natgillin/translations-raw huggingface dataset:
By judgment of 19 March 2013 (‘the Bouygues judgment’), the Court of Justice set aside the judgment of 21 May 2010 and referred Cases T-425/04, T-444/04 and T-450/04 back to the General Court for a ruling on the pleas in law raised and the applications submitted to it which it had not previously ruled on.
Sodišče je to pritožbo zavrnilo s sodbo z dne 30. novembra 2016.
In that regard, the Court found that, in the contested decision, the Commission had not expressed a view on the argument raised by the Bouygues companies in their complaint of 22 January 2003, according to which the declarations from July 2002 constituted, in themselves, State aid.
Zato mora Komisija z novim sklepom zaključiti formalni postopek preiskave iz člena 108(2) PDEU, ki ga je začela 31. januarja 2003.
Next, the Court held that, as State interventions take various forms and have to be assessed in relation to their effects, it cannot be excluded that several consecutive measures of State intervention must, for the purposes of Article 107(1) TFEU, be regarded as a single intervention.
OPIS DEJSTEV
The Court of Justice went on to conclude that, having found that it was necessary to identify a reduction of the State budget or a sufficiently concrete economic risk of burdens on that budget, closely linked and corresponding to, or having as a counterpart, a specific advantage deriving either from the announcement of 4 December 2002 or from the shareholder loan offer of 20 December 2002, the General Court had erred in law by applying a test that immediately excluded those State interventions, depending on their links with one another and their effects, from being regarded as a single intervention.
Družba FT, operater in dobavitelj telekomunikacijskega omrežja in storitev, je bila ustanovljena leta 1991 kot pravna oseba javnega prava in ima od 31. decembra 1996 status delniške družbe.
However, the Commission was right in its decision to examine the two measures together, since the first measure was clearly inseparable from the second measure.
Od oktobra 1997 kotira na borzi.
In the judgment of 2 July 2015, the General Court found that the Commission's decision was vitiated by errors of law and manifest errors of assessment as regards the application of the prudent private investor test.
Leta 2002 je delež francoske države v kapitalu družbe FT znašal 56,45 %, preostali deleži pa so bili razdeljeni med javnost (32,25 %), lastne delnice (8,26 %) in zaposlene v družbi (3,04 %).
The Court therefore annulled the Commission's decision.
Družba FT je 1. julija 2013 spremenila ime in postala družba Orange.
The Commission appealed against that judgment.
Podroben opis finančnega položaja družbe FT je v uvodnih izjavah od 16 do 61 odločbe z dne 2. avgusta 2004, ki je bila razglašena za nično.
That appeal was dismissed by the Court of Justice in its judgment of 30 November 2016.
Finančni položaj družbe FT v prvi polovici leta 2002 in dogodki v tem obdobju
The Commission must therefore adopt a new decision concluding the formal investigation procedure provided for in Article 108(2) TFEU, which it opened on 31 January 2003.
Analiza ravnanja države glede na pravila o državni pomoči mora biti izvedena na podlagi podatkov in informacij, ki so na voljo ob vsakem posameznem državnem ukrepu.
DESCRIPTION OF FACTS
Ker se ta zadeva nanaša na dogodke iz leta 2002, je treba kronološko povzeti elemente, ki so na razpolago od objave rezultatov proračunskega leta 2001.
France Télécom, an operator and supplier of telecommunications networks and services, was formed in 1991 as a legal person governed by public law, and since 31 December 1996 has had the status of a public limited company.
Družba FT je imela od junija 2002 resne strukturne težave in neuravnoteženo bilanco stanja.
Since October 1997, France Télécom has been listed on the stock exchange.
Iz računovodskih izkazov za leto 2001 je bil razviden porast poslovnih rezultatov in precejšen denarni tok.
In 2002 the French State's participation in France Télécom's capital was 56,45 %, the remainder of the shares being divided between the public (32,25 %), FT itself (8,26 %) and employees of the company (3,04 %).
