natgillin/translations-raw huggingface dataset:
EUR 3 billion for New Areva, subscribed as set out in recital 35.
Poleg tega se je zdelo, da je več transakcij za zagotavljanje lastnega prispevka, kot so različne predvidene odprodaje ali prispevki drugih vlagateljev k povečanju kapitala družbe Nouvel Areva, še preveč negotovih, da bi jih lahko označili kot prispevke, ki so „resnični in dejanski“.
This amount was calculated on the basis of two objectives: first, securing New Areva's liquidity needs up to 2019 inclusive and, second, enabling New Areva, by the end of the restructuring period, to reach debt ratios compatible with an investment grade risk profile so that it can refinance itself on the markets […] [15].
Dvomi glede ukrepov za omejevanje izkrivljanja konkurence
EUR 2 billion for Areva SA, subscribed entirely by the French State, to cover the costs of the operations that will continue to be housed in Areva SA (primarily the OL3 project costs, […], and the repayment of the Areva Group's banking debt [16]).
Komisija je priznala, da bi različne popolne ali delne odprodaje v skupini Areva lahko povzročile znatno zmanjšanje njenega obsega – približno 50-odstotno, pri čemer se kot parametra uporabi konsolidirani promet ali število zaposlenih.
Notified aid
Vendar vpliv teh odprodaj na konkurenco ni bil jasno razviden.
On 29 April 2016 the French authorities notified as a single restructuring aid measure the planned subscription by the French State to two capital injections in Areva SA and New Areva respectively for a total amount of EUR 4,5 billion.
Komisija je tako izrazila mnenje, da je treba med odprodajami razlikovati.
This aid is to be financed from the French State's own funds.
Odprodaja razmeroma majhnih hčerinskih družb, kot sta Areva TA ali Canberra, se je zdela nesorazmerna z obsegom predvidene pomoči.
The compatibility of restructuring aid has to be assessed under the Guidelines on State aid for rescuing and restructuring non-financial undertakings in difficulty [17] (‘the Guidelines’).
Ostala je delna odprodaja družbe Nouvel Areva NP, katere obseg se je po drugi strani zdel ustrezen glede na obseg pomoči, vendar se zanjo ni zdelo, da neposredno zadeva trge, na katerih bi imela skupina Areva pomemben položaj po prestrukturiranju.
Following a preliminary investigation, the Commission expressed doubts about the compatibility of the aid with the Guidelines.
Komisija je tako podvomila v predpostavki, na podlagi katerih so francoski organi lahko potrdili, da gre za ukrep, ki spodbuja konkurenčnost: prvič, da obstaja močna sinergija med dejavnostjo, povezano z reaktorji, in dejavnostjo gorivnega cikla, kar pomeni, da ima integrirana skupina na jedrskih trgih prednost; drugič, da bo skupina Areva s prodajo hčerinske družbe Nouvel Areva NP izgubila korist zaradi te sinergije.
Grounds for initiating the procedure
Zlasti glede druge predpostavke je Komisija navedla, da se na podlagi memoranduma o soglasju, ki sta ga družba EDF in skupina Areva podpisali 20. julija 2015, zdi, da bosta skupini pogodbeno obnovili sinergijo, ki je do zdaj bila strukturna.
Doubts about the plan for returning the restructured Areva Group to long-term viability
Zaradi teh različnih razlogov je Komisija izrazila dvome glede učinkov odprodaje družbe Nouvel Areva NP na konkurenčni položaj skupine Areva na trgih po prestrukturiranju in zato na zadostnost tega izravnalnega ukrepa.
The Commission questioned whether the assumptions underpinning the plan for returning the Areva Group to long-term viability were realistic.
Nazadnje, Komisijo je presenetilo francosko zavračanje obveznosti iz smernic, v skladu s katero se pomoč za prestrukturiranje ne sme uporabljati za nakup deležev.
