natgillin/translations-raw huggingface dataset:
They relied on the information presented in a number of documents dating from 1996 and 1997 annexed to their comments, which they believed supported and corroborated that argument.
Komisija naj bi morala izvesti celovito analizo, ki naj bi vključevala zlasti navedene in vse druge upoštevne elemente.
These documents are referred to in recitals 87 to 108.
Drugič, ob upoštevanju narave in cilja člena 4 zakona št. 97-1026 francoski organi menijo, da je država, s tem ko je odobrila oprostitev davka v okviru prerazvrstitve rezervacij dajatev koncedentu, delovala kot delničarka.
As far as the French authorities were concerned, other documents submitted by EDF backed up their comments.
Pred tem zakonom je bila 8. aprila 1997 podpisana podjemna pogodba med državo in EDF za obdobje od 1997 do 2000, za izvajanje katere naj bi bilo treba sprejeti zakonodajne ukrepe prestrukturiranja njene bilance.
In the alternative, the French authorities pointed out that they disputed the amount of aid and reiterated their comments of 20 November 2003 to the effect that the rate of the relevant tax to be applied should be the 1996 rate and not the 1997 rate, as set out in recital 47.
Pred tem naj bi nadzorni organi v dopisu z dne 12. julija 1996 družbo EDF opozorili, da je morala navedena pogodba zanjo določiti velikopotezen cilj donosnosti za državo.
On the applicability of the principle of the private investor in a market economy
V naslovu III navedene pogodbe je bilo tako določeno izplačilo državi, sestavljeno iz dveh delov:
The French authorities disputed that France had granted the tax exemption at issue in its capacity as a public authority, which made the principle of the prudent private investor in a market economy inapplicable.
donosa kapitalskih injekcij po stalni stopnji 3 % in (ii) dodatnega donosa v višini 40 % od čistega računovodskega izida družbe EDF, pri čemer naj skupni znesek na podlagi obeh pogojev vseeno ne bi mogel presegati 6 % zneska kapitalskih injekcij.
They considered that the General Court did not require the Member State to submit a genuine business plan relating to the contested measure.
Država naj bi navedeni donos preučila z vidika napovedi dividend, za katere naj bi izračunala dodaten donos 3,5 milijarde FRF, ki naj bi lahko dosegel do 6 milijard v navedenem obdobju, kot potrjuje dopis nadzornih organov družbi EDF z dne 22. aprila 1997.
In that regard, first, they pointed out that in 1997 EDF was a public industrial and commercial establishment placed under the supervision of the state, which, therefore, had a detailed knowledge of the undertaking and of its industrial strategy and financial prospects.
Ta ocena naj bi temeljila na ekonomsko-finančnih napovedih, ki jih je družba EDF predložila službam ministrstva za finance 19. februarja 1997, in na predpostavkah iz podjemne pogodbe.
Accordingly, they took the view that the submission of the information and evaluations available to the state before it took the contested measure, which demonstrated the profitability of the investment, was admissible.
Poročilo poročevalca senata iz septembra 1997 o zakonu št. 97-1026 je vključevalo tudi analize služb ministrstva v zvezi s pričakovanim vplivom na donos za državo delničarko za leto 1998, to je 2,6 milijarde FRF, od tega 1,5 milijarde stalne obrestne mere in 1,1 milijarde FRF dodatnega donosa.
The Commission had to carry out an overall analysis, including in particular this information and any other relevant information.
Država naj bi torej pred izvedbo zadevnega ukrepa ocenila prihodnje napovedi donosa, kot naj bi to storil vsak delničar, ki želi sodelovati pri povečanju kapitala svojega podjetja.
Second, given the nature and purpose of Article 4 of Act No 97-1026, the French authorities took the view that the state had acted in its capacity as shareholder by granting a tax exemption on the reclassification of the grantor rights.
Tretjič, francoski organi menijo, da so prerazvrstitev rezervacij dajatev koncedentu in širše prestrukturiranje bilance družbe EDF ter okrepitev lastnih sredstev zmanjšali šibkost finančne strukture navedenega podjetja.
