natgillin/translations-raw huggingface dataset:
From a substantive perspective, having regard to the criteria laid down by the General Court, the Commission noted that it was for France to duly establish the date of the documents provided and the evidence that they had been examined by the relevant ministers and officials and the Houses of Parliament before the contested decision was adopted.
V nobeni izrecni proračunski določbi ni bilo predhodno navedeno, da je treba ta davčni vir nameniti družbi EDF, niti se niso izvajala pravila ali pregledi na področju naložb, da bi zagotovili pravno podlago domnevne naložbe.
In the absence of this information, however, it was in the exercise of its powers of taxation that France appeared to have reserved a more favourable tax treatment for the restructuring of the upper part of EDF's balance sheet, in relation to the reclassification of the grantor rights provided for in Article 4 of Act No 97-1026.
Komisija je v zvezi s tem k dejavnikom, ki bi jih preudaren zasebni vlagatelj preučil, preden bi vložil svoja sredstva, dodala negotovost glede zneska in gibanja stroškov financiranja pokojnin, s katerimi se je morala spopasti družba EDF leta 1997 v skladu z njenim posebnim pravilnikom, in oceno, ki jo je lahko tedaj v zvezi s tem naredil vlagatelj.
No specific budgetary provision earmarked this tax resource to EDF, just as the rules and checks relating to investments had not been implemented to provide a legal basis for the alleged investment.
V teh okoliščinah se delna oprostitev davka od dohodkov pravnih oseb leta 1997 ni zdela kot donosna naložba države delničarke, temveč prej kot odstopajoč davčni ukrep, ki bi lahko družbi EDF zagotovil gospodarsko prednost.
Likewise, in its extension decision, the Commission noted in the alternative that, even if the principle of the private investor in a market economy had been applicable, application of the principle resulted in the conclusion at that stage that a private investor would not have invested FRF 5,88 billion in the capital contribution to EDF in 1997.
Poleg tega se je zdelo, da so bila s tem, ko ni bil odtegnjen davek od dohodkov pravnih oseb, ki ga je morala plačati družba EDF, uporabljena državna sredstva ter da je to lahko škodovalo konkurenci in trgovini med državami članicami, saj so bili s tem izpolnjeni drugi pogoji za uporabo člena 107(1) PDEU.
In the absence of information provided by the French authorities, it seemed excluded that a private shareholder under normal market conditions would have gone ahead with the alleged investment without previously examining objective and reliable studies, preferably carried out by an impartial independent investment adviser, rather than, for example, by the beneficiary enterprise, which stated, in particular, the return on capital invested, the return period on the investment and the inherent risks in absolute terms and in relation to the remuneration arrangements linked to such an investment.
Ker ni pravne podlage, s katero bi bilo mogoče utemeljiti, da je z notranjim trgom združljiva pomoč za tekoče poslovanje, s katero se je okrepil položaj družbe EDF glede na njene konkurente, je Komisija v sklepu z dne 2. maja 2013 navedla pomisleke glede združljivosti navedene pomoči z notranjim trgom.
In that regard, the Commission added to the factors which a rational private investor would have examined before committing funds the uncertainty about the amount and the future course of the pension financing costs facing EDF in 1997, under its specific pension scheme, and the assessment that an investor would make at that time.
Podobni pomisleki so bili že navedeni v sklepu o začetku postopka.
Under those conditions, the partial exemption from corporation tax in 1997 was not a productive investment by the state shareholder but rather a tax exemption measure likely to have conferred an economic advantage on EDF.
PRIPOMBE ZAINTERESIRANIH TRETJIH STRANI
Furthermore, it appeared that the failure to levy the corporation tax owed by EDF involved state resources and was likely to distort competition and affect trade between Member States, thereby fulfilling the conditions for the application of Article 107(1) of the TFEU.
Družba EDF je z dopisom z dne 29. julija 2013 predložila pripombe k sklepu o razširitvi.
