natgillin/translations-raw huggingface dataset:
As regards the mining business, given that the Areva Group is the main European operator in the sector, its exit from the market would result in Europe's uranium being principally supplied by non-European operators, including the Russian (Rosatom) and Kazakh (KAP) operators, which account for around [30-50] % of the market [30].
Ti finančni napovedi temeljita na več predpostavkah, pri čemer so glavne predpostavke opisane v uvodni izjavi 106.
It appears unlikely that any European or even Western operator (such as the Canadian operator Cameco) will strengthen its mining capacity to the extent required to achieve the objective of ensuring the diversity and security of the European Union's supply.
Komisija priznava previdni značaj teh predpostavk, predvsem v zvezi z napovedmi cen urana.
The Areva Group's exit from the market could also lead to an increase in the price of uranium in the long term, given the concentration in that market.
Tudi ob upoštevanju previdnih predpostavk obstaja tržni konsenz [31] o srednjeročnem okrevanju trga in postopnem povečanju cen jedrskega materiala, kar je pozitiven dejavnik za obnovo sposobnosti preživetja skupine Areva.
In this regard, the Areva Group has an essential systemic role in terms of Europe's uranium supply.
V uvodni izjavi 150 sklepa o začetku postopka je Komisija navedla, da negativni scenarij, ki so ga predložili francoski organi, ne vsebuje analize občutljivosti za prednostno razvrščanje in predvidevanje tveganj za dejavnosti podjetja.
As regards the conversion business, the Areva Group is the last European operator active in this market.
Komisija ugotavlja, da so francoski organi te vrzeli zapolnili v pripombah, ki so jih predložili med podrobno preiskavo.
Its exit from the market would have serious negative consequences.
Tako so se izračunale občutljivosti različnih predpostavk, s čimer so se lahko ugotovila glavna tveganja za dejavnost: devizni tečaj EUR/USD, operativni pogoji […], neuresničitev […], neuresničitev ciljev iz načrta za razvoj uspešnosti in konkurenčnosti.
Firstly, it would jeopardise the European Union's energy independence, given that the conversion of uranium is an indispensable link in the nuclear energy production chain.
Ta tveganja so jasno izražena v negativnem scenariju.
Secondly, it would reduce competition in that market, which is already highly concentrated, and this could give rise to additional costs for European electricity generators, and consequently for European consumers.
V obdobju 2016–2025 je skupni dobiček pred obrestmi, davki in amortizacijo nižji od [0–30] % in denarni tok iz poslovanja nižji od [0–30] % glede na osnovni scenarij.
In this regard, the Areva Group has an important systemic role in terms of the European fuel-cycle business and, if it exited the market, there would be a risk of disruption to an important service.
Negativni scenarij se zdi ustrezen končni prikaz teh padajočih občutljivosti.
As regards the enrichment business, the Areva Group is one of only two European operators, alongside the consortium Urenco.
Francoski organi so poleg tega predložili strategijo za zmanjšanje največjih tveganj, kot je navedeno v uvodnih izjavah 111 do 114.
The only other operator actually present on the European market is the Russian operator Tenex (Rosatom group).
Glede tveganj v zvezi z deviznim tečajem EUR/USD kaže, da skupina Areva izvaja močno politiko varovanja pred tveganjem.
The loss of the Areva Group's activities would affect the structure of the market, which would then become an oligopoly at European level, and this would probably lead to higher prices.
Mesečno se izvede analiza izpostavljenosti in sproti se zagotovi varovanje pred tveganjem za najmanjši odstotek prihodnjih zapadlosti.
Thus, in terms of its enrichment business, the Areva Group once again has an important systemic role.
Poleg tega imajo nekatere ključne dejavnosti za obnovo sposobnosti preživetja prestrukturirane skupine Areva, kot je rudarstvo, delno korist od naravne zaščite pred tem tveganjem: tako se bo [20–70] % rudarske proizvodnje družbe Nouvel Areva izvajalo v Kanadi, kjer je valuta odvisna od dolarja.
