natgillin/translations-raw huggingface dataset:
The Guidelines referred only to macroeconomic and trade factors.
Tak ukrep bi lahko med drugim povzročil nepremostljive operativne težave zaradi ravni prepletenosti delovanja te hčerinske družbe z drugimi subjekti skupine Areva;
Second, such an increase in aid would be contrary to the principles of proportionality and limitation of aid to the strict minimum.
prepoved širjenja zmogljivosti obrata Georges Besse II nasprotuje zavezi skupine Areva, […].
Third, in practice the arguments of TVO and Siemens would result in the State guaranteeing the solvency of their jointly liable debtor/co-debtor, which would constitute State aid to Siemens and TVO.
Francoski organi so se zavezali, da v obdobju prestrukturiranja družba Nouvel Areva ne bo povečala zmogljivosti obrata Georges Besse II, razen pridobitve in namestitve centrifug, ki so bile predvidene v obstoječih sporazumih […];
The Commission had explicitly acknowledged that State guarantees for hypothetical disputes constituted State aid [22] and had already excluded the principle of their compatibility [23].
odprodaja ali omejitev dejavnosti proizvodnje goriva MOX je neprimerna.
Fourth, the arguments of Siemens and TVO were inconsistent because they did not take into account the possibility of a positive outcome for the Consortium.
Prvič, odprodaja družbe Nouvel Areva NP bo to dejavnost zmanjšala.
Fifth, in the event of an unfavourable arbitration outcome, […].
Drugič, gorivi MOX in UOX nista zamenljivi, zato je izkrivljanje konkurence za konkurente, ki kot Urenco zagotavljajo le gorivo UOX, minimalno.
In the case of […].
Tretjič, proizvodnja goriva MOX je nujna za preživetje verige za obdelavo jedrskih odpadkov.
The French authorities had put forward several arguments.
Četrtič, v trditvi družbe Urenco o nedonosnosti proizvodnje goriva MOX v primerjavi z gorivom UOX niso upoštevani številni pozitivni zunanji učinki, povezani s to proizvodnjo;
As regards […].
dodatne odprodaje, na primer na področju logistike, škodujejo obnovi dolgoročne sposobnosti preživetja družbe Nouvel Areva in so toliko bolj neutemeljene, ker je izkrivljanje zaradi pomoči na teh trgih minimalno.
Furthermore, the regulatory problems associated with carbon segregation were in the process of being settled in EDF's existing fleet.
OCENA POMOČI
The ASN had authorised the restart of all the reactors operating in France with steam generators manufactured in Le Creusot (in which carbon segregation issues had been identified), and eight of the 12 reactors with steam generators manufactured by the Japanese partner of Areva NP.
Obstoj pomoči
Nor had any anomaly been found to date in Taishan's primary loop.
Komisija mora preučiti, ali se lahko ukrepi tega postopka obravnavajo kot državna pomoč v skladu s členom 107(1) PDEU.
In any event, the contract stipulated that the contractual liability of the Areva Group would be capped at EUR [0-1 billion] for the Taishan project.
V skladu s členom 107(1) PDEU je „vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami“.
[…], any request would require evidence of definite damage, i.e. a genuine safety flaw in a component leading to a high risk of failure.
Komisija v skladu s to določbo meni, da opredelitev javnega ukrepa kot državne pomoči zahteva izpolnitev vseh naslednjih pogojev: (i) ukrep mora uvesti država ali mora biti izveden z državnimi sredstvi, (ii) upravičencu mora dati gospodarsko korist, (iii) ta korist mora biti selektivna in (iv) ta ukrep mora izkrivljati ali bi lahko izkrivljal konkurenco ter lahko vpliva na trgovino med državami članicami.
As regards all matters involving the civil liability of the Areva Group, the French authorities had informed the Commission that […].
