natgillin/translations-raw huggingface dataset:
The Minister's July 2002 interview makes no mention of any decision being taken.‘… [W]hile remaining confident in the company's viability, the State was merely taking note of the market's doubts about France Télécom's situation and, in its capacity as majority shareholder, was trying to refine its analysis without being able, at that stage, to make an accurate diagnosis or take any decision’.
Merilo dobro poučenega zasebnega vlagatelja je torej treba uporabiti tako, da se postavimo v trenutek, ko je bil sprejet državni ukrep finančne pomoči, ki ga je mogoče opredeliti kot državno pomoč, tj. med 4. december 2002 in 20. december 2002.
‘Moreover, there was no reason to suppose a priori that the phrase “appropriate steps” referred specifically to financial measures’.
Obvestilo z dne 4. decembra 2002 in ponudbo delničarskega posojila z dne 20. decembra 2002 je namreč treba proučiti skupaj.
‘The French authorities have also noted numerous inaccuracies in the reasoning set out in the legal report.
Zdi se, da je bilo decembra 2002 na splošno ponovno vzpostavljeno zaupanje finančnih trgov v prihodnost družbe FT in da se je njena bonitetna ocena ohranila zlasti zaradi ukrepov za prestrukturiranje in ponovno uravnoteženje, sprejetih v tej družbi, med katerimi so bili imenovanje novega vodstva in načrt Ambition 2005, ki ga je to vodstvo pripravilo med oktobrom in decembrom 2002 ter s katerim je bilo zlasti predvideno izvajanje načrta izboljšanja operativne učinkovitosti družbe, imenovanega „načrt TOP“.
The report is thus manifestly short on objectivity, adopting highly contestable legal analyses (for example regarding the characterisation of letters of intent and the scope of a unilateral commitment in civil and commercial law) and making an unjustified application to the facts at issue of certain irrelevant legal precepts (this is the case, for example, with the application of the theory of business management or of the rules of public international law in relations between a company and its majority shareholder)’.
Za presojo delničarskega posojila je treba zlasti določiti, ali udeležba pri povečanju njenega lastnega kapitala ustreza običajnim tržnim razmeram.
‘The legal report's finding of the existence of an “unlimited guarantee”, granted by the State to France Télécom, is in any event totally baseless in Community law’.
Udeležba pri povečanju lastnega kapitala
In accordance with the Compagnie nationale Air France judgment, the remarks in question cannot give rise to any firm and unconditional commitment on the part of the State.
Udeležba Francije pri povečanju lastnega kapitala je bila odvisna od predstavitve verodostojnega načrta prestrukturiranja družbe FT na trgu.
With regard to the comparison between the Minister's July declarations and a letter of intent, the French authorities stress that ‘(i) firstly, it is of the essence of the letter of intent that it is addressed to a beneficiary; (ii) secondly, and as an extension of the preceding observation, the effectiveness of the method is dependent on acceptance by the said beneficiary; and (iii), lastly, the scope of the commitment given (both as regards its object and as regards the force which its author wishes to give to it) depends exclusively on the terms employed’.
Načrta Ambition 2005 in TOP tvorita skupaj skladen celovit in razumen načrt.
‘Thus … the general — to say the least — character of the Minister's remarks … rules out without doubt any commitment in favour of France Télécom or its creditors, and a fortiori any obligation as to the result to be achieved (and hence any idea of guarantee) as well as any obligation as to the means’.
Prvi načrt omogoča tudi, da se z operativnim izboljšanjem in odprodajo sredstev, ki ne ovira poslovnih modelov, ustvari denarni tok v višini 15 milijard EUR.
‘The Minister's reply … only confirms that no decision — other than to act like a “prudent investor” — had as yet been taken by the State shareholder, which, while trusting in the operational quality of the company, was not at that time able to make a sufficiently accurate diagnosis or to take any decision’.
Načrt TOP pomeni precejšnje prizadevanje družbe FT.
‘The courts have … never held that a guarantee commitment without a specific beneficiary or beneficiaries may thus be relied upon by any person who might have an interest therein.
Kar zadeva pričakovano donosnost, so francoski organi pojasnili, da se z velikimi možnostmi donosnosti načrta TOP, potrjenimi z njegovim dobrim sprejemom na trgu, kaže tudi upoštevanje načela dobro poučenega zasebnega vlagatelja.
