natgillin/translations-raw huggingface dataset:
In that context, a working group composed of independent managers had been specifically created for the acquisition of New Areva NP, in order to check whether the transaction was in the interests of EDF's shareholders and to give an independent opinion to EDF's Board of Directors.
Mesečno se izvede analiza izpostavljenosti in sproti se zagotovi varovanje pred tveganjem za najmanjši odstotek prihodnjih zapadlosti.
The French authorities also explained that they had ultimately opted for a hive-down for EDF's acquisition of the Areva Group's reactors business.
Te izboljšave so vključene v načrt za razvoj uspešnosti in konkurenčnosti, ki se izvaja do leta 2018, pri čemer se v primeru uresničitve tveganja […] lahko nadaljuje tudi po letu 2018.
According to the French authorities, these new divestment arrangements had no impact on the valuation carried out by the parties and their advisers under the previous divestment plan: EUR 2,5 billion for 100 % of the capital.
Tretji opredeljeni dejavnik je povezan s posledicami morebitnega neuspeha pri […].
Irrespective of the legal arrangements for the divestment, the economic reality remained the same for EDF, which would take over Areva NP's historical activities without bearing the risks linked to the OL3 project.
To tveganje se zdi francoskim organom malo verjetno, ker […].
EDF would also be insulated against the risks linked to the components contracts.
Vendar bi neuspeh […] ogrozil prihodke družbe Nouvel Areva.
As regards Areva TA, the valuation process had been organised in two stages, in accordance with the most common market practices: (i) between January and May 2016, the Areva Group had provided the consortium of buyers with financial, operational, legal and tax information, and organised several working sessions with the Areva TA management team; (ii) the consortium had then had access to a data room and had been able to hold question and answer discussions with Areva TA management.
Ta tveganja v negativnem scenariju znašajo [1–2 milijardi] EUR za obdobje 2016–2025, kar je [0–1 milijardo] EUR več kot v osnovnem scenariju.
In this context, the Areva Group and the buyer had been assisted by 12 legal, banking and due diligence advisers.
Francoski organi navajajo sanacijske ukrepe, ki bi se lahko izvajali, tj. dodatne trgovinske ukrepe ali ukrepe za produktivnost (na primer optimizacija nabave in zmanjšanje zneska plač) ali spremembo naložbenega načrta […].
This valuation was based on the discounted cash flows method (‘DCF’) method, applied to a business plan based on assumptions agreed with the buyer.
Francoski organi v odgovoru na dvom, ki ga je Komisija izrazila v uvodni izjavi 151 sklepa o začetku postopka, navajajo, da se bo na podlagi osnovnega scenarija potreba po financiranju družbe Nouvel Areva uresničila […].
The price had been set out in the contract of sale signed on 15 December 2016.
Vendar se predvideva, da bodo takrat finančni kazalniki družbe Nouvel Areva dovolj dobri za uporabo trga obveznic, ne da bi bil pri tem ogrožen naložbeni razred družbe (angl. investment grade).
The French authorities considered therefore that the final valuation was based on commonly recognised methods, after the usual due diligence.
Po drugi strani bo na podlagi negativnega scenarija potreba po financiranju družbe Nouvel Areva znašala […].
The Areva Group is implementing a restructuring plan to restore its long-term viability
Vendar francoski organi pojasnjujejo, da bo družba Nouvel Areva lahko združila […], ne da bi to ogrozilo obnovo dolgoročne sposobnosti preživetja družbe […].
The French authorities first presented updated financial projections for New Areva.
Družba Areva SA bo imela zadostna sredstva za pokritje finančnih potreb v obdobju 2016–2025
They were based on assumptions deemed to be extremely conservative: (i) the price of uranium had been revised downwards, […], (ii) the projections for mining activities had been revised downwards, (iii) an additional risk had been taken into account as regards […], (iv) a strengthened cost reduction plan had been incorporated for enrichment and conversion, (v) the cost of implementing the hive-down had been stabilised at EUR [200-900 million] over the period 2016-2025.
