natgillin/translations-raw huggingface dataset:
They would constitute aid either to the buyer, if the sale price were considered excessively low, or to the seller (the Areva Group) if the sale price were considered excessively high — aid to the seller being relevant only in the event of divestment to another public entity, provided that the criteria of imputability and State resources are met.
Francoski organi so obrazložili postopke prodaje družbe Areva TA in zagotovili zadevne podatke za upravičenje cene [0–2 milijard] EUR za 100 % lastnih sredstev.
The Commission notes that, according to point 63 of the Guidelines, divestments comprising an aid element to the seller (the Areva Group) cannot be taken into account in calculating the own contribution.
Ti podatki so povzeti v študiji finančnega svetovalca […] z dne 6. decembra 2016.
As regards divestments to non-public third parties (Canberra, Elta, Adwen), the Commission acknowledges that aid from the Areva Group to these buyers, by means of an unduly low price, is unlikely since the Areva Group has every incentive to maximise the proceeds from these divestments.
V okviru skrbnega pregleda je nakupni konzorcij izdelal lastni poslovni načrt družbe Areva TA na podlagi vizije prodajalca, pri tem pa je predpostavke gradnje v načrtu prilagodil glede na svoje znanje.
Moreover, the divestments took place through competitive processes likely to maximise the price obtainable by Areva.
Komisija je pregledala napovedi in predpostavke, uporabljene pri vrednotenju, ter ugotavlja, da ovrednotenje izpolnjuje zahteve kakovosti preudarnega vlagatelja.
In contrast, in the case of the divestments of New Areva NP and Areva TA, it could not be ruled out a priori that EDF or the public consortium buying Areva TA might make an offer at an unduly high price so as to benefit the Areva Group.
Ovrednotenje temelji na objektivnih, preverljivih in zanesljivih razpoložljivih podatkih, ki odražajo gospodarski položaj, kakršen je obstajal med odločitvijo o postopku.
Nevertheless, the Commission can conclude, on the basis of the reasoning set out below in parts 5.1.2.1 and 5.1.2.2, that the divestments are being carried out at market price, which rules out an economic advantage within the meaning of Article 107(1) TFEU.
Ob upoštevanju teh objektivnih podatkov Komisija ocenjuje, da je družba Areva TA prodana pod običajnimi tržnimi pogoji, ki gospodarske koristi ne zagotavljajo niti kupcu niti prodajalcu (skupini Areva), kar izključuje državno pomoč.
Sale of a majority stake in New Areva NP
Združljivost pomoči z notranjim trgom
However, the private sale of controlling stakes is common practice in the market.
Pogodba Euratom ustanavlja Evropsko skupnost za jedrsko energijo, pri čemer določa potrebne instrumente in zahteve za doseganje zastavljenih ciljev, kot so jedrska varnost, energetska neodvisnost, raznolikost in varnost oskrbe z energijo [28].
As regards New Areva NP, account should also be taken of its area of business and links with the operation of nuclear power plants, where the sale of controlling stakes by tendering procedure is not common market practice.
Kot je bilo ugotovljeno v preteklih sklepih Komisije [29], je spodbujanje zanesljive jedrske energije bistveni cilj Pogodbe Euratom in tako Evropske unije.
In addition, before agreeing to the sale of the stake, the parties to the transaction had recourse to independent studies, so as to determine the sale price for themselves.
V skladu s preambulo Pogodbe Euratom mora Komisija kot institucija Evropske skupnosti za atomsko energijo ustvariti „razmere, potrebne za razvoj močne jedrske industrije, ki bo zagotavljala povečano preskrbo z energijo“.
While it is true that ultimately the actual selling price is the result of a negotiation between a willing seller and buyer, the fact remains that the use of such studies for negotiation prior to agreement on price is also common market practice, which a prudent investor would follow [25].
To obveznost mora Komisija upoštevati pri oceni za odobritev državne pomoči na podlagi člena 107(3)(c) PDEU in člena 108(2) PDEU.
As regards the content of the studies, following an evaluation of the value of the shareholding based on a multi-criteria approach, EDF's financial adviser, the bank BNP Paribas, delivered the following opinion on 24 July 2015: ‘On the basis of the information on and characteristics of the operation referred to above, at present the price of EUR 2,7 billion for 100 % of the capital of Areva NP proposed by EDF in the context of the operation is, in our view, reasonable for EDF from a strictly financial point of view.’
PDEU opredeljuje pogoje, pod katerimi se pomoč lahko obravnava kot združljiva z notranjim trgom.
