natgillin/translations-raw huggingface dataset:
The aid granted to France Télécom enabled it to continue as an integrated operator while increasing its stake in Orange.
Njen promet se je namreč stalno povečeval (10-odstotno povečanje med prvim polletjem leta 2001 in prvim polletjem leta 2002), njena bruto marža samofinanciranja je bila visoka in se je povečevala hitreje kot njen promet.
ECTA is of the opinion that a company in France Télécom's situation ought to have acted altogether differently, as did France Télécom's competitors in the global telecommunications services market, such as British Telecom and KPN, which had to dispose of strategic assets to reduce their debt.
Francoski organi so 30. junija 2002 poročali o finančno neuravnoteženi strukturi družbe FT in pojasnili, da je treba izgube pripisati predvsem rezervacijam in izrednim odpisom, povezanim z oslabitvami sredstev, pridobljenih pred popolnoma nepredvidljivo spremembo trgov.
Comments from France Télécom
Prav tako so poudarili, da so operativni stroški družbe FT naraščali počasneje od prometa, kar je pomenilo, da se dobičkonosnost družbe povečuje.
The first report analyses the French authorities' conduct in the light of the rules applicable to State aid in general and of the prudent investor test in particular.
Francoski organi pojasnjujejo, da je načrt TOP še izboljšal zelo dobre napovedi glede uspešnosti družbe FT.
The report also seeks to show that France Télécom was not a company in financial difficulties within the meaning of the Guidelines at the time the State decided to take part in the recapitalisation and announced its readiness to provide a shareholder loan.
Ta uspešnost je bila potrjena ob objavi računovodskih izkazov za leto 2002, ki so pokazali živahno gibanje v družbi FT, ki ga je začelo novo vodstvo.
It stresses that it is normal and usual for the majority shareholder to grant a loan upfront of its participation in the recapitalisation.
Francoski organi glede merila v zvezi z razvojem lastnega kapitala iz točke 5(a) smernic pojasnjujejo, da je v skladu s členom L225-248 trgovinskega zakonika ustrezni pokazatelj osnovni kapital družbe FT, ki je vedno ostal pozitiven in se ni nikoli zmanjšal za polovico.
The second report focuses on whether the mere announcement of the making available of a shareholder loan in the form of a credit line can as such constitute a commitment of state resources.
Poudarjajo, da družba FT tako ni bila v položaju iz smernic, v katerem postane lastni kapital nižji od osnovnega kapitala.
According to the report, there is no transfer of state resources because, in the end, there was no opening of a credit line or provision of a guarantee, which would have required authorisation by a finance act.
Družba FT ni bila v položaju ustavitve plačil, ampak je bila samo zaznana morebitna omejitev likvidnosti v prvem polletju leta 2003, če se pričakovano okrevanje trga ne bi zgodilo.
There is likewise no transfer of state resources because, under French law, no oral declaration by a public authority is capable of having any effect whatever on the public finances and of carrying out the slightest transfer of state resources.
Francoski organi so dodali, da je imela družba FT na dan 31. decembra 2002 na voljo 6,9 milijarde EUR predvidenih razpoložljivih finančnih sredstev in bi lahko dosegla prag iz leta 2003, ne da bi se obrnila na finančni trg.
And in the present case, all that is involved is mere ministerial declarations having no negative impact on the public finances.
Pojasnili so, da je družba FT uporabila sindicirani kredit, ki je cenejši od trga obveznic, in izkoristila razpoložljiva finančna sredstva v okviru sindiciranega kredita v višini 4 milijard EUR.
The third report focuses on the economic rationale behind the State's conduct between 4 September 2002 (the announcement of the first six months' results) and 15 April 2003 (the carrying out of the capital increase).
Francoski organi so prav tako pojasnili, da družba FT ni bila izpostavljena nobenemu finančnemu tveganju zaradi znižanja njene ocene s strani bonitetnih agenciji, saj v pogodbah ni bilo klavzule o predčasnem odplačilu.
The report is based on an analysis of France Télécom's situation in September 2002 and draws a distinction between, on the one hand, France Télécom's operational performance (healthy activities with a potential for improving the operational cash flow) and, on the other, the amount of the operator's debt.
Poleg tega bi se lahko družba FT glede na soglasno mnenje več bank, s katerimi so se posvetovali med junijem in novembrom 2002, pred objavo načrta Ambition 2005 in pred pomočjo večinske delničarke refinancirala na trgu obveznic.
The report concludes on this point that the time lag between the generation of the group's cash flow and the heavy short-term financial commitments (2003-2005) poses a problem of refinancing but not of solvency.
