natgillin/translations-raw huggingface dataset:
As has already been indicated, the State will, if necessary, take steps in the meantime to prevent the company from being faced with any financing difficulties’.
Francoski organi so za izvedbo delničarskega posojila predvideli uporabo posrednika, tj. podjetja Entreprise de Recherches et d'Activités Pétrolières (v nadaljnjem besedilu: podjetje ERAP), ki je industrijsko in trgovsko javno podjetje, ki naj bi imelo delež države v družbi FT in ki izraža željo države, da jasno opredeli odobren premoženjski vložek, tako da ga loči v namenski strukturi.
France Télécom's share price rebounded on 2 October 2002 (up more than 10,4 % on the previous week) following the announcement of the appointment of the new CEO.
Francoski organi pojasnjujejo, da se bo podjetje ERAP zaradi vpisa povečanja lastnega kapitala najprej zadolžilo pri državi, nato pa neposredno na trgu obveznic.
The events of December 2002 and January 2003 and the ‘Ambition FT 2005’ plan
Ob predstavitvi načrta Ambition 2005 je bilo objavljeno sporočilo za javnost ministra za gospodarstvo in finance z dne 5. decembra 2002, v katerem je vlada potrdila podporo navedenemu načrtu, zavezanost k udeležbi pri postopku povečanja lastnega kapitala in zagotovitev delničarskega posojila v obliki kreditne linije v višini 9 milijard EUR.
On 4 December 2002, an action plan entitled ‘Ambition FT 2005’ (the ‘Ambition 2005 plan’) was presented by France Télécom's new management, being aimed at bringing about a noticeable improvement in the Company's operational performance and offering the prospect of a satisfactory return on capital invested.
Rast cene delnic družbe FT se je nadaljevala ter se še stopnjevala po objavi načrta TOP in imenovanju novega izvršnega odbora dne 5. decembra 2002, kar je povzročilo več kot 25-odstotno povečanje v dveh dneh.
Thus, the medium-term objectives were to meet France Télécom's financing requirements and to achieve a net reduction in debt and a reconstitution of capital.
Družba FT je nekaj dni po predstavitvi načrta Ambition 2005 začela postopek zaporedne izdaje obveznic 11. in 12. decembra 2002 v skupnem znesku 2,9 milijarde EUR.
The action plan is based on the following components: (i) the Total Operational Performance Plan (‘the TOP plan’), whereby France Télécom will have to generate an additional EUR 15 billion of cash flow from its own resources; (ii) EUR 15 billion to be raised from the shareholders to strengthen the Company's capital base; and (iii) EUR 15 billion to be raised from the bond and banking markets.
Prvo obligacijsko posojilo je znašalo skupaj 2,5 milijarde EUR z datumom dospelosti sedem let in fiksno obrestno mero v višini 7 %, tj. EURIBOR, zvišan za 290 bazičnih točk.
In terms of own resources, the TOP plan includes internal savings designed to improve the Company's operating performance and increase free cash flow with a EUR 15 billion reduction in debt by 2005.
Drugo obligacijsko posojilo je bilo dano na trg britanskega funta (GPB) in je znašalo 250 milijonov GPB z datumom dospelosti 15 let in fiksno obrestno mero v višini 8 %, tj. LIBOR, zvišan za 330 bazičnih točk.
These measures are accompanied by asset disposals.
Dne 15. januarja 2003 so bile izvedene druge izdaje v skupnem znesku 5,5 milijarde EUR.
The TOP plan is the main pillar of France Télécom's overall recovery plan.
Dne 10. februarja 2003 je bil obnovljen del sindiciranega kredita v višini 15 milijard EUR, ki je zapadel v plačilo, tj. približno 5 milijard EUR z datumom dospelosti tri leta po obrestni meri EURIBOR, zvišani za 125 bazičnih točk.
It needs to show that the Company is prepared to make a swift and significant contribution to the efforts required to bring its debt back down to normal levels for this sector by the end of 2005.
