natgillin/translations-raw huggingface dataset:
Contracts for the supply of nuclear materials thus generally cover a long period, typically five to 10 years depending on the type of material (unprocessed, converted or enriched uranium) and the type of client.
Zato je mogoče domnevati, da glede te osnovne predpostavke obstaja sorazmerno soglasje;
As a result, quite marked time-lags are necessarily observed during the first few years of the business plan.
Poleg teh ocen […].
The loss of synergies will be felt first and foremost when New Areva's main supply contracts come up for renewal, or when new power plant projects are awarded to New Areva NP, i.e. towards the end of (or even beyond) the period covered by the 2016-2025 business plan.
V takšnem scenariju bi dodatni stroški za družbo Areva SA znašali [0–1 milijarde] EUR, […].
In this respect, the growth assumptions for New Areva's turnover at the end of the period covered by the business plan are prudent.
Ob upoštevanju obsega in zahtevnosti projekta OL3 je primerjava napovedi občutljiva zadeva.
The assumptions are based on […], even though, in a counterfactual scenario in which the two historical business lines had remained integrated, the Areva Group would no doubt have been able to […], particularly thanks to the ‘end-of-life’ offers where synergies come fully into play [32].
Vendar pa je ta primerjava potrebna za usklajevanje zahteve za omejitev pomoči na najmanjši znesek, da ne bi bil javni kapital, vložen v družbo Areva SA, neupravičeno prevelik, z zahtevo, da mora imeti družba Areva SA dovolj sredstev za pokritje svojih obveznosti, tudi v negativnem scenariju.
Secondly, the Areva Group is implementing an ambitious Performance and Competitiveness Plan, one of the main aims of which is to offset the loss of economies of scale caused by the various ongoing divestments, for example in purchasing.
Nasprotno z argumentom skupine Siemens Komisija meni, da v negativni scenarij ni treba vključiti vseh teoretičnih največjih tveganj.
The aim of the plan is to achieve annual cost savings of EUR 500 million by 2018.
Komisija mora na podlagi dejstev določiti ustrezno raven za dovolj preudaren negativni scenarij.
In the light of the above, the Commission concludes that the doubts it had expressed regarding certain aspects of New Areva's business plan have been allayed.
V obravnavanem primeru je glavna pojasnjevalna spremenljivka za stroške dokončanja projekta OL3 tveganje zamude […].
The remainder of the plan to restore the entity to viability was considered satisfactory in the opening decision.
Na podlagi informacij, zbranih med podrobno preiskavo, Komisija meni, da negativni scenarij lahko temelji na predpostavki […].
Specifically, the Commission had emphasised the realistic nature of the main assumptions, and it stands by this assessment.
Za to izbiro obstajata dva glavna razloga.
The Commission also noted that New Areva's projected path would enable the restructured entity to return to viability by 2019 and it felt that the French authorities had chosen relevant indicators: turnover, EBITDA, operational cash flow, net financial debt, S&P ratios such as net debt/EBITDA and operational cash flow/net debt.
Prvič, Komisija ugotavlja, da je bil na dan njene ocene predvideni časovni razpored gradnje […] upoštevan.
For all of these reasons, the Commission considers that New Areva's business plan is robust, enabling it to return to viability by 2019, and that it contributes to the achievement of the objectives of common interest pursued by the aid.
Družba TVO in skupina Areva sta javno podprli [37] uspešno napredovanje projekta, ki je rezultat boljšega sodelovanja na terenu.
Areva SA's business plan
Drugič, pri projektu OL3 se bodo od leta 2017 uporabljale izkušnje, pridobljene pri preizkusih v Tajšanu.
In the opening decision, the Commission questioned the realism of the assumptions underpinning Areva SA's business plan.
Dobro napredovanje projekta reaktorja EPR v Tajšanu je tako omogočilo, da je ta projekt pridobil približno petmesečno prednost pred projektom OL3.
Comments were also received from third parties, Siemens and TVO.
Ti oceni sta vsaka za približno […] EUR višji od ocen francoskih organov.