Povečanje kapitala družb Areva SA in Nouvel Areva s strani francoske države
As regards the argument by Siemens that the estimated resources of Areva SA should enable it to cover a maximum theoretical amount covering all the theoretically possible risks, the French authorities emphasised that the examples of the Commission's decision-making practice on which Siemens based its reasoning all came from procedures opened under the temporary framework for aid to restructure financial institutions in the context of the economic and financial crisis.
Čeprav se zdi, da gre za dve različni posredovanji, Komisija ocenjuje, da se mora povečanje kapitala družb Areva SA in Nouvel Areva s strani države šteti kot ena pomoč za skupino Areva.
This reasoning by analogy advocated by Siemens was therefore invalid in this case, in the view of the French authorities.
Iz analize težav in zadolženosti skupine Areva je razvidno, da skupina potrebuje kapital.
They also argued that the worst-case scenario under the Guidelines could not cover all the theoretically possible risks but had to remain within the sphere of possible events.
Dejstvo, da bo ta skupni dodatni kapital nato razdeljen med družbi Areva SA in Nouvel Areva, se obravnava le kot način dokapitalizacije skupine Areva.
Lastly, in reply to the argument by Siemens that an under-capitalisation of Areva SA would contravene the principle of adequate burden-sharing set out in the Guidelines, the French authorities noted that the principle applied only to shareholders and subordinated creditors, who should not be unduly protected by the effects of the aid.
Ta dokapitalizacija je pripisljiva državi in izhaja iz državnih sredstev.
Comments by Urenco
Oba primera povečanja kapitala neposredno izvede država s svojimi sredstvi.
First, the French authorities pointed out that Urenco had played a large part in the overcapacity which had characterised the uranium enrichment market since Fukushima.
Ta dokapitalizacija skupini Areva zagotovi gospodarsko korist.
Urenco's share in global enrichment capacity had doubled between 2007 and 2015, as the Areva Group's share had decreased.
Ta naložba izboljšuje položaj skupine Areva, ker ji omogoča poravnavo velikega dela dolgov.
On the alleged distortions of competition
Skupina Areva pod običajnimi tržnimi pogoji ne bi mogla pridobiti takega kapitala, ker glede na njen slabi finančni položaj noben zasebni vlagatelj ne bi izvedel povečanja kapitala skupine Areva.
The French authorities then showed that the State aid would not create any distortion of competition but, on the contrary, would help to stimulate competition in the long term.
Druga vlagatelja MHI in JNFL v kapital skupine Areva ne bosta vstopila na enak način kot Francija, ker njuna naložba zadeva le enega od dveh subjektov prestrukturirane skupine Areva (Nouvel Areva), pri čemer bo znesek […] manjši.
The relatively modest presence of the Areva Group in the decommissioning and logistics markets explained why the aid would not distort competition.
Korist, ki se na ta način zagotovi skupini Areva, je selektivna.
Similarly, the Areva Group was the only global player operating a reprocessing plant on an industrial scale, and its continued presence in this segment could not, therefore, harm competition that did not exist.
Povečanje kapitala s strani države je ukrep ad hoc, ki koristi izključno skupini Areva za potrebe prestrukturiranja.
In the mining, conversion and enrichment segments, the market structures were highly concentrated; the Areva Group was also the only sizeable European group in the mining and conversion segments.
Korist, ki jo skupina Areva pridobi na podlagi dveh povečanj kapitala s strani države, bo zaradi svoje narave vplivala na trgovino med državami članicami.
The disappearance of the Areva Group from these segments would therefore undermine competition by helping to increase concentration even further.
Za različne trge, na katerih je dejavna skupina Areva, je namreč značilno obsežno trgovanje med državami članicami.
Furthermore, the Areva Group would not be unduly strengthened by the State aid in the specific enrichment segment.
V tem smislu je Komisija že preučila, da imajo jedrski trgi vsaj evropske razsežnosti [24].
First, the French authorities pointed out that the capacity of the Areva Group to sign contracts for enrichment services was not linked to its credit rating, but to other characteristics such as supply price, contractual flexibility, quality of logistics, etc.