It found that the baseline scenario for New Areva did not clearly identify what impact, including in terms of lost synergies, the various divestments under the restructuring plan (especially of New Areva NP) might have on the nuclear fuel cycle operations.
Komisija je zato francoske organe pozvala, naj takšne transakcije vključijo v načrt prestrukturiranja, če bi se izkazale kot nujno potrebne za obnovo dolgoročne sposobnosti preživetja skupine Areva.
There was a contradiction here with the assertion by the French authorities that the divestments reduced the competitiveness of the restructured Areva Group and thus constituted genuine compensatory measures.
PRIPOMBE ZAINTERESIRANIH STRANI
The Commission also found that the adverse scenario had not been based on a proper sensitivity analysis clearly identifying and ranking the main risk factors for the Areva Group.
Skupina Areva
In addition, the Commission had doubts about whether New Areva could return to long-term viability in an adverse scenario, as this scenario threw up a financing gap […].
Skupina Areva se v celoti strinja z odgovori francoskih organov z dne 12. septembra 2016, pri čemer je bila tudi vključena v njihovo pripravo.
In respect of Areva SA, the forecasts notified by the French authorities still involved too many uncertainties, including around the quantification of the hive-down scenario.
Glede dvomov, ki jih je izrazila Komisija, skupina Areva poudarja predvsem naslednje točke:
Doubts about the proportionality of the aid
skupina Areva verjame v dolgoročno sposobnost preživetja prestrukturirane skupine Areva, k čemur bodo pripomogla prenovljena industrijska sredstva in pričakovano povečanje povpraševanja po energiji;
In the light of the information notified by the French authorities, the Commission concluded that the principle of adequate burden-sharing appeared to have been complied with, though it required clarifications on the treatment of the existing minority shareholders.
prodaja družbe Nouvel Areva NP skupini EDF je zadosten izravnalni ukrep.
However, the Commission had doubts about the Areva Group's own contribution to the costs of its restructuring.
V veliki meri bo negativno vplivala na konkurenčnost prestrukturirane skupine Areva: poleg 50-odstotnega zmanjšanja prometa bo ta transakcija povzročila (i) njen umik z velikega števila trgov (zlasti s trga gradnje in vzdrževanja jedrskih reaktorjev ter proizvodnje gorivnih elementov) ter (ii) izgube sinergije, zlasti ker ne bo več virov porazdelitve stroškov (na primer na področjih trženja, gorivnih elementov, raziskav in razvoja ter inženiringa);
The forecasts provided by the French authorities implied that the Areva Group would in principle be able to finance more than 50 % of its restructuring costs.
prepoved nakupa deležev ni primeren izravnalni ukrep.
However, the total of the own contributions came to EUR [9-11 billion], which was higher than the financing shortfall estimated at EUR [8-9 billion], and no justification for the difference was provided.
Areva meni, da mora imeti možnost izvedbe […] v prihodnjem obdobju ali sklepanja partnerstev.
Moreover, several of the elements of the own contribution, such as the planned divestments or the contribution from third-party investors to New Areva's capital injection, were still too uncertain to be classified as ‘real and actual’.
Prav tako skupina Areva vztraja pri strateškem pomenu pomoči za prestrukturiranje za evropsko jedrsko panogo in gospodarstvo: je neposredni delodajalec, ključni akter za ohranitev jedrske panoge, ki je vključen v številne segmente vrednostne verige v tej panogi, in ključni akter za ustrezno delovanje verige evropskih jedrskih elektrarn.
Doubts about the measures to limit distortions of competition
Skupina Areva nazadnje poudarja, da izvajanje načrta prestrukturiranja dobro napreduje, in sicer prek (i) prodaje družbe Canberra (zaključena) in prodaje deleža skupine Areva v družbi Adwen (izvršena opcija) ter (ii) soglasja imetnikov obveznic k delnemu prenosu sredstev družbe Areva SA na družbo Nouvel Areva in sočasnega prenosa dolga v obveznicah na družbo Nouvel Areva.