Francoski organi so družbi FT 20. decembra poslali pogodbo o delničarskem posojilu, ki jo je parafiralo in podpisalo podjetje ERAP.
Regarding the increase in cash flow over three years, the TOP plan consists of the reduction and optimisation of investments (with savings of 40 % to 45 %); a reduction in operating costs (savings of 35 % to 40 %); and an optimisation of the working capital requirement (savings of 20 % to 25 %).
Družba FT ni nikoli podpisala te pogodbe.
The TOP plan has considerable implications for the Company's management and organisation, particularly in terms of operating expenses, jobs and above all investment.
Družba FT je proračunsko leto 2002 zaključila z izgubo približno 21 milijard EUR in z neto finančnim dolgom v višini skoraj 68 milijard EUR.
It predicts annual growth in turnover, EBITDA and operational cash flow during the period 2003-2005.
Postopek povečanja lastnega kapitala v višini 15 milijard EUR, predviden z načrtom Ambition 2005, se je začel 4. marca 2003.
The asset disposal plan is in line with the disposals already undertaken by France Télécom to restructure its operations in 2001.
Postopek je bil zelo uspešen in se je zaključil 11. aprila.
Its aim is to minimise the level of indebtedness without jeopardising the Company's ability to generate increasing free cash flow.
S povečanjem kapitala so se večinoma zadostile strukturne potrebe po financiranju družbe FT.
Achieving this goal requires the Company to refocus on its core business, without undermining France Télécom's ambition to be a telecommunications operator integrating all telecommunications services.
Po tem postopku se je bonitetna ocena družbe FT začela izboljševati in bonitetna agencija S & P je 14. maja 2003 objavila oceno BBB s stabilno napovedjo (od A-3 do A-2 za kratkoročno bonitetno oceno), bonitetna agencija Fitch pa je 8. avgusta 2003 objavila, da je bonitetna ocena družbe FT BBB- do BBB.
Strengthening France Télécom's capital base would entail a significant capital increase.
PRIPOMBE TRETJIH STRANI
The contribution from the State and other private shareholders would be proportional to their shareholding and would be EUR 9 billion and EUR 6 billion, respectively.
Komisija je prejela pripombe družb Cable and Wireless in Cégétel, združenja AFORS Télécom ter družb LDCOM, Tiscali, WorldCom France, Bouygues SA in Bouygues Télécom (v nadaljnjem besedilu: družbi BT) in Telecom Italia.
To that end, the French Government and France Télécom gathered together a banking syndicate, which agreed to underwrite, when the time came, the portion of the capital increase intended for private investors.
Več zainteresiranih strani (A, B in C) je hotelo ohraniti zaupnost svoje identitete.
Like the Government's decision to invest, the banks' commitment was contingent on the announcement to the market of a credible plan with management measures and strategic changes able to convince the market, as well as cash flow forecasts showing the prospect of satisfactory free cash flow.
Pripombe družb Telecom Italia in WorldCom
The State and private investors participating in the operation to strengthen the Company's capital base, in line with the TOP plan, could expect a rate of return on investment of 16,7 % in 2004 and 21,5 % in 2005, based on France Télécom's operating results of EUR 11,1 billion and EUR 13,9 billion in 2004 and 2005 respectively.
Družbi Telecom Italia in WorldCom poudarjata, da lahko vsak ukrep pomoči, odobren v korist družbe FT, vpliva na konkurenco na trgih telekomunikacij in še zlasti na francoskem trgu.
According to the French authorities, the strengthening of the Company's capital base could not take place immediately given the situation on the financial markets, especially as far as telecoms stocks were concerned.
Zato morajo ukrepe, ki jih odobrijo francoski organi, spremljati izravnalni ukrepi, ki bi morali zmanjšati njihov vpliv na konkurenco.
There were also other factors to consider, such as the length of time it would take to launch such an operation and the need to call an extraordinary general meeting and prepare financial statements.
Pripombe družb A, B in C
The French authorities also stressed that it would be better both for France Télécom and its shareholders that such an operation take place after the market had fully integrated the prospects of operational improvement and had been able to assess its initial results or tangible signs.