Francoski organi so se zavezali, da družba Areva SA ne bo izvajala drugih dejavnosti kot dejavnosti, ki so posebej določene v načrtu prestrukturiranja, priglašenem Komisiji.
The adverse scenario assumptions had also been revised downwards, following similar reasoning.
Na podlagi tega francoski organi menijo, da bo družba Areva SA imela zadostna sredstva za pokritje svojih finančnih potreb.
The French authorities then addressed the various doubts raised by the Commission concerning the plan for restoring viability.
Na podlagi teh predpostavk je v poslovnem načrtu družbe Areva SA ob koncu obdobja presežna likvidnost [0–500 milijonov] EUR v osnovnem scenariju in [0–100 milijonov] EUR v negativnem scenariju.
New Areva's business plan takes into account the consequences of the proposed divestments
Ukrep pomoči je sorazmeren in omejen na najmanjši potrebni znesek
The French authorities argued that, given the length of nuclear industry cycles, the time horizon for the main losses of synergy extended beyond the Areva Group's financial projections (2016-2025).
Načelo ustrezne porazdelitve je glede manjšinskih delničarjev izpolnjeno
New Areva had a full order book for the next five to 10 years, which meant a degree of inertia in the development of its market shares.
Prvič, opozorjeno je, da so že bile zabeležene velike rezervacije za izgube in oslabitve sredstev ter da je cena delnic na zgodovinsko nizki ravni.
This characteristic was nevertheless common to all nuclear material suppliers; supply contracts typically extended over a period of many years, usually five to 10 years depending on the type of material (unprocessed, converted or enriched uranium) and the nature of the customer.
Odgovornost za preteklo upravljanje torej v veliki meri nosijo manjšinski delničarji, in sicer sorazmerno glede na svoje deleže.
Furthermore, the Areva Group was implementing a Performance and Competitiveness Plan, which would cushion the shorter-term impact of the divestment of New Areva NP on its structural costs.
Ceno, predlagano delničarjem, bo organ za finančne trge pozorno preučil in se prepričal, da je upoštevana metoda vrednotenja z več merili.
For example, the Plan aimed precisely at achieving gains in the diversification of purchases to compensate for the loss of purchase volume resulting from the divestment of New Areva NP.
Skupina Areva zagotovi zadosten, resnični in dejanski lastni prispevek
However, the adverse financial projections assumed that the Plan's objectives would only be [50-100] % achieved, and that therefore a negative impact would be felt.
Francoski organi v zvezi z morebitnim presežkom likvidnosti iz uvodne izjave 172 sklepa o začetku postopka menijo, da dejstvo, v skladu s katerim likvidna sredstva, uporabljena za izvedbo načrta prestrukturiranja, presegajo stroške prestrukturiranja, samo po sebi ne pomeni, da pomoč ni omejena na najmanjši znesek.
Sensitivity analysis and risk reduction strategy
V smernicah je določena spodnja meja za lastni prispevek, pri čemer ni določena zgornja meja niti matematično razmerje med zneskom državne pomoči in zneskom stroškov prestrukturiranja.
The French authorities and the Areva Group had identified the key risk factors affecting the future of New Areva.
Z drugimi besedami, francoski organi menijo, da je treba jasno razločevati med različnima pravnima meriloma, tj. po eni strani financiranjem, ki je glede na finančne napovedi potrebno za obnovo dolgoročne sposobnosti preživetja, in po drugi strani omejitvijo državne pomoči na najmanjši znesek prek zahteve po znatnem lastnem prispevku k stroškom prestrukturiranja.
They pointed out that the baseline scenario was already very conservative, and it was therefore unlikely that all the adverse assumptions would occur at the same time.
To interpretacijo ponazarja praksa odločanja Komisije [19], ki je v preteklosti sprejela, da lastni prispevek presega stroške prestrukturiranja, ne da bi ta presežek likvidnosti pomenil, da pomoč ni bila omejena na najmanjši znesek.