As regards the reprocessing and recycling of spent fuel, the Areva Group is now the world's only industrial-scale operator of the technology for the recycling of spent fuel and its conversion into MOX for light-water reactors.
Zaradi povezave teh dveh dejavnikov, tj. naravne zaščite za nekatere ključne dejavnosti in proaktivne politike varovanja pred tveganjem za preostale dejavnosti, Komisija meni, da se izvaja verodostojna strategija za zmanjšanje tveganja.
As a result of these processes, the Areva Group provides recycled fuel that accounts for [0-25] % of the electricity produced in France.
Glede pogojev izvajanja dejavnosti […] skupina Areva že izvaja strategijo za zmanjšanje tveganja z izboljšanjem poslovanja, ki naj bi omogočilo nadomestilo dodatnih stroškov […].
Furthermore, France has decided to entrust the industrial responsibility for recycling to the Areva Group.
Te izboljšave so vključene v načrt za razvoj uspešnosti in konkurenčnosti, ki se izvaja do leta 2018, in če se uresniči tveganje, se prizadevanje za nove možnosti optimizacije lahko nadaljuje tudi po letu 2018.
This responsibility is therefore an essential element of spent-fuel management policy in France and the wider European Union.
Komisija meni, da je pristop skupine Areva razumen, če ima namen ohranjati donosnost svojih sredstev […] z uporabo vzvodov, ki so pod nadzorom skupine.
In these circumstances, Areva Group's exit from the market could seriously undermine the smooth functioning of the market in the European Union by bringing about the irremediable loss of important technical knowledge and essential expertise and causing disruption to an essential service that no competitor would currently be able to provide in its place.
Glede tveganja, povezanega z […], bo […] zagotovo imela negativne posledice na dejavnost družbe Nouvel Areva v prihodnosti.
The Commission concludes that the restructuring aid notified by the French authorities, by preventing the demise of the Areva Group and its fuel-cycle business, addresses market failures that would be created by such an eventuality.
Vendar so francoski organi navedli, da obstaja majhna verjetnost, da bi prišlo do tega tveganja, […].
Restructuring plan and return to long-term viability
Ta zadeva je bila na primer […].
In order for the restructuring aid to contribute effectively to the achievement of the objectives of common interest described above, it must be demonstrated that the planned restructuring will restore the undertaking's long-term viability.
Komisija meni, da se izvaja ustrezna strategija za zmanjšanje tveganja.
However, in the opening decision, the Commission questioned whether certain assumptions underpinning the plan for restoring the long-term viability of the Areva Group were realistic.
Glede nedoseganja ciljev iz načrta za razvoj uspešnosti in konkurenčnosti so francoski organi navedli, da bi družba Nouvel Areva lahko povečala obseg in trajanje načrta, npr. glede zmanjšanja stroškov nakupa in zneska plač.
The analysis of the Areva Group's return to viability must be applied to the restructured Areva Group, which in the future will comprise two entities: (i) New Areva and (ii) Areva SA.
Komisija meni, da bi bilo prizadevanje za dodatne ukrepe za konkurenčnost razumen pristop, če ne bi bilo mogoče izpolniti vseh ciljev prejšnjega načrta.
These two entities will have separate activities and separate accounts.
Na podlagi podatkov, ki jih je dala na voljo skupina Areva, Komisija meni, da skupina Areva izvaja ustrezno strategijo za zmanjšanje glavnih tveganj za svoje dejavnosti.
To assess Areva Group's return to viability, each entity's business plan can therefore be analysed separately and in turn.
Ta dvom se tako lahko opusti in potrdi se skladnost načrta prestrukturiranja družbe Nouvel Areva s točko 50 smernic, ki jo obravnava sklep o začetku postopka.
New Areva's business plan
Komisija je dvomila tudi o tem, ali lahko družba Nouvel Areva pridobi potrebno financiranje za svojo obnovo dolgoročne sposobnosti preživetja v negativnem scenariju.
The French authorities sent New Areva's business plan, comprising a baseline scenario and an adverse scenario, to the Commission.
Francoski organi so zagotovili potrebna pojasnila.