In the absence of a legal basis justifying the compatibility with the internal market of operating aid that strengthened EDF's position in relation to its competitors, the Commission, in its decision of 2 May 2013, doubted whether the aid was compatible with the internal market.
Družba EDF je navedla tri glavne očitke zoper razlogovanje v navedenem sklepu:
Similar doubts had already been raised in the opening decision.
v sklepu naj bi bile prezrte ugotovitve iz sodbe Splošnega sodišča in naj ne bi bila upoštevana resnična narava dokapitalizacije družbe EDF, ki naj bi jo izvedla država, (ii) sklep naj bi bil preveč formalističen, saj naj bi bil v njemu zmotno predpostavljena potreba po poslovnem načrtu v zvezi z naložbo, čeprav naj bi bila naložba rezultat skrbno pretehtanega načrta, kot naj bi dokazovali številni tedanji dokumenti, in (iii) v sklepu naj bi bila navedena nedokazana predpostavka, da noben vlagatelj v položaju, podobnemu tistemu, v katerem naj bi bila država, ne bi izvedel primerljive naložbe, kar naj bi bilo v nasprotju z dejstvi, ki naj bi jih predložila družba EDF v utemeljitev svojih pripomb.
COMMENTS BY THIRD PARTIES
Družba EDF meni, da je Komisija tako še naprej analizirala ukrep, ki ga je sprejela Francija leta 1997, izključno z vidika njegovih domnevnih davčnih posledic, čeprav naj bi Splošno sodišče jasno zavrnilo ta pristop.
By letter dated 29 July 2013, EDF submitted its comments on the extension decision.
Kot je trdilo Splošno sodišče, je ukrep, ki ga je izvedla država ob prerazvrstitvi dajatev koncedentu v kapitalske injekcije, transakcija dokapitalizacije družbe EDF, katere namen naj bi bil odpraviti neravnotežje v bilanci družbe EDF v pričakovanju, da se bodo energetski trgi odprli konkurenci.
EDF levelled three main criticisms at the arguments set out in that decision:
Dopis ministra za gospodarstvo z dne 22. decembra 1997 naj ne bi zajemal drugačne davčne odločbe, kot naj bi bil zakon iz leta 1997, temveč naj bi pomagal ugotoviti njene davčne posledice.
the decision ignored the lessons of the judgment of the General Court and failed to recognise the true nature of the recapitalisation of EDF carried out by the state; (ii) the decision was excessively formalistic in that it wrongly postulated the need for a business plan linked to the investment, whereas the recapitalisation was the fruit of a lengthy reflection process, as attested by many documents from that period; and (iii) the decision argued, without any demonstration, that no investor in a situation as close as possible to that of the state would have made a comparable investment, contrary to the information provided by EDF in support of its observations.
Preučiti naj bi bilo treba prav ta ukrep dokapitalizacije, ki naj bi bil en in nedeljiv, in ne domnevnih davčnih posledic, ki naj bi bile umetno ločene od njega v sklepu o razširitvi formalnega postopka preiskave.
As the General Court had confirmed, the measure implemented by the state when it reclassified the grantor rights as capital contributions constituted a recapitalisation of EDF intended to correct the imbalance on EDF's balance sheet with view to the opening-up of the energy markets to competition.
Po navedbah družbe EDF je taka dolgoročna napoved upoštevna zlasti v njenem primeru zaradi kapitalske intenzivnosti njene dejavnosti in večdesetletne življenjske dobe nekaterih objektov, v nekaterih primerih od 30 do 75 let.
The letter from the Minister for Economic Affairs dated 22 December 1997 did not contain a tax decision that departed from the 1997 Act but served to point out the tax implications.
Družba EDF navaja, da je država izvedla naložbo, in sicer na podlagi analiz in natančnih napovednih ocen, kot delničarka in ne kot javni organ, kot naj bi potrjevali številni dokumenti iz zadevnega obdobja.
It was that this single and indivisible recapitalisation measure that should be examined, not the alleged tax implications, which were artificially dissociated in the decision to extend the formal investigation procedure.