Po mnenju družb A, B in C zadevni ukrepi pomenijo državno pomoč.
In these circumstances, and in order to give France Télécom the necessary room for manoeuvre to enter the market under the best possible conditions, the French State declared that as majority shareholder, it was prepared to make an upfront prepayment towards the capital increase.
Družba C poudarja, da v skladu s smernicami o državni pomoči za reševanje in prestrukturiranje podjetij v težavah (v nadaljnjem besedilu: smernice) dodelitev javnih sredstev podjetju v finančnih težavah pomeni domnevni obstoj elementov pomoči.
To that end, it would ensure that a temporary shareholder loan in the form of a credit line was made available to France Télécom, any amount drawn by France Télécom being consolidated when new share capital was issued.
Družbi B in C poudarjata tudi, da ni bilo upoštevano načelo istočasnosti, ker so francoski organi odobrili kreditno linijo in objavili udeležbo pri dokapitalizaciji pred objavo načrta Ambition 2005 in pred trdno zavezo vlagateljev.
The maximum loan that could be made available to France Télécom was EUR 9 billion, which corresponded to the State's future contribution to strengthening the Company's capital base.
Pripombe družb Bouygues in Bouygues Télécom
The action plan stipulated that the loan would only be drawn upon to the extent that France Télécom required, considering its cash flow plan.
Menita, da je lahko samo francoska država obnovila zaupanje trgov in vzpostavila pozitivni krog, ki je družbi FT omogočil, da je poravnala svoje kratkoročne obveznosti in začela obsežen postopek dokapitalizacije v ugodnih gospodarskih razmerah.
It would also be remunerated at the prevailing market rates and the interest would be capitalised.
Ti ukrepi pomenijo državno pomoč.
It would thus appear that the granting and making available of the shareholder loan would not be remunerated as such, and that interest would be charged only on the amount drawn against the loan, at a rate equal to Euribor plus a margin established by reference to the average spread recorded at that time on the four main France Télécom bond lines compared with the corresponding swap rate, plus 1 %.
Družbi FT dodeljujejo prednosti, ki jih pod običajnimi tržnimi pogoji ne bi dobila, in ne spoštujejo načela dobro poučenega zasebnega vlagatelja, ki deluje v tržnih pogojih.
It was also stipulated that, whatever the date on which these drawings were made, the margins applicable to the drawings would be increased automatically by 0,35 % from the sixth month following the date of the first drawing and by 0,7 % from the 12th month following the date of the first drawing.
Kar zadeva izjave ministra za gospodarstvo in finance, pomenita ponovno izražena podpora države, navedena v vrsti objav od 12. julija 2002 do 4. decembra 2002 in dopolnjena z vrsto ukrepov, med katerimi je odprtje kreditne linije v višini 9 milijard EUR, ter nepreklicna zaveza države k udeležbi pri postopku povečanja kapitala, sorazmerno z njenim deležem v družbi FT, zavezo z njene strani, ki je ne sme kršiti, da bo z vsemi sredstvi ublažila morebitno neizpolnjevanje finančnih obveznosti družbe FT.
The French authorities pointed out that the terms for launching the December bond issues were more favourable for France Télécom than those granted by the State, as the main shareholder, for making funds available for a potential loan.
Družbi BT v zvezi s tem poudarjata, da ta zaveza pomeni pravo državno jamstvo s pravnimi učinki, s katerimi se zagotavljajo državna sredstva.
The French authorities explained that, on comparable terms (floating rate swap), the euro tranche of the bond issue corresponded to Euribor + 290 bp, or around 100 bp below that of the shareholder loan, whereas the bond was due to mature long after the loan.
Družbi BT se v okviru svojih pripomb sklicujeta na strokovnjaka, ki pojasnjuje, da iz ustaljene sodne prakse francoskega upravnega sodišča izhaja, da se obstoj zaveze, ki jo sprejme upravni organ, ne sme presojati glede na njeno obliko, temveč glede na njene bistvene značilnosti.