The financial projections associated with these scenarios are reproduced in Tables 1 and 2 below.
V negativnem scenariju je predvidena višina potrebe po financiranju [0–1 milijarde] EUR v […].
Table 1
To potrebo po financiranju, […], bo verjetno treba izpolniti […].
Financial projections for New Areva (baseline scenario)
Kljub temu so francoski organi pokazali, da bo v negativnem scenariju družba Nouvel Areva pridobila oceno „naložbeni razred“ (angl. investment grade) […], vključno glede na […].
EUR million
To bo podjetju omogočilo refinanciranje z razumnimi stroški na kapitalskih trgih.
Total 16-25
Težava še vedno obstaja pri […].
Turnover
Obstajata dva razloga za domnevo, da je to oviro mogoče premagati.
% growth
Najprej, družba Nouvel Areva bo imela takrat dovolj trdne gospodarske in finančne temelje za uveljavljanje […].[…], pri čemer bo družba Nouvel Areva pridobila bančno financiranje za obdobje in v znesku v skladu z njenimi potrebami po financiranju.
Gross margin
Poleg tega so se trgi obveznic, ki se imenujejo „visoko donosne“ (angl. high yields), v zadnjih letih močno razvili, kar bo družbi Nouvel Areva omogočilo, da se po potrebi obrne nanje.
as % of turnover
Financiranje na teh trgih je zagotovo dražje, vendar bi družba Nouvel Areva imela omejene potrebe po izdajanju obveznic ob upoštevanju, da mora pridobiti oceno „naložbeni razred“ (angl. investment grade) […].
R&D
Glede velikosti pomoči je tako ustrezno, da v osnovnem scenariju družba Nouvel Areva pridobi oceno „naložbeni razred“ (angl. investment grade) […], tj. pred pojavom potrebe po refinanciranju.
Comm and marketing costs
V negativnem scenariju […] ni večjih pomislekov glede obnove dolgoročne sposobnosti preživetja družbe Nouvel Areva.
Administrative costs
Na podlagi teh razlag Komisija ocenjuje, da bo družba Nouvel Areva lahko zadovoljila svoje potrebe po financiranju za […] tudi v negativnem scenariju.
Other costs and proceeds from operations
Možnosti družbe za obnovo dolgoročne sposobnosti preživetja niso ogrožene.
Total non-operational costs
Nazadnje je imela Komisija v sklepu o začetku postopka pomisleke o očitnem neupoštevanju dejavnosti jedrskega gorivnega cikla in izgub sinergije zaradi prodaje dejavnosti, povezane z reaktorji, v poslovnem načrtu.
D&A and movements in provisions
Komisija meni, da so francoski organi predložili odgovore, ki odpravljajo te pomisleke.
EBITDA
Ti odgovori vsebujejo dva argumenta.
Var. operational working capital requirements
Najprej je jasno, da se bodo največji učinki izgube sinergije pokazali v časovnem okviru, ki delno presega časovni okvir iz poslovnega načrta, priglašenega Komisiji (2016–2025).
Operational investments
Vzrok za to so zelo dolgi gospodarski cikli na področju jedrskih storitev.
Operational divestments
Tako dobavne pogodbe za jedrske materiale na splošno veljajo za več let, običajno od pet do deset let, kar je odvisno od vrste materiala (surovi, pretvorjeni ali obogateni uran) in vrste stranke.
Proceeds from divestments
Zato se v prvih letih poslovnega načrta pojavi precej močna histereza.
Operational cash flow
Temeljijo na […], čeprav bi lahko v hipotetičnem scenariju, pri katerem bi bili integrirani dve prvotni dejavnosti, skupina Areva nedvomno […], zlasti zaradi „doživljenjskih“ ponudb, za katere sinergija polno deluje [32].
Table 2
Poleg tega skupina Areva izvaja ambiciozen načrt za razvoj uspešnosti in konkurenčnosti, s katerim želi predvsem nadomestiti izgube ekonomije obsega zaradi različnih prodaj dejavnosti v teku, npr. na področju nabave.