Že leta 1995 naj bi se tako začela dela, v okviru katerih naj bi se povezali družba EDF in resorna ministrstva države, da bi ugotovili posledice mnenja računskega sodišča, navedenega v uvodni izjavi 26.
According to EDF, a business plan specific to the investment was not required by the case-law, which did not establish any formalism on that question but requires objective and verifiable evidence pre-dating or contemporaneous with the measure under examination.
Ta dela naj bi se tako nanašala zlasti na prestrukturiranje bilance podjetja in donosnost kapitala.
Incidentally, such a business plan would not have been essential for the state in 1997.
Končala so se s podpisom podjemne pogodbe, sklenjene 8. aprila 1997 med državo in družbo EDF za obdobje od 1997do 2000, in hkrati predložitvijo, 2. aprila 1997, osnutka zakona, s katerim naj bi bile uvedene različne gospodarske in finančne določbe ter v katerega členu 45 so bile povsem enako povzete določbe člena 4 zakona št. 97-1026.
EDF took the view that it was as a shareholder and not as a public authority that the state, as attested by many contemporary documents, had carried out an investment on the basis of precise forward-looking analyses and assessments.
ureditev finančnih razmerij z družbo EDF na podlagi splošnega prava in pri tem odprava morebitnih dvoumnosti iz preteklosti,
Thus, as early as 1995 discussions had begun between EDF and its line ministries in order to draw the conclusions from the opinion of the Court of Auditors referred to in recital 26.
odprava velikega neravnotežja v tedanji strukturi bilance družbe EDF z okrepitvijo njenih lastnih sredstev,
These discussions focused on the reorganisation of the balance sheet of the undertaking and the return on capital.
olajšanje mednarodnih primerjav, da bi se povečala verodostojnost podjetja v finančni skupnosti.
They resulted in the signature, on 8 April 1997, of the contract for services between the state and EDF for the period 1997-2000 and the concomitant tabling, on 2 April 1997, of a draft law on various economic and financial measures, Article 45 of which was identical to Article 4 of Act No 97-1026.
Družba EDF nazadnje meni, da je mogoče merilo preudarnega zasebnega vlagatelja v tržnem gospodarstvu uporabiti ne le iz navedenih razlogov, temveč naj bi bilo to merilo v obravnavanem primeru izpolnjeno tudi zato, ker naj bi država ravnala tako, kot naj bi ravnal zasebni vlagatelj.
According to EDF, the preparatory work in the National Assembly and the Senate, and even the Act itself, demonstrated that the nature of the intervention by the state was that of a shareholder:
Po mnenju EDF je treba glede na navedbe Sodišča (točki 78 in 89 navedene sodbe) določiti, ali je družba EDF lahko pridobila isto prednost, kakršna naj bi bila zagotovljena s sredstvi države v običajnih okoliščinah na trgu, in ali je ta zaradi svojih učinkov dejansko ali potencialno izkrivljala konkurenco.
a capital contribution recapitalising EDF.
Iz številnih dokumentov iz zadevnega obdobja naj bi bilo še razvidno, da je država vsekakor preučila in izračunala donosnost svoje naložbe, kot naj bi to naredil vlagatelj, ki je edini delničar podjetja, in pripravila dolgoročno napoved.
As attested by some 40 contemporaneous documents that EDF attached to its accounts, the state had been guided in its analyses and reflections by four main concerns:
Na tej podlagi je bil določen donos za državo v podjemni pogodbi družbe EDF za obdobje od 1997 do 2000 in ta donos naj bi bil v zadevnem obdobju v skladu z donosi delničarjem primerljivih družb.
taking into consideration the new competitive context of the gradual opening-up of the markets following Directive 96/92/EC,
Ocene zneskov, ki naj bi jih morala družba EDF izplačati državi od leta 1997 do leta 2000, naj bi država tako preučila pred sklenitvijo pogodbe.