The Commission recognised that the various total or partial divestments undertaken by the Areva Group resulted in a significant reduction in the scope of its business — some 50 % based on consolidated turnover or on the number of staff.
Poleg tega odobritev projekta Hinkley Point C prinaša dobre obete za uspešno izvajanje načrta.
However, the impact of these divestments on the competitive situation was not obvious.
Družba Urenco je rezultat političnega sodelovanja med Zvezno republiko Nemčijo, Nizozemsko in Združenim kraljestvom.
In the Commission's view, not all the divestments could be placed on the same footing.
Družba, ustanovljena leta 1970, je dejavna predvsem v segmentu obogatitve urana ter ima obrate v svojih treh izvornih državah in Združenih državah.
The sale of relatively small subsidiaries such as Areva TA or Canberra was not in proportion to the scale of the planned aid.
Družba Urenco je podala pregled vrednostne verige cikla jedrskega materiala in nato svoje pripombe razdelala po treh točkah: prvič, obravnavana pomoč bo znatno okrepila skupino Areva; drugič, izkrivljajoči učinek te pomoči bo zlasti občutiti na trgu obogatitve, in sicer v škodo družbe Urenco in drugih konkurentov, dejavnih v tem segmentu; posledično so ukrepi v zvezi s konkurenco, ki so jih predlagali francoski organi, nezadostni in jih je treba okrepiti.
There remained the partial divestment of New Areva NP, which did seem in line with the amount of the aid, but did not appear to have a direct impact on the markets in which the Areva Group would have a significant position after the restructuring.
Družba Urenco v zvezi s prvo točko ugotavlja, da načrt prestrukturiranja ne vključuje zmanjšanja zmogljivosti v nobeni dejavnosti skupine Areva kljub finančnim težavam skupine in presežni zmogljivosti na trgih, na katerih deluje.
The Commission had questions therefore about the two assumptions underpinning the assertion by the French authorities that this was a pro-competitive measure: first, that there were strong synergies between the reactors business and the fuel cycle business, such that there was an advantage to operating as an integrated group in nuclear markets; and second, that the Areva Group would lose the benefit of these synergies by divesting its subsidiary New Areva NP.
Družba Nouvel Areva bo tako v okviru cikla jedrskega materiala še naprej imela enaka sredstva kot v preteklosti, kar ji zagotavlja odlično izhodišče za ohranjanje trdnega položaja na teh trgih.
Regarding the second assumption in particular, the Commission noted that, by virtue of a Memorandum of Understanding signed by EDF and the Areva Group on 20 July 2015, the two groups appeared to be rebuilding contractually the synergies that had previously existed structurally.
To je še toliko bolj očitno glede na to, da državno posredovanje prispeva k izboljšanju bilance stanja novo ustanovljenih subjektov in odpravljanju slabega upravljanja iz preteklosti.
For these different reasons, the Commission had doubts about the effects that the divestment of New Areva NP would have on the Areva Group's competitive position in its markets after the restructuring, and thus about whether this compensatory measure was sufficient.
Družbi Nouvel Areva NP in Nouvel Areva bosta tako imeli obnovljen manevrski prostor v smislu novih naložb, dostopa do financiranja in pogajalske moči.
Lastly, the Commission was surprised that the French authorities refused to give an undertaking as required in the Guidelines that the restructuring aid would not be used to acquire shares.
Po drugi strani morajo konkurenti družbe Nouvel Areva v celoti kriti stroške svojih naložb in lahko pri financiranju razvoja računajo samo na svoj dobiček.
The Commission therefore invited the French authorities to include any such transactions in the restructuring plan, if they were found to be indispensable to the return to long-term viability of the Areva Group.
V zvezi z drugo točko družba Urenco meni, da se bo izkrivljanje konkurence dolgo občutilo v segmentu obogatitve, za katerega sta značilna presežna zmogljivost in omejeno število kapitalsko zelo intenzivnih projektov.
