natgillin/translations-raw huggingface dataset:
The French authorities stress in this connection that the plan is an extremely precise one which makes possible an increase in the Company's profitability with a rate of return on investment (RRI) of 43 % in 2005 for those investors who participated in the April 2003 capital increase, that is, a much higher return than the reference RRI (11 %) expected by a private investor in the telecommunications sector.
Francoski organi trdijo, da so samo operativni ukrepi vplivali na ceno delnic družbe FT.
The TOP plan also includes a staff management optimisation chapter.
Tako je po obvestilu o imenovanju novega vodstva družbe FT njena cena delnic 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 to the disposal plan, the French authorities state that the disposal of assets at the end of 2002 made it possible to carry forward any liquidity constraint to the end of 2003 without even having to resort to the financial markets.
Francoski organi pojasnjujejo, da za to povečanje niso bile odločilne načelne izjave države med julijem in oktobrom leta 2002 ter da je cena, ker ni bilo operativnih ukrepov, še vedno nihala, kar pojasni negotovost na trgu glede položaja družbe FT.
Application of the prudent investor principle to the participation in the strengthening of the Company's capital base
Pripombe glede poročila NERA
With regard to the application of the prudent private investor principle to the announcement by the State of its anticipated participation in the strengthening of the Company's capital base, the French authorities observe that they made their agreement conditional on the presentation, by the new management, of a new, credible rebalancing plan and on participation by the banks.
Francoski organi so glede pravnega dela poročila NERA predložili naslednje pripombe:
On compliance with the concomitance principle, the French authorities point out that, from the outset, the State shareholder took every step to ensure the concomitant participation of public and private shareholders and that it took no risk before private investors did.
„Prav tako ne gre za uradno sporočilo za javnost vlade ali družbe France Télécom, ampak za preprost časopisni članek, ki povzema besedilo iz intervjuja z ministrom za gospodarstvo v širšem kontekstu, povezanem s prednostnimi nalogami vlade, in ki zato nima nobene dokazne moči.“
Thus, the announcement of the State's intention to participate in the strengthening of the Company's capital base dates from 12 September 2002, and on that date a banking syndicate had already undertaken to underwrite, when the time came, that part of a capital increase which was intended for private investors alongside the public shareholder, on condition that a credible rebalancing plan was announced to the market.
„Država v vlogi delničarke družbe France Télécom je v zvezi s to družbo ne samo vedno nameravala ravnati kot dobro poučena vlagateljica, ampak se je tudi odločila, da jasno in javno izrazi, da bo to stališče osnovno izhodišče za vse njene morebitne ukrepe na tem področju […].“
The French authorities stress that this condition was normal in view of France Télécom's unbalanced financial situation, the State's participation also being conditional on the announcement of a plan considered by the market to be credible.
„Ugotovitve pravnega poročila, s katerimi se želi ugotoviti obstoj ‚neomejenega jamstva‘, ki ga je država odobrila družbi France Télécom, so sicer v pravu Skupnosti povsem neutemeljene.“
If the private investors had not stood as guarantors, the State would not have made such an announcement.
Sporne izjave v skladu s sodno prakso v zadevi Compagnie nationale Air France ne morejo pomeniti trdne in brezpogojne zaveze države.
The French authorities also state that the private financing predated the public financing inasmuch as the financial contributions by private investors — in the form of debenture loans and the rescheduling of bank loans between December 2002 and February 2003 — took place in significant proportions.
„Tako […] vsaj splošni značaj izjav ministra […] nedvomno izključuje vsako zavezo v korist družbe France Télécom ali njenih upnikov ter a fortiori vsako obveznost glede rezultata (in torej vsako zamisel o jamstvu) ter vsako obveznost glede sredstev.“
The analysis of any making available of state funds must, in the French authorities' view, be carried out in the light of such private financing.
„Odgovor ministra […] potrjuje samo to, da država v vlogi delničarke, ki je sicer imela zaupanje v operativno kakovost družbe, ni sprejela nobene odločitve – razen tega, da bo ravnala kot vsak ‚dobro poučen vlagatelj‘ – in da tedaj ni mogla niti izdelati dovolj natančne diagnoze niti sprejeti kakršne koli odločitve.“
The French authorities stress that, in accordance with the judgment in Alitalia, the State did not commit itself formally prior to the banks' formal undertaking.
Kar zadeva hipotezo o poslovodenju, je ta pojem v tem primeru popolnoma brezpredmeten.
The private shareholder participation is significant at 40 %.