normalising its financial relations with EDF on the basis of ordinary law by putting an end to the ambiguities which had existed in the past,
Poleg tega naj bi družba EDF v svojih pripombah iz julija 2013 napovedala pripravo študije, naročeno svetovalnemu podjetju Oxera, ki naj takrat, ko naj bi družba EDF predložila pripombe, še ne bi bila dokončana.
rectifying the significant imbalance which was affecting the structure of EDF's balance sheet by strengthening its own funds,
Družba EDF je trdila, da so bile v študiji svetovalnega podjetja Oxera primerjane pričakovane notranje stopnje donosa na naložbo države leta 1997 in stopnje, zahtevane na kapitalskih trgih za podobno naložbo, študija pa naj bi tudi pokazala, da bi zasebni vlagatelj izvedel naložbo v skladu s pogoji, določenimi v podjemni pogodbi za obdobje od 1997 do 2000.
facilitating international comparisons to increase the credibility of the enterprise within the financial community.
Družba EDF je 18. oktobra 2013 navedeno študijo podjetja Oxera z dne 15. oktobra 2013 [12] predložila Komisiji brez dodatnih pripomb.
Lastly, for EDF, the criterion of the prudent private investor in a market economy was not only applicable because of the considerations referred to above but was also satisfied in this case since the state had acted as a private investor would have done.
Kot naj bi napovedala družba EDF v svojih pripombah iz julija 2013, naj bi bilo v študiji svetovalnega podjetja Oxera ugotovljeno, da bi preudaren vlagatelj v tržnem gospodarstvu vložil v povečanje zneska kapitalskih injekcij družbe EDF.
In the view of EDF, according to the Court of Justice (paragraphs 78 and 89 of the judgment), the question was one of determining whether EDF, in circumstances which corresponded to normal market conditions, could have obtained the same advantage as that which had been made available to it through state resources and whether the advantage, because of its effects, distorted or threatened to distort competition.
Ta ugotovitev naj bi izhajala iz dejstva, da naj bi bila donosnost (notranja stopnja donosa), ki naj bi jo lahko tak vlagatelj pričakoval leta 1997 v razponu med 35 % in 15 % ter v povprečju 27 % v napovedanih petih letih, kar naj bi bila vsekakor višja donosnost od 12,7 %, ki naj bi jo tak vlagatelj zahteval.
Here again, many contemporaneous documents demonstrate that the state had indeed examined and quantified the profitability of its investment, as would have done an investor who was the sole shareholder in the undertaking operating to a long-term time horizon.
Donosnost naj bi bila izračunana ob upoštevanju vrednosti prodaje pravic države v družbi EDF.
It was on that basis that the remuneration of the state had been set in the contract for services between the state and EDF for the period 1997-2000.
Družba EDF meni, da so bili, če se izvzame pomanjkanje lastniškega kapitala, ekonomski temelji družbe EDF leta 1997 zdravi, kot naj bi ugotovili analitiki v zadevnem obdobju, ki naj ne bi dvomili o finančni obstojnosti ali tržnih možnostih, ko je država izvedla naložbo.
At the time, the remuneration was consistent with the remuneration of shareholders in comparable companies.
Bonitetna ocena družbe EDF naj bi bila odlična (Aaa bonitetne agencije Moody's za obdobje od 1992 do 1997 in AAA bonitetne agencije Standard & Poor's za obdobje od 1996 do 1997) in naj bi taka tudi ostala, tudi če bi jo bilo treba znižati za dve ali tri stopnje, da bi se upoštevalo jamstvo države, ki naj bi ga imela družba EDF kot javna ustanova industrijske ali komercialne narave.
The estimates of the amounts that EDF would have to pay to the state from 1997 to 2000 had therefore been examined by the latter before the contract was concluded.
Iz več dokumentov iz zadevnega obdobja naj bi bilo razvidno, da naj bi bila stopnja izplačila francoski državi s strani EDF primerljiva s stopnjo donosnosti dividend družb v okviru indeksa CAC40 (od 4,5 % do 5 % kapitala), pa tudi podjetij, ki naj bi delovala v energetskem sektorju v Evropi (stopnja, ocenjena na 4,7 % za leto 1996, in na 5,27 % za leto 1997).