Thus, this Act had been preceded by the signature on 8 April 1997 of the contract for services between the state and EDF for the period 1997-2000, the performance of which involved the adoption of legislative measures to restructure EDF's balance sheet.
Če bi družba EDF še naprej ostala enako šibka, bi se verjetno morala spopadati s povečanjem obrestne mere za svoj dolg in s težavo s svojimi poslovnimi partnerji, ker naj bi nasprotna stran negativno dojemala tveganje.
Previously, in a letter dated 12 July 1996, the supervisory authorities had informed EDF that the contract should set it an ambitious target for the remuneration of the state.
Ta skrb države delničarke naj bi izhajala iz obrazložitve člena 4 osnutka zakona, ki je nato postal zakon št. 97-1026, pa tudi iz govora pristojnega ministra, ki je 2. oktobra 1997 pred senatom predstavil navedeni osnutek.
Title III of the contract provided for a remuneration of the state comprising two elements:
V poročilih poslanca in senatorja, ki sta poročala o osnutku zakona pred nacionalno skupščino in senatom, naj bi bil med drugim poudarjen pozitiven učinek prestrukturiranja bilance družbe EDF na deleže dolga glede na lastna sredstva:
a remuneration on the capital contributions at a fixed rate of 3 %; and (ii) an additional remuneration equal to 40 % of EDF's net income, whereby the combined amount of the two elements could not, however, exceed 6 % of the amount of the capital contributions.
v prvem poročilu je bilo presojeno, da so ta (24,2 milijarde FRF) nezadostna glede na dolgove zaradi posojil (131,9 milijarde FRF) in glede na neto sredstva (696,4 milijona FRF);
The state had examined this remuneration in the form of prospective dividends and quantified the additional remuneration at FRF 3,5 billion, which could reach FRF 6 billion over the period, as documented by a letter dated 22 April 1997 from the supervisory authorities to EDF.
okrepitev lastnih sredstev naj bi družbi EDF omogočila bilanco, ki naj bi bila bolj v skladu z njenim premoženjskim stanjem, hkrati pa naj bi omogočala bolj upoštevne primerjave z evropskimi konkurenti;
This estimate was based on the economic-financial prospects that EDF had sent to the Ministry of Finance on 19 February 1997 and on the assumptions underlying the contract for services.
tudi v drugem poročilu naj bi bil poudarjen pozitiven učinek na družbo EDF zaradi njene povečane verodostojnosti v finančni skupnosti in pri njenih morebitnih partnerjih.
The report from September 1997 by the rapporteur to the Senate on Act No 97-1026 also included analyses by the Ministry's departments of the expected impact on the remuneration of the state as shareholder for 1998, i.e. FRF 2,6 billion, of which FRF 1,5 billion was fixed interest and FRF 1,1 billion was additional remuneration.
Francoski organi torej menijo, da je okrepitev finančne strukture podjetja v skladu s prizadevanjem preudarnega zasebnega vlagatelja v tržnem gospodarstvu, ki je v primerljivem položaju.
The state had therefore estimated the projected remuneration before adopting the measure at issue, as would any shareholder wishing to take part in a capital increase in their company.
Iz tega po navedbah francoskih organov izhaja, da je bilo vsekakor mogoče uporabiti test preudarnega zasebnega vlagatelja v tržnem gospodarstvu, saj naj bi država, s tem ko je brez odtegljaja davka prerazvrstila rezervacije dajatev koncedentu družbi EDF v kapitalske injekcije, delovala kot delničarka.
Third, the French authorities considered that the reclassification of the grantor rights and, more broadly, the restructuring of EDF's balance sheet and the strengthening of own funds had rectified the weakness in the financial structure of the enterprise.
Francoski organi najprej spominjajo, da je podjemna pogodba med državo in družbo EDF določala izplačilo državi, sestavljeno iz dveh delov:
If this weakness had persisted, EDF would probably have had to face an increase in the interest rate on its debt and a difficulty with its commercial partners because of a negative perception of the counterparty risk.
donosa kapitalskih injekcij po stalni stopnji 3 % in (ii) dodatnega donosa v višini 40 % od čistega računovodskega izida družbe EDF, kar naj bi kazalo, da je država imela informacije o pričakovanem donosu na vloženi kapital.