EDF then contracted the bank Société Générale to carry out the due diligence.
Člen 107(3)(c) PDEU določa, da Komisija lahko odobri državno pomoč, če je odobrena za spodbujanje razvoja nekaterih gospodarskih sektorjev in če ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnim interesom.
The French authorities have provided the Commission with a detailed presentation of the results of this due diligence, dated January 2016, in which Société Générale confirms the valuation renegotiated between the parties of EUR 2,5 billion for 100 % of the capital.
Ob upoštevanju narave zadevnega ukrepa bo Komisija ugotovila, ali je ukrep skladen z določbami o pomoči za prestrukturiranje, navedenimi v teh smernicah, glede na izražene dvome v sklepu o začetku postopka ter s pripombami Francije in zainteresiranih strani.
The valuation carried out by Société Générale is very detailed (127 pages of analyses) and is based on the DCF method, which is generally accepted in financial matters.
Upravičenost skupine Areva do pomoči za prestrukturiranje
First, Société Générale reworked with EDF the business plans produced by the Areva Group for each of the five business lines within the scope of New Areva NP: installed base, fuel assemblies, manufacture, major projects, and other (auxiliary functions, contingencies, etc.).
Pri negativnem lastniškem kapitalu se upošteva merilo iz točke 20(a) smernic.
These business plans run until 2023.
Skupina Areva se mora obravnavati kot podjetje v težavah, zato je upravičena do pomoči za prestrukturiranje.
The adjustments relate to many assumptions affecting a large number of New Areva NP projects.
Prispevek k natančno opredeljenemu cilju skupnega interesa
On the basis of the business plans, the enterprise value of each business line is calculated using a DCF method.
Pogodba Euratom za cilje skupnega interesa navaja jedrsko varnost, energetsko neodvisnost, raznolikost in varnost oskrbe z energijo.
Société Générale applies a different weighted average cost of capital (‘WACC’) for each business line, based on the risk specific to each of these activities.
Člen 2(d) Pogodbe Euratom določa predvsem, da mora Skupnost Euratom skrbeti za redno in pravično oskrbo vseh uporabnikov v Skupnosti z rudami in jedrskim gorivom.
This WACC is estimated on the basis of a fairly detailed Capital Asset Pricing Model (CAPM) methodology: for each business line, a WACC is estimated for each country of operation, then a weighted WACC is calculated from these various geographical WACCs.
Obravnavana pomoč prispeva k uresničitvi teh različnih ciljev, da bi preprečili umik skupine Areva.
The risk-free interest rates are derived from multiple sources (SG Research, Bloomberg, Associés en Finance), the country risk premiums are based on the work of Professor Damodaran of NYU Stern School of Business, and the cost of debt is based on the risk premium of the bonds of comparable undertakings.
Tako pomoč omogoča preživetje skupine Areva, ki je ključni akter v evropski jedrski verigi.
These comparable undertakings, selected by Société Générale on the basis of different criteria specific to each business line, are also used to determine the beta of each activity.
Skupina je glavni dejavni evropski akter na trgu pridobivanja urana in edini na trgu pretvorbe urana, recikliranja goriv ter proizvodnje goriva MOX.
The sample of comparable undertakings consists of seven listed companies for the fuel business line, five for the installed base, six for manufacturing and six for major projects.
Ima potrebno strokovno znanje za uporabo nekaterih „postavitev osnovnih naprav, potrebnih za razvoj jedrske energije“ v najboljših pogojih za varnost in zaščito v skladu s členom 2, pri čemer gre za območja objektov ali postavitve, kot so Comurhex II, Hague in Melox.
The beta values obtained are corroborated by comparison with the beta predictions provided by the Barra multi-factor model.
Skupina Areva je ključni evropski akter na področju proizvodnje jedrskega goriva za raziskovalne reaktorje in tarč za obsevanje za proizvodnjo medicinskih radioaktivnih izotopov.
The analysis of the value of each business line based on the DCF method also includes a terminal value after 2023.
Umik skupine bi neposredno vplival na jedrsko varnost, energetsko neodvisnost, raznolikost in varnost evropske oskrbe z energijo.
This was calculated on the basis of Gordon Shapiro's method by retaining a normalised cash flow considered representative of the cash flow generation capacity of the activity.
Smernice določajo tudi pogoje, pod katerimi pomoč za prestrukturiranje prispeva k cilju skupnega interesa.
An assumed perpetuity growth rate of zero was chosen for all business lines.
To velja, če je namen pomoči preprečiti socialne težave ali odpraviti nedelovanje trga, ki bi se pojavilo ob izstopu podjetja s trga in umiku njegovih dejavnosti.