Moreover, in its comments of July 2013, EDF had anticipated a study commissioned from Oxera, which had not yet been finalised when EDF made its submission.
To naj bi poleg tega kazalo, da bi družba EDF lahko prejela isti znesek kapitala na kapitalskem trgu, zato naj navedeni ukrep zaradi svojih učinkov ne bi izkrivljal konkurence.
EDF had claimed that the Oxera study would compare the internal rate of return expected on the investment by the state in 1997 with that required by the capital markets for a similar investment and would show that a private investor would have made the investment under the conditions set in the contract for services for 1997-2000.
Družba EDF meni zlasti, da bi lahko zasebni vlagatelj, ki ima v lasti celoten kapital podružnice, v primerljivih okoliščinah izvedel podobno naložbo v navedeno podružnico, tako da bi terjatev do nje pretvoril v kapital, ne glede na naravo te terjatve.
On 18 October 2013, EDF had sent to the Commission the study by Oxera, which was dated 15 October 2013 [12], without further comment.
Ta analiza je bila podprta s pravnim mnenjem, izdanim na zahtevo družbe EDF.
As EDF had anticipated in its comments in July 2013, the study by Oxera concluded that a prudent private investor in a market economy would have invested in the increase in the amount of capital in EDF.
Država naj bi poleg tega, s tem ko naj bi poskušala popraviti neuravnoteženo finančno strukturo zaradi pomanjkljivega lastnega kapitala v primerjavi s finančnim dolgom, navedenemu podjetju tudi omogočila, da konkurira drugim velikim gospodarskim subjektom v navedenem sektorju v Uniji.
This conclusion resulted from the fact that the profitability (internal rate of return) that an investor could have expected in 1997 lay somewhere between 35 % and 15 %, with an average of 27 %, over five years, which in any event was higher than the return of 12,7 % that such an investor would have required.
Navedeni delničar naj torej ne bi hote dopustil, da se še naprej ohranja veliko neravnotežje v bilanci njegove podružnice z zdravimi ekonomskimi temelji, medtem ko naj bi imel na voljo sredstva, ki bi lahko to neravnotežje odpravila s pretvorbo terjatve v kapital.
The return was calculated by taking into account the value, at the start and end of the period, of the sale of the rights in EDF held by the state.
Družba EDF zato meni, da je razumno meniti, da bi zasebni vlagatelj v položaju, čim bolj podobnem položaju države, to je položaj 100-odstotnega delničarja podjetja, ki bi pripravil dolgoročno napoved, na trgu, ki je zelo kapitalističen z vidika odprtosti za konkurenco, izvedel enako naložbo.
EDF took the view that, apart from the weakness in own funds, its economic fundamentals were healthy in 1997, as analysts had commented at the time, without expressing any concerns about its financial viability or its commercial prospects at the time the state made its investment.
PRIPOMBE FRANCIJE K SKLEPU O RAZŠIRITVI POSTOPKA
EDF's credit rating was excellent (Aaa for Moody's between 1992 and 1997, AAA for Standard & Poor's in 1996-1997) and remained so despite it having been necessary to lower it by one or two notches to take account of the state guarantee available to EDF as a public industrial and commercial establishment.
Francoski organi zlasti menijo, da je država delovala kot preudaren zasebni vlagatelj v tržnem gospodarstvu, s tem ko je z oprostitvijo davka od dohodkov pravnih oseb prerazvrstila dajatve koncedentu v kapitalske injekcije družbe EDF.
Several contemporaneous documents showed that the level of remuneration of the French state by EDF was comparable to the rate of return from dividends from companies listed on the French stock exchange (CAC 40) (4,5 % to 5 % on capital) and from undertakings active in the energy sector in Europe (estimated at 4,7 % and 5,27 % for 1996 and 1997 respectively).