That the state as shareholder had had such a concern emerged from the explanatory memorandum to Article 4 of the draft law which then became Act No 97-1026 and from the speech by the minister responsible when he tabled the draft law before the Senate on 2 October 1997.
Kot naj bi med drugim potrjevalo navedeno poročilo poslanca nacionalne skupščine, ob upoštevanju obstoja stalne obrestne mere za kapitalske injekcije, naj bi bil učinek prerazvrstitve rezervacij dajatev koncedentu v kapital ta, da naj bi se povečala absolutna vrednost donosa za državo zaradi povečanja osnove.
Furthermore, the reports by the deputy and senator who acted as rapporteurs on the draft law before the National Assembly and the Senate respectively had stressed the positive effect of restructuring EDF's balance sheet on the debt-equity ratios:
Francoski organi nato menijo, da je bilo treba donosnost naložbe v družbo EDF leta 1997 obravnavati dolgoročno glede na prihodnja izplačila državi in v skladu s povečevanjem vrednosti podjetja.
the first report had judged the equity (FRF 24,2 billion) to be insufficient in relation to the loan debts (FRF 131,9 billion) and the net assets (FRF 696,4 million);
Vendar naj bi se pozitivni čisti poslovni izidi po odtegnitvi davkov in izplačilu državi (1,4 milijarde FRF poleg 2,5 milijarde FRF leta 1998 donosa za državo) pridružili znatnim ustvarjenim sredstvom v obdobju od 1997 do 2000, in sicer v višini 70 milijard FRF, kot je določala podjemna pogodba.
the strengthening of own funds had given EDF a balance-sheet structure that better reflected its economic reality, while enabling more relevant comparisons with its European competitors;
Kot je poudarjeno v dopisu družbe EDF z dne 19. februarja 1997, je država vsekakor določila cilj, da se poveča premoženjska vrednost podjetja na navedeni znesek in da to povečanje izhaja iz razdolžitve, ustvarjenih sredstev in naložb v razvoj, ki naj bi zagotovili možnosti za rast vrednosti kapitala družbe EDF.
the second report, moreover, had stressed the positive effect for EDF of greater credibility among the financial community and with its potential partners.
Država delničarka naj bi nazadnje pri presoji tveganj naložb upoštevala značilnosti prevladujoče dejavnosti družbe EDF, ki jo je ta opravljala pretežno v Franciji, in se pri tem opirala na načelo reguliranega določanja cen, ki morajo pokriti stroške podjetja.
The French authorities took the view that strengthening the financial structure of an enterprise was a concern of a prudent private investor in a market economy in a comparable situation.
Te značilnosti naj bi zmanjšale tveganje, povezano z naložbo in s tem z zahtevo po donosnosti.
According to the French authorities, the outcome was that the prudent private investor in a market economy test was indeed applicable since the state had acted as shareholder in reclassifying, free of tax, the provisions for grantor rights as capital contributions to EDF.
Iz obvestila družbe EDF z dne 27. julija 1996, predloženega senatu 15. septembra 1997, naj bi bilo poleg tega razvidno, da so se donosi za delničarje v tujih podjetjih občutno razlikovali glede na institucionalni in zakonodajni okvir navedenega sektorja v posamezni državi.
First of all, the French authorities pointed out that the contract for services between the state and EDF had provided for a remuneration of the state resulting from two elements:
Iz tega po navedbah francoskih organov izhaja, da je država delovala kot preudaren zasebni vlagatelj v tržnem gospodarstvu, s tem ko je brez odtegljaja davka od dohodkov pravnih oseb rezervacije dajatev koncedentu prerazvrstila v kapitalske injekcije.
a fixed rate of 3 % on its capital contributions; and (ii) additional remuneration of 40 % of EDF's net income, which demonstrated that the state had information on the expected yield on the invested capital.