The Commission therefore has the information necessary to assess whether the restructuring of the Areva Group allows Areva SA to return to long-term viability.
Francoski organi nasprotujejo ustreznosti ocen skupine Siemens in družbe TVO, poleg tega pa skupina Areva zagotovo sama najbolje pozna in lahko oceni lastne stroške.
any compensation payments that may be required or guarantees that could be called in […];
Gre za znesek nadomestil, ki bi jih družba Areva SA ali Areva NP morala plačati […], in za arbitražni spor med Konzorcijem in družbo TVO.
the costs linked to the completion of the OL3 project.
Skupina Siemens je obvestila Komisijo […].
Given this entity's particular purpose, the question of Areva SA's return to viability essentially amounts to ensuring that the resources available to it are sufficient to cover all of these liabilities, including in the adverse scenario.
Pravnega tveganja v zvezi s tekočim arbitražnim sporom med družbo TVO in Konzorcijem ni mogoče oceniti ali napovedati.
From 2017 onwards, Areva SA's resources will be as follows:
Iz informacij, ki so jih predložili francoski organi, Siemens in TVO, je razvidno, da bo sprejeta končna arbitražna odločba […].
the EUR 2 billion capital injection planned by the French State;
Kljub temu do zdaj nobena informacija ne omogoča predvidevanja rezultata tega spora, ki je eden najbolj zapletenih sporov, ki jih je arbitražno sodišče kdaj koli obravnavalo.
the proceeds from the ongoing divestments, totalling around EUR [1-5 billion] [33] but which could rise by EUR [200-700 million] if the price premium set out in the SPA governing the divestment of New Areva NP is paid [34];
Teoretično bi z največjo izpostavljenostjo Konzorcija lahko dosegli […] EUR, […].
the value of the assets remaining on Areva SA's balance sheet […], i.e. primarily the shares that Areva SA will retain in New Areva.
Ker tveganja ni mogoče z verjetnostjo napovedati, […].
The resources listed in recital 255 can be estimated to a reasonable degree of accuracy.
To predstavlja težavo za uporabo smernic v primeru, če se mora v skladu z uvodno izjavo 269 Komisija prepričati, da prestrukturirano podjetje ima potrebna sredstva za pokritje svojih obveznosti, pri čemer pomoč ni nesorazmeren znesek.
Firstly, the amount of the capital injection is certain.
Previdna analiza obveznosti družbe Areva SA, ki temelji na pripombah francoskih organov in zainteresiranih strani, je tako privedla do naslednje ugotovitve: družba Areva SA je izpostavljena obveznostim, ki jih je mogoče izmeriti, v višini približno [3–7 milijard] EUR [38].
Secondly, the proceeds from the divestments are likely to amount to at least EUR [1-5 billion], given that the SPA signed by EDF and the Areva Group indicates a price of EUR 2,5 billion [35] for 100 % of New Areva NP's equity, and that the Adwen subsidiary was sold for EUR 60 million [36].
K tem obveznostim se doda […] niz obveznosti, ki jih je težje izmeriti: tveganja glede […] in tveganje, da bo morala družba Areva SA prispevati k morebitnemu nadomestilu Konzorcija za družbo TVO v tekočem arbitražnem sporu.
Thirdly, Areva SA's shareholding in New Areva can be valued, using a conservative estimate, at EUR 2 billion.
Za vse te obveznosti ima družba Areva na voljo [3–7 milijard] EUR [39] in sredstva […] v vrednosti, ki je odvisna od njenega približno 40-odstotnega deleža v družbi Nouvel Areva.
On this last point, Areva SA's remaining stake in New Areva is certainly the most difficult of Areva SA's resources to evaluate.
Dejstvo, da bo ta delež na kratki rok manj likviden, te ugotovitve ne spremeni, saj bodo nekatera tveganja ob morebitni uresničitvi imela glavne učinke šele od leta 2019 [40], torej ko bo družba Nouvel Areva zaključevala prestrukturiranje in ko bodo delnice te družbe hkrati bolje ovrednotene in bolj likvidne kot zdaj.
