natgillin/translations-raw huggingface dataset:
However, applying IFRS Standard 5 on Non-current Assets Held for Sale and Discontinued Operations [6] resulted in a published turnover for the Areva Group of EUR 4,2 billion.
V zvezi z drugo točko je skupina Areva zabeležila znatne izgube pri več industrijskih projektih, zlasti pri gradnji jedrske elektrarne zadnje generacije v Olkiluotu na Finskem (v nadaljnjem besedilu: projekt OL3) za stranko TVO.
The difficulties encountered by the Areva Group
Projekt izvaja konzorcij (v nadaljnjem besedilu: Konzorcij), ki sta ga leta 2003 ustanovili skupina Areva prek družbe Areva NP in njene hčerinske družbe Areva GmbH (v nadaljnjem besedilu: Areva GmbH) ter skupina Siemens.
The difficulties encountered by the Areva Group arise first from the consequences of the sharp downturn in the nuclear market and from the adverse economic and financial conditions since 2008.
Pri gradnji je prišlo do približno devetletne zamude in dodatnih stroškov, ki za skupino Areva pomenijo izgubo ob zaključku, ocenjeno na 5,5 milijarde EUR [7].
Second, the Areva Group made significant losses on a small number of industrial projects.
Skupina Areva je prek matične družbe Areva SA stranki TVO izdala jamstvo za poravnavo obveznosti, katerega veljavnost in obseg po navedbah francoskih organov ostajata predmet poizvedovanj.
Lastly, its profitability fell as a result of certain acquisitions and the development of certain activities.
Projekt OL3 je predmet večjega arbitražnega spora med Konzorcijem in družbo TVO, v katerem vsaka od strank drugi pripisuje krivdo za znatne zamude in dodatne stroške pri gradnji.
Regarding the first difficulty, the accident at Fukushima in 2011 contributed to a rapid downturn in nuclear markets.
Stranki druga od druge zahtevata več milijard evrov nadomestila škode.
Since that date, a number of reactors have been shut down and countries such as Germany and Switzerland have decided to pull out of nuclear energy.
Konzorcij in družba TVO sta začela pogajanja o splošnem sporazumu, s katerim bi se pogodbeno določil nov predvideni datum prevzema [9] […] in zaključil arbitražni spor […] [10].[…].
Plans for new power stations in countries such as China have also been put on hold.
Francoski organi so prav tako podrobno navedli izgube, povezane s projektoma RJH (reaktor Jules Horowitz – projekt raziskovalnega jedrskega reaktorja, katerega gradnja je v teku v okviru centra CEA v Cadarachu) in […] (nadgradnja reaktorja […] v elektrarni […]), ki sta do zdaj povzročila več sto milijonov evrov izgub.
Both the fuel and the reactor markets have been affected, and the Areva Group's results have suffered as a consequence.
V zvezi s tretjo točko se je finančni položaj skupine Areva poslabšal tudi zaradi nedonosnih prevzemov in razvojnih projektov, zlasti na področju rudarstva (prevzem družbe Uramin, zaradi katerega je prišlo do skoraj […] evrov izgub) in obnovljivih virov energije.
With sources of long-term financing drying up as a result of the financial crisis in 2008 and the entry into force of new prudential rules, it has become more difficult to finance capital-intensive projects such as nuclear power stations.
Zaradi vseh teh razlogov je skupina Areva zabeležila velike izgube, katerih skupni znesek je v poslovnih letih 2011–2015 presegel 9 milijard EUR.
Moreover, the contraction of the market and the resulting overcapacity hit at a time when the Areva Group had decided to invest in modernisation and was facing an increase in its operating costs.
Za financiranje teh izgub in naložb, potrebnih za prenovo industrijskih objektov [11], se je skupina Areva zadolžila pri bankah (v nadaljnjem besedilu: bančni dolg) in na kapitalskih trgih (v nadaljnjem besedilu: dolg v obveznicah).
This had a direct impact on its cash flows and forced it to resort to debt to finance its short-term operations.
Po črpanju novih kreditnih linij v začetku leta 2016 je dolg skupine 5. januarja 2016 dosegel 9,4 milijarde EUR [12], od česar dolg v obveznicah znaša 6,0 milijarde.