To ugotovitev naj bi poleg tega podpirale pripombe družbe EDF, povzete v uvodnih izjavah od 62 do 73, vključno s študijami in analizami, na katere se opirajo.
As attested, moreover, by the report by the member of the National Assembly referred to above, given the existence of a fixed rate on the capital contributions, the reclassification of the grantor rights as capital had had the effect of increasing in absolute terms the value of the remuneration of the state, because of the broadening of the capital base.
Francoski organi zlasti glede ekonomske študije podjetja Oxera, ki jo je predložila družba EDF, menijo, da mora Komisija izvesti enako analizo, da bi določila, ali je dokapitalizacija družbe EDF s strani države leta 1997 preudarna naložba ali ne.
Next, the French authorities considered that the profitability of the investment in EDF in 1997 should be looked at from a long-term perspective, having regard to the future payments to the state and to the increase in the value of the enterprise.
Dokumenti, ki jih je predložila Francija v utemeljitev svojih pripomb
Substantial generation of resources between 1997 and 2000, of almost FRF 70 billion, as forecast by the contract for services, had to be added to the positive net results after taxation and remuneration of the state (FRF 1,4 billion in addition to FRF 2,5 billion remuneration of the state in 1998).
Francoski organi so v utemeljitev svojega odgovora na sklep o razširitvi Komisiji predložili devet dokumentov in jih priložili svojim pripombam z dne 1. julija 2013.
As underlined by the letter from EDF dated 19 February 1997, the state had indeed set a target for the increase in the asset value of the enterprise of this amount, resulting from debt reduction, asset formation and investments in development, providing prospects for growth in the capital value of EDF.
Teh devet dokumentov je predloženih v utemeljitev njihove trditve, ki je že navedena v njihovih pripombah z dne 11. decembra 2002, in sicer da je bila dodatna kapitalska injekcija, enakovredna prihodku od neodtegnjenega davka, upravičena z napovedmi, da bo družba EDF leta 1997 zagotovila donos, kar se je sicer uresničilo v naslednjih letih.
Lastly, in assessing the risks of the investment, the state as shareholder had taken into account the characteristics of EDF's main activity, which was conducted principally in France, on the basis of a principle of regulated tariffs which would have to cover the company's costs.
Brez poseganja v elemente, ki jih je poudarila Francija v svojih pripombah, je treba sistematično analizirati glavne elemente, zajete v navedenih dokumentih.
These characteristics reduced the risk associated with the investment and, consequently, the profitability requirement.
Navedeni dokumenti se nanašajo bodisi na pripravo ali izvajanje podjemne pogodbe med državo in družbo EDF za obdobje od 1997 do 2000 bodisi na razpravo o osnutku zakona, ki je nato postal zakon št. 97-1026.
Furthermore, a memo from EDF dated 27 July 1996, which was sent to the Senate on 15 September 1997, showed that the shareholder remuneration in foreign companies differed markedly, depending on the institutional and regulatory environment in the sector in each country.
Gre za dokumente iz let 1996 in 1997, ki so torej sočasni z domnevnim sklepom o naložbi.
According to the French authorities, the result was that the state had behaved as a prudent private investor in a market economy when it reclassified the provisions for grantor rights as capital contributions without levying corporation tax.
Ti dokumenti so, natančneje, podjemna pogodba za obdobje od 1997 do 2000 [13], dopisi resornih ministrov podjetju [14], dopisi podjetja upravnim službam ministrstva ali senata [15] ter dokumenti in dve poročili nacionalne skupščine in senata za pripravo na razpravo o osnutku zakona [16].
Furthermore, this conclusion was also confirmed by EDF's comments, including the studies and analyses on which it relied, as set out in recitals 62 to73.
Vsebina dokumentov je dodatno pojasnjena v nadaljevanju.