Sensitivity analyses were carried out on these enterprise values by varying parameters such as the WACC or EBITDA margin.
Med pomanjkljivostmi trga iz točke 44 smernic so tiste, ki se nanašajo na obravnavani primer, glede na zadevne trge (i) tveganje prekinitve zagotavljanja pomembne storitve, ki jo je težko nadomestiti in ki je konkurenčna podjetja ne bi mogla preprosto prevzeti, (ii) negativne posledice izstopa podjetja s pomembno sistemsko vlogo v določenem sektorju in (iii) nepopravljiva izguba pomembnega tehničnega ali strokovnega znanja in izkušenj.
The net debt of each business line was then subtracted from these enterprise values in order to arrive at the value of the capital.
Način, kako pomoč zagotavlja preprečevanje tveganja ali škodljivih posledic je obravnavan v nadaljevanju v uvodnih izjavah 223 do 226.
The sum of these various amounts per business line gives the total value of the capital of New Areva NP.
Poleg tega enostavnega izstopa s trga mora Komisija oceniti tudi druge scenarije, npr. nadaljevanje nekaterih dejavnosti po likvidaciji brez državne pomoči.
Société Générale considered that an EBITDA multiple of […] could be inferred from this valuation.
Komisija mora tako zagotoviti, da se v teh scenarijih nasprotnih dejstev, ki ne vključujejo pomoči, cilji skupnega interesa ne dosegajo na enak način.
This EBITDA multiple seems reasonable since it is below the average and median EBITDA multiples observed for comparable transactions — Société Générale having selected a sample of 19 transactions representing the various activities of New Areva NP.
Ta analiza je obravnavana v delu 5.2.4 tega sklepa.
The value of the various parameters used for the DCF method, as well as the implicit EBITDA multiple, are further corroborated by comparison with the averages and medians taken from the study of comparable undertakings referred to in recital 198.
Glede posledic, do katerih bi prišlo v primeru izstopa skupine Areva s trgov, na katerih deluje, Komisija navaja naslednje ugotovitve.
In the light of the above, the Commission confirms the finding in the opening decision that the valuation carried out by EDF and its advisers is based on the available objective, verifiable and reliable data, which reflect the economic situation at the time the transaction was decided.
Na področju rudarskih dejavnosti bi bila v primeru, da skupina Areva, ki je glavni evropski izvajalec, izstopi iz trga, evropska oskrba z uranom odvisna predvsem od neevropskih gospodarskih subjektov, kot sta izvajalca iz Rusije (Rosatom) in Kazahstana (KAP) s tržnim deležem [30–50] % [30].
This finding was not challenged by any third party during the investigation.
Videti je, da noben evropski ali zahodni (npr. kanadski Cameco) ni zmožen povečati svoje rudarske zmogljivosti na način, združljiv z namenom zagotavljanja raznolikosti in varnosti oskrbe v Uniji.
The new developments since then, such as recourse to a hive-down or the discovery of risks relating to components contracts, are not likely to affect the result since EDF was careful to fully insulate itself against such risks, in the manner described in recital 30.
Umik skupine Areva s trga bi lahko povzročil dvig cen urana zaradi koncentracije na tem trgu.
On the basis of this valuation of EUR 2,5 billion for 100 % of the capital, Société Générale showed that EDF could expect an internal rate of return (‘IRR’) from the investment of [0-20] % in the central scenario.
V zvezi s tem ima skupina Areva ključno sistemsko vlogo pri evropski oskrbi z uranom.
This scenario postulates an exit (for the calculation of the terminal value) in […], and an exit multiple equivalent to the entry multiple, i.e. […] x the EBITDA.
Skupina Areva je edini dejavni evropski akter na področju pretvorbe.
This IRR must be compared with the cost of capital weighted according to the different sectors of New Areva NP.
Njen umik s trga bi imel resne negativne posledice.
In the case in question, Société Générale's calculations, which are based on the objective criteria listed in recital 198, provide the following indications for each business line: [0-10] % for fuel, [0-10] % for the installed base, [0-20] % for major projects, [0-10] % for production.
Najprej bi ogrozil energetsko neodvisnost Unije, saj je pretvorba urana nujno potreben člen jedrske verige.
These estimates seem reliable in that they are based on a commonly agreed methodology and sources, similar to those which the Commission itself has used in other cases, supported by the General Court where appropriate [27].