Z zagotovljeno koristjo bo skupina Areva pridobila dodatna finančna sredstva, s katerimi bo lahko ostala dejavna na trgu.
Second, the enrichment subsidiary of the Areva Group (Société d'Enrichissement du Tricastin — ‘SET’) was already profitable and financially independent, […]. […], this activity would contribute more to the return to viability of the restructured Areva Group than the amount of aid it received itself.
Zato lahko ukrep izkrivi konkurenco.
Third, Areva had not been active in the trading of SWUs for at least 10 years, […].
Glede na navedeno Komisija ugotavlja, da se povečanje kapitala družb Areva SA in Nouvel Areva s strani francoske države obravnava kot državna pomoč v skladu s členom 107(1) PDEU v korist skupine Areva v znesku 4,5 milijarde EUR.
On the compensatory measures
Odprodaje v okviru načrta prestrukturiranja
The French authorities referred to the arguments set out in their comments of 12 September 2016 to point out that the disappearance of synergies linked to the integrated model would penalise not only operations at the beginning and end of the cycle but also, more generally, all operations throughout the life cycle of the reactor.
V sklepu o začetku postopka je Komisija ugotovila, da bi se lahko različne predvidene odprodaje skupine Areva obravnavale kot pomoč, če pri odprodaji ne bi bila upoštevana tržna cena.
The divestment of New Areva NP was therefore a sufficient measure.
Tako bi šlo v primeru neupravičeno nizke prodajne cene za pomoč kupcu, v primeru neupravičeno visoke prodajne cene pa za pomoč prodajalcu (skupini Areva), tj. pomoč prodajalcu je pomembna le v primeru odprodaje drugemu javnemu subjektu, če so merila pripisovanja odgovornosti državi in državnih sredstev izpolnjena.
For the reasons set out in those same comments, the strategic partnership with EDF would not recreate the synergies, and the fact that the French State was a shareholder in both groups changed nothing, since they were independent economic units with their own decision-making power.
Komisija opozarja, da se v skladu s točko 63 smernic odprodaja, ki vključuje pomoč prodajalcu (skupini Areva), ne more upoštevati pri izračunu lastnega prispevka.
As regards, in particular, the different measures advocated by Urenco, the French authorities argued that:
Glede odprodaj tretjim stranem, ki niso javni subjekti (Canberra, Elta, Adwen), Komisija priznava, da scenarij pomoči, ki bi jo skupina Areva kupcem zagotovila z neupravičeno nizko ceno, ni verjeten glede na to, da je pridobitev najvišjega dobička iz odprodaj v interesu skupine Areva.
Urenco's request for EDF to undertake to launch open calls for tenders was unjustified both in law and in fact.
Poleg tega so bile odprodaje izvedene v konkurenčnem postopku, v katerem je skupina Areva lahko dosegla najvišjo ceno.
First, the French State could not impose anything on EDF, which was a third party in this State aid procedure.
Vendar pa glede odprodaje družb Nouvel Areva NP in Areva TA ni mogoče vnaprej izključiti, da bi lahko skupina EDF ali javni konzorcij, ki je kupec družbe Areva TA, oddala ponudbo z neupravičeno visoko ceno v korist skupine Areva.
Second, EDF as an independent economic entity had no incentive to favour New Areva.
Kljub temu Komisija na podlagi nadaljnje utemeljitve v delih 5.1.2.1 in 5.1.2.2 ugotavlja, da je pri odprodaji upoštevana tržna cena, kar izključuje gospodarsko korist v skladu s členom 107(1) PDEU.
Lastly, the precedent from the Framatome/Siemens/Cogema concentration was irrelevant because that measure had concerned fuel assemblies, for which there were strong (including regulatory) barriers to entry, and because the State was no longer legally in a position to make any undertaking on behalf of EDF;
Odprodaja večinskega deleža družbe Nouvel Areva NP
the ring-fencing of enrichment activities was superfluous in so far as SET was already financially independent.