Družba FT je morala 21. marca 2002 napovedati ne le pomembno čiščenje svoje bilance stanja z računovodskimi rezervacijami in s prenosi v višini 27,2 milijarde EUR, ampak tudi pomembno rast denarnega toka v višini 14 milijard EUR v obdobju 2002–2005.
On 1 July 2013, France Télécom changed its name to Orange.
Bonitetna ocena družbe FT
A detailed description of FT's financial situation is set out in recitals 16 to 61 of the annulled decision of 2 August 2004.
V prvi polovici leta 2002 se je stanje družbe FT hitro poslabševalo, kar se kaže v nizu zaporednih znižanj bonitetne ocene družbe FT.
France Télécom's financial situation in the first half of 2002 and the events of that period
Bonitetna agencija Moody's je tako 27. marca 2002 objavila znižanje bonitetne ocene družbe FT zaradi dolgoročnega dolga.
The analysis under the State aid rules of a State's conduct must be carried out using the data and information available at the time of each state intervention.
Bonitetna agencija Standard & Poor's (v nadaljnjem besedilu: S & P) je 28. marca 2002 ohranila bonitetno oceno družbe FT, vendar je svojo napoved znižala na negativno zaradi novic v zvezi z družbo Mobilcom.
Given that the present case concerns events that occurred in 2002, it is essential to set out chronologically the evidence available from the time of publication of the results for the 2001 financial year.
Bonitetna agencija Moody's, ki je imela dvome o tem, ali je družba FT zmožna uspešno izpeljati svojo strategijo zmanjšanja dolga, je 13. maja 2002 napovedala morebitno znižanje bonitetne ocene kratkoročnega dolga družbe FT.
France Télécom was, from June 2002 onwards, a company with serious structural problems and an unbalanced balance sheet.
Bonitetna agencija S & P je 14. maja 2002 ohranila obstoječo bonitetno oceno družbe FT.
The 2001 accounts showed improved operating results and substantial cash flow generation.
Bonitetna agencija Moody's je 24. junija 2002 znižala bonitetno oceno družbe FT.
France Télécom was forced to announce, on 21 March 2002, not only a major clean-up of its balance sheet through balance sheet provisions and asset disposals totalling EUR 27,2 billion, but also a substantial increase in the available cash flow to the tune of EUR 14 billion for the period 2002-2005.
Napoved za bonitetno oceno družbe FT je bila še vedno negativna.
France Télécom's credit rating
Odločitev te agencije je bila tedaj utemeljena z dejstvom, da ni pričakovala, da bo družba FT lahko ustvarila dovolj denarnega toka za zmanjšanje konsolidiranega dolga skupine.
During the first half of 2002, France Télécom's situation worsened rapidly, as reflected in a series of downgrades in the Company's credit rating.
Razkrila je, da mora družba FT poravnati približno 15 milijard EUR dolga, ki zapade v plačilo leta 2003.
Thus, on 27 March 2002, the Moody's credit rating agency announced a downgrading of France Télécom's rating for long-term debt.
Bonitetna agencija S & P je 25. junija 2002 znižala bonitetno oceno kratkoročnega in dolgoročnega dolga družbe FT ter svojo odločitev utemeljila s težavami v zvezi z družbo Mobilcom in nezmožnostjo družbe FT, da dovolj hitro in učinkovito zmanjša svoj dolg.
On 28 March 2002, Standard & Poor's (‘S&P’) maintained France Télécom's rating but downgraded its prospects to negative following news concerning Mobilcom.
Poleg tega se je sklicevala na 15 milijard EUR dolga, ki zapade v plačilo med letom 2003.
On 13 May 2002, Moody's, doubting the Company's capacity to implement its debt-reduction strategy, announced a possible downgrade of France Télécom's short-term debt rating.
Bonitetna agencija S & P je 12. julija 2002 celo opozorila na morebitno težavo pri refinanciranju dolga, ki zapade v plačilo leta 2003.
On 14 May 2002, Standard & Poor's maintained France Télécom's existing rating.
V razpredelnici so povzeta različna stališča bonitetnih agencij S & P, Moody's in Fitch glede bonitetne ocene družbe FT:
On 24 June 2002, Moody's downgraded France Télécom's rating.