At the same time, in view of the deteriorating market outlook, the Areva Group had to write down assets.
Glede na napovedi donosnosti skupina Areva zaradi svoje kapitalske strukture ne bo mogla poravnati dolgov, zato so francoski organi s skupino Areva začeli obsežno prestrukturiranje.
Regarding the second difficulty, the Areva Group accumulated major losses on a number of industrial projects, the most important of which is the construction of a new-generation nuclear plant at Olkiluoto in Finland (‘OL3 project’) for TVO.
Načrt prestrukturiranja skupine Areva
The project is being led by a consortium (‘the Consortium’) formed in 2003 by the Areva Group, through Areva NP and its subsidiary Areva GmbH (‘Areva GmbH’), and Siemens.
Francoski organi so v priglasitvi z dne 29. aprila 2016 predstavili načrt prestrukturiranja za obdobje od novembra 2014 do decembra 2019 (v nadaljnjem besedilu: obdobje prestrukturiranja), katerega cilj je ponovno vzpostaviti konkurenčnost skupine Areva in izboljšati njeno finančno strukturo.
The project is some nine years behind schedule and has overrun its costs, resulting in a loss on completion for the Areva Group estimated at EUR 5,5 billion [7].
Ta načrt predvideva ponovno usmeritev skupine Areva v dejavnosti cikla jedrskega materiala.
The Areva Group has issued a liability guarantee, via its parent company Areva SA, in favour of its customer TVO, although according to the French authorities questions remain regarding its validity and scope.
Spremlja jo industrijsko prestrukturiranje prek načrta za razvoj uspešnosti in konkurenčnosti, katerega cilj so prihranki pri stroških v višini približno 500 milijonov EUR letno do leta 2018 v okviru ohranjenega poslovanja.
The OL3 project is the subject of a major arbitration case between the Consortium and TVO, with each party claiming that the other is responsible for the significant delays and cost overruns at the site.
Spremlja jo tudi veliko finančno prestrukturiranje, zlasti prek dokapitalizacije skupine Areva.
The parties are seeking several billion euros in compensation from each other.
Ponovna usmeritev v dejavnosti gorivnega cikla
The Consortium and TVO had started negotiating an overall settlement, contractually setting a new provisional date for delivery [9] […], in order to resolve the arbitration dispute […] [10].[…].
Ponovna usmeritev v dejavnosti gorivnega cikla temelji na (i) odprodaji drugih dejavnosti skupine Areva, (ii) ustanovitvi novega pravnega subjekta Nouvel Areva, ki bo obsegal dejavnosti gorivnega cikla, in (iii) ločitvi nekaterih obstoječih obveznosti v okviru trenutne matične družbe Areva SA.
The French authorities also gave details of the losses associated with the JHR projects (Jules Horowitz Reactor — a planned materials testing reactor under construction at CEA's Cadarache site) and […] (upgrade of the […] reactor at the […] plant), which have generated losses of several hundred million euros to date.
Izvedene ali predvidene odprodaje skupine Areva
Lastly, regarding the third difficulty, the financial health of the Areva Group also deteriorated as a result of unprofitable acquisitions and development projects, in particular in mining (the acquisition of Uramin, for example, gave rise to losses of close on EUR […]) and in renewable energy.
Vključene so naslednje hčerinske družbe in dejavnosti:
For all these reasons, the Areva Group has recorded substantial accumulated losses in excess of EUR 9 billion over the financial years 2011 to 2015.
Dejavnosti, ki so zdaj v lasti družbe Areva NP, hčerinski družbi v 100-odstotni lasti družbe Areva SA.
The Areva Group financed these losses and the investments needed to modernise its industrial plant [11] with debt, via both banks (‘banking debt’) and the capital markets (‘bond debt’).
Areva TA, v kateri ima družba Areva SA v neposredni ali posredni lasti 83,58-odstotni delež.
After it drew down new banking lines in early 2016, its debt on 5 January 2016 stood at EUR 9,4 billion [12], EUR 6 billion of which was bond debt.
Glede na občutljivo naravo dejavnosti na področju jedrskega pogona družbe Areva TA se deleži, ki jih ima skupina Areva v družbi, prodajo konzorciju javnih delničarjev (francoska država, komisariat CEA in francosko podjetje s področja obrambe DCNS).