Francoski organi so navedli, da sta banki Barclays in Dresdner Kleinwort Wasserstein julija 2002 oziroma septembra 2002 ponudili refinanciranje s programi za zamenjavo dolgov iz obveznic družbe FT, izvedenimi od oktobra ali novembra, ki bi zapadli v plačilo med letoma 2003 in 2005.
HSBC also describes the background to the short-term liquidity crisis, worsened as it was by a crisis of confidence on the part of the market vis-à-vis the group.
Utemeljitev načrta „
It states that, in a situation such as that, reason demanded that urgent steps be taken and required the introduction of a plan to improve the operational results, an increase in capital, a rescheduling of debt and a targeted policy of disposing of assets.
Total Operational Performance“ (TOP) Francoski organi so poudarili, da sta povečanji denarnega toka in lastnega kapitala, predvideni v načrtu Ambition 2005, ob upoštevanju navedenega sestavna dela strategije, ki bi jo uporabil vsak dobro poučen večinski delničar.
It argues that, in the present case, the Ambition 2005 plan is a complete and rational coherent plan as it permits among other things the generation of a EUR 15 billion cash flow via an operational improvement and a disposal of assets that does not involve any amputation of core businesses.
Glede utemeljitve načrta TOP francoski organi pojasnjujejo, da ta načrt pomeni precejšnje prizadevanje družbe FT.
It stresses that a capital increase in support of a company introducing an operational recovery plan is a natural way of rebalancing the accounts.
Gre za vseobsegajoč načrt preusmeritve upravljanja, ki temelji na konkretnih dejanjih, ki je že prinesel prve pozitivne rezultate.
It points out that the oral support of a majority shareholder is also usual and rational and that it is normal practice for reference shareholders to announce their decision before other shareholders do.
Načrt TOP vključuje tudi poglavje o optimizaciji upravljanja zaposlenih.
It also points out that in this case the shareholder loan was a low-risk, profitable and normal transaction — pending a capital increase — aimed at safeguarding the majority shareholder's financial interests at a time (the month of December) when it was not possible to recapitalise the company for reasons of scheduling.
Francoski organi glede načrta odprodaje pojasnjujejo, da se je zaradi odprodaje sredstev ob koncu leta 2002 morebitna likvidnostna omejitev lahko preložila na konec leta 2003, ne da bi se bilo treba obrniti na finančne trge.
It adds that the loan was to be made on market conditions.
Francoski organi nazadnje poudarjajo, da se strategije, ki jih izvajajo konkurenčni operaterji, ne zdijo nič preudarnejše in da načrta ni mogoče presojati glede na obsežnost ali strateški značaj sredstev, katerih odprodaja je bila predvidena, pač pa glede na utemeljitev celotnega načrta.
The HSBC report mentions also the trend in the price of France Télécom shares on the stock exchange, pointing out that the shares had risen in July 2002 as a result of rumours of nationalisation, only to fall again in September because, although the market had got wind of a possible EUR 15 billion capital increase, the practical arrangements were not as yet clear.
Poleg tega je uspeh izdaje obveznic decembra 2002 in januarja 2003 a posteriori potrdil zaupanje zasebnih vlagateljev v operativne zmogljivosti družbe FT.
It points out that France Télécom's financial projections presage, for the State, a highly satisfactory return: according to the DCF — discounted cash flow — method, the recapitalisation involves an annual rate of return of 25 %, whereas the average rate on the telecommunications market is 9,9 %.
Uporaba načela dobro poučenega vlagatelja pri udeležbi pri povečanju lastnega kapitala
In response to the dispatch of the NERA report, France Télécom notes that the conditions required for the State's responsibility to be incurred for non-compliance with its promise are not met in the present case.
Francoski organi so glede uporabe načela dobro poučenega zasebnega vlagatelja za obvestilo države o njeni vnaprejšnji udeležbi pri povečanju lastnega kapitala navedli, da so svoje soglasje pogojili s predstavitvijo novega načrta za ponovno uravnoteženje s strani novega vodstva, ki bi se štel za verodostojnega, in sodelovanjem bank.
In no way does the mere act of making a promise, even to pay certain sums of money, suffice in itself to commit public finances, to ‘immobilise state resources’, without a legal instrument.
V zvezi z upoštevanjem načela istočasnosti francoski organi poudarjajo, da je država v vlogi delničarke od samega začetka sprejela vse ukrepe, s katerimi bi zagotovila istočasno udeležbo javnih in zasebnih delničarjev ter da ni prevzela nikakršnega tveganja, preden so to storili zasebni vlagatelji.