COMMENTS BY THIRD PARTIES
Po mnenju družbe Urenco so svetovne zmogljivosti obogatitve znatno večje od povpraševanja […].
The Areva Group
Ta presežna zmogljivost je toliko bolj škodljiva, ker del povečanja povpraševanja izvira iz držav, kot sta Kitajska in Rusija, ki so v veliki meri zaprte za zahodne akterje.
The Areva Group gave its full support to the comments submitted by the French authorities on 12 September 2016, which it had helped to formulate.
Za znaten delež povpraševanja, ki je dostopno za zahodne akterje, poskrbi jedrsko energetski park družbe EDF, zato je ključno, da zaradi okrepljenih povezav med družbo EDF in skupino Areva ni omejen dostop družbe Urenco do družbe EDF.
With respect to the doubts expressed by the Commission, the Areva Group stressed the following key points:
Poleg tega obravnavana pomoč omogoča skupini Areva ohranitev dejavnosti na področju goriva MOX, čeprav to gorivo ni tako konkurenčno kot obogateni naravni uran.
The Areva Group was confident that the restructured Group would return to long-term viability, thanks to its modernised industrial plant and the expected growth in energy demand.
Brez državne pomoči bi se ta dejavnost nehala izvajati ali bi se njen obseg zmanjšal, pri čemer bi se trgi sprostili za konkurente skupine Areva (zlasti pri družbi EDF, pri kateri je mogoče [0–25 %] povpraševanja zadovoljiti z gorivom MOX).
The divestment of New Areva NP to EDF constituted a sufficient compensatory measure.
Izboljšana bilanca stanja bo družbi Nouvel Areva prav tako omogočila, da bo razširila dejavnost trgovanja s storitvami obogatitve (v nadaljnjem besedilu: storitve obogatitve), za katerega je potreben velik finančni manevrski prostor.
It would have a significant negative impact on the restructured Areva Group's competitive position: besides a 50 % reduction in its turnover, the divestment would result in (i) the Group's withdrawal from a large number of markets (in particular the construction and maintenance of nuclear reactors, and the production of fuel assemblies), and (ii) lost synergies linked to the lack of opportunities for cost pooling (such as in the commercial field, fuel assemblies, and research and development and engineering).
Ta trg […] lahko prispeva k okrepitvi družbe Nouvel Areva v primerjavi s konkurenti, ki ne prejmejo pomoči in katerim finančna struktura ne omogoča takšnih tveganj zaradi kapitalsko zelo intenzivnih projektov v sektorju.
A ban on acquiring stakes did not constitute an appropriate compensatory measure.
Nazadnje družba Urenco meni, da bo družba Nouvel Areva še naprej imela prednosti zaradi vertikalne integracije na trgih gorivnega cikla.
Areva believed that it needed to be able to undertake […] in the future, or to enter into partnerships.
Družba Urenco glede tretje točke poudarja, da bi bilo treba predlagati ukrepe v zvezi s konkurenco za trge, na katerih bo skupina Areva dejavna po prestrukturiranju, zlasti ker večina teh trgov (rudarstvo, pretvorba in obogatitev) trenutno beleži presežno zmogljivost.
The Areva Group also stressed the strategic importance of the restructuring aid for the nuclear industry and the economy in Europe: it was a direct job provider, a key player in maintaining the nuclear sector, involved in numerous segments of the nuclear value chain, and a crucial contributor to the smooth functioning of Europe's nuclear power fleet.
Urenco se ne strinja s stališčem francoskih organov, v skladu s katerim bi ločitev dejavnosti, povezane z reaktorji, povzročila tolikšno izgubo sinergije, da bi to vplivalo na dejavnost gorivnega cikla.
The Areva Group also stressed that the restructuring plan was progressing well, with (i) the divestments of Canberra (finalised) and the Areva Group's share in Adwen (option exercised), and (ii) the approval by the bondholders of the partial transfer of assets from Areva SA to New Areva, and the simultaneous transfer of the bond debt to New Areva.