Do prodaje večinskega deleža družbe Nouvel Areva NP družbi EDF ni prišlo z odprtim, preglednim in brezpogojnim razpisom.
In addition, such a measure would give rise to insuperable operational difficulties owing to the degree of operational overlap between the subsidiary and other entities within the Areva Group;
Vendar pa je sporazumna prodaja nadzornega deleža običajna tržna praksa.
the prohibition on expanding the capacity of the Georges Besse II plant was inconsistent with the undertaking given by the Areva Group, […].
Glede družbe Nouvel Areva NP je treba upoštevati tudi njeno področje dejavnosti in povezav z obratovanjem jedrskih elektrarn, na katerem prodaja nadzornega deleža prek razpisa ni običajna tržna praksa.
The French authorities had therefore undertaken to ensure that, during the restructuring period, the Areva Group did not increase the capacity of the Georges Besse II plant, with the exception of acquiring and installing centrifuges as set out in its existing agreements […];
Pred potrditvijo prodaje deleža so stranke v transakciji pridobile mnenje neodvisnih strokovnjakov, na podlagi katerega je vsaka določila prodajno ceno.
the divestment or the limitation of the MOX production operation were inappropriate.
Vendar tudi če je dejanska prodajna cena določena na podlagi pogajanja med voljnima prodajalcem in kupcem, še vedno velja, da je posvet z navedenimi strokovnjaki za pogajanje pred potrditvijo cene običajna tržna praksa preudarnega vlagatelja [25].
First, this operation would be weakened by the divestment of New Areva NP.
Kar zadeva vsebino strokovnega mnenja, je banka BNP Paribas, finančni svetovalec družbe EDF, glede na oceno vrednosti deleža, ki temelji na več merilih, 24. julija 2015 podala naslednje mnenje: „Po našem mnenju je trenutno na podlagi zgornjih informacij in lastnosti postopka cena 2,7 milijard EUR za 100 % kapitala družbe Areva NP, ki jo v postopku predlaga družba EDF, za družbo EDF izključno s finančnega vidika razumna.“ Družba EDF je nato uporabila storitve banke Société Générale za začetek faze skrbnega pregleda.
Second, since MOX and UOX fuel were not substitutable, the distortion of competition was minimal for competitors like Urenco offering only UOX.
Francoski organi so Komisiji predložili podrobne rezultate navedenega skrbnega pregleda iz januarja 2016, s katerimi Société Générale potrdi vrednotenje, ki sta ga stranki ponovno določili, v znesku 2,5 milijarde EUR za 100 % lastnih sredstev.
Third, the production of MOX was vital for the survival of the nuclear processing sector.
Banka Société Générale je vrednotenje izvedla zelo podrobno (127 strani analize) na podlagi metode DCF, ki je splošno sprejeta metoda na finančnem področju.
Fourth, Urenco's assertion that MOX production was not profitable compared with UOX disregarded the numerous positive externalities associated with its production;
Banka Société Générale je z družbo EDF preoblikovala poslovne načrte skupine Areva za vseh pet vej ciljnih dejavnosti družbe Nouvel Areva NP: objekt, gorivni elementi, proizvodnja, veliki projekti in drugo (podporne dejavnosti, tveganja itd.).
additional divestments, for example in logistics, would undermine the restoration of New Areva's long-term viability and were all the more unjustified as the distortions created by the aid were minimal in these markets.
Na podlagi poslovnih načrtov je z metodo DCF izračunana vrednost podjetja iz posamezne veje dejavnosti.
ASSESSMENT OF THE AID
Banka Société Générale je v ta namen za vsako vejo dejavnosti uporabila drugačno povprečje tehtanih stroškov kapitala (v nadaljnjem besedilu: WACC) glede na tveganje pri posamezni dejavnosti.