Menijo, da je v nasprotju s prikazom v sklepu o začetku postopka z dne 16. oktobra 2002 in v sklepu o razširitvi postopka z dne 2. maja 2013 ukrep, ki bi ga morala Komisija analizirati, enkratni ukrep dokapitalizacije družbe EDF s sprejetjem člena 4 iz zakona št. 9-1026 in ne oprostitev davka v zvezi s prerazvrstitvijo dajatev koncedentu v kapitalsko injekcijo, kar naj ne bi bilo združljivo z besedilom navedenega zakona.
Moreover, this demonstrated that EDF could have obtained the same amount of capital on the capital market, so the measure, because of its effects, had not been of such a nature as to distort competition.
Opirajo se na informacije, predložene v okviru nekaterih dokumentov iz let 1996 in 1997, priloženih njihovim pripombam, ki po njihovih navedbah podpirajo in podkrepijo navedeno trditev.
In particular, EDF took the view that a private investor holding the entire share capital in a subsidiary would have been able to make, under comparable conditions, a similar investment in that subsidiary by converting any type of claim held against the subsidiary into capital.
Ti dokumenti so navedeni v uvodnih izjavah od 87 do 108.
This analysis was supported by a legal opinion issued at the request of EDF.
Po navedbah francoskih organov pripombe Francije podpirajo tudi drugi dokumenti, ki naj bi jih predložila družba EDF.
In seeking to rectify a financial structure that was distorted by the weakness of its own capital compared with the financial indebtedness, the state would also have allowed the undertaking to compete with other leading operators in the sector in the EU.
Francoski organi podredno ponavljajo, da izpodbijajo znesek navedene pomoči, in vztrajajo pri svojih pripombah z dne 20. novembra 2003, in sicer da bi morala biti davčna stopnja, ki naj bi jo bilo treba uporabiti za navedeni davek, tista iz leta 1996 in ne iz leta 1997, kot naj bi bilo navedeno v uvodni izjavi 47.
The same shareholder would not, therefore, have left untouched a significant imbalance in the balance sheet of its subsidiary with sound economic fundamentals, while it had an easy method of correcting the imbalance by converting a claim into capital.
Uporaba načela zasebnega vlagatelja v tržnem gospodarstvu
In the view of EDF, it was therefore reasonable to think that a private investor in a situation as close as possible to that of the state, i.e. the sole shareholder in the company, operating to a long-term time horizon, in a highly capital-intensive market on the verge of being opened up to competition, would have made the same investment.
Francoski organi izpodbijajo, da oprostitev spornega davka izhaja iz položaja francoskega javnega organa, zato naj ne bi bilo mogoče uporabiti načela preudarnega zasebnega vlagatelja v tržnem gospodarstvu.
COMMENTS BY FRANCE ON THE DECISION TO EXTEND THE FORMAL INVESTIGATION PROCEDURE
Menijo, da Sodišče od države članice ne zahteva, da predloži pravi poslovni načrt, ki bi se nanašal na sporni ukrep.
The French authorities considered, first, that the state had acted as a prudent investor in a market economy when it reclassified, free of corporation tax, the grantor rights as capital contributions to EDF.
V zvezi s tem, prvič, opozarjajo, da je bila družba EDF leta 1997 javna ustanova industrijske in komercialne narave, delujoča pod pokroviteljstvom države, ki naj bi zato dobro poznala navedeno podjetje ter njegovo industrijsko strategijo in finančna pričakovanja.
They took the view that, contrary to the presentation in the decision to open the investigation procedure of 16 October 2002 and in the decision to extend the procedure of 2 May 2013, the measure that the Commission should analyse was a single measure to recapitalise EDF through the adoption of Article 4 of Act No 9-1026 and not the measure to grant a tax exemption on the reclassification of the grantor rights as a capital contribution, which was separable under the said Act.
Zato menijo, da so predložene informacije in ocene, ki naj bi jih država imela na voljo pred sprejetjem spornega ukrepa in ki naj bi dokazovale donosnost naložbe, sprejemljive.