natgillin/translations-raw huggingface dataset:
EDF conducted its business mainly in France since, for the period from 1997 to 2000, it was envisaged that more than 89 % of EDF's revenues would come from the French market.
Ta nelikvidnost lahko zmanjša interes, povezan z morebitno rastjo vrednosti podjetja.
Therefore, the majority of its revenue depended on the choices the state made in setting electricity tariffs.
Poleg tega mora, kot je navedeno v uvodni izjavi 144, test preudarnega zasebnega vlagatelja v tržnem gospodarstvu temeljiti zlasti na informacijah in dokazih, ki jih je predložila država članica v položaju, ko je bil sklep že sprejet, če država članica zatrjuje, da je upoštevala te dokaze in ne drugih, ki so bolj predpostavke in so celo protislovni glede na predložene dokaze.
A prudent private investor would not have failed to note that the setting of public policy objectives contrary to its interests as shareholder was prejudicial to its proprietorial interests.
Vendar Sodišče zahteva, da se uporaba načela preudarnega zasebnega vlagatelja v tržnem gospodarstvu opira na ocene, ki jih je bilo mogoče napovedati takrat, ko je bil sprejet sklep (točka 105 sodbe z dne 5. junija 2012).
No prudent private investor would have agreed to lower earnings from its investment to foster the competitiveness of French undertakings.
Francoski organi so tako leta 1997 trdili, da se bo status družbe EDF, ki tej družbi ni dovoljeval izdaje in preprodaje delnic, ohranil kot trdna referenca, tudi na liberaliziranem evropskem trgu (uvodna izjava 95).
The item in the projected income statement 1997-2000 showing the income from EDF's core business was also set to decrease by 29 % during the period, from FRF 9,3 billion in 1997 to FRF 6,6 billion in 2000.
S sprejetjem teh predpostavk, ki nasprotujejo trditvi francoskih organov, se navedeni test opravi v položaju, ki ni ravno najbolj podoben tistemu, v katerem je država članica, kar je v nasprotju z zahtevami sodne prakse (uvodna izjava 126).
Operating expenses were, for their part, set to increase by 2,2 %, mainly owing to the increase in day-to-day operating expenditure, since financial charges, depreciation and interest, excluding return on capital, were set to decrease.
Vendar tudi če se za potrebe analize predpostavi, da bi lahko preudaren zasebni vlagatelj poleg ponujene zakonsko določene donosnosti upošteval prihodnjo presojo glede vrednosti svoje naložbe na nedoločen datum, da bi se odločil o domnevni naložbi, bi lahko ugotovil, da lahko podjetje ustvari dividende dolgoročno, pri čemer bi sledil napovedi francoske države, ki nadzira družbo EDF od leta 1946.
Adding depreciation and financial charges to the income from the core business, the outlook for the period 1997-2000 was also negative, because this aggregate was set to decrease from FRF 62,6 billion to FRF 53,9 billion, i.e. by 13,9 %.
Zasebni delničar bi za presojo vrednosti svoje lastniške pravice v družbi EDF izločil knjigovodsko vrednost neto sredstev podjetja, tudi če bi se zanašal na razdolžitev in na oblikovanje sredstev, ki ju poudarjajo francoski organi (uvodna izjava 84).
However, it is the trend in income from everyday operations before depreciation and interest that determines the future capacity of the undertaking to generate value and a positive cash flow.
Vrednost sredstev, zneski naložbe ali razdolžitev ne sovpadajo nujno z dejansko ekonomsko vrednostjo pri določanju transakcijskih cen.
In addition to the projected deterioration, in pursuit of economic policy or regulatory objectives, the state had set EDF the objective of allocating any earnings from efficiency and productivity gains to further reducing tariffs, which was to take priority over a better return for the shareholder (recital 95).