This is not surprising as it is in the nature of a guarantee or of a letter of intent that it is addressed to one or more beneficiaries.
Po obvestilu o imenovanju novega vodstva je cena delnic družbe FT 2. oktobra 2002 poskočila (več kot 10,4-odstotno povečanje v tednu od 2. oktobra), rast cene pa se je nadaljevala in še stopnjevala z naznanitvijo načrta TOP in novega izvršnega odbora dne 5. decembra 2002, kar je povzročilo več kot 25-odstotno povečanje v dveh dneh.
As for the business management hypothesis, this concept is entirely inapplicable to the present case.
Država je že prejela zavezo konzorcija bank, ki je bila odvisna od predstavitve verodostojnega načrta na trgu, od konca novembra pa je imela v rokah vse elemente za oceno dejstva, da bo ta pogoj izpolnjen, glede na pozitiven odziv trgov od imenovanja novega vodstva.
As far as administrative law is concerned, ‘[f]irst of all, mere remarks made to a journalist — such as those made by the Minister for Economic Affairs on 12 July 2002 — do not constitute a “tortious act” capable of giving rise to rights and obligations, and even less a guarantee granted to France Télécom by the State’.
Poleg zaveze konzorcija bank septembra 2002, da bo v zvezi z deležem, namenjenim zasebnim vlagateljem, nastopal kot porok za uspešno povečanje kapitala družbe FT, je treba upoštevati druge bistvene elemente, in sicer odprodajo nestrateških sredstev v vrednosti približno 2,5 milijarde EUR med julijem in decembrom 2002, imenovanje novega vodstva družbe oktobra 2002 ter rešitev spora med družbo FT in nemškim operaterjem Mobilcom novembra 2002.
‘The legal consultant's conclusions clearly fly in the face of the Commission's decision-making practice and of Community case law in the field of State aid, which make the existence of aid conditional on proof of a firm, precise and unconditional commitment on the part of the State concerned — something which the Minister's remarks of 12 July 2002 could in no way be construed as being’.
Vsi ti elementi so privedli do jasnega izboljšanja operativnih perspektiv in poslovanja družbe FT v drugem polletju leta 2002.
‘A state measure, in whatever form, must be sufficiently precise and concrete for the Commission to be able to determine the very existence of an advantage’.
Družba FT ob sprejetju odločitve o vlaganju ni bila podjetje v težavah v smislu smernic.
As regards the economic report, the French authorities argue that France Télécom was not a firm in difficulty at the time of the events in question (as it had access to the capital markets and no long-term viability problem) and that the participation by the State shareholder in the plan to rebalance the company's balance sheet was in keeping with the private investor criterion.
Francoski organi so poudarili, da je treba izgube pripisati predvsem rezervacijam in izrednim odpisom, povezanim z oslabitvami sredstev, pridobljenih pred popolnoma nepredvidljivo spremembo trgov.
ASSESSMENT OF THE MEASURE IN THE LIGHT OF ARTICLE 107(1) OF THE TREATY
Zaupanje trgov v izboljšanje finančnega položaja družbe FT lahko temelji tudi na dejstvih, da je bilo treba izgube pripisati predvsem rezervacijam in izrednim odpisom, povezanim z oslabitvami sredstev, pridobljenih pred popolnoma nepredvidljivo spremembo trgov, ter da so se operativni stroški družbe FT povečevali počasneje kot promet.
Article 107(1) TFEU defines as being incompatible with the internal market, in so far as it affects trade between Member States, 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.
Poleg tega sta se povečevala dobiček iz poslovanja in operativni denarni tok.
According to well established case law, the concept of aid embraces not only subsidies themselves, but also interventions which, in various forms, mitigate the charges which are normally included in the budget of an undertaking and which, without therefore being subsidies in the strict meaning of the word, are similar in character and have the same effect.
Država v vlogi delničarke je sprejela vse ukrepe, s katerimi je zagotovila, da so bili pri povečanju kapitala družbe FT udeleženi javni in zasebni delničarji.
It follows from the above that the concept of aid is based on the economic concept of advantage, the formal criterion being therefore immaterial.
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, 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.
It is settled case law that classification as State aid for the purposes of Article 107(1) TFEU requires that all the conditions set out are fulfilled.
Udeležba države je bila po navedbah francoskih organov prav tako odvisna od objave načrta, ki bi ga trg štel za verodostojnega, država pa se ni formalno zavezala pred formalno zavezo bank.