Despite this uncertainty, a cautious approach would be to use the current value of the shareholding as a benchmark.
Glede na navedeno Komisija ugotavlja, da kljub očitnim težavam pri določanju točne ocene vrednosti obveznosti družbe Areva SA, elementi, predloženi pri podrobni preiskavi, potrjujejo, da bo imela družba Areva SA zadostna sredstva za pokritje svojih obveznosti, in sicer tudi v negativnem scenariju, kjer bi posledično nastali dodatni stroški pri projektu OL3, nadomestila za plačilo v okviru različnih sporov glede projekta OL3 in zahtevek za nekatera jamstva za obveznosti […].
The stake has been valued by the two Japanese investors referred to in recital 132, on the basis of a report drawn up by the financial adviser […] on 23 September 2016, at EUR 2 billion for 100 % of the equity.
V zvezi s tem vprašanjem je družba TVO navedla drugačen argument.
This approach is conservative given that, if New Areva recovers in line with the projected path in the restructuring plan, the value of its equity […] will in principle be higher than it is today.
Družba TVO meni, da Komisija ne bi smela oceniti le finančnega vidika prestrukturiranja, temveč bi se morala tudi prepričati, da se bo ohranila zadostna raven človeških in tehničnih virov v družbi Areva NP, ki bo ostala pogodbena stranka družbe TVO, in da se bo del razvrednotenih sredstev družbe Areva NP prenesel družbi EDF prek družbe Nouvel Areva NP.
Since the extent of Areva SA's resources are known, the match between its resources and its forecast staff numbers should be examined.
Komisija kljub temu opozarja na pogoje iz člena 6(f) Direktive Sveta 2009/71/Euratom [41], kakor je bila spremenjena z Direktivo 2014/87/Euratom [42], kjer je navedeno, da imetniki dovoljenj zagotovijo in vzdržujejo finančne in človeške vire z ustreznimi usposobljenostjo in pristojnostmi, potrebnimi za izpolnitev njihovih obveznosti v zvezi z jedrsko varnostjo jedrskega objekta.
A greater degree of uncertainty surrounds Areva SA's forecast staff numbers.
V skladu s pogoji iz istega člena imetniki dovoljenja poleg tega zagotovijo, da imajo izvajalci in podizvajalci, za katere so odgovorni in katerih dejavnosti bi lahko vplivale na varnost jedrskega objekta, na voljo potrebne človeške vire z ustreznimi usposobljenostjo in pristojnostmi, potrebnimi za izpolnitev njihovih obveznosti.
The amount of banking debt and interest to be repaid is certain: EUR 3,4 billion from 2017 onwards.
Iz tega naslova mora družba Areva NP ohranjati potrebna sredstva za zagotovitev zgornjih dolžnosti.
The costs and provisions relating to the businesses due to be sold are concentrated in the first few years of the business plan and are therefore not subject to major uncertainty.
Komisija je v uvodni izjavi 279 ugotovila, da bo družba Areva NP imela zadostna finančna sredstva.
They are estimated at EUR [0-1 billion].
Poleg tega Komisija ugotavlja, da se […] človeških virov lahko zagotovi […] družbi Areva NP.
However, given the nature of the risks linked to […], they are difficult to assess.
Komisija ne dvomi v industrijski interes družbe Nouvel Areva NP za popolni uspeh projekta OL3, s čimer se bo potrdilo, da lahko prodaja in gradi reaktorje EPR.
And there are also uncertainties surrounding the completion of the OL3 project.
Vendar pa se odgovornosti imetnikov dovoljenj v skladu z direktivo ne sme prenesti.
Firstly, regarding the risks linked to […], the SPA governing the divestment of New Areva NP lists the liability guarantees granted to EDF […].
V zvezi z argumentom družbe TVO Komisija poudarja potrebo, da mora imetnik dovoljenja še naprej ohranjati potrebne človeške vire za izpolnitev svojih dolžnosti glede jedrske varnosti projekta OL3.
The aim of these liability guarantees is to protect EDF against the potential financial consequences that could be caused by […].
Potreba po posredovanju države in spodbujevalni učinek
As regards contractual liability, […].