In view of the outlook for the Areva Group, its capital structure does not allow it to cover its debts, which is why the French authorities have launched a wide-ranging restructuring exercise in cooperation with the Areva Group.
Canberra, v kateri ima skupina Areva 100-odstotni delež: prodaja te hčerinske družbe je bila izvedena 1. julija 2016.
Areva Group's restructuring plan
Druge prodaje manjšega obsega, kot je prodaja hčerinske družbe Elta (v kateri ima Areva TA 66-odstotni delež, Areva SA pa 34-odstotni delež), specializirane na področju elektronskih sistemov za letalsko in vesoljsko industrijo, […].
In their notification of 29 April 2016 the French authorities outlined a restructuring plan covering the period from November 2014 to December 2019 (‘the restructuring period’) with a view to restoring the Areva Group's competitiveness and improving its financial structure.
Skupina Areva prav tako namerava na kratki in srednji rok opustiti skoraj vse dejavnosti na področju obnovljivih virov energije in shranjevanja energije.
Under the plan, the Areva Group will refocus its activities on the nuclear fuel cycle.
Družba Adwen, specializirana na področju vetrnih elektrarn na morju, bo v kratkem prodana španski skupini Gamesa.
The restructuring plan will be accompanied by industrial restructuring under a Performance and Competitiveness Plan designed to generate cost savings of some EUR 500 million by 2018 within the continuing business operations, and major financial restructuring, primarily recapitalisation of the Areva Group.
Na področju plavajočih vetrnih elektrarn […].
Refocusing on the fuel cycle business
Na področju biomase […].
Refocusing on the fuel cycle business will be achieved by (i) divesting the Areva Group's other activities, (ii) creating the new legal entity New Areva to carry on the fuel cycle operations, and (iii) ring-fencing certain liabilities in the current parent company Areva SA.
Na področju izkoriščanja koncentracije sončne energije je skupina Areva leta 2014 sprejela odločitev o postopni ustavitvi dejavnosti po končani izvedbi tekočih projektov.
The divestments concern the following subsidiaries and operations:
Prodaja dejavnosti, ki jih je do zdaj izvajala Areva NP, mora biti v skladu s posebnimi postopki in izpolnjevati določeno število pogojev, opisanih v pogodbi o nakupu delnic (angl. share purchase agreement, v nadaljnjem besedilu: pogodba o nakupu delnic), ki sta jo družba EDF in skupina Areva podpisali 15. novembra 2016.
The operations managed today by Areva NP, a wholly owned subsidiary of Areva SA.
Dogovorjeno je bilo, da bo skupina EDF zaščitena pred določenim številom tveganj, ki so danes povezana z družbo Areva NP.
Areva TA, which is 83,58 % owned, directly or indirectly, by Areva SA.
Tveganja so v prvi vrsti povezana z nadaljevanjem projekta OL3, pa tudi nepravilnostmi, zaznanimi v dokumentaciji o proizvodnji opreme, ki jo je proizvedla Areva NP na lokacijah, kot so Le Creusot, Jeumont in Saint-Marcel (v nadaljnjem besedilu: pogodbe o sestavnih delih).
In view of the sensitive nature of Areva TA's nuclear propulsion business, the Areva Group's stakes in the company are being sold to a consortium of public shareholders (French State, CEA and French defence firm DCNS).
Zato sta se skupini Areva in EDF odločili za mehanizem prenosa na hčerinsko družbo (angl. drop down), s katero se glavne dejavnosti družbe Areva NP prenesejo na novi subjekt (v nadaljnjem besedilu: Nouvel Areva NP), ki se mora prodati skupini EDF.
The divestment agreement was signed by the parties to the transaction on 15 December 2016.
Prvotna družba Areva NP in prek nje matična družba Areva SA bosta obdržali dejavnosti, povezane z izvajanjem pogodbe v zvezi s projektom OL3, […] [13].
Areva TA is being divested without its subsidiary Elta, which is being sold off separately.
Prodaja se bo lahko izvedla šele, ko bo izpolnjeno določeno število pogojev.
Canberra, which is wholly owned by the Areva Group: this divestment took place on 1 July 2016.