Thus, for a national measure to be classified as ‘State aid’ for the purposes of Article 107(1) TFEU, first, there must be an intervention by the State or through State resources; second, that intervention must be liable to affect trade between Member States; third, it must confer a selective advantage on the recipient; and fourth, it must distort or threaten to distort competition.
Pogoji postopka so bili enaki za javne organe in vse zasebne subjekte, udeležene pri povečanju lastnega kapitala.
It is also settled case law that investment by the public authorities in the capital of undertakings, in whatever form, may constitute State aid within the meaning of Article 107 TFEU where the conditions set out in that Article are fulfilled.
Poleg tega znaša 15 milijard EUR v lasti delničarjev samo tretjino sredstev, zagotovljenih za podporo finančnemu prestrukturiranju družbe FT.
As regards the condition according to which the measure in question must be analysed as conferring an advantage on the recipient within the meaning of Article 107(1) TFEU, measures which, whatever their form, are likely directly or indirectly to favour certain undertakings or are to be regarded as an economic advantage which the recipient undertaking would not have obtained under normal market conditions are regarded as State aid.
Ponudba delničarskega posojila in njena objava 4. decembra 2002
In the present case, it seems appropriate to examine, first, whether France Télécom obtained an advantage financed using state resources.
Država je po izpolnitvi pogoja, od katerega je bila odvisna zaveza konzorcija bank, tj. objave načrta za ponovno uravnoteženje na trgu, 4. decembra 2002 objavila obvestilo o ponudbi delničarskega posojila za družbo FT.
First, it is worth recalling the principles that apply to this analysis, as laid down in the Bouygues judgment.
Posojilo, ki ga je za predvideno naložbo odobrila država v vlogi večinske delničarke, je bilo v tem primeru netvegan, dobičkonosen in običajen posel – v pričakovanju povečanja kapitala (pod enakimi pogoji) – da bi se zaščitili premoženjski interesi večinske delničarke, medtem ko dokapitalizacija družbe FT decembra zaradi koledarskih razlogov ni bila mogoča
The Court considered that:
Kot pojasnjuje družba FT, se namreč odprtost trgov konec novembra precej zmanjša.
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.
Vlagatelji morajo upoštevati, da je treba 31. decembra zaključiti račune, zato je zahtevno izvesti zelo obsežen posel.
That could be the case in particular where consecutive interventions, especially having regard to their chronology, their purpose and the circumstances of the undertaking at the time of those interventions, are so closely linked to each other that they are inseparable from one another …
Poleg tega so roki za sklic izredne generalne skupščine, da bi se odobrilo povečanje kapitala, najmanj 15 dni, za dokončanje posla pa je potrebno 30 dni.
It follows 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, the General Court erred in law by applying a test that immediately excludes those State interventions, depending on their links with one another and their effects, from being regarded as a single intervention.
Posojilo je začasno in se uporablja kot posrednik za povečanje kapitala, o uspešnosti katerega je mogoče domnevati na podlagi številnih elementov.
Next, according to the case law of the Court, State intervention capable of both placing the undertakings which it applies to in a more favourable position than others and creating a sufficiently concrete risk of imposing an additional burden on the State in the future, may place a burden on the resources of the State …
Družba FT je z več primeri delničarskih posojil, dodeljenih v času dejanskega stanja, podprla navedbo, da je posojilo večinske delničarke, ki bo med povečanjem kapitala pretvorjeno v kapital, običajen posel.
In particular, the Court of Justice has had occasion to state that advantages given in the form of a State guarantee can entail an additional burden on the State …
Delničarsko posojilo v višini 1 milijarde EUR, ki ga je družba Italenergia Bis dodelila družbi Edison, je bilo pretvorjeno v kapital ob povečanju kapitala družbe Edison leta 2003.
Consequently, for the purposes of establishing the existence of State aid, the Commission must establish a sufficiently direct link between, on the one hand, the advantage given to the beneficiary and, on the other, a reduction of the State budget or a sufficiently concrete economic risk of burdens on that budget …
Družbi America Movil in Bell Canada International sta skupaj s še enim vlagateljem leta 2002 sodelovali pri finančnem prestrukturiranju svojega skupnega južnoameriškega odvisnega podjetja Telecom Americas.
As regards the interpretation and scope of the decision to open the formal investigation procedure relating to the measure at issue, the Bouygues judgment notes that this opening decision solely concerns the measures notified and not ‘whether the declarations from July 2002 constituted, in themselves, State aid’.