Za to, da je poseganje države hkrati potrebno in spodbujevalno v skladu s točkama 53 in 59 smernic, je treba dokazati, da bi scenariji za izhod iz krize, ki ne predvidevajo pomoči, onemogočili doseganje ciljev skupnega interesa, za katere si država prizadeva s poseganjem.
[…], this risk is now limited.
Ti scenariji lahko vključujejo (i) alternativno prestrukturiranje na podlagi reorganizacije obstoječega dolga, odprodaje dejavnosti ali povečanja zasebnega kapitala, (ii) prodajo ali (iii) likvidacijo.
For all matters regarding civil liability […].
Glede alternativnega scenarija prestrukturiranja Komisija potrjuje stališče, že opisano v sklepu o začetku postopka, in sicer, da:
In the light of the above, the Commission takes the view that Areva SA's exposure to the risks […] is difficult to quantify but, in any event, is probably limited to […].
sedanji načrt že vključuje večje število odprodaj dejavnosti – več kot 50 % prometa in 30 % sredstev skupine Areva pred prestrukturiranjem – tako da bi vsaka dodatna odprodaja predstavljala resno tveganje za obnovo dolgoročne sposobnosti preživetja skupine Areva brez očitne koristi za konkurenco ali strukturo trgov, kot bo prikazano v oddelku 5.2.7.2 tega sklepa;
As regards the cost of completing OL3 and the related financial and legal risks, the Commission has received a number of comments from third parties.
noben zasebni vlagatelj ni pripravljen prispevati celotnega kapitala, ki ga skupina Areva potrebuje, pri čemer se zavedajo, da je delež zasebnih vlagateljev že določen na višino 500 milijonov EUR.
It is necessary to distinguish between two issues: on the one hand, the cost of completing the construction work in itself and, on the other, the financial risk linked to the various ongoing legal proceedings between the parties involved in the project.
Glede prodaje ali likvidacije Komisija meni, da obstaja visoko tveganje nedoseganja ciljev skupnega interesa, predvsem ciljev iz Pogodbe Euratom o varnosti in stalni oskrbi Unije z jedrskim materialom.
The French authorities, TVO and Siemens have all provided a different estimate of the costs of completing the OL3 project and the factors that could affect the costs.
Prvič, neprekinjenost dejavnosti, ki jih skupina Areva trenutno izvaja, bi prizadele upravne zamude pri pridobivanju dovoljenja za nov jedrski objekt [43].
The scenario put forward by the French authorities, which is based on information from the Areva Group, results in net cash flow of EUR [(1,5)-(0,5) billion] […].
Vse spremembe objekta morajo odobriti ministri, pristojni za jedrsko varnost, po tem, ko mnenje predloži urad ASN.
This cash flow comprises the following:
Namen tega postopka je predvsem preveriti, ali ima novi objekt (i) zadostne tehnične zmožnosti za zagotovitev izvajanja zadevnih dejavnosti na zanesljiv in trajnosten način (glede tehničnih virov, organizacije, izvajanja in osnovnih izkušenj za obratovanje jedrskih objektov) in (ii) potrebne finančne zmogljivosti.
One can therefore conclude that there is a relative consensus regarding this underlying assumption;
Dovoljenje začne veljati, ko urad ASN lahko potrdi, da je objekt v skladu s pogoji okoljskega zakonika za ustanovitev sklada za rezervacije zaključka cikla.
provisions for project-related risks totalling EUR [0-1 billion].
Likvidacija s prodajo sredstev skupine Areva po delih bi vključevala tveganje, da nekatere dejavnosti, ki so potrebne za neprekinjenost in varnost oskrbe Unije z jedrskimi materiali, v nekem obdobju ne bodo zagotovljene, kar bi bilo v nasprotju s cilji skupnega interesa, za katere si prizadeva obravnavana pomoč.
This estimate is between the lower range (EUR [0-1 billion]) and the upper range (EUR [0-1 billion]) estimated by TVO, and […].