Kar zadeva upravno pravo, „[p]o eni strani preproste izjave novinarju – kot so izjave ministra za gospodarstvo z dne 12. julija 2002 – ne pomenijo ‚akta, ki posega v položaj‘, zaradi katerega bi nastale pravice in obveznosti, še manj pa jamstvo, ki ga je država odobrila družbi France Télécom.“
As regards the expected return, the French authorities state that, as has already been indicated, compliance with the prudent private investor principle is also demonstrated by the high profitability prospects of the TOP plan, as confirmed by the plan's favourable reception by the market.
Francoski organi glede ekonomskega dela poročila poudarjajo, da je v poročilu navedeno, da družba FT v obdobju obravnavanih dejstev ni bila podjetje v težavah (ker je imela dostop do kapitalskega trga in ni imela težav z dolgoročno uspešnostjo poslovanja) ter da je bila udeležba države v vlogi delničarke pri načrtu ponovnega uravnoteženja bilance stanja družbe skladna z merilom zasebnega vlagatelja.
The shareholder loan
V členu 107(1) PDEU je določeno, da je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
The French authorities maintain that the loan proposal was never signed by France Télécom owing to the excessive cost of the financial terms proposed to it and the fact that the Commission was raising doubts about the measure's lawfulness under the Treaty.
V skladu z ustaljeno sodno prakso pojem pomoči ne zajema le subvencij v ožjem pomenu, pač pa tudi ukrepe, s katerimi se v različnih oblikah znižujejo stroški, ki bremenijo proračun podjetja, in so zato, ne da bi bili subvencije v pravem pomenu besede, enake narave in imajo enake učinke.
Consequently, no state resources were placed at the Company's disposal via the shareholder loan proposal.
Iz navedenega izhaja, da pojem pomoči temelji na pojmu gospodarske prednosti, ki se nanaša izključno na njene učinke, pri čemer je oblika nepomembna.
The French authorities observe that, at all events, the loan proposal conferred no advantage on France Télécom.
Da bi bilo nacionalni ukrep mogoče opredeliti kot državno pomoč v smislu člena 107(1) PDEU, mora biti ukrep, prvič, državni ali iz državnih sredstev, drugič, tak, da lahko prizadene trgovino med državami članicami, tretjič, dajati mora selektivno prednost upravičencu in, četrtič, mora izkrivljati ali bi lahko izkrivljal konkurenco.
The French authorities thus make clear that, insofar as it has not entered into force, the loan has not been used by France Télécom and therefore has not been able to postpone the Company's liquidity needs.
Poleg tega iz ustaljene sodne prakse izhaja, da lahko kakršno koli poseganje javnih organov v kapital podjetja pomeni državno pomoč v smislu člena 107(1) PDEU, če so izpolnjeni pogoji iz tega člena.
They maintain that the loan announcement does not constitute a guarantee.
Glede pogoja, v skladu s katerim je treba zadevni ukrep analizirati kot dodelitev prednosti za upravičenca v smislu člena 107(1) PDEU, se za državno pomoč štejejo posredovanja z državnimi sredstvi v kateri koli obliki, ki lahko podjetjem neposredno ali posredno dajejo prednost ali upravičenemu podjetju dodelijo gospodarsko prednost, ki je pod običajnimi tržnimi pogoji ne bi dobilo.
French law does not recognise an implicit guarantee: any guarantee provided by the State must be enshrined in a law.
V tem primeru se zdi ustrezno najprej vprašati, ali obstaja prednost za družbo FT, ki se financira iz državnih sredstev.
It is wrong to treat the announcement of a possible state loan as a guarantee.
Če Komisija ne bi mogla ugotoviti, da je taka prednost dejansko obstajala, ali če se ni financirala iz državnih sredstev, bi morala ugotoviti, da obravnavani ukrep ni državna pomoč, saj so pogoji za obstoj državne pomoči kumulativni.
The French authorities insist that the guarantee which the State provided to ERAP to enable it to finance its participation in the strengthening of France Télécom's capital base must not be equated with a guarantee given to France Télécom.
Najprej je treba spomniti na načela, ki se uporabljajo za to analizo, kot so bila potrjena s sodbo Bouygues.
As far as ERAP is concerned, the French authorities state categorically that its role was entirely neutral and that it intervened only for budgetary reasons.
Sodišče je tako menilo, da:
Likewise, the announcement by the State of a loan proposal did not facilitate France Télécom's access to the bond market.
ni mogoče izključiti […], da je treba več zaporednih posegov države za namene člena 107(1) PDEU šteti za en sam poseg.