Zaveza glavnega delničarja (Industrivärden in Investor) je bila med povečanjem kapitala družbe Ericsson del obvestila družbe iz aprila 2002, postopek pa je bil odobren šele junija 2002 in se je začel avgusta istega leta.
This final decision, whose subject matter is defined by the opening decision, does not therefore extend to that question.
V okviru povečanja kapitala družbe Fiat julija 2003 je bila namera referenčnih delničarjev, da vpišejo nove delnice, ki so sorazmerne z njihovim deležem, objavljena marca 2003.
As a further preliminary point, the Commission notes that the assessments of fact or of law adopted by the General Court in its judgment of 2 July 2015, in the light of the judgment on appeal of 30 November 2016 issued by the Court of Justice, have the force of res judicata, particularly as they form the grounds supporting its operative part.
Komisija ob upoštevanju teh primerov in posebnega položaja družbe FT decembra 2002 ne more izključiti, da je država kot večinska delničarka družbe FT v zvezi z njo decembra 2002 ravnala, kot bi v položaju, čim bolj podobnem njenemu, ravnal dobro poučen zasebni gospodarski subjekt v tržnem gospodarstvu.
The measures taken by France between July and October 2002 had a significant effect on the market
Sklepna ugotovitev
The declarations from July 2002 allowed FT's rating to be maintained at investment grade and enabled the financial markets to regain confidence.
Obravnavani ukrep, tj. obvestilo o delničarskem posojilu z dne 4. decembra 2002 v povezavi s ponudbo delničarskega posojila z dne 20. decembra 2002, izpolnjuje merilo dobro poučenega zasebnega vlagatelja v tržnem gospodarstvu.
During the first half of 2002, France Télécom saw its credit rating downgraded following the publication of its 2001 annual accounts.
Drugi pogoji iz člena 107(1) PDEU
On 24 June 2002, Moody's downgraded the Company's rating to the lowest investment grade, just above that of junk bond, thereby making it very difficult for it to refinance its debt.
V skladu z ustaljeno sodno prakso morajo biti za opredelitev „pomoči“ v smislu člena 107(1) PDEU izpolnjeni vsi pogoji iz te določbe.
This downgrading caused considerable concern on the financial markets about France Télécom's financial situation (and in particular about its capacity to refinance its EUR 15 billion debt falling due at the end of 2003), and the markets expected a reaction from the State designed to reassure them.
Ker družbi FT ni bila dodeljena prednost iz državnih sredstev v smislu člena 107(1) PDEU, ni več treba proučiti, ali so izpolnjeni drugi pogoji, ki so potrebni za ugotovitev obstoja pomoči.
These circumstances show that the State had to act urgently to reassure the market and to prevent any further downgrading of France Télécom's credit rating to that of junk bond status, as this would have had a highly negative impact on the Company's financial situation.
SKLEPNE UGOTOVITVE
The State thus retained this trust through successive declarations.
Komisija ugotavlja, da delničarsko posojilo, ki ga je Francija decembra 2002 dodelila družbi FT v obliki kreditne linije v višini 9 milijard EUR, ne pomeni državne pomoči v smislu člena 107(1) PDEU –
In fact, the State's intervention had the effect of preventing any downgrading of France Télécom's credit rating to that of junk bond status, as is, moreover, clearly stated in S&P's press release of 12 July 2002, where the assurances provided by the State are hailed as being a key factor in France Télécom's not being reduced to junk bond status.
SPREJELA NASLEDNJI SKLEP:
As to the market's reaction, the announcement of 12 July 2002 led to an abnormal and not negligible increase in the value of France Télécom's shares and bonds.
Člen 1
Thus, compared with a set of telecom indexes representative of the market, France Télécom's share price rose by between 37,8 % and 43,8 %.
Delničarsko posojilo, ki ga je Francija decembra 2002 dodelila družbi France Télécom v obliki kreditne linije v višini 9 milijard EUR, ne pomeni državne pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
The abnormal increase in bond prices amounted, for its part, to between 3,2 % and 9,7 %.
Člen 2
This reaction implies that the market believed that, by the announcement, the State was committing itself to offering France Télécom greater support.
Ta sklep je naslovljen na Francosko republiko.
Similarly, S&P considered the Government's declarations to be credible to the point of influencing the Company's credit rating.