Drugič, nekatere dejavnosti gorivnega cikla, ki jih prevzame družba Nouvel Areva, so manj donosne kot druge.
In addition to these estimates, […].
Dejavnost […] je zelo donosna in bo prispevala k približno […] % dobička pred obrestmi, davki in amortizacijo družbe Nouvel Areva leta 2020 glede na napovedi francoskih organov.
In such a scenario, the additional cost for Areva SA would, […], be EUR [0-1 billion].
Nasprotno s tem pa je dejavnost […] manj donosna, če je obravnavana ločeno.
Given the scope and complexity of the OL3 project, it is difficult to compare these different projections.
Glede na likvidacijo, do katere pride zaradi prodaje po delih, bi bilo mogoče prevzeti samo nekatera donosna sredstva (npr. […]), pri čemer se izvzame dejavnosti, ki so ključne za varnost oskrbe Unije s cepljivim materialom, […].
However, this comparison is needed in order to reconcile the requirement for the aid to be limited to the minimum, implying that the public injections of capital into Areva SA must not be excessive, with the requirement for Areva SA to have sufficient resources to honour its liabilities, including in an adverse scenario.
Ustreznost ukrepa pomoči
Contrary to the argument put forward by Siemens, the Commission takes the view that this adverse scenario need not reflect all of the maximum risks that are theoretically possible.
Ker je koeficient neto dolg/bruto poslovni presežek [45] 31. decembra 2014 znašal 8,2, je skupina Areva soočena s težavo prezadolženosti, ki se ne more razrešiti le z velikimi odprodajami v izvedbi.
It is for the Commission, based on facts, to identify what in its view constitutes a sufficiently conservative adverse scenario.
Čeprav te odprodaje zadevajo skoraj 50 % prometa skupine Areva pred prestrukturiranjem, prinašajo le [1–5 milijard] do [2–6 milijard] [46] EUR za potrebe skupnega financiranja v znesku vsaj [8–9 milijard] EUR.
In the case in question, the main variable influencing the cost of completing the OL3 project is the risk of delays […].
V zvezi s tem skupina Areva ne more razrešiti svojih težav z dodatnim zadolževanjem in Komisija ugotavlja, da je povečanje kapitala najustreznejši ukrep pomoči za odziv na težave skupine Areva in obnovo njene finančne sposobnosti.
On the basis of the information gathered during its in-depth investigation, the Commission takes the view that the adverse scenario can be based on an assumption […].
Sorazmernost pomoči
There are two main reasons behind this choice.
Pomoč za prestrukturiranje je sorazmerna, če jo spremlja načeloma vsaj 50 % lastnega prispevka podjetja za stroške prestrukturiranja in če so bremena ustrezno razporejena zlasti za ukrepe, ki si prizadevajo zmanjšati moralno tveganje.
Firstly, the Commission notes that, at the time of its assessment, the provisional timetable for the construction works […] was respected.
Ustrezna porazdelitev bremena
The EPR project in Taishan has progressed well, with the result that it is now around five months ahead of the OL3 project.
Francoski organi so navedli, da sedanja skupina Areva nima podrejenih upnikov, tako da je načelo porazdelitve bremena iz točke 66 smernic ustrezno.
In the light of these considerations, there is no objective reason for the Commission to think that, even in an adverse scenario, the project would be delivered […] — an assumption that […] did not include in their comments.
Komisija ugotavlja tudi, da se je upravljanje podjetja spremenilo iz strukture z nadzornim svetom v strukturo z upravnim odborom, da bi imeli delniški nadzor nad strateškimi odločitvami.
Using this assumption for the adverse scenario, the following cash cost estimates (net of the balance still to be paid by TVO) are obtained, from 2017 onwards: around EUR [0-3 billion] for TVO, and EUR [0-3 billion] for Siemens.
Komisija je imela pomisleke glede situacije manjšinskih delničarjev [47].
These estimates are, respectively, some EUR […] higher than the French authorities' estimates.
Glede na pripombe francoskih organov se te pomisleke lahko opusti.
The French authorities refute the relevance of the estimates from Siemens and TVO, and it is clear that the Areva Group is best placed to identify and estimate its own costs.