Obstoj številnih akterjev, ki niso integrirani, vendar so vseeno uspešni (na primer Urenco, Cameco, KAP), tako relativizira pomen te sinergije.
Moreover, the approval of the Hinkley Point C project meant a favourable outlook for the plan.
Poleg tega je ta sinergija očitna samo pri dobavi goriva za nove reaktorje; […].
Urenco was born out of political cooperation between Germany, the Netherlands and the United Kingdom.
Na podlagi strateškega partnerstva med družbo EDF in družbo Nouvel Areva se bo morebitna izgubljena sinergija obnovila.
Established in 1970, its main business is uranium enrichment, and it has plants in the three countries that set it up, as well as in the United States.
Družba Nouvel Areva bo tako ohranila strateški delež v skupni hčerinski družbi z družbo EDF, zaradi česar bo potrebna neka mera usklajevanja med obema skupinama in kar bi lahko spodbudilo družbo EDF k dajanju prednosti družbi Nouvel Areva.
Urenco began by painting a broad picture of the nuclear fuel cycle value chain, and then went on to develop a three-pronged argument: first, the aid under scrutiny would significantly strengthen the Areva Group; second, the distortive effect would be felt particularly on the enrichment market to the detriment of Urenco and the other competitors in this segment; and consequently, the competitive measures proposed by the French authorities were insufficient and needed to go further.
Pri tem bosta imeli tudi istega delničarja, tj. francosko državo.
On the first point, Urenco stated that the restructuring plan failed to include any capacity reduction measures in any of the Areva Group's business lines, despite its financial difficulties and the overcapacity in its markets.
Prav tako gre za okrepljeno sodelovanje na gradnji, kot je navedla Komisija v sklepu o začetku postopka.
New Areva would retain the same assets in the nuclear fuel cycle as in the past, and would thus be ideally placed to maintain a strong position in these markets.
Nazadnje, negativne posledice razdružitve bo v prvi vrsti nosila družba Nouvel Areva NP, ki bo morala oblikovati nove trženjske ekipe za prodajo gorivnih elementov, pri čemer bo družba Nouvel Areva ohranila koristi integracije na področju cikla jedrskega materiala.
This was all the more evident in that the State intervention helped to repair the balance sheets of the newly established entities and wipe the slate clean of historic poor management.
Glede na navedeno družba Urenco predlaga naslednje ukrepe v zvezi s konkurenco:
New Areva NP and New Areva were thus restored to a position where they had the freedom to make new investments, access financing and leverage bargaining power.
da se sprejme zaveza, v skladu s katero bo družba EDF ohranila politiko oskrbe, ki bo odprta za vse akterje na področju cikla jedrskega materiala;
New Areva's competitors, by contrast, had to bear the full costs of their past investments and could count on their profits alone for future development.
da državna pomoč ne bo nesorazmerno izboljšala položaja hčerinske družbe Nouvel Areva, ki deluje na področju obogatitve, pri čemer se zagotovi neko neprepustnost med dokapitalizacijo in to hčerinsko družbo (na primer tako, da se dolgovi, povezani z gradnjo obrata Georges Besse II, odplačajo izključno z denarnimi tokovi iz te dejavnosti);
On the second point, Urenco took the view that the distortions of competition would be felt over the long term in the enrichment segment, which was characterised by overcapacity and a limited number of highly capital-intensive projects.
da se družbi Nouvel Areva prepove povečanje zmogljivosti obrata Georges Besse II vsaj v obdobju prestrukturiranja, ne da bi se pri tem postavljalo pod vprašaj obveznosti skupine Areva […] v okviru […] [18];
According to Urenco, worldwide enrichment capacity was significantly higher than demand […].
da družba Nouvel Areva zmanjša svojo zmogljivost na področju goriva MOX in ne uporablja pridobljenih denarnih sredstev za razvoj dejavnosti trgovanja s storitvami obogatitve.
This overcapacity was all the more detrimental because part of the growth in demand came from countries such as China and Russia, which were largely closed to Western companies.