Za Komisijo
On 12 July, S&P thus downgraded France Télécom's rating to BBB- but maintained its investment-grade rating with a stable outlook.
Članica Komisije
The fact that the State's support was credible to the point of enabling France Télécom's credit rating to remain at investment-grade quality is also corroborated by France Télécom itself.
UL C 57, 12.3.2003, str. 5.
The declarations had a major impact on the market.
Člena 87 in 88 Pogodbe ES sta od 1. decembra 2009 člen 107 oziroma člen 108 Pogodbe o delovanju Evropske unije (PDEU).
A study of the comments and documents submitted by the French authorities and of the available parliamentary debates shows that the State's declarations helped to restore the financial markets' confidence.
Člena sta vsebinsko enaka prejšnjima členoma.
In fact, ever since S & P's press release of 12 July 2002, the rating agencies were all agreed that the support shown by the State since July 2002 was decisive in maintaining France Télécom's investment-grade credit quality.
V tem sklepu je treba sklicevanje na člena 107 in 108 PDEU razumeti kot sklicevanje na člena 87 in 88 Pogodbe ES, kjer je to primerno.
The maintenance of France Télécom's investment-grade credit quality thus enabled France Télécom to avoid additional financial costs on the funds it had already borrowed owing to the existence of step-up clauses in some bond issues and on future borrowings.
Glej opombo 1.
The maintenance of the investment-grade rating enabled France Télécom, moreover, to put its finances back on to a sound footing through a recapitalisation operation.
Odločba Komisije 2006/621/ES z dne 2. avgusta 2004 o državni pomoči, ki jo izvaja Francija v korist podjetja France Télécom (UL L 257, 30.9.2006, str. 11).
Following a sovereign assessment of the facts, the General Court held that the shareholder loan offer granted by the State to France Telecom came only in December 2002, that the French Government had made no firm commitment in July 2002, and that the decision to provide France Télécom with financial support through the shareholder loan offer had been taken not in July 2002 but in early December 2002.
Sodba Splošnega sodišča z dne 2. julija 2015 v zadevi Francoska republika proti Evropski komisiji, T-425/04 RENV in T-444/04 RENV, ECLI:EU:T:2015:450.
The General Court also concluded that, between the months of July and December 2002, a private investor might have displayed behaviour similar to that displayed by the French State.
Sodba Sodišča z dne 30. novembra 2016 v zadevi Komisija proti Franciji/Orange, C-486/15 P, ECLI:EU:C:2016:912.
It further emerges from the General Court's findings and assessments, in paragraphs 249 to 254 of the judgment of 2 July 2015, that there was a significant break in the series of State measures taken by France for France Télécom between the months of July 2002 and December 2002.
Kapitalski vstop v družbo Mobilcom v teh težkih okoliščinah z zelo visoko kapitalsko naložbo, ki znaša 3,7 milijarde EUR za prevzem 28,5 % kapitala, pri čemer je bil operater ocenjen na 80-kratno vrednost EBITDA (v nasprotju z borzno vrednostjo v višini 65-kratne vrednosti EBITDA pred govoricami o poslu).
In addition, at paragraph 230 of that judgment, the General Court noted ‘a number of relevant factors which effectively determined the French State's decision in December 2002, that is, in addition to restoring the confidence of the financial markets and preserving FT's credit rating, primarily the restructuring and rebalancing measures taken within FT, including the Ambition 2005 plan drawn up by its new management between October and December 2002, which provided in particular for the implementation of a plan, “the TOP plan”.’
Poleti leta 2002 je revizija v zvezi z napovedmi za družbo Mobilcom razkrila izredno šibkost družbe in očitno nezmožnost za zagotovitev donosnosti naložbe (poročilo o upravljanju javnih podjetij, pripravljeno v imenu preiskovalnega odbora, za izboljšanje sistema sprejemanja odločitev, evidentirano pri predsedstvu Državnega zbora dne 3. julija 2003).
It also considered as ‘key factors’ in the case ‘the commitment given in September 2002 by a banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, the sale by FT of some EUR 2,5 billion in non-strategic assets between July and December 2002, the appointment of a new management team for the company in October 2002, and the resolution in November 2002 of the dispute between FT and the German operator Mobilcom.
Sporočilo za javnost ministra za gospodarstvo in finance z dne 13. septembra 2002 o finančnem položaju družbe France Télécom.