The first of these factors was the euro/dollar exchange rate.
Poleg tega francoski organi poudarjajo, da skupina Areva nujno potrebuje likvidnostni blažilec v primeru uresničitve negativnega scenarija.
An analysis of exposures was carried out monthly and coverage was contracted as necessary to cover a minimum percentage of future payments.
V zvezi z dvomi, ki jih je Komisija izrazila glede tega, ali je lastni prispevek skupine Areva resničen in dejanski, francoski organi navedejo dodatna pojasnila in spomnijo na prakso odločanja Komisije, ki je sprejela, da se prihodnje prodaje sredstev upoštevajo kot lastni prispevek, če so te prodaje predmet neodvisne presoje, pri kateri se oceni tržna vrednost sredstva [20].
Furthermore, some activities, such as mining, benefited in part from natural protection against this risk: 50 % of New Areva's mining output would originate in Canada, whose currency was correlated to the dollar.
Glede odprodaje družbe Nouvel Areva NP francoski organi navedejo, da so bila izvedena neodvisna vrednotenja, ki so bila pri priglasitvi predložena Komisiji.
The second risk concerned […].
Francija prav tako izpostavi elemente, na podlagi katerih je mogoče dokazati, da je odprodaja družbe Nouvel Areva NP resnična in dejanska: pogodbo o nakupu deleža družbe EDF v družbi Nouvel Areva NP, ki je bila podpisana dne 15. novembra 2016, in dejstvo, da odložilna pogoja, od katerih je odvisna odprodaja, ne vplivata na njeno gotovost.
The consequences in the adverse scenario were around EUR – [0-100 million] on accumulated operational cash flows for the period 2016-2025.
Francoski organi tako zaupajo sklepom urada ASN glede programa za utemeljitev v zvezi s posodo reaktorja Flamanville 3, pri čemer po mnenju družbe EDF in skupine Areva izvedba vseh preskusov iz programa ni pokazala neskladnosti.
The French authorities pointed out that the Areva Group was already taking a series of cost optimisation and reduction measures to limit the impact of this risk, in the form of operational improvements aimed at […].
Poleg tega […] pogajanje z družbo TVO ne vpliva na odprodajo družbe Nouvel Areva NP, temveč samo na njen časovni razpored.
These improvements were included in the Performance and Competitiveness Plan, which ran until 2018, […] could be sought beyond 2018 if the risk materialised.
Glede odprodaje družbe Canberra francoski organi navedejo, da je bila izvedena 1. julija 2016.
The third risk identified related to the consequences of a possible failure of […].
Odprodaja družbe Areva TA bo v kratkem zaključena, kot je razvidno iz informacij, povzetih v uvodnih izjavah 103 do 105 tega sklepa.
This was unlikely in the view of the French authorities, as […].
Enostranska obljuba družbe ECA Group o nakupu hčerinske družbe Elta je bila prejeta 4. avgusta 2016, prodaja pa je bila potrjena 1. decembra 2016 po ceni [0–10 milijonov] EUR.
The financial projections for New Areva lastly took into account a number of contingencies […], the extent of which differed according to whether the baseline or adverse scenario was considered.
Glede sodelovanja drugih vlagateljev pri povečanju kapitala družbe Nouvel Areva francoski organi navajajo, da so prejeli prijavo interesa […] japonskih skupin JNFL in MHI […].
These amounted to EUR [1-2 billion] in the adverse scenario over the period 2016-2025, i.e. EUR [0-1 billion] more than in the baseline scenario.
Stanje pogajanj je naslednje.
The French authorities indicated the corrective action that could be taken: additional commercial or productivity measures (e.g. optimising purchases and reducing the wage bill), or adjusting the investment plan […].
Skupina Areva predlaga ukrepe, s katerimi se bo čim bolj omejilo izkrivljanje konkurence
New Areva will be able to refinance itself on the markets over the period 2015-2025
Po navedbah francoskih organov se odprodaja družbe Nouvel Areva NP šteje za pomemben izravnalni ukrep, ker se prek nje uresničuje jasen umik skupine Areva s številnih trgov, na katerih bo konkurenčnost odslej spodbujala družba EDF.