Nato bi privedel do zmanjšanja moči konkurence na že zdaj močno koncentriranem trgu, kar bi lahko povzročilo dodatne stroške za evropske ponudnike elektrike in na koncu za evropske potrošnike.
In the light of these objective aspects, the Commission concludes that the divestment of New Areva NP is being carried out under normal market conditions without conferring any economic advantage on the buyer (EDF) or the seller (the Areva Group), and therefore rules out the presence of State aid.
Edini drugi subjekt, dejansko prisoten na evropskem trgu, je ruska družba Tenex (skupina Rosatom).
Divestment of Areva TA
Umik dejavnosti skupine Areva bi vplival na strukturo trga, ki bi jo na evropski ravni tako vodil oligopol, kar bi verjetno povzročilo dvig cen.
The French authorities have clarified the arrangements for divesting Areva TA and provided evidence to justify the price of EUR [0-2 billion] for 100 % of the capital.
Skupina Areva ima tako tudi na področju obogatitve ključno sistemsko vlogo.
This evidence was summarised in a study by the financial consultancy firm […] dated 6 December 2016.
Na področju recikliranja in ravnanja z izrabljenim gorivom je skupina Areva danes edini gospodarski subjekt na svetu v industriji tehnologije za recikliranje izrabljenega goriva in pretvorbe v gorivo MOX za lahkovodne reaktorje.
In the context of its due diligence, the buying consortium has developed its own business plan for Areva TA based on the seller's perspective, adapting the underlying assumptions of the plan to the best of its knowledge.
Skupina Areva s svojimi postopki zagotavlja reciklirano gorivo, ki znaša [0–25] % francoske proizvodnje električne energije.
The Commission has reviewed the projections and assumptions used for this valuation and considers that it fulfils the quality requirements of a prudent investor.
Poleg tega se je Francija odločila, da skupini Areva zaupa industrijsko odgovornost recikliranja.
It is based on available objective, verifiable and reliable data which reflect the economic situation at the time the transaction was decided.
Zato je skupina ključni člen v politiki ravnanja z izrabljenim gorivom v Franciji in tudi v Uniji.
In the light of this, the Commission considers that the divestment of Areva TA is being carried out under normal market conditions without any economic advantage being conferred on the buyer or the seller (the Areva Group), and therefore rules out the presence of State aid.
Glede na te okoliščine bi umik skupine Areva s trga resno ogrozil nemoteno delovanje trga v okviru Unije in povzročil nepopravljivo izgubo pomembnega tehničnega ali strokovnega znanja in izkušenj ter tveganje prekinitve zagotavljanja pomembne storitve, ki je noben konkurent do zdaj ni mogel zagotoviti namesto nje.
Compatibility of the aid with the internal market
Komisija ugotavlja, da pomoč za prestrukturiranje, ki so jo priglasili francoski organi, za preprečitev umika skupine Areva in njenih dejavnosti v gorivnem ciklu omogoča odpravo pomanjkljivosti trga, ki bi jih ustvaril tak umik.
The French State's subscription to the injections of capital into Areva SA and New Areva constitutes State aid within the meaning of Article 107(1) TFEU that France is planning to grant to an undertaking, the Areva Group, which is active in the areas covered by the Euratom Treaty.
Načrt prestrukturiranja in obnova dolgoročne sposobnosti preživetja
The Euratom Treaty established the European Atomic Energy Community, specifying the necessary instruments and allocating responsibilities with a view to achieving objectives that include nuclear safety, energy independence and the diversity and security of energy supplies [28].
Da lahko pomoč za prestrukturiranje učinkovito prispeva k uresničitvi navedenih ciljev skupnega interesa, je treba pokazati, da predvideno prestrukturiranje omogoča ponovno vzpostavitev dolgoročne sposobnosti preživetja podjetja.
As the Commission has acknowledged in previous decisions [29], the promotion of a successful nuclear energy sector is a fundamental objective of the Euratom Treaty, and therefore also of the European Union.
Vseeno je Komisija pri sklepu o začetku postopka dvomila v izvedljivost nekaterih predpostavk, ki so podlaga za načrt za obnovo dolgoročne sposobnosti preživetja skupine Areva.
As set out in the preamble to the Euratom Treaty, the Commission, as an institution of the European Atomic Energy Community, is required to create the ‘conditions necessary for the development of a powerful nuclear industry which will provide extensive energy resources’.
Analiza povratka k sposobnosti preživetja skupine Areva mora obravnavati prestrukturirano skupino Areva, ki bo v prihodnosti imela dva subjekta: (i) Nouvel Areva in (ii) Areva SA.