Financial projections for New Areva (adverse scenario)
Namen načrta je do leta 2018 pri stroških prihraniti 500 milijonov EUR na leto.
These projections are based on a series of assumptions, the most important of which are described in recital 106.
Glede na navedeno Komisija ugotavlja, da so dvomi, ki jih je izrazila glede različnih delov poslovnega načrta družbe Nouvel Areva, opuščeni.
The Commission acknowledges the conservative nature of these assumptions, particularly the uranium price projections.
Za preostali del načrta za obnovo dolgoročne sposobnosti preživetja tega subjekta je že v sklepu o začetku postopka navedeno, da je ustrezen.
Even applying the conservative assumptions, there is a market consensus [31] on the medium-term recovery of the market and the progressive increase in the price of nuclear materials, which is a positive factor for the Areva Group's return to viability.
Komisija je poudarila predvsem uresničljivost glavnih predpostavk, pri čemer se ta ugotovitev ni spremenila.
In recital 150 of the opening decision, the Commission noted that the adverse scenario put forward by the French authorities was not based on a sensitivity analysis allowing the risks to the undertaking's business to be ranked and anticipated.
Komisija je poleg tega ugotovila, da napoved podjetja Nouvel Areva omogoča obnovo dolgoročne sposobnosti preživetja prestrukturiranega subjekta do leta 2019, pri čemer so kazalniki, ki so jih izbrali francoski organi in ki jih je Komisija potrdila kot upoštevne: promet, dobiček pred obrestmi, davki in amortizacijo, denarni tok iz poslovanja, neto finančni dolg, razmerja S&P, kot sta neto dolg/dobiček pred obrestmi, davki in amortizacijo ter denarni tok iz poslovanja/neto dolg.
The Commission notes that the French authorities have addressed this issue in the comments that they provided during the in-depth investigation.
Zaradi vseh teh razlogov Komisija meni, da je poslovni načrt družbe Nouvel Areva trden, pri čemer omogoča obnovo dolgoročne sposobnosti preživetja do leta 2019 in prispeva k uresničitvi ciljev skupnega interesa, za katere si pomoč prizadeva.
The sensitivities of different assumptions have thus been calculated, which made it possible to identify the main business risks: euro/dollar exchange rate, operating conditions […], failure to […], failure to achieve the targets set out in the Performance and Competitiveness Plan.
Poslovni načrt družbe Areva SA
These risks are clearly reflected in the adverse scenario.
V sklepu o začetku postopka je Komisija dvomila v izvedljivost nekaterih predpostavk, ki so podlaga za poslovni načrt skupine Areva SA.
For the 2016-2025 period, the cumulative EBITDA is [0-30] % lower than in the baseline scenario and the operational cash flow is [0-30] % lower.
Te dvome je okrepilo dejstvo, da ob sprejetju sklepa o začetku postopka načrt za prenosa dejavnosti, povezane z reaktorji, ni bil jasen.
The adverse scenario was therefore clearly produced using these downward sensitivities.
Francoski organi so kot odgovor na dvome Komisije predložili posodobljeni poslovni načrt na podlagi zanesljivih predpostavk.
The French authorities also put forward a strategy to mitigate these main risks, as indicated in recitals 111 to 114.
Predložene so bile tudi pripombe tretjih strani, in sicer skupine Siemens ter družbe TVO.
As regards the euro/dollar exchange rate, the Areva Group has a strict policy in place to cover this risk.
Komisija ima tako na voljo potrebne informacije, da oceni, ali prestrukturiranje skupine Areva omogoča obnovo dolgoročne sposobnosti preživetja družbe Areva SA.
An exposure analysis is carried out every month and hedging contracts are entered into as and when required to cover a minimum percentage of future payments.