Zato se ni treba oprijemati dejstva, da bi bili za skupno povrnitev dolgov družbe EDF leta 1997 potrebni zneski, ki daleč presegajo lastna sredstva družbe EDF (uvodna izjava 177).
It follows that EDF's ongoing activities, weighed down by the state's economic policy objectives, would not have offered the prospect of satisfactory future earnings.
Vrednost podjetja se dolgoročno določa glede na njegovo sposobnost, da za delničarja ustvari vrednost v obliki dividend ali povečanja vrednosti kapitala, prej kot glede na knjigovodsko vrednost njegovih sredstev ali premoženja.
As the Commission pointed out in the extension decision, a prudent private investor would have taken account of the uncertainty about the amount and evolution of the pension financing charges facing EDF in 1997 under the specific scheme for the electricity and gas industries.
Med različnimi metodami, ki se uporabljajo v financah pri ocenjevanju oportunitetnih stroškov ali zahtevane donosnosti na podlagi lastniške pravice, ki jo je mogoče proti plačilu prenesti v kapital podjetja, se najpogosteje uporablja metoda na podlagi modela ocenjevanja finančnih sredstev CAMP (v angleščini: Capital Asset Pricing Model) [36].
In the case of EDF in 1997, the cost of pensions and, a fortiori, the related off-balance-sheet commitments represented an encumbrance in anticipation of additional drains on the undertaking's already poor net result.
Kot je razvidno iz preglednice 5, uporaba modela CAMP pri naložbi v kapital družbe EDF leta 1997 za likvidna sredstva, kot je delnica družbe EDF, določa ciljno vrednost zahtevane donosnosti približno 12 %, ki lahko doseže do 13,4 %.
Whereas EDF's pension bill amounted to FRF 12,2 billion in 1997, assuming no change in legislation, the pension bill for the entire scheme (including GDF and non-nationalised undertakings) was expected to grow significantly in the following years to reach FRF 20 billion in 2010 and FRF 25 billion in 2020 [34].
Vendar je treba to ciljno vrednost obravnavati kot zgornjo mejo.
By applying an allocation key of 78,4 % for EDF, reflecting the weight of its wage bill in the industrial sector covered by the scheme, EDF's share would have been FRF 15,7 billion in 2010 and FRF 19,6 billion in 2020, without taking account of any provision made for future commitments, assuming no change in legislation [35].
Ta vrednost vključuje domnevo, da je bila mogoča in prenosljiva ne le lastniška pravica nad družbo EDF, kakršna je delnica, temveč da obstaja tudi likvidni trg, država pa je imela celoten kapital in družba EDF ni mogla izdajati delnic.
The expected increase in pension costs was therefore bigger than net earnings, after remuneration of the state and tax, foreseen for the period 1997-2000, as illustrated in Table 1.
Donosnosti, zahtevani za likvidna sredstva, je treba dodati premijo, ki znaša med 0,5 in 1,5 % [37],kar kaže na veliko negotovost, izhajajočo iz dejavnikov, preučenih v uvodnih izjavah 179 in 180, kar zadeva likvidnost vrednostnih papirjev družbe EDF, ki jih je lahko imel leta 1997 preudaren zasebni vlagatelj.
Therefore, any appraisal by a prudent private investor in a market economy in 1997 with, like the French state, a thorough knowledge of the situation of the undertaking, would have led the investor to accentuate the future liabilities of the undertaking and to downplay accordingly the profitability prospects of the investment.
Vsekakor je upoštevnost velikosti 12 % brez likvidnostne premije blizu, čeprav je nižja, tekoči donosnosti lastnih sredstev v višini 14 %, po kateri je družba EDF izplačala francosko državo med letoma 1991 in 1996 (uvodna izjava 102, preglednica 3).
In addition, the prudent private investor could expect a considerable reduction in EDF's debt, which was set to fall from FRF […] to FRF […] over four years (recitals 91 and 95).
Pričakovana donosnost v prihodnosti običajno izhaja iz dejansko dobljene donosnosti.