This obligation must be borne in mind when the Commission exercises its discretionary powers to authorise State aid under Article 107(3)(c) and Article 108(2) TFEU.
Ta dva subjekta bosta imela ločene dejavnosti in različna računovodska obsega.
The TFEU sets out the conditions under which aid can be declared compatible with the internal market.
Za oceno obnove sposobnosti preživetja skupine Areva se tako lahko ločeno in zaporedno analizira poslovna načrta teh dveh subjektov.
Under Article 107(3)(c) TFEU, the Commission can authorise State aid if it is granted to promote the development of certain economic sectors and does not adversely affect trading conditions to an extent contrary to the common interest.
Poslovni načrt družbe Nouvel Areva
Given the nature of the measure in question, the Commission will establish whether it is compatible with the provisions on restructuring aid set out in the Guidelines, mindful of the doubts expressed in the opening decision as well as the comments from France and interested third parties.
Francoski organi so Komisiji predložili poslovni načrt podjetja Nouvel Areva v obliki osnovnega scenarija in negativnega scenarija.
Eligibility of the Areva Group for restructuring aid
Finančni napovedi za ta dva scenarija sta navedeni v nadaljevanju v tabelah 1 in 2.
At the end of 2014, which was when the restructuring of the Areva Group began, the Group had negative equity totalling EUR – 244 million.
Tabela 1
New losses have been recorded since then, meaning that the Areva Group's equity situation deteriorated further in 2015.
Finančna napoved Nouvel Areva (osnovni scenarij)
Areva Group's total equity stood at EUR – 2,3 billion on 31 December 2015.
v milijonih EUR
Given the presence of negative equity, the criterion set out in point 20(a) of the Guidelines is fulfilled.
Skupaj 16–25
The Areva Group must therefore be considered an undertaking in difficulty, making it eligible for restructuring aid.
Promet
Contribution to a well-defined objective of common interest
% rasti
The Euratom Treaty sets out the following objectives of common interest: nuclear safety, energy independence and the diversity and security of energy supplies.
Bruto marža
Under Article 2(d) of the Euratom Treaty, the Euratom Community must ensure that all users in the Community receive a regular and equitable supply of ores and nuclear fuels.
% od prometa
By preventing the Areva Group's demise, the aid under consideration contributes to the achievement of these different objectives.
R&R
The aid enables the Areva Group, a key player in Europe's nuclear industry, to survive.
Odhodki pri trgovini in trženju
The Areva Group is the leading European operator in the uranium mining market and the only European operator active in the uranium conversion, fuel recycling and MOX production markets.
Upravno breme
It has the expertise required to operate, in optimal safety and security conditions, a number of ‘basic installations necessary for the development of nuclear energy’ within the meaning of Article 2; this includes sites and facilities such as Comurhex II, La Hague and Melox.
Drugi odhodki in prihodki iz dejavnosti
Lastly, the Areva Group is a key European operator in terms of the production of nuclear fuel for materials testing reactors and of target materials to be irradiated to produce radioisotopes for medical use.
Skupni neoperativni stroški
Its demise would therefore have immediate consequences in terms of nuclear safety, energy independence, and the diversity and security of Europe's energy supplies.
Amortizacija in spremembe rezervacij
The Guidelines also set out the conditions under which restructuring aid contributes to an objective of common interest.
Dobiček pred obrestmi, davki in amortizacijo
This is the case if the aid aims to prevent social hardship or address market failures that would be created if the undertaking left the market and its activities no longer existed.
Spr. potrebe po operativnih obratnih sredstvih
Of the market failures listed in point 44 of the Guidelines, those that apply to the case in question are, depending on the specific markets, (i) the risk of disruption to an important service which is hard to replicate and where it would be difficult for any competitor simply to step in, (ii) the negative consequences of an undertaking with an important systemic role in a particular sector leaving the market, and (iii) the irremediable loss of important technical knowledge or expertise.
Operativne naložbe
The way in which the aid makes it possible to prevent these risks or negative consequences is examined below, in recitals 223 to 226.
Operativne dezinvesticije
Furthermore, the Commission must also consider other scenarios not involving a complete market exit, such as the continuation of certain activities after liquidation without State aid.
Rezultat odprodaje
The Commission must be satisfied that the objectives of common interest would not be achieved in the same way in these counterfactual scenarios that do not involve aid.
Operativni denarni tok
This assessment is covered in part 5.2.4 of this Decision.
Tabela 2
As regards the consequences of the Areva Group exiting its markets, the Commission notes the following.
Finančna napoved družbe Nouvel Areva (negativni scenarij)