Eden od teh pogojev je, da […] projekt Flamanville 3 ne vključuje nepravilnosti, ki bi znatno podražile ali zavirale nadaljevanje projekta.
Smaller-scale divestments, such as the subsidiary Elta (66 % of which is held by Areva TA and 34 % by Areva SA), which specialises in electronic systems for the aerospace industry, […].
[…] posoda je […] vključena v poseben program preverjanja po tem, ko so bile leta 2014 odkrite neskladne vrednosti pri preskusih dela, podobnega tistemu v reaktorju Flamanville 3, kot posledica višje koncentracije ogljika od pričakovane (v nadaljnjem besedilu: segregacija ogljika).
The Areva Group also plans to withdraw in the short and medium term from practically all its activities in renewable energy and energy storage.
Skupina Areva in družba EDF sta predlagali dodatne ukrepe (v nadaljnjem besedilu: program za utemeljitev), katerih cilj je zagotoviti dodatna jamstva za dokazovanje zanesljivosti in varnosti posode kljub težavi glede segregacije ogljika.
Adwen, a company specialising in offshore wind energy, is in the process of being sold to the Spanish group Gamesa.
Te prilagoditve je potrdil francoski Urad za jedrsko varnost (v nadaljnjem besedilu: urad ASN) [14].
In floating offshore wind, […].
Prvotni načrt za prestrukturiranje je določal, da družba Nouvel Areva ohrani strateški, 15-odstotni delež v družbi Nouvel Areva NP.
In biomass, […].
Vendar so se francoski organi v odziv na dvome Komisije, ki so se pojavili pri podrobni preiskavi, zavezali k popolnemu dezinvestiranju skupine Areva na področju dejavnosti, povezane z reaktorji, kar pomeni, da družbi Areva SA in Nouvel Areva po končani izvedbi načrta prestrukturiranja, ki je bil priglašen Komisiji, ne bosta imeli nobene kapitalske povezave več z družbo Nouvel Areva NP.
In 2014 the Areva Group decided to gradually wind down its concentrated solar power activities, once current projects have been completed.
Prenos dejavnosti cikla jedrskega materiala na hčerinsko družbo
Lastly, the Areva Group retains a minority stake in an undertaking that is developing electrolysis technologies for energy storage and a small research and development operation in flow batteries and hydrogen fuel cells.
Skupina Areva je ustanovila družbo Nouvel Areva, ki je danes v 100-odstotni lasti družbe Areva SA in obsega:
The divestment of the activities carried on to date by Areva NP is subject to specific arrangements and a number of conditions set out in the share purchase agreement (‘the SPA’) signed by EDF and the Areva Group on 15 November 2016.
vsa sredstva skupine Areva v zvezi s ciklom jedrskega materiala za dejavnosti na področju rudarstva, kemije, obogatitve, razgradnje, recikliranja in inženirstva cikla, kar vključuje vrednostne papirje družb Areva NC in Areva Mines, z izjemo sredstev, ki so namenjena prodaji;
First, the parties have agreed that EDF should be insulated from a certain number of risks linked today to Areva NP.
serije obveznic in dolg znotraj skupine.
These risks are associated primarily with the continuation of the OL3 project, but also with the anomalies detected during quality audits of equipment manufactured by Areva NP at the Le Creusot, Jeumont and Saint-Marcel plants (‘the components contracts’).
Pogodba o delnem prenosu sredstev družbe Areva SA na družbo Nouvel Areva je bila podpisana 30. avgusta 2016, 27. septembra 2016 pa je bilo doseženo soglasje vseh imetnikov obveznic, prenesenih na družbo Nouvel Areva.
To insulate EDF, the parties chose a hive-down mechanism whereby Areva NP's principal activities will be transferred to a new entity (‘New Areva NP’) for sale to EDF.
Ustanovitev družbe Nouvel Areva je bila 3. novembra 2016 odobrena na izredni skupščini delničarjev družbe Areva SA.
Lastly, the sale will take place only once certain conditions have been met.
Načrt prestrukturiranja določa, da bo tveganja v zvezi s projektom OL3 in […] nosila trenutna matična družba Areva SA, in sicer neposredno ali prek družbe Areva NP.