However, it has been shown that between 1992 and 1996 EDF kept its Aaa credit rating by the credit rating agency Moody's with a debt ratio of 480 %.
Upoštevnost v navedeni višini 12 % je podprta tudi z uporabo drugih parametrov na podlagi številčnih podatkov, ki so bili na voljo v zadevnem obdobju, vključno s tistimi, ki so bili uporabljeni v študiji, izvedeni za družbo EDF in povzeti v uvodni izjavi 70, v kateri je bila ugotovljena ciljna vrednost v razponu med 11,9 % in 13,5 %, s povprečjem 12,7 %.
The French authorities also refer rather vaguely to the generation of resources of FRF 70 billion by EDF for the period 1997 to 2000 (recital 84).
Ker se rezultati analize z likvidnostno premijo poleg ciljne donosnosti v višini približno 12 % ali z uporabo od leta 1997 14-odstotne dejanske donosnosti v nedavni preteklosti ne spremenijo, navedene premije in dejanske donosnosti ni treba upoštevati.
Moreover, one the objectives set between 1997 and 2000 was to reduce EDF's indebtedness to FRF […].
Vrednosti izračuna
A substantial reduction in the total interest charges incurred by EDF was therefore expected to follow.
Vrednost
Consequently, neither the reduction in EDF's total debt nor its cost, nor any advantages arising for the state as shareholder would have been compromised by a lesser contribution to capital of FRF 44,8 billion instead of FRF 50,7 billion.
Vir
A debt-to-equity ratio of 163 % instead of the 148 % foreseen as a result of the tax exemption would not have been detrimental to the interests of the shareholder.
Obrestna mera brez tveganja
Indebtedness enabled EDF to finance its growth and its results without additional funds from the shareholder, using the leverage effect of the debt to increase the rate of return on the funds already invested by the state.
Taux de référence des bons du Trésor et OAT (Referenčna stopnja blagajniških zapisov in zamenljivih državnih obveznic), (http://www.banque-france.fr/economie-et-statistiques/changes-et-taux).
However, priority was given to debt reduction, even though EDF's credit rating was excellent before the envisaged debt reduction (recital 71).
Beta vrednost družbe EDF (zadolžene)
Moreover, the excellent credit rating before 1996, reflecting EDF's capacity to repay its creditors, is not incompatible with poor remuneration of the shareholder.
Beta vrednost družbe EDF – Vernimmen in drugi op.cit., graf str. 427.
On the contrary, the less drawn down by its shareholder, the better the credit rating of the debt instruments that EDF issued.
Zadolženost (%)
Within the time-frame put forward in the projections submitted by the French authorities, the foreseeable reduction in the leveraging effect and, in any event, the low impact of the amount of tax on the debt ratio would have led a prudent private investor in a market economy either to reduce the profitability prospects of its investment or to not consider that the equity investment equivalent to the amount of tax was justified by the need to improve the debt situation of EDF in 1997.
Kapitalska struktura družbe EDF po prestrukturiranju leta 1997
Finally, a prudent private investor would likely have based its investment decision on an assessment of the undertaking's capacity to provide it with stable and adequate remuneration.
Beta vrednost družbe EDF (razdolžene)
In this regard, the remuneration for the state as shareholder for the period 1997-2000 described by the French authorities was well below the 6,35 % paid on French bonds during the same period.
in 2.
In addition, this remuneration could in practice be reduced to take account of the tax paid to the state as revenue collector (recitals 103 and 106).
Izračun Komisije.
The remuneration of the shareholder was also considerably reduced at the very time the state was making the alleged investment.
Študija Oxera, preglednica 3.8
Any shareholder would have taken into account negatively the sudden and very significant reduction in the return on contributions of capital.
Premija za tržno tveganje
This return was to decrease from an actual average of 9,32 % over the period 1991-1996 to 4,64 % for the period 1997-2000, which is a reduction of more than half.