First of all, the debenture loans are not covered by any sort of guarantee, their duration being longer than that of the shareholder loan.
Tako je lahko zlasti, kadar med zaporednimi posegi – med drugim z vidika njihovega časovnega razporeda, njihovega namena in položaja podjetja ob teh posegih – obstaja tako tesna povezava, da jih ni mogoče ločiti […].
Moreover, bondholders have no recourse in the event of non-payment upon maturity.
Torej je Splošno sodišče s tem, da je presodilo, da je treba ugotoviti zmanjšanje državnega proračuna ali dovolj konkretno gospodarsko tveganje za bremenitev tega proračuna, ki je ozko povezano in skladno ali izravnano s tako opredeljeno prednostjo, ki bi izvirala bodisi iz obvestila z dne 4. decembra 2002 bodisi iz ponudbe delničarskega posojila, napačno uporabilo pravo, ker je uporabilo merilo, ki je po naravi tako, da že na začetku izključuje, da bi bilo mogoče te posege države glede na povezavo med njimi in njihove učinke šteti za en sam poseg.
Thirdly, the bond issues were determined solely by the market's perception of France Télécom's capacity to honour its commitments unaided by any state guarantee.
Natančneje, Sodišče je imelo priložnost pojasniti, da prednost, odobrena v obliki jamstva države, lahko pomeni dodaten strošek za državo […].
The confidence shown by the market at the time of the said bond issues is thus due essentially to the change in the management team and the favourable reception accorded to the new strategy revealed when the Ambition 2005 plan was presented.
Poleg tega je Sodišče že presodilo, da ker je ekonomsko gledano sprememba tržnih pogojev, ki ustvari posredno prednost za nekatera podjetja, posledica izgube sredstev javnih organov, niti to, da vlagatelji sprejmejo avtonomno odločbo, ne povzroči odprave povezave med navedeno izgubo sredstev in prednostjo, ki jo pridobijo zadevna podjetja […].
As to compliance with the prudent investor principle in relation to any shareholder loan, the French authorities stress that, when the decision to take part in a capital increase was taken and the conditions therefor were met, it was logical that the State should make an upfront prepayment.
Zato mora Komisija za ugotovitev obstoja državne pomoči dokazati dovolj neposredno povezavo med prednostjo, dodeljeno prejemniku, na eni strani in zmanjšanjem državnega proračuna ali dovolj konkretnim gospodarskim tveganjem za bremenitev tega proračuna na drugi strani […].
The first discussions about the loan proposal date back to November 2002.
Vendar v nasprotju s tem […] ni nujno, da je takšno zmanjšanje ali tako tveganje ustrezalo ali bilo enakovredno navedeni prednosti, niti da je ta prednost izravnana s takšnim zmanjšanjem ali takim tveganjem, niti da je enake narave kot zaveza glede državnih sredstev, iz katere izvira.“
The French authorities also stress that the legitimacy of such a measure could not be challenged because, as is mentioned above, it was based on a credible, detailed plan the content of which was mostly known at the time of the announcement of the loan proposal on 4 December 2002.
Kar zadeva razlago in področje uporabe sklepa o začetku formalnega postopka preiskave v zvezi z obravnavanim ukrepom, iz sodbe Bouygues izhaja, da se ta sklep o začetku postopka nanaša izključno na priglašene ukrepe in ne na „vprašanj[e], ali izjave od julija 2002 same po sebi pomenijo državno pomoč“.
Moreover, the State had already received the undertaking, conditional on the presentation to the market of a credible plan, from the banking syndicate and it knew full well at the end of November that that condition would be met given the market's positive reaction to the appointment of the new management.
To vprašanje torej ni zajeto v ta končni sklep, katerega predmet je omejen s sklepom o začetku postopka.
The French authorities stress in this connection that it is not pertinent to assess the amount involved in the present case but that, in accordance with the Alitalia judgment, it is necessary to examine the conformity of the conditions of financing the operation for a company of comparable size.
Komisija še vedno uvodoma opozarja, da je presoja dejanskih in pravnih vprašanj, ki jo je opravilo Splošno sodišče v sodbi z dne 2. julija 2015, ob upoštevanju sodbe Sodišča z dne 30. novembra 2016 v pritožbenem postopku, kolikor je nujna podlaga njenega izreka, pravnomočna.
As to the remuneration of the potential loan, the French authorities stress that it was granted on normal market terms and that it was increased by a premium to reflect its subordinate nature.