In order to proceed with the shareholder loan, the French authorities planned to use a vehicle, the Entreprise de Recherches et d'Activités Pétrolières (ERAP), a French public industrial and commercial entity, which would be responsible for holding the State participation in France Télécom and reflected the State's intention to identify clearly the financial outlay being granted by isolating it in a dedicated structure.
Da bi šlo za zavezo države, pravzaprav zadošča, da upravni organ s svojim ravnanjem ustvari prepričanje, da bo deloval na določen način.
The French authorities said that ERAP would initially borrow from the State to subscribe to the capital increase, before turning to the bond markets.
Izjave ministra za gospodarstvo in finance izpolnjujejo vsa potrebna merila, značilna za zavezo države.
The presentation of the Ambition 2005 plan was accompanied by a press release of the Minister for Economic Affairs and Finance, dated 5 December 2002, in which the Government confirmed its support for the plan, its commitment to take part in the operation to strengthen the Company's capital base and the making available of a shareholder loan in the form of a EUR 9 billion credit line.
Ker so izjave trdne, natančne in oblikovane brez pridržkov, se analizirajo kot zaveze države do družbe FT, njenih upnikov ali zaposlenih.
France Télécom's share price continued its upward progress with the announcement of the TOP plan and of the new executive board on 5 December 2002, which led to a rise of more than 25 % in two days.
Družbi BT glede delničarskega posojila in postopka povečanja lastnega kapitala zatrjujeta, da po eni strani odprtje kreditne linije v višini 9 milijard EUR v korist družbe FT ter po drugi strani nepreklicna zaveza države, da bo udeležena pri prihodnjem povečanju kapitala, sorazmerno s svojim deležem v družbi FT, ki mu sledi postopek dokapitalizacije kot tak, pomenita uresničitev državnega jamstva in se financirata z državnimi sredstvi.
A few days after the presentation of the Ambition 2005 plan, France Télécom launched two successive bond issues on 11 and 12 December 2002 for a total amount of EUR 2,9 billion.
Zato se zadevni ukrepi financirajo z državnimi sredstvi, tudi če se kreditna linija nazadnje ne bi uporabila.
The first bond issue was for a total amount of EUR 2,5 billion over seven years, at a fixed rate of 7 %, or Euribor + 290 bp.
Družbi BT glede pogoja, ki se nanaša na prednost, trdita, da je bilo jamstvo dano po tem, ko so bonitetne agencije znižale bonitetno oceno družbe FT, da bi se ponovno vzpostavilo zaupanje trga.
The second bond issue was placed on the pound sterling (GBP) market for an amount of GBP 250 million at a fixed rate of 8 % over 15 years, or LIBOR + 330 bp.
Zaradi jamstva je lahko družba FT znova pridobila dostop do finančnih trgov.
Other issues were made on 15 January 2003 for a total amount of EUR 5,5 billion.
Družbi BT glede načela dobro poučenega zasebnega vlagatelja trdita, da ukrepi podpore niso skladni s tem načelom.
On 10 February 2003, that part of the EUR 15 billion syndicated loan which had matured, namely approximately EUR 5 billion over three years at the rate Euribor + 125 bp, was renewed.
Poudarjata, da izjave države pomenijo trdno in brezpogojno pravno zavezo, ki je vlagatelj ne bi nikoli sprejel, ne da bi izrazil najmanjši pridržek.
On 17 December 2002, S&P indicated that, since July 2002, the Government's support had been a key factor in maintaining France Télécom's investment-grade status and that its announcement concerning the shareholder loan and the commitment to subscribe, in proportion to its shareholding, to a EUR 15 billion recapitalisation operation had confirmed that support .
Pri tem gre za neomejeno jamstvo, dano kratkoročno izjemno zadolženi in šibki družbi.
France Télécom never signed this contract.
Družbi BT sta navedli, da bi financiranje povečanja lastnega kapitala, ki je 100-odstotno zagotovljeno z dolgom brez lastnega kapitala, negativno vplivalo na bonitetno oceno vsakega zasebnega vlagatelja, ki bi ravnal enako, medtem ko lahko državo kaznujejo samo volivci, ki nimajo enakih ciljev.