These include the condition that […] Flamanville 3 project does not throw up any anomalies that would significantly push up the costs or delay the project.
Poleg tega bo družba Areva SA ohranila bančni dolg skupine Areva, prav tako bodo izločene njene glavne dejavnosti prek odprodaje družbe Nouvel Areva NP in prenosa dejavnosti gorivnega cikla na hčerinsko družbo.
[…] vessel is […] subject to a specific testing programme following the discovery in 2014 of non-compliant values in analyses conducted on a part similar to that at Flamanville 3, resulting in a higher than expected carbon concentration (‘carbon segregation’).
Načrt za razvoj uspešnosti in konkurenčnosti
The Areva Group and EDF proposed further tests (‘demonstration programme’) to provide additional guarantees to demonstrate the reliability and safety of the vessel despite the carbon segregation issue.
Skupina Areva je začela izvajati načrt za razvoj uspešnosti in konkurenčnosti, da bi izboljšala konkurenčnost in operativno uspešnost po ponovni usmeritvi v dejavnosti gorivnega cikla.
These adaptations to the testing programme were approved by the French Nuclear Safety Authority (Autorité de Sûreté Nucléaire, ‘ASN’) [14].
Načrt naj bi po končanih prizadevanjih letno zagotovil 500 milijonov EUR prihrankov pri stroških v družbi Nouvel Areva.
The tests comprising the demonstration programme ran until the end of 2016.
Načrt za razvoj uspešnosti in konkurenčnosti zajema štiri področja: (i) selektivnost nakupov, (ii) izboljšanje razporeditve prodajnega osebja, (iii) izboljšanje produktivnosti (zlasti prek načrta prostovoljnih odhodov) in (iv) nadzor nad spreminjanjem prejemkov.
On 16 December 2016 the Areva Group and EDF submitted the final report on the tests to ASN, which expects to take five months to analyse the results and publish its final conclusions.
Prvi ukrepi so bili sprejeti leta 2015, pri čemer naj bi se načrt izvajal do leta 2018.
The initial restructuring plan saw New Areva keep a strategic 15 % stake in New Areva NP.
Finančno prestrukturiranje
all the Areva Group's fuel cycle assets in mining, chemicals, enrichment, decommissioning, recycling and fuel cycle engineering, including the stakes in Areva NC and Areva Mines, but excluding the assets held for sale;
Francoski organi so tako ocenili, da skupina Areva potrebuje 5 milijard EUR lastniškega kapitala.
the bonds and intra-group debt.
V načrtu prestrukturiranja skupine Areva se torej predvideva kapitalska injekcija v znesku 5 milijard EUR, za katerega je načrtovana naslednja razdelitev:
On 30 August 2016 the agreement on partial transfer of assets from Areva SA to New Areva was signed and on 27 September 2016 the agreement of all the holders of bonds transferred to New Areva was obtained.
3 milijarde EUR so namenjene družbi Nouvel Areva, zagotovljene v skladu z določbami iz uvodne izjave 35.
The creation of New Areva was approved by the extraordinary general meeting of Areva SA shareholders on 3 November 2016.
Pri izračunu tega zneska sta se upoštevala dva cilja: po eni strani pokritje likvidnostnih potreb družbe Nouvel Areva do vključno leta 2019, po drugi strani pa zagotavljanje, da bo družba Nouvel Areva po končanem obdobju prestrukturiranja imela razmerja zadolženosti, združljiva s profilom tveganja naložbenega razreda (angl. investment grade), s čimer se bo lahko refinancirala na trgih […] [15].
The capital of the new entity is to be increased in the amount of EUR 3 billion by the French State and a number of third-party investors.
2 milijardi EUR sta namenjeni družbi Areva SA, ki jih bo v celoti zagotovila francoska država za pokritje stroškov dejavnosti, preostalih v tem subjektu (tj. zlasti stroškov projekta OL3, […] in odplačila bančnega dolga skupine Areva [16]).
The French State will inject EUR 2,5 billion, and the third-party investors, EUR 500 million.
Priglašena pomoč
With the shares in New Areva valued, before the transaction, at EUR 2 billion, after the transaction its capital will be held in the following proportions: 40 % by Areva SA, 50 % directly by the French State, and 10 % by third-party investors.