Ukrepi, ki jih je sprejela Francija med julijem in oktobrom 2002, so pomembno vplivali na trg
The repayment of the sum in shares was customary and was based on the cash value.
Omogočile, olajšale in pocenile so dostop družbe FT do novih kreditov, potrebnih za refinanciranje njenih kratkoročnih dolgov v višini 15 milijard EUR, ter dokončno prispevale k ustalitvi njenega zelo slabega finančnega položaja, ki je bil junija in julija 2002 tik pred tem, da se zelo poslabša.
The announcements made by the State
To znižanje je povzročilo zelo veliko zaskrbljenost na finančnih trgih glede finančnega položaja družbe FT (in še posebej glede njene zmožnosti refinanciranja njenega dolga v višini 15 milijard EUR, ki zapade v plačilo konec leta 2003), zaradi česar so trgi pričakovali ustrezen odziv države, da jih pomiri.
According to the French authorities, these operational measures had a decisive financial impact, were very well received by the financial markets and led to the recovery in France Télécom's share price.
Bonitetna ocena družbe FT se zaradi posredovanja države ni znižala na razred visoko tveganih obveznic, kot je jasno navedeno v sporočilu za javnost bonitetne agencije S & P z dne 12. julija 2002, ki navaja, da so bila zagotovila države ključni dejavnik pri tem, da se ocena družbe FT ni znižala na razred visoko tveganih obveznic.
The French authorities stress that the State never indicated or suggested that it would give France Télécom its unconditional and unlimited support.
Kar zadeva odziv trga, se je zaradi sporočila z dne 12. julija 2002 vrednost delnic in obveznic družbe FT neobičajno in nezanemarljivo povišala.
This declaration that the conditions would not differ from those of a private investor, excludes de facto any unconditional and irrevocable support.
Neobičajno povišanje cen obveznic pa se giblje v razponu od 3,2 % do 9,7 %.
The French authorities also argue that the declarations made by the French authorities between July and October 2002 constituted ‘vague prior declarations’ without any ‘corresponding practical measures’.
Tak odziv kaže, da je bil trg zaradi tega sporočila prepričan, da se je država zavezala, da bo družbi FT ponudila večjo pomoč.
The French authorities point out that the State shareholder announced its intention to participate in the strengthening of the Company's capital base for the first time in September 2002 and that ‘this would take the form of a transaction followed by the market (reference to a timetable to be defined in the light of market conditions)’.
Bonitetni agenciji S & P so se izjave vlade zdele tako verodostojne, da so vplivale na bonitetno oceno družbe FT.
Concerning the declaration of 2 October 2002, the French authorities argue that this confirmed that the presentation of a credible plan was a precondition for the State's participation.
Zato je 12. julija znižala bonitetno oceno družbe FT na razred BBB-, ohranila pa je njeno bonitetno oceno v razredu varnih naložb s stabilno napovedjo.
The indication by the State that it would play its role of prudent shareholder in no way constitutes a state guarantee.
Te izjave so zelo pomembno vplivale na trg.
If the declarations made by the State between July and October 2002 had really been legally equivalent to, or even simply perceived by the market and the rating agencies as being, a promise to provide France Télécom with an “unlimited guarantee”, then there would not have been any downgrading of France Télécom's rating in July and the company's spreads and rating during that period would have reflected the state risk (AAA rating and very low spread).
Študija pripomb in dokumentov, ki so jih predložili francoski organi, ter razpoložljivo parlamentarno gradivo kažeta, da so izjave države prispevale k povrnitvi zaupanja na finančnih trgih.
Lastly, any factoring in by the rating agencies of the State's presence as majority shareholder irrespective of any implicit or explicit guarantee or of any specific measure and irrespective of the company's specific financial situation at any given moment cannot in itself be considered State aid.
Družba FT se je zaradi ohranitve bonitetne ocene v razredu varnih naložb izognila dodatnim finančnim stroškom za sredstva, ki si jih je že izposodila, zaradi prisotnosti step-up clauses v nekaterih izdajah obveznic ter za sredstva, ki si jih bo izposodila pozneje.
Such an approach would be contrary to the principle of neutrality of Community law as recognised by Article 295 of the EC Treaty.’
Poleg tega je lahko zaradi ohranitve bonitetne ocene v razredu varnih naložb popravila svoj finančni položaj s postopkom dokapitalizacije.