Existence of aid
WACC je ocenjen na podlagi razmeroma napredne metodologije MEDAF (model ocenjevanja finančnih sredstev): za vsako vejo dejavnosti je WACC ocenjen na državo, v kateri je podjetje dejavno, nato je na podlagi različnih geografskih izračunov WACC izračunan tehtan WACC.
The Commission has to assess whether the measures covered by this procedure constitute State aid within the meaning of Article 107(1) TFEU.
Netvegane stopnje donosa je podalo več priznanih virov (SG Research, Bloomberg, Associés en finance), premije za deželno tveganje temeljijo na delih profesorja Damodarana z univerze NYU Stern, stroški dolga pa temeljijo na premiji za tveganje obveznic primerljivih podjetij.
Under Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market.
Na podlagi primerljivih podjetij, ki jih je banka Société Générale izbrala po različnih merilih posamezne veje dejavnosti, je določen koeficient beta posamezne dejavnosti.
The Commission considers that a public measure can thereby be classified as State aid if all of the following conditions are met: (i) the measure must be granted by the State or through State resources, (ii) it must confer an economic advantage on its recipient; (iii) that advantage must be selective, and (iv) the measure must distort or threaten to distort competition and be liable to affect trade between Member States.
V vzorec primerljivih podjetij je za vejo dejavnosti z gorivom vključenih sedem podjetij, ki kotirajo na borzi, pet za objekte, šest za proizvodnjo in šest za velike projekte.
The French State's subscription to the capital injections into Areva SA and New Areva
Vrednosti koeficientov beta, pridobljene na ta način, potrjuje primerjava z napovedmi iz koeficientov beta po multifaktorskem modelu družbe Barra.
Although these two interventions are seemingly separate, the Commission considers that the State's subscription to the capital injections into Areva SA and New Areva respectively must be regarded as a single aid measure made available to Areva.
Predpostavka ničelne neprekinjene rasti je bila uporabljena za vse veje dejavnosti.
It is apparent from the analysis of the difficulties and indebtedness of the Areva Group that as a whole it needs capital.
S temi vrednostmi podjetij so bile izvedene analize občutljivosti, pri čemer so bile spremenljivke parametri, kot so WACC ali marža dobička pred obrestmi, davki in amortizacijo.
The fact that this overall need for recapitalisation is subsequently broken down between Areva SA and New Areva is nothing more than an implementing arrangement for recapitalising Areva.
Neto dolg pri posamezni veji dejavnosti je bil nato odštet od teh vrednosti podjetij za ugotovitev vrednosti lastnih sredstev.
This subscription is attributable to the State and is granted through State resources.
Skupni znesek teh različnih zneskov na vejo dejavnosti je skupna vrednost lastnih sredstev družbe Nouvel Areva NP.
The two capital injections will be subscribed to by the State directly through its own resources.
Banka Société Générale je ocenila, da je iz tega vrednotenja lahko ugotovljen večkratnik dobička pred obrestmi, davki in amortizacijo […].
This confers an economic advantage on the Areva Group.
Ta večkratnik dobička pred obrestmi, davki in amortizacijo je razumen, kolikor je manjši od aritmetičnih povprečij in median večkratnikov dobička pred obrestmi, davki in amortizacijo pri primerljivih transakcijah, tj. banka Société Générale je upoštevala vzorec 19 transakcij, reprezentativnih za različna področja delovanja družbe Nouvel Areva NP.
On the one hand, this investment improves the position of the Areva Group by enabling it to meet a significant part of its debts.
Vrednost različnih parametrov za metodo DCF in vgrajena vrednost večkratnika dobička pred obrestmi, davki in amortizacijo sta potrjeni s primerjavo aritmetičnih povprečij in median iz študije primerljivih podjetij iz uvodne izjave 198.
On the other hand, the Areva Group would not have been able to obtain such capital under normal market conditions, since no private investor would have subscribed in those circumstances to any capital injection into the Areva Group in view of its serious financial situation.