In response to the doubt raised by the Commission in recital 151 of the opening decision, the French authorities stated that, in the baseline scenario, New Areva's financing needs would materialise […].
Z odprodajo družbe Nouvel Areva NP se skupina Areva odreka tretjini svojih sredstev in približno polovici prometa.
It was expected that New Areva would have re-established sufficiently good financial ratios by that time that recourse to the bond markets would be possible without calling into question the investment grade rating of the undertaking.
Prav tako se odreka vsem prednostim integriranega modela, ki se je razvil v zadnjih petnajstih letih, s čimer bo izvedla pomemben obrat v strategiji.
In contrast, in the adverse scenario, New Areva would need […] of financing.
Poleg tega se skupina Areva odreka pozitivnim denarnim tokovom, ki jih bo družba Nouvel Areva NP ustvarila v obdobju.
However, the French authorities explained that New Areva would be able to bridge the gap […], without jeopardising the company's return to viability […].
V podporo svojim navedbam francoski organi podrobno odgovorijo na različne točke, ki jih Komisija omenja v svojem sklepu o začetku postopka.
Areva SA will have the resources to cover its financial needs over the period 2016-2025
Kvantifikacija izravnalnih ukrepov
The French authorities had undertaken to ensure that Areva SA carried out no activities other than those specifically provided for in the restructuring plan notified to the Commission.
Francoski organi poudarjajo, da morajo „ukrepi za omejevanje izkrivljanja konkurence […] obravnavati moralna tveganja in možna izkrivljanja na trgih, na katerih posluje upravičenec“, pri čemer se upošteva „značilnosti zadevnega trga“ [21].
On that basis, they considered that Areva SA would have sufficient resources to cover its financial needs.
S tega vidika je po mnenju francoskih organov izključeno vsakršno moralno tveganje, ker so pretekle izgube nosili obstoječi delničarji skupine Areva, zlasti francoska država, in sicer prek rezervacij in oslabitev sredstev.
The French authorities confirmed their assumptions for the costs of completing the OL3 project over the period 2017-2025.
Poleg tega glede na značilnosti zadevnega trga državna pomoč prej ohranja učinkovito konkurenco kot jo omejuje, ker ima večina trgov, na katerih bo dejavna družba Nouvel Areva, oligopolno strukturo, na katero bi umik akterja negativno vplival.
These projections resulted in negative cash flow of EUR [0-2 billion] over the period in question.
Po mnenju francoskih organov se pri primerjavi razmer na trgih v hipotetičnem scenariju brez pomoči jasno pokaže, da se lahko učinkovito konkurenco na trgih ohrani zgolj z ohranitvijo skupine Areva.
On the basis of these assumptions, Areva SA's business plan showed surplus liquidity of EUR [0-500 million] at the end of the period in the baseline scenario and EUR [0-100 million] in the adverse scenario.
Odprodaja družbe Nouvel Areva NP je tako v veliki meri zadosten izravnalni ukrep, zaradi katerega bo skupina Areva na kratki rok zabeležila izgube sinergije in na srednji rok izgubila zelo donosne razvojne možnosti, opisane v nadaljevanju v oddelku 4.4.2.
The aid measure is proportionate and limited to the minimum necessary
Odprodaja družbe Nouvel Areva NP bo imela trajen negativen vpliv na vse dejavnosti družbe Nouvel Areva
The principle of fair burden-sharing is respected with regard to minority shareholders
Dejavnosti začetka cikla
First, the French authorities pointed out that substantial provisions for losses and asset write-downs had already been set aside, and that the share price was historically low.
Integrirana skupina Areva je imela integrirano ekipo za prodajo in trženje naravnega urana, storitev pretvorbe, obogatitve, zasnove in proizvodnje gorivnih elementov ter različnih kombinacij teh izdelkov in storitev.