Ker državo pri predložitvi javne ponudbe za umik po ceni, izračunani z metodo vrednotenja z več merili, omejuje organ za finančne trge, bo poslabšano stanje skupine Areva vsekakor vplivalo na to ceno, pri čemer se zagotovi, da mesto manjšinskih delničarjev ne bo neupravičeno zaščiteno s pomočjo.
Nevertheless, these divergent views and the history of the project are arguments in favour of a cautious approach.
Lastni prispevek
A comparison of these three estimates results, for example, in a conservative estimate of EUR [0-3 billion].
18. decembra 2016 so francoski organi Komisiji predložili posodobljeno tabelo s stroški prestrukturiranja skupine Areva in virov financiranja (tabela 3).
This amount can be used for the Commission's assessment.
Tabela 3
In addition to these liabilities, there are the main legal risks borne by Areva SA as part of the OL3 project.
Viri financiranja iz načrta prestrukturiranja družbe Areva
These risks are twofold.
Državna pomoč
On the one hand, there is the amount of compensation that Areva SA or Areva NP might have to pay […] and, on the other, the arbitration dispute between the Consortium and TVO.
Lastni prispevki
Siemens informed the Commission […].
Vrsta
It is impossible to assess the scale or the likelihood of the legal risk linked to the ongoing arbitration dispute between TVO and the Consortium.
Znesek (v milijardah EUR)
The information submitted by the French authorities, Siemens and TVO indicates that an arbitration award on the merits will be handed down […].
Povečanje kapitala družbe Areva SA
However, using the available information, it is currently impossible to anticipate the outcome of this dispute, which is one of the most complex ever dealt with by an arbitration tribunal.
Financiranje iz lastnih sredstev
In theory, the Consortium's maximum exposure could reach EUR […], […].
Odprodaja družbe Nouvel Areva NP
Given that it is impossible to assess the likelihood of the risk, […].
Povečanje kapitala družbe Nouvel Areva
This causes problems when applying the Guidelines given that, as indicated in recital 269, the Commission must be satisfied that the restructured undertaking has the necessary resources to honour its liabilities, while the amount of aid must not be disproportionate.
Odprodaja hčerinskega podjetja Canberra
In short, a conservative assessment of Areva SA's liabilities, based on the comments submitted by the French authorities and interested parties, leads to the following conclusion: Areva SA is exposed to quantifiable liabilities totalling around EUR [3-7 billion] [38].
Druge odprodaje
As well as these liabilities, there are […] a number of liabilities that are more difficult to quantify: the risks linked […], on the one hand, and the risk that Areva SA may have to contribute to any compensation payable by the Consortium to TVO in the ongoing arbitration dispute, on the other.
Zunanje financiranje
Set against these liabilities, Areva SA has EUR [3-7 billion] [39], as well as assets […] of considerable value through its stake of around 40 % in New Areva.
Deleži tretjih strani pri povečanju kapitala družbe Nouvel Areva
The existence of this shareholding, valued today at EUR 2 billion, was not taken into account by Siemens and TVO in their comments.
SKUPAJ
However, the shareholding gives the Commission reassurance as to the ability of Areva SA (and of Areva NP, through Areva SA) to honour its liabilities, even though it is currently impossible to assess part of these liabilities.
[3–7]
The illiquid nature of this shareholding in the short term does not affect this conclusion, since the main effects of certain risks, if they were to materialise, would only be felt from 2019 [40], which is when New Areva will be in the process of completing its restructuring and when its shares will be both more valuable and more liquid than they are today.
Stroški prestrukturiranja pribl.
In the light of the above, the Commission concludes that, although it is manifestly difficult to estimate the value of Areva SA's liabilities with certainty, the information submitted during the in-depth investigation confirms that Areva SA will have enough resources to honour its liabilities, including in an adverse scenario involving significant additional costs in the OL3 project, compensation to be paid in the various disputes relating to OL3, and the calling-in of a number of liability guarantees […].
[8–9]
On this issue, TVO put forward another type of argument.
Tabela 4