France Télécom ended the 2002 financial year with a loss of approximately EUR 21 billion and a net financial debt of almost EUR 68 billion.
Posojilodajalci in delničarji zasebnega vlagatelja bi zahtevali, da se zadevna naložba zavaruje s poslovnim načrtom, ki bi vseboval natančno določene obveznosti, med katerimi je odprodaja sredstev.
On 4 March 2003, the operation to strengthen the Company's capital base by EUR 15 billion as envisaged by the Ambition 2005 plan was launched.
Družbi BT ugotavljata, da dobro poučeni vlagatelj, katerega finančne zmožnosti bi se lahko primerjale s francosko državo in ki bi zagotovil takšno jamstvo, v vsakem primeru ne bi vzbudil veliko zaupanja na trgih ter da je jasno, da je bilo zaupanje ponovno vzpostavljeno zaradi tega, ker so zaveze države opredeljene kot „državni dolg“.
The operation was broadly successful and was terminated on 11 April.
Družbi BT tudi navajata, da ni bilo upoštevano načelo istočasnosti.
Thus, following the operation, France Télécom's credit rating began to improve: on 14 May 2003 S&P raised its rating to BBB, outlook stable (from A-3 to A-2 for its short-term rating) and on 8 August 2003 Fitch raised its rating from BBB- to BBB.
Kadar so vlagatelji pripravljeni ukrepati šele po tem, ko se za dodelitev pomoči odločijo organi, dejstvo, da so zasebni vlagatelji takrat istočasno pripravljeni ukrepati, ni več upoštevno.
COMMENTS FROM THIRD PARTIES
Takšno ukrepanje je posledica podpore države in ne rezultat odločitve zasebnega vlagatelja.
The Commission has received comments from Cable and Wireless, Cégétel, AFORS Télécom, LDCOM, Tiscali, WorldCom France, Bouygues SA and Bouygues Télécom, and Telecom Italia.
V tem primeru torej dejstvo, da se je konzorcij bank zavezal, da bo jamčil za dober zaključek postopka, ne more biti razlog za sklepanje, da je bilo načelo istočasnosti upoštevano.
Several interested parties (A, B and C) wished to keep their identity confidential.
Odločitev za naložbo s strani francoskih organov je trdna in brezpogojna, odločitve zasebnih vlagateljev pa ne, zasebni vlagatelji so svoj delež prispevali šele, ko jim je država večkrat in zanesljivo zagotovila, da bo udeležena pri postopku in bo zlasti sprejela vse ukrepe, ki bodo družbi FT omogočili, da se izogne vsem težavam s financiranjem.
Comments from Telecom Italia and WorldCom
Pripombe družbe Cable & Wireless
It is therefore essential that the aid granted by the French authorities should be accompanied by compensatory measures aimed at reducing its impact on competition.
Zaupanje trga, ki je nastalo kot posledica obvestila francoskih organov o dodelitvi delničarskega posojila, je zadostovalo, da je bila družbi FT dodeljena prednost.
Comments from A, B and C
Ker se dobro poučen zasebni vlagatelj ne bi odločil za dokapitalizacijo družbe, kot je FT, ki je bila pred sprejetjem načrta Ambition 2005 očitno neuspešna, je ta družba pridobila prednost, ki je pod običajnimi tržnimi pogoji ne bi mogla dobiti.
According to A, B and C, the measures at issue constitute State aid.
Pripombe združenja AFORS Télécom
C argues that, in accordance with the Guidelines on State aid for rescuing and restructuring firms in difficulty (‘the Guidelines’), where public funding is provided to a firm which is in financial difficulties there is a presumption that State aid is involved.
Združenje AFORS Télécom (Association française des Opérateurs de Réseaux et Services de Télécommunications – Francosko združenje operaterjev za telekomunikacijska omrežja in storitve) je navedlo, da zadevni ukrepi pomenijo državno pomoč.