The responsibility for past management was therefore largely borne by the minority shareholders, in proportion to their stake.
Z integracijo prodaje gorivnih elementov z dejavnostmi začetka cikla je skupina Areva pridobila veliko informacijsko in tržno prednost.
Second, they anticipated that the State would be obliged by the Financial Markets Authority (‘AMF’) to make a public buy-back offer.
Ponudniki elektrike imajo običajno enega samega dobavitelja za oskrbo z gorivnimi elementi.
The price offered to shareholders would be closely monitored by the AMF, which would ensure that a multi-criteria valuation method was followed.
Ker je za gorivne elemente značilna majhna zamenljivost, je za ponudnika elektrike dobavitelj gorivnih elementov nepogrešljiv člen, kar pa ne velja za ponudnika v začetku cikla, katerega izdelki in storitve so zamenljivi.
The Areva Group's own contribution is sufficient, real and actual
Francoski organi navajajo primer ponudnika elektrike […], za katerega je lahko skupina Areva na razpisu za gorivne elemente pripravila razširjeno ponudbo izdelkov in storitev z začetka cikla.
In other words, the French authorities considered that a clear distinction should be drawn between the two distinct legal criteria.
Francoski organi pojasnijo tudi, da ima vsak dobavitelj izdelkov in storitev z začetka cikla, ki sodeluje z dobaviteljem gorivnih elementov in reaktorjev, nesporno konkurenčno prednost pri ponudbah z začetka cikla.
These were, on the one hand, the financing required in view of the financial projections to return to viability and, on the other, limiting the State aid to the minimum by requiring a significant own contribution to the restructuring costs.
Kupec nove elektrarne od graditelja običajno zahteva, da zagotovi prvo sredico reaktorja in morebitna ponovna polnjenja.
This interpretation was reflected in the Commission's practice in previous decisions [19] of accepting that the own contribution exceeded the restructuring costs without this excess liquidity meaning that the aid was not limited to the minimum.
Zaradi integriranosti z družbo Areva NP se je lahko v sklopu dejavnosti začetka cikla skupine Areva takšno zahtevo samodejno izpolnilo.
As regards the doubts raised by the Commission concerning the real and actual nature of the Areva Group's own contribution, the French authorities provided a number of clarifications and reiterated that the Commission had, in its previous decisions, accepted that future sales of assets were accounted for as an own contribution provided they were subject to an independent assessment of the market value of the asset [20].
Tovrstne pogodbe omogočajo sklenitev poslovnega odnosa zlasti na težje dostopnih trgih, kot je Kitajska.
As regards the divestment of New Areva NP, the French authorities pointed out that independent valuations had been carried out and sent to the Commission with the notification.
Primer te konkurenčne prednosti so pogodbe, ki jih je skupina Areva sklenila za reaktorje v sklopu projektov OL3, Tajšan 1 in 2, […].
France also stressed the aspects which made it possible to establish the real and actual nature of the divestment of New Areva NP: first, the contract for EDF's purchase of New Areva NP shares signed on 15 November 2016; second, the fact that the conditions precedent attached to the sale did not call the sale into question.
Za projekta Tajšan 1 in 2 na primer […].
The French authorities were thus confident about the ASN's findings concerning the demonstration programme for the Flamanville 3 vessel, since all the related tests had been conducted without revealing any non-compliance in the view of EDF and the Areva Group.
Takšnih pogojev ne bi mogla doseči, če ne bi imela koristi, ki jih zagotavlja integracija; po drugi strani je lahko skupina Areva dosegla le […].
In addition, […] the negotiations with TVO did not call into question the divestment of New Areva NP but affected only the timetable.
Tako vse prihodnje prodaje reaktorjev družbe Nouvel Areva NP pomenijo veliko izgubljenih priložnosti za prodajo materiala z začetka cikla družbe Nouvel Areva pod optimalnimi pogoji.
As regards the divestment of Canberra, the French authorities noted that it had actually been implemented since 1 July 2016.