V prihodnosti bo glavna naloga subjekta Areva SA izpolnjevanje preostalih obveznosti, ki so v njenem obsegu (neposredno ali posredno prek družbe Areva NP), in sicer:
Furthermore, certain activities that are essential to the restructured Areva Group's return to viability, such as mining, enjoy partial natural protection against this risk: [20-70] % of New Areva's mining production will take place in Canada, where the currency is correlated to the dollar.
odplačilo bančnega dolga skupine Areva in povezanih obresti v skupnem znesku 3,4 milijarde EUR v obdobju 2017–2025;
As a result of these two factors combined — natural protection for certain core activities and a proactive risk-coverage policy for the remaining activities — the Commission considers that a credible risk-reduction strategy is being implemented.
različni stroški in rezervacije v zvezi z dejavnostmi, ki so namenjene odprodaji, v skupnem znesku [0–1 milijarde] EUR,
As regards the operating conditions for the […] business, the Areva Group has already implemented a risk-reduction strategy based on achieving operational improvements that would offset the additional cost […].
morebitna nadomestila, ki bi se lahko zahtevala, ali jamstva, ki bi se lahko uveljavila […];
These improvements are included in the Performance and Competitiveness Plan that is in place until 2018, and new sources of optimisation could be sought after 2018 if the risk were to materialise.
stroški, povezani z dokončanjem projekta OL3.
The Commission takes the view that the Areva Group's chosen approach is rational in that the aim is to maintain the profitability of its assets […] by making best use of the levers over which it has control.
Ob upoštevanju posebne naloge tega subjekta se zopet pojavi vprašanje obnove dolgoročne sposobnosti preživetja družbe Areva SA za zagotovitev, da so viri, s katerimi razpolaga, zadostni za pokritje vseh obveznosti, vključno z negativnim scenarijem.
As regards the risk linked to […], it is certain that a […] would have a negative impact on the future business activity of New Areva.
Od leta 2017 so viri družbe Areva SA:
However, the French authorities have indicated that it is unlikely that this risk will materialise, […].
predvideno povečanje kapitala v višini 2 milijard EUR, ki ga predvideva francoska država;
This subject was, for example […].
dobički iz prodaje, ki znašajo približno [1–5 milijard] EUR [33], vendar se lahko povečajo [200–700 milijonov] EUR, če je plačan dodatek k ceni, ki ga določa pogodba o nakupu deleža glede odprodaje družbe Nouvel Areva NP [34];
The Commission therefore considers that a satisfactory risk-reduction strategy is in place.
vrednost sredstev, ki so ostala v bilanci družbe Areva SA […], tj. predvsem delnice, ki jih bo družba Areva SA obdržala v družbi Nouvel Areva.
Lastly, as regards the failure to achieve the objectives in the Performance and Competitiveness Plan, the French authorities have indicated that New Areva could broaden the scope of the Plan and extend its duration, for example in terms of reducing purchasing or payroll costs.
Vire iz uvodne izjave 255 se lahko precej zanesljivo oceni.
The Commission considers that seeking out additional competitiveness measures would be a rational approach if all of the objectives in the previous plan were not achieved.
Prvič, znesek povečanja kapitala je določen.
On the basis of the information at its disposal, the Commission therefore considers that the Areva Group is implementing a satisfactory strategy to reduce the main risks to its business.
Drugič, dobički iz prodaje so lahko vsi vsaj približno [1–5 milijard] EUR, ker pogodba o nakupu deleža, ki sta jo podpisali družba EDF in skupina Areva, navaja ceno 2,5 milijarde EUR [35] za 100 % lastnih sredstev družbe Nouvel Areva NP in ker je bila prodaja hčerinskega podjetja Adwen sklenjena za 60 milijonov EUR [36].
This doubt can therefore be dispelled and the compatibility of New Areva's restructuring plan with point 50 of the Guidelines, which was called into question in the opening decision, is established.
Tretjič, delež družbe Areva SA v lastniškem kapitalu družbe Nouvel Areva se lahko po preudarni metodi oceni na 2 milijardi EUR.
The Commission also had concerns about New Areva's ability to secure the financing needed for its return to viability in the long term in the adverse scenario.
V zvezi s to zadnjo točko je med viri družbe Areva SA njen preostali delež v družbi Nouvel Areva zagotovo najtežje oceniti.
In the adverse scenario, it is expected that financing of EUR [0-1 billion] will be needed in […].