A, B and C state that the announcement of and terms governing the making available by the French State to France Télécom of the EUR 9 billion credit line and the participation by the French State in the recapitalisation of France Télécom involve aid elements.
Francoski organi so z vrsto postopnih odločitev v letu 2002 do odprtja kreditne linije v višini 9 milijard EUR, danih na razpolago družbi FT, ponovno vzpostavili zaupanje vlagateljev s tem, da je njihova podpora dobila konkretno obliko.
The prudent investor test is not satisfied as regards the arrangements for providing the credit line, inter alia, because of the interest rate proposed and the amount of the commitment fee.
Združenje AFORS Télécom tudi trdi, da kreditna linija, ki jo je odprlo podjetje ERAP, tudi če je družba FT ne bi nikoli porabila, predstavlja jamstvo za podporo države in tako zagotavlja državna sredstva v smislu člena 107(1) PDEU.
B and C also point out that the principle of concomitance has not been complied with insofar as the French authorities granted the credit line and announced their participation in the recapitalisation prior to the announcement of the Ambition 2005 plan and prior to the firm commitment of the investors.
Pogoji za odobritev kreditne linije in pogoji za njeno plačilo ne izpolnjujejo meril načela dobro poučenega zasebnega vlagatelja.
Comments from Bouygues and Bouygues Télécom
Finančni odkloni družbe FT od leta 2000 se po trditvah združenja AFORS Télécom v prisotnosti dobro poučenega vlagatelja ne bi mogli zgoditi.
Bouygues Telecom points out that the support of the State is the cornerstone of France Télécom's recapitalisation plan, which led to the Company's recovery.
Zaradi državne pomoči bonitetne agencije niso dodatno znižale bonitetne ocene družbe FT, zato se je lahko ta družba hitreje vrnila na trg in refinancirala svoj dolg pod ugodnejšimi finančnimi pogoji.
Thus, according to Bouygues Telecom, only the French State could restore the markets' confidence and create a virtuous circle enabling it to meet its short-term commitments and launch a huge recapitalisation operation under favourable economic conditions.
Pogoje za vrnitev družbe FT na finančne trge je tako določila verodostojnost francoske države.
According to Bouygues Telecom, the statements made by the Minister for Economic Affairs and Finance during the period from 12 July to 4 December 2002 constitute a state guarantee committing the State's resources; likewise, the shareholder loan and the operation to strengthen the Company's capital base commit state resources.
Pripombe družbe Cégétel
These measures constitute State aid.
Družba Cégétel trdi, da obstajata dva različna ukrepa pomoči, in sicer obvestilo francoskih organov o dodelitvi delničarskega posojila v korist družbe FT na eni strani in udeležba države pri dokapitalizaciji družbe FT na drugi.
They confer advantages on France Télécom which it would not have obtained under normal market conditions and do not satisfy the test of a prudent private investor operating under normal market conditions.
Glede prvega ukrepa je družba Cégétel trdila, da položaja podjetja z referenčnim zasebnim delničarjem ni mogoče primerjati s položajem podjetja z večinskim javnim delničarjem.
As regards the statements by the Minister for Economic Affairs and Finance, the repeated support of the State, expressed in a series of announcements from 12 July 2002 to 4 December 2002 and supplemented by a series of measures including the opening of the EUR 9 billion credit line and the irrevocable commitment by the State to participate in a capital increase in proportion to its shareholding in France Télécom, amounts to a commitment on its part, from which it cannot withdraw, to make good by all available means any failure by the Company to meet its financial commitments.
Družba Cégétel je pojasnila, da bi bonitetne agencije podobno obvestilo, ki bi ga objavil zasebni delničar, sprejele z največjo previdnostjo.
Bouygues Telecom stresses here that this commitment constitutes a veritable state guarantee producing legal effects committing the State's resources.
Iz tega je sklepala, da samo dejstvo državne podpore prinaša precejšnjo prednost pri vlagateljih in je preprečilo, da bi bonitetne agencije dodatno znižale bonitetno oceno družbe FT, čeprav se je operater a priori znašel v nerešljivem položaju.