Po mnenju francoskih organov bo imela družba Nouvel Areva NP dobre možnosti za pridobitev projektov […].
The divestment of Areva TA was being finalised, as was apparent from the information already summarised in recitals 103 to 105 of this Decision.
Družba Nouvel Areva NP bi se lahko potegovala tudi za projekte […].
As regards the subsidiary Elta, a unilateral purchase promise had been received from the ECA Group on 4 August 2016, and the sale had been notarised on 1 December 2016 at a price of EUR [0-10 million].
Zaradi dolgih ciklov v jedrski industriji se bodo izgube sinergije uresničile šele po obdobju, za katerega je skupina Areva pripravila finančne napovedi.
It was intended that the Areva Group's stake in its subsidiary Adwen would be fully divested; a EUR 60 million floor price having been secured by the Gamesa group.
Te izgube sinergije so opazne predvsem na začetku življenjskega cikla reaktorja, vendar do njih prihaja tudi v preostalem delu življenjskega cikla.
The divestment was scheduled to be carried out at the beginning of January 2017.
Nekateri ponudniki elektrike dajejo prednost enotni ponudbi, v kateri se združi nakup urana, storitve pretvorbe, obogatitve in proizvodnje gorivnih elementov, zlasti pri reaktorjih, za katere je zaprtje že načrtovano (konec življenjskega cikla).
However, the divestments […] would not occur before […].
Nazadnje, zaradi konca integracije bo otežen razvoj integrirane verige za recikliranje predelanega urana, ker je za takšno verigo potrebna velika logistična usklajenost med dobaviteljem gorivnih elementov (Nouvel Areva NP) in ponudnikom storitev predelave (Nouvel Areva).
Lastly, as regards the involvement of third-party investors in New Areva's capital injection, the French authorities pointed out that they had received expressions of interest from […] Japanese groups JNFL and MHI […].
Zaradi vseh teh izgub sinergije se bo poslabšal položaj družbe Nouvel Areva v korist njenih konkurentov.
The state of play in the negotiations was as follows.
Če bi skupina Areva ostala integrirana, bi imela odlične možnosti za izkoristek pričakovanega okrevanja trga, zlasti ker ima v lasti prenovljeno opremo.
The MHI and JNFL groups had each submitted a firm offer […] for 5 % of New Areva's capital, valued at EUR 250 million.
Odpira se na primer pomemben trg na področju ponudb za upravljanje reaktorjev na koncu življenjskega cikla za ponudnike elektrike.
The Areva Group proposes measures to minimise the distortions of competition
Vendar zaradi pričakovanih izgub sinergije francoski organi in skupina Areva pričakujejo […].
According to the French authorities, the divestment of New Areva NP was a particularly significant compensatory measure because it would mean that the Areva Group simply withdrew from a large number of markets in which the EDF Group would then be the leading competitor.
Po drugi strani bodo lahko konkurenti družbe Nouvel Areva izkoristili priložnosti, nastale z razdružitvijo skupine Areva, zlasti glede dobave goriva za nove reaktorje.
By divesting New Areva NP, the Areva Group was giving up one third of its assets and around half of its turnover.
Družba Nouvel Areva bo morala tekmovati z integriranimi konkurenti, kot je Rosatom, ali konkurenti v postopku vertikalne integracije, kot so KHNP, Toshiba/Westinghouse ali CNNC.
It was also giving up all of the advantages stemming from the integrated model it had developed over the last 15 years and was thus making a major strategic shift.
Dejavnosti konca cikla
In addition, the Areva Group was giving up the positive cash flows that New Areva NP would generate over the period.
Odprodaja družbe Nouvel Areva NP bo […] za dejavnosti družbe Nouvel Areva na področju recikliranja in ravnanja z izrabljenim gorivom.
In support of this reasoning, the French authorities referred in detail to the various points raised by the Commission in the opening decision.
Prodaja goriva MOX je odvisna od tega, ali na trgu obstaja nabor lahkovodnih reaktorjev, ki lahko delujejo z gorivnimi elementi MOX.