In particular, as regards the economic study by Oxera submitted by EDF, the French authorities took the view that the Commission should carry out the same analysis in order to determine whether or not the recapitalisation of EDF by the state in 1997 was a prudent investment.
na prvem mestu so ministri navedli te zahteve: „Podjetju mora povečanje produktivnosti omogočiti, da nadaljuje svojo politiko zniževanja cen, kar prispeva h konkurenčnosti francoske industrije in povečanju kupne moči gospodinjskega odjemalca“,
Documents submitted by France in support of its comments
Družba EDF si je morala hkrati še naprej prizadevati za razdolžitev in se usmeriti na velikopotezni cilj donosa za državo, in sicer z mehanizmom, ki je družbo EDF spodbujal k izboljšanju njenih rezultatov,
The documents relate either to the preparation or implementation of the contract for services for 1997-2000 between EDF and the French state or to debates on the draft law which became Act No 97-1026.
Napoved pričakovanega poslovnega izda družbe EDF 1997–2000, povzeta v opombi, je bila prikazana tako:
They date from 1996 to 1997 and thus from the same period as the supposed investment decision.
Preglednica 1
The documents concerned are the 1997-2000 contract for services [13], letters from the line ministers responsible for supervising EDF [14], letters from EDF to the Ministry or the Senate [15] and documents and two reports from the National Assembly and the Senate in preparation for debates on the draft law [16].
Napoved pričakovanega poslovnega izida družbe EDF 1997–2000 (v milijardah FRF tekoče valute)
They asked for discussions to start between the relevant departments and EDF and outlined the three primary objectives for the future contract:
Odhodki
first, the ministers wanted:
od tega gorivo in nakupi energije
‘the productivity gains achieved by the undertaking [to] allow it to continue its price reduction policy, thereby helping to boost the competitiveness of French industry and the purchasing power of domestic consumers’,
od tega odhodki iz poslovanja
at the same time EDF was to continue its debt reduction efforts and to set an ambitious target for the remuneration of the state, with an income-growth incentive mechanism for EDF,
Poslovni izid od glavne dejavnosti
lastly, the contract was to set strategic guidelines for developing EDF worldwide, in order of priority.
Poslovni izid pred izplačilom državi
As part of the ongoing preparatory work on the contract, on 19 February 1997 EDF's finance director sent the Treasury Department a memo dated 18 February 1997.
Donosnost kapitalskih injekcij
It contained the main hypotheses regarding the financial scenario underpinning the contract for services between EDF and the state for 1997-2000, including in particular the projected annual income statements and cash flow statements for the period.
Dodatna donosnost
The memo forecast a price reduction each year (– […] [17] %, – […] %, – […] %, – […] %), industrial investment of FRF […], of which FRF […] for international development, and investment of FRF […] in the core business over the period 1997-2000.
Davek od dohodkov pravnih oseb
It also mentioned a tax-deductible remuneration for capital contributions of 3 % on an estimated base of FRF 50 billion after restructuring of the balance sheet and of 40 % of income after the fixed remuneration component and corporation tax.
Čisti poslovni izid
Debt at end of year was expected to go from FRF […] at end 1996 to FRF […] at end 2000.
Kot je bilo pojasnjeno v obvestilu družbe EDF, je za izplačilo državi veljala pravica do davčne olajšave.
Similarly, outstanding debt less assets was expected to go from FRF […] at end 1996 to FRF […] at end 2000.
To odstopa od načela, v skladu s katerim se davek od dohodkov pravnih oseb obračuna na podlagi poslovnega izida podjetja po amortizaciji in plačilu obresti, kar zmanjša čisti poslovni izid in s tem znesek, morebiti namenjen izplačilu dividend.
Of the documents submitted in annex to their comments by the French authorities, the EDF memo of 18 February 1997, sent to the supervising authorities the following day, is the only one to contain systematic quantified projections for EDF's economic and financial operating income.
To odstopanje je ad hoc potencialno povečalo izplačilo državi delničarki, hkrati pa je za toliko zmanjšalo davek, ki ga je bilo treba plačati državi pobiralki davka.