Movements in France Télécom's share price
Eden od pogojev, ki so ga banke že septembra 2002 postavile za sodelovanje pri postopku dokapitalizacije, je namreč bil: „Ohraniti vsaj sedanje bonitetne ocene dolgoročnega dolga družbe FT pri bonitetnih agencijah Moody's in Standard & Poor's; ta pogoj bo povzet tudi v pogodbi o jamstvu in naložbi“.
The French authorities argue that only the operational measures had an impact on France Télécom's share price.
Vendar niso neločljivo povezani z ukrepi iz decembra 2002
Thus, the Company'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, and the share price's progress continued upwards 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.
Splošno sodišče je po tem, ko je suvereno presodilo dejstva, ugotovilo, da je bila ponudba delničarskega posojila, ki jo je država odobrila družbi FT, dana šele decembra 2002, da francoska vlada v juliju 2002 ni sprejela nobene trdne zaveze ter da odločitev o finančni podpori družbi FT prek ponudbe delničarskega posojila ni bila sprejeta julija 2002, ampak na začetku decembra 2002.
The declarations of principle made by the State between July and October 2002 were not the determining factor in this increase and as long as there were no operational measures the share price fluctuated, reflecting the market's uncertainty about the Company's situation.
Splošno sodišče je prav tako menilo, da ni mogoče izključiti, da bi zasebni vlagatelj med julijem in decembrom leta 2002 ravnal podobno kot francoska država.
This perception led to a fall in the share price, which reached its lowest point on 30 September 2002 following a period of relative stability during the summer in the absence of any specific announcements or rumours.
Iz ugotovitev in presoj Splošnega sodišča iz točk od 249 do 254 sodbe z dne 2. julija 2015 prav tako izhaja, da je med državnimi ukrepi, ki jih je glede družbe FT sprejela Francija med julijem in decembrom leta 2002, prišlo do pomembne prekinitve.
During that period, the State's declarations as to its intention to play fully its role of shareholder did not stop the downward trend in France Télécom's share price.
Sodišče je v točki 143 sodbe o pritožbi z dne 30. novembra 2016 menilo, da „bi to, da bi bil kot čas, ko je bilo treba presojati merilo dobro poučenega zasebnega vlagatelja, določen že julij 2002, nujno pripeljalo do tega, da bi bili iz te presoje izključeni upoštevni elementi med julijem 2002 in decembrom 2002, kot je pravilno ugotovilo Splošno sodišče v točki 230 izpodbijane sodbe“.
Comments on the NERA report
Ukrepi, ki jih je sprejela Francija decembra 2002, so izpolnjevali merilo zasebnega vlagatelja
The French authorities have presented the following comments on the legal part of the NERA report:
Zdi se, da je bila z delničarskim posojilom iz decembra 2002 družbi FT dodeljena prednost, saj ji je omogočilo, da je povečala svoja finančna sredstva in trgu zagotovila, da je sposobna izpolniti obveznosti, zapadle v plačilo.
‘the legal report is based on an erroneous (not to say tendentious) interpretation of the facts. In particular, … the report manifestly twists — albeit clear — remarks made by the Minister for Economic Affairs in the course of an interview with a journalist published in July 2002.
Čeprav pogodba o delničarskem posojilu ni bila nikoli podpisana, je lahko imela družba FT zaradi videza, ustvarjenega na trgu, da to posojilo obstaja, a priori prednost, saj je trg menil, da je njen finančni položaj trdnejši.
The French authorities strongly contest that it is possible to propose interpretations as unfounded as these in order to draw legal conclusions and in particular to assert that there exists any guarantee granted by the State to France Télécom’.
To bi lahko vplivalo na pogoje za posojilo družbe FT.
‘What is involved here is not even an official communiqué from the Government or from France Télécom, but merely a press article reproducing the text of an interview with the Minister for Economic Affairs in the wider context of the Government's priorities and therefore lacking any probative force’.
Ugotoviti je torej mogoče, da so imeli ukrepi, ki jih je država sprejela decembra 2002 v korist družbe FT, ugoden učinek.
‘The State as shareholder in France Télécom has not only always intended to behave like a prudent investor with regard to France Télécom but has also chosen to express clearly and publicly that this position would be the point of departure for all of its potential actions in this area …’.
V tem primeru je treba presoditi, ali bi se lahko v podobnih okoliščinah decembra 2002 zasebni vlagatelj primerljive velikosti odločil za enako velike kapitalske vložke, zlasti ob upoštevanju razpoložljivih podatkov in predvidenega razvoja v času teh vložkov.