It concludes on this point that there is nothing in French case law to show that there has been a ‘transfer of state resources’ in the present case due to the conditional promise of a shareholder loan.
Obvestilo o nameri države glede udeležbe pri povečanju lastnega kapitala je bilo objavljeno 12. septembra 2002 in na navedeni datum se je konzorcij bank že zavezal, da bo od septembra 2002, ko bo to potrebno, v zvezi z deležem, namenjenim zasebnim vlagateljem, skupaj z javno delničarko nastopal kot porok za uspešno povečanje kapitala, pod pogojem, da bo na trgu objavljen verodostojen načrt za ponovno uravnoteženje.
According to France Télécom, the State has not placed any credit line at France Télécom's disposal through ERAP.
Francoski organi so poudarili, da je bil ta pogoj glede na neuravnotežen finančni položaj družbe FT običajen, in pojasnili, da je bila udeležba države prav tako odvisna od objave načrta, ki bi ga trg štel za verodostojnega.
Declarations are not legally binding on the State, either vis-à-vis France Télécom or vis-à-vis third parties.
Država ne bi naredila take objave, če zasebni vlagatelji ne bi nastopili kot poroki.
The State, however, cannot commit itself without an act giving rise to a right, carried out in compliance with the rules on competence and on budgetary procedure.
Francoski organi prav tako pojasnjujejo, da je bilo zasebno financiranje zagotovljeno pred javnim, saj se je finančna pomoč zasebnih vlagateljev – v obliki obligacijskih posojil in reprogramiranja bančnih kreditov med decembrom 2002 in februarjem 2003 – pojavila v precejšnjem obsegu.
France Télécom emphasises more particularly the context in which the declarations were made, pointing out that this is necessary in order to measure their true scope.
Analizo kakršne koli morebitne zagotovitve državnih sredstev je treba po navedbah francoskih organov izvesti glede na tako zasebno financiranje.
An analysis of the declarations in the light of events between late June and December 2002 thus shows that the declarations could not constitute a promise, and does not show that the appropriate measures planned by the State were financial measures.
Francoski organi so poudarili, da se država v skladu s sodno prakso v sodbi Alitalia pred formalno zavezo bank ni formalno zavezala.
There were differences of opinion within the Government at the time and the Minister for Economic Affairs and Finance did not represent the Government standpoint.
Udeležba zasebnega lastništva kapitala je precejšnja, saj znaša 40 %.
A study of the facts reveals that there was no such intention on the part of those responsible, who were at a loss how to solve the problem, and that operators had never said they believed the State had committed itself to one or other solution.
Kar zadeva pričakovano donosnost, so francoski organi pojasnili, da se, kot je bilo že navedeno, z velikimi možnostmi donosnosti načrta TOP, potrjenimi z njegovim dobrim sprejemom na trgu, kaže tudi upoštevanje načela dobro poučenega zasebnega vlagatelja.
France Télécom concludes by saying that the consultant's conclusions are wrong because:
Francoski organi so poudarili, da je bilo povečanje kapitala izvedeno takoj, ko je bilo tehnično izvedljivo, da se državi in vlagateljem predstavijo posodobljeni podatki o operativnih perspektivah družbe FT, kar kaže na to, da je država izbrala kakovostne vlagatelje, spodbujene z možnostmi dolgoročne donosnosti.
‘Analysis of the France Télécom group's situation at the time of the announcement of the results for the first half of 2002 shows that the group has an unbalanced balance sheet and a short-term liquidity problem, but the business's operating results are very good.
Delničarsko posojilo
Analysis of the range of measures a prudent shareholder must envisage in a situation of heavy indebtedness indicates that it was rational to introduce a recovery plan, including a recapitalisation, for a group with healthy assets whose intrinsic worth is greater than the sum of its market capitalisation and its net debt.
Francoski organi trdijo, da družba FT ni nikoli podpisala osnutka delničarskega posojila, ker so bili stroški finančnih pogojev, predlaganih družbi FT, previsoki in ker je Komisija izrazila pomisleke o zakonitosti tega ukrepa glede na Pogodbo.
Analysis of value creation and profitability prospects suggest that the State is making a very good investment by participating in a capital increase and that it is taking little risk in providing a shareholder loan’.
Zato družbi FT z osnutkom delničarskega posojila niso bila dana na razpolago nobena državna sredstva.
The French authorities state by way of introduction that they have behaved in accordance with the prudent private investor principle from the outset.
Osnutek posojila družbi FT po njihovih trditvah tudi ni prinesel nobene prednosti.