Vernimmen op.cit. str. 423, ki navaja Mehra Prescott 2/2003 T.2 FR 1973–98.
In terms of equity capital, the rate of return fell from an average of 14,1 % at the end of 1996 to 2,94 % in the same period (recitals 92 and 102, Tables 1 and 3).
Povprečna vnaprej plačana premija za tveganje v Franciji za obdobje od 1988 do 1996 (ta premija je leta 1996 znašala 10,1 %).
Admittedly, a prudent private investor may accept a reduction in its current return in the expectation that the growth of the undertaking will result either in better future earnings or in an increase in the undertaking's value which is likely to generate a value-added on the sale of its asset reflecting an ownership right over the undertaking.
„An examination of Equity Risk Premium Forecasts in the G-6 Countries“, Khorana, Moyer & Pattel, I/B/E/S Working Paper, avgust 1997, str. 25.
In that regard, first, the current rate of return that could be expected in 1997 would not have been sufficient to offset the sharp reduction in the past rate of return.
Razpon ciljne donosnosti
Secondly, analysis of the four factors with the potential to create value for the shareholder identified in recitals 164 to 173 does not support the conclusion that growth in the value of the company was foreseeable by the shareholder from the data available in the documents forwarded by the French authorities.
Izračun Komisije
Moreover, the available evidence does not support the conclusion that a prudent private investor acting in the place of the French state in 1997 could have counted on a capital appreciation to offset the low current rate of return paid to the state, in the light of the information available.
Mediana donosnosti
The French authorities did not carry out any assessment of the value of EDF before and after reclassification of the provisions in 1997.
Mogoče je torej domnevati, da je naložba omogočila pravico do prejetja 11 % od dividend (donosnost kapitalskih injekcij, kakor so ocenjene v preglednicah 1 in 4) in od vrednosti družbe EDF.
Moreover, in 1997, EDF had, for more than fifty years, been a public industrial and commercial establishment and not a public limited company.
Za določitev te vrednosti je treba uporabiti model za izračun dolgoročne vrednosti podjetja, to je model diskontiranih dividend (v angleščini „dividend discount model“ „DDM“) [38].
Under Article 16 of Act No 46-628, its capital belonged to the French nation and could not be alienated (recital 18).
Rezultati navedene analize, izvedene na podlagi modela DDM glede naložbe v znesku 5,88 milijarde FRF od dividend, predvidenih v napovedi pričakovanega poslovnega izida družbe EDF za leta od 1997 do 2000 (donosnost kapitalskih injekcij in dodatna donosnost iz preglednice 1) so predstavljeni v preglednici 6, pri čemer so navedeni notranja stopnja donosa (IRR) finančnih tokov in neto sedanje vrednosti („NPV“) za stopnje ciljne donosnosti v višinah 12 %, 6,35 % in 5,58 % [39].
Furthermore, it should be pointed out that, even after the restructuring of EDF's balance sheet under Act No 97-1026, in 1997 EDF's total net debt of FRF 118 billion far exceeded the value of its equity capital, which stood at FRF 79,8 billion (recital 101, Table 2).
Ti rezultati so izračunani za referenčni scenarij, ki temelji na običajni analitični praksi (preglednica 6.1), ki zajema tri manj verjetne analize občutljivosti, na podlagi katerih se izdelajo predpostavke referenčnega scenarija in torej simulirajo večjo donosnost za delničarja kot referenčni scenarij (preglednice 6.2, 6.3 in 6.4).
None of the documents shedding light on the alleged investment decision of the French authorities records a plan for a possible privatisation of EDF through the sale of all or part of the capital held by the state.
Preglednica 6
This would have required the prior adoption of the status of public limited company and the abandonment of the status of publicly owned industrial and commercial establishment.