Urenco prav tako želi, da francoski organi raziščejo druge ukrepe v zvezi s konkurenco, skupne vsem segmentom, kot je prodaja dejavnosti novemu udeležencu, s čimer bi se zmanjšalo sinergijo, povezano z integracijo skupine Areva na področju cikla jedrskega materiala.
As for the demand that could be accessed by Western companies, EDF's electro-nuclear fleet represented a major share, and it was therefore vital that the closer ties between EDF and the Areva Group did not restrict Urenco's access to EDF.
Nazadnje Urenco poudarja pomen spoštovanja prepovedi nakupa vsakršnega podjetja v obdobju prestrukturiranja, razen če se dokaže, da je takšen nakup nujno potreben za obnovo sposobnosti preživetja skupine Areva.
The aid under scrutiny also helped the Areva Group to remain active in MOX fuel, even though this fuel was less competitive than enriched natural uranium.
TVO je finska družba za proizvodnjo električne energije, ki je bila ustanovljena leta 1969 ter je v lasti drugih finskih elektroenergetskih podjetij in industrijskih podjetij.
Without the State aid, this business would have been closed or scaled down, freeing up the markets for the Areva Group's competitors (in particular for supplying EDF, [0-25] % of whose demand could be met with MOX fuel).
TVO je bodoči lastnik jedrske elektrarne OL3, ki temelji na tehnologiji evropskega tlačnovodnega reaktorja (v nadaljnjem besedilu: EPR), pri čemer je gradnja še v teku.
New Areva's repaired balance sheet would also free it up to develop trading in enrichment services (‘separative work units — SWUs’), an activity that required significant financial room for manoeuvre.
Družba TVO poudarja pomen reaktorja OL3 za finski in evropski energetski sektor.
This market […] could help to place New Areva in a stronger position than its non-subsidised competitors, whose financial structure, reflecting the highly capital-intensive projects in the sector, did not allow them to take this kind of risk.
Po začetku obratovanja naj bi reaktor OL3 zagotovil 9 % celotne proizvodnje električne energije na Finskem do leta 2020 in zadovoljil 14 % celotnega povpraševanja po električni energiji, s čimer bi se okrepila energetska neodvisnost Finske.
Lastly, Urenco argued that New Areva would continue to benefit from the advantages of vertical integration in the fuel cycle markets.
Poleg tega je OL3 pionirski projekt, ki naj bi napovedoval obdobje „prenove“ jedrske industrije.
On the third point, Urenco stressed that the competitive measures should be offered in the markets in which the Areva Group would operate after the restructuring, all the more so since most of these markets (mining, conversion and enrichment) currently faced overcapacity.
Projekt OL3 je v zaključni fazi izvedbe.
Urenco did not share the view of the French authorities that withdrawing from the reactors business would give rise to lost synergies on such a scale that the fuel operations would be affected.
Gradnja zunanjega dela je skoraj končana, vendar v notranjosti elektrarne še vedno potekajo nekatera gradbena in namestitvena dela, zlasti na jedrskem otoku (reaktorju).
The fact that there were numerous non-integrated but successful players (such as Urenco, Cameco and KAP) demonstrated that the importance of these synergies was relative.
Na gradbišču dela približno 2400 delavcev.
Moreover, they concerned only the supply of fuel to new reactors; […].
Družba TVO poudarja, da se za projekt OL3 zdaj začenja ključna faza, tj. postopek za začetek obratovanja, ki se zaključi s predvidenim datumom prevzema.
In any event, the strategic partnership between EDF and New Areva would recreate any synergies lost.
V tej fazi je potrebna stalna podpora Konzorcija, ki ima znanje in izkušnje na področju tehnologije EPR.
New Areva would keep a strategic stake in the joint subsidiary with EDF, which would involve a certain degree of coordination between the two groups and could be an incentive for EDF to favour New Areva.
Družba TVO prav tako omenja arbitražni spor s Konzorcijem.