Since the announcement of France Télécom's results for the first half of 2002, which highlighted an unbalanced financial structure and significant capital needs despite good operating results, the State has drawn the necessary conclusions, placing a new CEO at the head of the Company and gathering together a banking syndicate which undertook from September 2002 to underwrite a capital increase when the time came.
Francoski organi pojasnjujejo, da ker posojilo ni začelo veljati, ga družba FT ni uporabila in torej ni mogla odložiti svojih likvidnostnih potreb.
At the same time, the State asked the new management to carry out an in-depth audit of the Company.
Nepravilno je obvestilo o morebitnem državnem posojilu enačiti z jamstvom.
On the basis of the Ambition 2005 plan, about which the majority shareholder was kept regularly informed, and of the banking syndicate's commitment, the State announced, on 4 December 2002, its decision to participate in the strengthening of the Company's capital base to the tune of EUR 9 billion and the fact that it was prepared to place at France Télécom's disposal, through ERAP, an advance on this subscription remunerated at market rates.
Francoski organi vztrajajo tudi pri dejstvu, da se jamstvo, ki ga je država dodelila podjetju ERAP, da bi lahko financirala svojo udeležbo pri povečanju lastnega kapitala družbe FT, ne sme enačiti z jamstvom, dodeljenim družbi FT.
However, in view of the financial terms of grant of this advance by the French authorities and of the Commission's misgivings about the presence of aid elements in the measure, France Télécom preferred to resort directly to the bond market.
Vloga podjetja ERAP je bila po navedbah francoskih organov povsem nevtralna in podjetje je posredovalo samo iz proračunskih razlogov.
France Télécom's financial situation
Poleg tega obvestilo države o osnutku posojila ni moglo olajšati dostopa družbe FT do trga obveznic.
The French authorities maintain that, when the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
Prvič, obligacijska posojila niso upravičena do nikakršnega jamstva, saj trajajo dlje od delničarskega posojila.
The French authorities refer to the Company's unbalanced financial structure as at 30 June 2002 and point out that the losses were mainly due to the exceptional provisions and write-downs linked to the depreciation of assets acquired prior to the entirely unforeseeable reversal of the markets.
Drugič, francoski organi pojasnjujejo, da obvestila države o možnosti njene vnaprejšnje udeležbe pri povečanju lastnega kapitala in jamstva, dodeljenega v Odločbi Komisije 2001/89/ES (Crédit Foncier de France), ni bilo mogoče primerjati, saj posojilo, predvideno v tem primeru, ki je bilo hipotetično ter je imelo strogo omejen čas trajanja in znesek, ob upoštevanju zapadlosti dolga ne bi moglo samo rešiti finančnih težav družbe FT.
France Télécom's operating costs were increasing more slowly than its turnover, which meant that its profitability was improving.
Tretjič, francoski organi poudarjajo, da so bile izdaje obveznic določene le s tem, kako je trg dojemal zmožnost družbe FT, da bo svoje obveznosti izpolnila sama brez državnega jamstva.
Moreover, operating results and cash flow were increasing (with cash flow up 15 % on the first half of 2001).
Zaupanje, ki ga je izkazal trg ob navedenih izdajah obveznic, je tako predvsem posledica spremembe vodstvene ekipe in pozitivnega sprejema nove strategije, razkrite ob predstavitvi načrta Ambition 2005.
France Télécom's very good performance prospects were further improved by the TOP plan.
Kar zadeva upoštevanje načela dobro poučenega vlagatelja v zvezi z morebitnim posojilom, so francoski organi poudarili, da je bilo, ko je bila sprejeta odločitev o udeležbi pri povečanju kapitala in so bili izpolnjeni pogoji za to, logično, da država vnaprej zagotovi svojo udeležbo.
This performance was confirmed when the 2002 accounts were published, showing as they did the virtuous dynamic triggered within the Company by the new management.
Prvi pogovori v zvezi s tem osnutkom posojila so potekali novembra 2002.
On the criterion concerning the movement in company capital referred to in point 5(a) of the Guidelines, the French authorities point out that the relevant indicator is, pursuant to Article L225-248 of the Commercial Code, the company capital of France Télécom SA, which has always remained positive and has never fallen by half.
Glede plačila za morebitno posojilo francoski organi poudarjajo, da je bilo plačilo skladno s trgom in zvišano za kazni, da bi se upoštevala njegova podrejenost.
France Télécom was therefore not in the situation referred to in the Guidelines in which shareholders' funds fall below the company capital.
Poudarjajo tudi, da je bila v osnutku predvidena provizija za prevzete obveznosti in da je bila odsotnost jamstva skladna s prakso dobro poučenega vlagatelja v primeru kratkoročnega posojila, ki bi ga odobri delničar pred svojim vpisom povečanja kapitala.