Ocena donosnosti (NPV) naložbe v znesku 5,88 milijarde FRF po modelu DDM na podlagi napovedi pričakovanega poslovnega izida družbe EDF za obdobje 1997–2000 (preglednica 1) (v milijardah FRF)
On the contrary, the only reference to the status of EDF contained in those documents was the reaffirmation by the state of its intention to maintain the specific status of EDF ‘which should remain a stable point of reference for future developments’ within the internal market for electricity (recital 95).
Osrednji scenarij (predvidena rast dividend na koncu obdobja 1999–2000)
These facts must therefore remain the reference framework for analysis of the alleged decision.
Za predvidene finančne tokove med 1. januarjem 1997 in 31. decembrom 2000 NPV z diskontno stopnjo 12 % znaša – 3,43 milijarde FRF […] in IRR je – 13 %
Accordingly, it would not have been reasonable or wise for an investor to expect a capital gain which depended on the action by the legislature contrary to both the provisions of law adopted by the French authorities in 1946 and applied unfailingly and the express intention of the state, affirmed by the Minister responsible for state holdings at the material time in 1997, to maintain the specific legal status of EDF in a liberalised internal market for energy at EU level.
Naložba
The assumptions underpinning EDF's conclusions as to the return on investment that a prudent private investor would have expected, based on the initial and future value of EDF's shares in 1997 (recitals 69 and 70), do not take account of the status of EDF in 1997, and are contradicted by the evidence submitted by the French authorities referring thereto.
Dividenda
As the French authorities emphasise, as a public industrial and commercial establishment, in 1997 EDF had no share capital, unlike, for example, a public limited company whose capital is owned by the shareholders (see recital 19), who may sell their shares at any time.
Vrednost DDM
the amount at which the state would set the share capital of a future public limited company, and in particular the inclusion or otherwise of quasi-own assets, which determines the company's capacity to provide a stable dividend;
NPV 6,35 %
the number of shares into which this capital would be divided, bearing in mind that a greater or lesser number partially determines their attractiveness in the market;
NPV 5,58 %
There is nothing in the information submitted by the French authorities for the period preceding the alleged investment to suggest that these unknowns could have been cleared up in 1997.
Občutljivost 3 (Občutljivost 1 + dodatnih 11 % nepravega lastniškega kapitala)
Accordingly, any increase in the value of the right held by the state in the capital of EDF resulting from the contested capital contribution, assuming the increase was established — which is manifestly not the case — would have involved a prudent investor speculating about at least four key factors over which, unlike the legislator and the regulator, it had no influence or, in any event, no valid information available in 1997.
Iz ocen v preglednici 6 izhaja, da bi navedena transakcija ustvarila veliko izgubo neto sedanje vrednosti (– 3,43 milijarde FRF), če bi domnevno vloženi znesek 5,88 milijarde FRF omogočil pravico do sorazmernega deleža od dividend in od vrednosti družbe EDF.
A prudent private investor would not have ignored the virtual absence of liquidity of its investment.
Te ugotovitve kvalitativno ne spremenijo drugih predpostavk, ki so uporabljene kot preizkusni test in čeprav so manj verjetne, več obetajo od domnevne naložbe (preglednice od 6.2 do 6.4) [40].
It follows that a prudent private investor would have taken that fact into account when deciding whether or not to invest.
Te predvidljive in leta 1997 predvidene spremembe podpirajo tudi sklepanja in njihovo razširitev na obdobje po letu 2000, kakor ga je lahko preudaren zasebni vlagatelj predvidel leta 1997 na podlagi informacij, ki so jih predložili francoski organi.
This lack of liquidity is likely to reduce the benefit of any increase in the value of the company.
Tudi če bi preudaren zasebni vlagatelj pričakoval kapitalski dobiček poleg redne donosnosti družbe EDF – kar ni nikjer razvidno iz informacij in podatkov, ki so jih predložili francoski organi in kar bi bilo poleg tega preveč tvegano glede na status družbe EDF leta 1997 – je izključeno, da bi izvedel domnevno naložbo.