Tega sta japonska vlagatelja iz uvodne izjave 132 na podlagi poročila finančnega svetovanja […] 23. septembra 2016 ocenila na 2 milijardi EUR za 100 % lastnih sredstev.
This financing requirement, […], will in all likelihood be met […].
Ta pristop je preudaren, kajti če družba Nouvel Areva okreva v skladu z napovedjo iz načrta prestrukturiranja, bo vrednost njenih lastnih sredstev […] načeloma višja kot danes.
However, the French authorities have demonstrated that, in the adverse scenario, New Areva will regain an investment grade rating […], even taking account of […].
Viri družbe Areva SA so znani, zdaj pa je treba oceniti, ali bodo zadoščali za njene predvidene potrebe.
That will allow the company to refinance itself at a reasonable cost on the capital markets.
Ocena potreb družbe Areva SA je veliko bolj negotova.
However, the problem remains for […].
Prav tako je dokončanje projekta OL3 odvisno od nekaterih tveganj.
Two reasons suggest that this obstacle can be overcome.
Glede povezanih tveganj […] so v pogodbi o nakupu deleža glede odprodaje družbe Nouvel Areva NP našteta jamstva za obveznosti družbe EDF […].
Firstly, by that time New Areva will once again have sufficiently robust economic and financial fundamentals to enable it […]. […] New Areva to secure bank financing that, in terms of duration and amount, corresponds to its requirements.
Namen teh jamstev za obveznosti je zaščititi družbo EDF pred morebitnimi finančnimi posledicami zaradi […].
Secondly, the high-yield bond markets have developed substantially in recent years, which will enable New Areva to make use of these markets if required.
Glede pogodbene odgovornosti […].
Financing on these markets is admittedly more costly, but New Areva would have limited issuing requirements given that it should regain an investment grade rating […].
[…], to tveganje se danes zdi omejeno.
In terms of the amount of aid, it is therefore satisfactory, in the baseline scenario, if New Areva achieves an investment grade rating […], that is to say, before its refinancing requirements materialise.
Glede vseh zadev, zaradi katerih prihaja do pomislekov v zvezi s civilno odgovornostjo […].
In the adverse scenario, […] New Areva's return to long-term viability is not fundamentally called into question.
Glede na navedeno Komisija meni, da je izpostavljenost družbe Areva SA tveganjem […] težko količinsko opredeliti, v vsakem primeru pa je verjetno omejena na […].
In the light of these explanations, the Commission takes the view that New Areva will be in a position to meet its financing needs […], including in the adverse scenario.
V zvezi s stroški dokončanja projekta OL3 in povezanimi finančnimi ali pravnimi tveganji je Komisija prejela nekaj pripomb tretjih strani.
Its prospects of returning to long-term viability are therefore not compromised.
Razlikovati je treba dve zadevi: stroške dokončanja gradnje v ožjem pomenu in finančno tveganje, povezano z različnimi nezaključenimi pravnimi postopki med strankama pri projektu.
Lastly, the Commission expressed doubts in the opening decision regarding the apparent failure to take account, in the business plan, of the fuel-cycle business and the loss of synergies resulting from the divestment of its reactors business.
Francoski organi, TVO in Siemens so predložili vsak svojo različno oceno stroškov dokončanja projekta OL3 in morebitnih tveganj.
Once again, the Commission considers that the responses provided by the French authorities dispel this doubt.
Scenarij francoskih organov, ki je izdelan na podlagi informacij skupine Areva, navaja neto denarne tokove [(1,5)–(0,5) milijarde] EUR […].
These responses comprise two arguments.
Te tokove sestavljajo naslednji elementi:
Firstly, it is clear that the loss of synergies will have the most significant impact during a time period that falls partly outside the period covered by the business plan notified to the Commission (2016-2025).
[…] EUR neto denarnega toka iz poslovanja za izvedbo projekta OL3, […].
This is due to the very long economic cycles in the nuclear field.
Ta ocena je bila usklajena v istem referenčnem obdobju in je blizu ocenama TVO in Siemens.