Dogodki, povezani z bonitetnimi ocenami
The Company's prospective rating was maintained at a negative level.
kratkoročno
Moody's decision at that time was based on the fact that the agency did not expect France Télécom to be in a position to generate sufficient cash flow to reduce the group's consolidated debt.
dolgoročno
The rating agency pointed out that France Télécom was confronted with debts of about EUR 15 billion falling due in 2003.
Stanje maja 2002
On 25 June 2002, Standard & Poor's downgraded France Télécom's short- and long-term debt rating, basing its decision on the difficulties concerning Mobilcom and France Télécom's inability to reduce its debt far and fast enough.
24. junija 2002
S&P also refers to the EUR 15 billion of debt falling due in 2003.
5. julija 2002
The table summarises the various positions of S&P, Moody's and Fitch regarding France Télécom's rating:
Cena delnic družbe FT
Events connected with credit ratings
Sočasno je v prvi polovici leta 2002 cena delnic družbe FT precej padla in prvič dosegla svojo najnižjo raven 27. junija 2002 (7,79 EUR), drugič pa 30. septembra 2002 (6,01 EUR).
Source: NERA.
Dogodki v juliju 2002
Short-term
Francoski minister za gospodarstvo, finance in industrijo (v nadaljnjem besedilu: minister za gospodarstvo in finance) je v intervjuju, objavljenem v časopisu Les Echos 12. julija 2002, večkrat izjavil in potrdil, da bi država sprejela ustrezne ukrepe za rešitev težav, če bi imela družba FT težave s financiranjem.
Situation in May 2002
„Omenjate presežke na trgih.
24 June 2002
Borzna cena družbe France Télécom je zelo nestabilna.
5 July 2002
Ker je država že večinska delničarka družbe s 55 % kapitala, tu očitno ne gre za njeno ‚ponovno nacionalizacijo‘, kot tu in tam slišim.
BBB-
Počutim se odgovornega za premoženjske interese države.
12 July 2002
Država v vlogi delničarke bo ravnala kot dobro poučena vlagateljica in bo sprejela ustrezne ukrepe, če bi imela družba France Télécom težave.
France Télécom's share price
Ali je bila država dobro poučena, ko je pustila, da se družba France Télécom zadolži, tako da je na primer investirala v Nemčiji?
At the same time, France Télécom's share price fell significantly during the first half of 2002, reaching its lowest level first on 27 June 2002 (EUR 7,79), and then on 30 September 2002 (EUR 6,01).
Ne nameravam kritizirati svojih predhodnikov.
The events of July 2002
Opažam, da je imel ves sektor istočasno enako strategijo.
In an interview published in Les Echos on 12 July 2002, the French Minister for Economic Affairs, Finance and Industry (‘the Minister for Economic Affairs and Finance’) confirmed more than once that if France Télécom were to face any financing problems, the State would take whatever measures were necessary to overcome them.
Vendar je videti, da ideološka volja za ohranitev večine kapitala ni olajšala internacionalizacije družbe France Télécom, ki ni mogla kupiti podjetij z delnicami.
The precise wording of the published interview is as follows:
To je razlog za zadolženost.
‘You mention market excesses.
Ponavljam, če bi družba France Télécom imela težave s financiranjem, čemur danes ni tako, bi država sprejela potrebne ukrepe za rešitev teh težav.
France Télécom's share price is highly volatile.
Znova sprožate govorice o povečanju kapitala …
You are the majority shareholder in the company, do you have a message to convey?
Ne, nikakor ne!
We are the majority shareholder, with 55 % of the capital; there is clearly no question of our “renationalising” the company, as I have sometimes heard it said.
Samo trdim, da bomo ob pravem času ustrezno ukrepali.
I feel responsible for the State's financial interests.
Če bo potrebno …“.
The State shareholder will behave like a prudent investor and would take appropriate steps if France Télécom were to face any difficulties.
Istega dne je bonitetna agencija S & P znižala bonitetno oceno družbe FT na razred BBB-.