Furthermore, as mentioned in recital 144, the test of the prudent private investor in a market economy must be based primarily on the information and evidence submitted by the Member State in a situation where the decision has already been taken, since it is the Member State that is arguing that these are the elements that the Member State has taken into account, and not others which are more hypothetical or even contradictory in relation to those submitted.
V teh okoliščinah je uporaba testa preudarnega zasebnega vlagatelja v tržnem gospodarstvu pokazala, da tudi če bi bila oprostitev davka 5,88 milijarde FRF dejansko odločitev države delničarke o naložbi, te transakcije preudaren zasebni vlagatelj ne bi izvedel, če bi imel na voljo informacije, ki so jih predložili francoski organi.
However, the Court of Justice requires the application of the principle of the prudent private investor in a market economy to be based on assessments foreseeable at the time the decision was taken (paragraph 105 of the judgment of 5 June 2012).
V zvezi s tem so pripombe družbe EDF, ki so bile ponovno navedene v uvodni izjavi 71 in v skladu s katerimi oprostitev davka ne bi imela škodljivega učinka na konkurenco niti naj ne bi zagotovila prednosti, saj naj bi lahko družba EDF vsekakor našla enakovredna finančna sredstva na kapitalskih trgih, v nasprotju z dejstvi.
Thus, the French authorities claimed in 1997 that the status of EDF, which did not allow the creation and disposal of EDF shares, would be maintained as a stable point of reference, including in the liberalised European market (recital 95).
Ni sporno, da družba EDF za zagotovitev navedenega zneska ne bi mogla izdati delnic na trgih.
Adopting assumptions which contradict the assertion of the French authorities amounts to placing the test in a situation which is not as close as possible to that of the Member State, contrary to what the case-law requires (recital 126).
Tudi tako bi, brez upoštevanja odplačila glavnice, katere del družbi EDF ni bilo treba odplačati v znesku oprostitve davka ali enakovrednemu znesku kapitalskih injekcij leta 1997, navedeni ukrep družbi EDF zagotovil gospodarsko prednost z zmanjšanjem njenih finančnih stroškov.
However, even assuming for the purposes of the analysis that a prudent private investor could have taken into account a future increase in the value of its investment at an uncertain date in addition to the regular returns offered, in deciding on the alleged investment the investor would have borne in mind the capacity of the undertaking to generate dividends over the long term, thereby following the time horizon of the French state, which had been controlling EDF since 1946.
Tudi če bi bilo mogoče uporabiti načelo preudarnega vlagatelja v tržnem gospodarstvu, glede na dokumente, ki so jih predložili francoski organi in v katerih so po njihovih navedbah pojasnjene napovedi donosnosti in tveganj, povezanih z domnevno naložbo, v obliki oprostitve davka, je mogoče z uporabo testa načela zasebnega vlagatelja v tržnem gospodarstvu ugotoviti, da preudaren zasebni vlagatelj ne bi vložil zneska, ki bi bil enak dolgovanemu davku pri povečanju kapitala družbe EDF leta 1997.
In estimating the value of its ownership interest in EDF, the prudent private investor would have disregarded the book value of the undertaking's net assets, even if it was counting on the debt reduction and generation of resources underlined by the French authorities (recital 84).
Dejstvo, da družba EDF ni plačala davka od dohodkov pravnih oseb v znesku 5,88 milijarde FRF, se ne zdi kot donosna naložba države delničarke v skladu z načelom preudarnega zasebnega vlagatelja v tržnem gospodarstvu.
The value of the assets, the amounts of investment or debt reduction do not necessarily coincide with the real economic value with a view to fixing a transaction price.
Prej se to zdi kot odstopajoč ukrep oprostitve davka ad hoc, ki je družbi EDF zagotovil gospodarsko prednost, enakovredno znesku neplačanega davka.