Glede na navedeno Komisija potrjuje ugotovitev iz sklepa o začetku postopka, da vrednotenje, ki so ga izvedli družba EDF in njeni svetovalci, temelji na objektivnih, preverljivih in zanesljivih razpoložljivih podatkih, ki odražajo gospodarski položaj, kakršen je obstajal med odločitvijo o postopku.
The two third-party investors MHI and JNFL will not subscribe to the capital of the Areva Group in the same way as the French State, since their investment will concern only one of the two entities of the restructured Areva Group (New Areva), and for a minority stake of […] %.
Med preiskavo nobena zainteresirana stran ni izrazila pomislekov glede te ugotovitve.
The advantage thus granted to the Areva Group is selective.
Novi elementi, ki so se pojavili po tem vrednotenju, kot so prenos na hčerinsko družbo ali odkritje tveganj pri pogodbah o sestavnih delih, ne bodo vplivali na rezultat vrednotenja glede na to, da se je družba EDF v celoti zaščitila pred temi tveganji v skladu s postopki iz uvodne izjave 30.
The State's subscription to these capital injections is an ad hoc measure which exclusively benefits the Areva Group for the purposes of its restructuring.
Na podlagi navedenega vrednotenja 2,5 milijarde EUR za 100 % lastnih sredstev je banka Société Générale pokazala, da EDF iz naložbe lahko pričakuje interno stopnjo donosnosti (v nadaljnjem besedilu: IRR) [0–20] % pri osrednjem scenariju.
Lastly, the advantage granted to the Areva Group through the State subscription to the capital injections is liable to affect trade between Member States.
Osrednji scenarij predpostavlja odtujitev naložbe (za izračun končne vrednosti) leta […] in večkratnik ob odtujitvi naložbe, enakovreden večkratniku vstopa, tj. […]-kratni dobiček pred obrestmi, davki in amortizacijo.
The different markets on which the Areva Group operates are characterised by a high level of trade between these States.
Navedeni IRR je treba primerjati s stroškom lastnih sredstev, tehtanim po različnih sektorjih družbe Nouvel Areva NP.
In this regard, the Commission has already had cause to regard the nuclear markets as at least pan-European [24].
V obravnavanem primeru izračuni banke Société Générale, ki temeljijo na objektivnih merilih iz uvodne izjave 198, navajajo naslednje za posamezno vejo dejavnosti: [0–10] % za gorivo, [0–10] % za objekt, [0–20] % za velike projekte, [0–10] % za proizvodnjo.
In addition, the advantage granted to the Areva Group provides it with additional financial resources enabling it to remain active on the market.
Te ocene se zdijo razumne glede na to, da temeljijo na splošno sprejetih virih in metodologiji, podobnim tistim, ki jih je Komisija uporabila v drugih zadevah, pri čemer njeno stališče po potrebi potrjuje Splošno sodišče [27].
The measure is therefore liable to distort competition
S tehtanjem teh ocen glede na ustrezen del posamezne veje dejavnosti pri prometu družbe Nouvel Areva NP se pridobi povprečje tehtanih stroškov lastnih sredstev, ki je [0–10] %.
In the light of the above, the Commission concludes that the French State's subscription to the capital injections in Areva SA and New Areva constitutes State aid within the meaning of Article 107(1) TFEU, in favour of the Areva Group, amounting to EUR 4,5 billion.
IRR, ki ga družba EDF lahko pričakuje iz naložbe v družbo Nouvel Areva NP, je višji od stroškov lastnih sredstev v zadevnem sektorju, vključno pri nekaterih negativnih scenarijih, upoštevanih v analizah občutljivosti (o letu in večkratniku ob odtujitvi iz naložbe) banke Société Générale.
Divestments carried out under the restructuring plan
Ob upoštevanju teh objektivnih podatkov Komisija ugotavlja, da se družba Nouvel Areva NP proda pod običajnimi tržnimi pogoji, ki gospodarske koristi ne zagotavljajo niti kupcu (družbi EDF) niti prodajalcu (skupini Areva), kar izključuje državno pomoč.