Was the State behaving like a prudent investor when it let France Télécom get deeper into debt, by moving, for example, into Germany?
Ob upoštevanju navedenega se zdi, da je bilo julija 2002 zaupanje v družbo FT omajano.
It is not for me to criticise my predecessors.
Bonitetne agencije pa so ob upoštevanju izjav države oceno družbe vseeno obdržale v razredu varnih naložb.
I would point out that the entire industry was pursuing the same strategy at the same time.
Če bi se razred bonitetne ocene znižal, bi se ta kriza še poslabšala, možnosti družbe, da bi se s krizo spoprijela, pa bi se zmanjšale.
Having said that, the ideologically motivated retention of a majority holding has not made it any easier to internationalise France Télécom, as it has not been able to pay for its acquisitions with shares.
Podatki, objavljeni od 13. septembra 2002 dalje, in dogodki v tem obdobju
Hence the indebtedness.
Podatki, objavljeni 13. septembra 2002
I repeat, if France Télécom were to face any financing problems, which is not the case today, the State would take whatever decisions were necessary to overcome them.
Polletni računovodski izkazi družbe FT, objavljeni septembra 2002, so pokazali izboljšanje rezultatov družbe FT v prvem polletju leta 2002 v primerjavi s prejšnjim letom, in sicer povečanje prometa za 10 %, EBITDA za 13,2 % in dobička iz poslovanja za 17,3 %.
You are reviving the rumour of a capital increase …
Prav tako je ugotovljena trajna rast mobilne telefonije in večja uspešnost internetne dejavnosti.
No, certainly not!
Vendar se je dobiček iz poslovanja segmenta fiksne telefonije v Franciji, ki je v istem obdobju pomenil 31 % prometa, zmanjšal za 12,2 %.
On that same day, S&P downgraded France Télécom's rating to BBB-.
Zaradi take polletne izgube je konsolidiran lastni kapital družbe FT 30. junija 2002 postal negativen in znašal 440 milijonov EUR.
In its press release of 12 July 2002, S&P states that the reason why it had decided to maintain France Télécom at investment grade was to do with the State's indications as to its intentions towards the Company: ‘FT could face certain difficulties refinancing its debt obligations coming due in 2003.
obresti, povezanih z dolgom (3099 milijonov EUR),
Nevertheless, the State's indication underpins France Télécom's investment-grade credit quality.’
naložb (3820 milijonov EUR),
That assurance had been provided, firstly, directly by the French Government to S&P: ‘the French State — which owns 55 % of France Télécom — has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties. France Télécom LT rating cut to BBB-’, and, secondly, publicly in the interview referred to in paragraph 29.
odkupa delnic družbe FT od družbe VODAFONE (4973 milijonov EUR),
In the light of the above, it appears that in July 2002, France Télécom was facing a crisis of confidence.
odkupa delnic družbe Orange od družbe E.On (950 milijonov EUR) in
Rating agencies and analysts alike were convinced that France Télécom risked not being able to implement the refinancing plan presented by its management in order to meet its maturities.
plačila davka (608 milijonov EUR).
France Télécom was therefore faced with an acute financing problem linked to its indebtedness.
Glavni del neto dolga v višini 69,69 milijarde EUR na dan 30. junija 2002 je bil v obliki obveznic, tj. znesek v višini 50,6 milijarde EUR.
Nevertheless, the agencies had maintained the Company's rating at investment grade on the strength of the State's indications.
Torej je morala družba FT v okviru napovedi iz septembra 2002 v obdobju 2003–2005 poravnati neporavnan dolg v skupni višini 48,9 milijarde EUR.
The data published on 13 September 2002 and events at that time
Francoski organi so 12. septembra 2002 razglasili, da so sprejeli odstop izvršnega direktorja družbe FT.
The data published on 13 September 2002
Istega dne je bonitetna agencija Moody's spremenila napoved za dolg družbe FT z negativne na stabilno zaradi potrditve zaveze o pomoči družbi FT.