France Télécom was not in a cessation of payments situation; there were merely signs of a possible liquidity requirement by the first half of 2003 should the expected market recovery not occur.
Francoski organi navajajo tudi, da je bilo vračilo zneska v obliki delnic običajno in je temeljilo na gotovini.
The French authorities add that France Télécom had anticipated reserves of EUR 6,9 billion as at 31 December 2002 and could have crossed the threshold of the year 2003 without resorting to the financial market.
Obvestila države Francoski organi poudarjajo okvir, v katerem je treba analizirati izjave države v vlogi dobro poučene delničarke.
The French authorities indicated that France Télécom had had recourse to the syndicated loan, which was less expensive than the bond market and out of which EUR 4 billion had been made available to the Company.
Država je tako med septembrom in decembrom 2002 dala povod za spremembo vodenja, katere odločilni element je bila sprememba vodstva družbe FT, in je skrbno spremljala izdelavo načrta za ponovno uravnoteženje ter si ob tem zagotovila podporo zasebnih vlagateljev, če bi se pozneje začelo morebitno povečanje kapitala.
The French authorities observe, inter alia, that France Télécom had access to the financial markets during the course of 2002 and describe all of the financing instruments at the Company's disposal between 11 July 2002 and 15 January 2003.
Ti operativni ukrepi so imeli po mnenju francoskih organov odločilen finančni učinek ter so povzročili zelo ugoden sprejem na finančnih trgih in obnovo cene delnic družbe FT.
They mention the fact that, on 14 February 2002, France Télécom negotiated the provision of a syndicated credit line of EUR 15 billion and that during the course of 2002 the Company issued bonds, EUR 442,2 million worth of which was repayable in shares.
Francoski organi poudarjajo, da država ni nikoli omenila ali namignila, da bo družbi FT zagotovila brezpogojno in neomejeno pomoč.
The French authorities also state that France Télécom was not open to any financial risk owing to the downgrading of its credit rating by the rating agencies as there was no early repayment clause in the covenants.
Dodajajo, da je „država […] od poletja naprej poudarjala, da bo ravnala kot dobro poučen zasebni delničar in ne kot javna služba ter da namerava kot delničarka ukrepati na način (ki ga je treba še določiti), ki se ne razlikuje od načina, ki bi ga izbral zasebni vlagatelj, kar nujno izključuje dejstvo, da se je država že odločila, da bo ukrepala brezpogojno in nepreklicno“.
Moreover, according to the concordant opinion of several banks consulted between June and November 2002, France Télécom was, prior to the announcement of the Ambition 2005 plan and of the majority shareholder's support, able to refinance itself on the bond markets.
Te izjave, ki se ne razlikujejo od pogojev, ki bi jih izbral zasebni vlagatelj, dejansko izključujejo vsako brezpogojno in nepreklicno pomoč.
The French authorities thus indicate that, in July and September 2002 respectively, Barclays and Dresdner Kleinwort Wasserstein offered to refinance, through swap programmes starting in October or November, France Télécom's bond debts maturing between 2003 and 2005.
Francoski organi tudi trdijo, da gre pri izjavah francoskih organov med julijem in oktobrom 2002 za „nejasne predhodne izjave“, ki ne vsebujejo „ukrepov, s katerimi bi se uresničile“.
Rationality of the TOP plan
V zvezi s tem pojasnjujejo, da bi bilo treba poznejše izjave presojati z vidika prve izjave ter da je napačno trditi, da je od 12. julija 2002 država sprejela „nepreklicno zavezo o pomoči družbi FT“ in da je ob tej priložnosti sprejela „nepreklicno zavezo o udeležbi pri povečanju lastnega kapitala“.
The French authorities stress that, in the light of the above, the increase in the cash flow and the strengthening of the capital base provided for in the Ambition 2005 plan are components of a strategy that would have been followed by any prudent majority shareholder.
Navajajo, da je delničarka septembra 2002 prvič objavila svojo namero o udeležbi pri povečanju lastnega kapitala družbe FT in da „bo to v obliki postopka, ki mu bo sledil trg (sklicevanje na časovni razpored, ki ga je treba opredeliti glede na tržne pogoje)“.
As to the rationality of the TOP plan, the French authorities state that the plan in question represents a considerable effort on France Télécom's part.
Francoski organi so glede izjave z dne 2. oktobra 2002 navedli, da ta potrjuje dejstvo, da je bila predstavitev verodostojnega načrta osnovni pogoj za udeležbo države.
It is an overall plan for a change of management direction based on specific actions which has already produced its first positive results.
Gibanje cene delnic družbe FT