On the basis of these projections dating from February 1997, the state as shareholder could expect a return on the invested capital of FRF 2,1 billion in 1997, FRF 2,5 billion in 1998, FRF 2,4 billion in 1999 and FRF 2,4 billion in 2000, or an annual average of FRF 2,35 billion.
Francoski organi v odgovoru z dne 23. decembra 2013 pojasnjujejo, da je bil donos na kapitalske injekcije od leta 2001 izenačen z dividendo splošnega prava, zato je bila pravica do davčne olajšave na podlagi tega donosa odpravljena.
EDF's projected income statement for 1997-2000 as set out in the memo was as follows:
To pravilo izenačitve je bilo uporabljeno za skupinsko pogodbo med družbo EDF in državo za obdobje od 2001 do 2003, ki je nasledila pogodbo za obdobje od 1997 do 2000.
Table 1
Pogodba je zajemala različne obveznosti, in sicer v treh naslovih:
F projected income statement 1997-2000 (FRF billion current value)
ponovno potrditi temeljne naloge javnega podjetja (naslov I), danes pripraviti prihodnost podjetja (naslov II) ter podjetje vključiti v prenovljen finančni in institucionalni okvir (naslov III).
Source:
V dveh prilogah k pogodbi so bili podrobno navedeni spremljani kazalci uspešnosti izvajanja (Priloga I) in predvidena letna gibanja cen za obdobje od 1997 do 2000 (Priloga II).
EDF memo of 18 February 1997 ‘Contract for services — economic and financial prospects’.
Glavne obveznosti in smernice, določene v pogodbi v zvezi s predmetom tega sklepa, so povzete spodaj, in sicer:
Revenue
država je ponovno potrdila svojo željo po ohranitvi statusa podjetja, ki je poleg drugih elementov dokazalo svojo uspešnost in je moralo ostati trdna referenca v prihodnjem razvoju, kot je dopuščala evropska Direktiva o organizaciji notranjega trga z električno energijo [18].
Expenses
Družba EDF pa je morala sodelovati pri prostorskem načrtovanju in prispevati k nacionalni solidarnosti, zlasti z izvajanjem velikopotezne politike za krepitev gospodarske dejavnosti in zaposlovanja, tako da je lokalnim skupnostim pomagala pri ustvarjanju delovnih mest in izboljšala položaj svojih najbolj socialno ogroženih odjemalcev (naslov I),
of which fuel and energy purchases
razvoj družbe EDF je moral spodbujati „krepitev konkurenčnosti francoskih podjetij“;
of which operating expenses
tako je bilo treba dobiček od povečanja produktivnosti, ki se mu je podjetje zavezalo, nameniti najprej znižanju povprečne višine njegovih cen.
Income before remuneration of the state
donosa kapitalskih injekcij po stalni stopnji 3 % in (ii) dodatnega donosa v višini 40 % od računovodskega neto izida družbe EDF, pri čemer naj skupni znesek na podlagi obeh pogojev vseeno ne bi mogel presegati 6 % zneska kapitalskih injekcij, če se izvzame številčna ocena absolutne vrednosti predvidenih zneskov.
Remuneration for capital contributions
Poleg tega se je družba EDF za obdobje od 1997 do 2000 zavezala zlasti, da bo namenila […] FRF za mednarodne industrijske naložbe, svoj bruto dolg konec leta 2000 zmanjšala na […] FRF, in sicer za […] FRF, da bi tako lahko postopoma do prenove proizvodnega parka dosegla razdolžitev.
Additional remuneration
Pogodba je nazadnje določala, da je treba, če se cilji presežejo, in sicer v obliki presežnih denarnih sredstev, ta sredstva nameniti „najprej dodatnemu znižanju cen“, in to pred izplačilom državi delničarki ali izplačilom deleža osebju podjetja (naslov III).
Corporation tax
V njem je ponovljen cilj povprečnega znižanja cen družbe EDF v štirih letih za […] %.
Net income
V dopisu z dne 22. aprila 1997 so navedene določbe iz spremenjene uredbe z dne 14. maja 1956 in načini plačila, nakazanega državi, zajeti v naslovu III podjemne pogodbe.