In September 2002, France Télécom's half-yearly accounts showed an improvement in France Télécom's figures in the first half of 2002 compared with the previous year: an increase of 10 % in turnover, 13,2 % in EBITDA and 17,3 % in the operating result.
Cena delnic družbe FT se je 2. oktobra 2002 po obvestilu o imenovanju novega vodstva povečala (več kot 10,4 -odstotno povečanje v tednu od 2. oktobra).
The sustained growth in mobile telephony and the improved performance of the internet business were also noted.
Dogodki v decembru 2002 in januarju 2003 ter načrt „Ambition FT 2005“
However, the operating result of the fixed telephony segment in France, which accounted for 31 % of turnover for the same period, was down by 12,2 %.
Novo vodstvo družbe FT je 4. decembra 2002 predstavilo akcijski načrt „Ambition FT 2005“ (v nadaljnjem besedilu: načrt Ambition 2005), ki bi moral zagotoviti precejšnje izboljšanje operativne učinkovitosti te družbe in možnosti zadovoljive donosnosti vloženega lastnega kapitala.
Earnings after interest (EUR 1,75 billion) but before taxes, shareholdings and minority interests, exclusive of extraordinary items, were EUR 718 million against EUR 271 million as at 30 June 2001.
Srednjeročni cilji so bili tako: odzvati se na potrebe po financiranju družbe FT, uresničiti zmanjšanje neto dolga in obnoviti lastni kapital.
The operating free cash flow amounted to EUR 3,6 billion, up 15 % on the first six months of 2001.
in iz njega mora biti razvidno, da je družba pripravljena znatno in hitro prispevati k prizadevanjem, ki so potrebna, da bi se ta sektor pred koncem leta 2005 spet znašel v položaju normalne zadolženosti.
Alongside the good operating results described above, France Télécom confirmed the imbalance in its financial situation.
V načrtu TOP so predvidene pomembne posledice za upravljanje in organizacijo družbe FT, zlasti glede operativnih stroškov, zaposlovanja in predvsem naložb.
The negative result of EUR 12,2 billion as at 30 June 2002 was primarily due to the substantial provisions made for investments.
Ta načrt temelji na letni rasti prometa, EBITDA in operativnega denarnega toka v obdobju 2003–2005.
As a result of that half-year loss, France Télécom's consolidated own funds became negative as at 30 June 2002 to the tune of EUR 440 million.
Z načrtom odprodaje sredstev se nadaljujejo odprodaje, ki jih je družba FT že začela za prestrukturiranje obsega svojih dejavnosti med letom 2001.
debt interest (EUR 3099 million),
Za uresničevanje tega cilja je potrebna strategija ponovne usmeritve družbe FT na njene ključne dejavnosti, ne da bi se postavilo pod vprašaj njeno poslanstvo, tj. biti telekomunikacijski operater, ki združuje vse telekomunikacijske storitve.
investments (EUR 3820 million),
Povečanje lastniških instrumentov družbe FT bi bilo treba izvesti s precejšnjim povečanjem kapitala.
the repurchase of France Télécom shares from Vodafone (EUR 4973 million),
Prispevek države in drugih zasebnih delničarjev bo sorazmeren z deležem kapitala v njihovi lasti in bo znašal 9 oziroma 6 milijard EUR.
the payment of taxes (EUR 608 million).
Zaveza bank je bila tako kot odločitev države o naložbi odvisna od objave verodostojnega načrta na trgu, ki bi obsegal ukrepe upravljanja in strateške usmeritve, s katerimi bi prepričal trg, ter napovedi denarnih tokov, iz katerega bi izhajali zadovoljivi obeti razpoložljivega denarnega toka (prosti denarni tok).
The maturity schedule of that debt is characterised by its short duration, EUR 12,9 billion maturing in 2003.
Povečanje lastnega kapitala se po mnenju francoskih organov ne bi moglo izvesti takoj iz razlogov, ki se nanašajo predvsem na sedanje splošne razmere na finančnih trgih, zlasti kar zadeva telekomunikacijske vrednostne papirje, pa tudi razlogov, povezanih s tehničnimi roki, potrebnimi za izvedbo takega postopka, kot sta sklic izredne generalne skupščine in sprejetje letnih računovodskih izkazov, ki so potrebni v okviru takega postopka.
