bi bilo zavezano plačilu davka od dohodkov pravnih oseb na kapitalske injekcije, če bi bil na mestu Francije, sodeloval pri povečanju kapitala družbe EDF leta 1997.