Francoski organi so 29. aprila 2016 priglasili predvideno povečanje kapitala družb Areva SA in Nouvel Areva s strani francoske države v skupnem znesku 4,5 milijarde EUR kot eno pomoč za prestrukturiranje.
Ring-fencing of certain liabilities of the Areva Group
Predvideno je, da bo ta pomoč financirana iz lastnih sredstev Francije.
As part of the restructuring, the risks associated with the OL3 project and […] will be borne by the current parent company, Areva SA, either directly or via Areva NP.
Združljivost pomoči za prestrukturiranje se analizira glede na smernice o državni pomoči za reševanje in prestrukturiranje nefinančnih podjetij v težavah [17] (v nadaljnjem besedilu: smernice).
Areva SA will also retain the Areva Group's banking debt, but will lose its principal business activities with the divestment of New Areva NP and the hive-down of the fuel cycle operations.
Po končanem začetnem pregledu je Komisija izrazila dvome glede skladnosti te pomoči s smernicami.
Performance and Competitiveness Plan
Opis razlogov za začetek postopka
The Performance and Competitiveness Plan has four strands: (i) selectivity in purchasing, (ii) better use of sales forces, (iii) improved productivity (in particular through a voluntary redundancy plan) and (iv) wage moderation.
Komisija je tako ugotovila, da v osnovnem scenariju družbe Nouvel Areva ni jasno opredeljen morebitni vpliv, ki bi jih različne odprodaje, predvidene v okviru prestrukturiranja (predvsem odprodaja družbe Nouvel Areva NP), imele na dejavnosti cikla jedrskega materiala in z vidika izgube sinergije.
The first measures were taken in 2015 and the Plan is expected to run until 2018.
To je bilo v nasprotju s trditvijo francoskih organov, da bodo te odprodaje zmanjšale konkurenčnost prestrukturirane skupine Areva in bodo zato resnični izravnalni ukrepi.
Financial restructuring
Poleg tega je Komisija navedla, da negativni scenarij ne vsebuje analize občutljivosti, v kateri bi se jasno izpostavili in prednostno razvrstili glavni dejavniki tveganja za skupino Areva.
The barely sustainable financial structure of the Areva Group calls for restructuring.
Komisija prav tako ni bila prepričana, ali družba Nouvel Areva lahko obnovi dolgoročno sposobnost preživetja na podlagi negativnega scenarija, v skladu s katerim je razvidna vrzel v financiranju […].
The proceeds from the divestment of the various subsidiaries listed in recitals 27 and 28 will constitute a first source of financing for the liquidity requirements of the Areva Group.
Glede napovedi, ki so jih priglasili francoski organi v zvezi z družbo Areva SA, je obstajalo še preveč negotovosti, med drugim v zvezi z izračunom v scenariju prenosa na hčerinsko družbo.
The Areva Group is also mobilising own financing of around EUR [0-2 billion], split between a structural reduction of EUR [0-1 billion] in the minimum cash balance and various transfers of claims worth EUR [0-1 billion].
Dvomi glede sorazmernosti pomoči
These transactions are described in more detail in recital 321.
Glede na priglašene informacije francoskih organov je Komisija sklenila, da se zdi načelo ustrezne porazdelitve bremena upoštevano, vendar so pri tem potrebna pojasnila o obravnavanju obstoječih manjšinskih delničarjev.
However, these resources are not sufficient to tackle the Areva Group's debt position.
Nasprotno je Komisija izrazila dvome glede lastnega prispevka skupine Areva k stroškom svojega prestrukturiranja.
The French authorities estimate the Areva Group's capital shortfall at EUR 5 billion.
Na podlagi informacij, ki so jih zagotovili francoski organi, se je zdelo, da skupina Areva načeloma lahko financira stroške svojega prestrukturiranja v višini več kot 50 %.
The restructuring plan therefore includes a capital contribution of EUR 5 billion, broken down as follows:
Vendar je vsota lastnih prispevkov znašala [9–11 milijard] EUR, kar je več od potrebe po financiranju, ocenjene na [8–9 milijard] EUR, ne da bi bila ta razlika ustrezno utemeljena.