During the first half of 2004, EUR 11,9 billion worth of bonds came due, followed by EUR 5,4 billion in the second half of 2004.
Francoski organi so prav tako poudarili, da bi bilo za družbo FT in njene delničarje zaželeno, da bi do takega postopka prišlo po tem, ko bi trg v celoti vključil predvidene možnosti operativnega izboljšanja in lahko celo ocenil njihove prve rezultate ali konkretne znake.
In all of 2005, a total of EUR 18,6 billion came due.
Francoski organi so v teh okoliščinah in zaradi zagotovitve manevrskega prostora, ki ga družba FT potrebuje za začetek postopka na trgu v najboljših pogojih, izrazili, da so v vlogi večinskega delničarja pripravljeni biti udeleženi pri vnaprejšnjem povečanju lastnega kapitala ter v ta namen zagotoviti, da bo družbi FT dano na voljo začasno delničarsko posojilo v obliki kreditne linije, katerega znesek, ki ga bo po potrebi črpala družba FT, naj bi bil ob izdaji novega lastnega kapitala konsolidiran.
Therefore, in September 2002, FT faced the prospect of a total repayable debt of EUR 48,9 billion during the period 2003-2005.
Najvišji znesek sredstev, ki bi se lahko dala na voljo družbi FT v okviru posojila, je znašal 9 milijard EUR in je ustrezal znesku udeležbe države pri prihodnjem povečanju lastnega kapitala.
On 13 September, the Government reiterated in a press release its support for France Télécom and expressly indicated that it had decided to take part in a forthcoming operation aimed at increasing France Télécom's own funds: ‘… After the exceptional losses of the first six months, France Télécom is faced with a serious shortage of capital. … The Government is therefore determined to exercise its responsibilities to the full … The new chairman will propose to the board a plan for improving the company's accounts, enabling its debts to be reduced and its financial structure to be restored while maintaining its strategic advantages. The State will help France Télécom implement this plan and will contribute to a very substantial strengthening of the company's capital base, according to a timetable and in a manner to be determined in the light of market conditions. In the meantime, the State will, if necessary, take steps to prevent the company from being faced with any financing difficulties …’.
Poleg tega bo obrestovano v skladu s trenutno veljavnimi tržnimi pogoji, obresti pa bodo kapitalizirane.
On 2 October 2002, in a press release, the Government repeated its commitments: ‘the new chairman will immediately carry out an inventory of the company, the findings of which will be communicated to the board … and which will form the basis for a financial recovery and strategic development plan enabling the company's debt to be reduced while building on its strengths.
Poleg tega je predvideno, da se bodo obrestne mere, ki se uporabljajo za črpanja, ne glede na datum črpanja avtomatsko povečale za 0,35 % od šestega meseca po datumu prvega črpanja in za 0,7 % po dvanajstem mesecu od datuma prvega črpanja.
Within this framework, Thierry Breton will enjoy the support of the State in its capacity as shareholder, determined as it is to exercise its responsibilities to the full.
Francoski organi so v zvezi s tem poudarili, da so pogoji za začetek izdaje obveznic iz decembra za družbo FT ugodnejši kot pogoji, ki jih je odobrila država kot glavna delničarka za razpolaganje s sredstvi v okviru morebitnega posojila.
The State will assist in implementing the recovery measures and will contribute, for its part, to the strengthening of the company's own capital base in a manner to be determined in close collaboration with the company's chairman and board.
Tako so pojasnili, da je v primerljivih pogojih (zamenjava s spremenljivo obrestno mero) tranša za izdajo obveznic v evrih enaka obrestni meri EURIBOR, zvišani za 290 bazičnih točk, tj. približno 100 bazičnih točk pod obrestno mero delničarskega posojila, medtem ko je bila zapadlost obligacijskega posojila mnogo daljša kot tista za delničarsko posojilo.