natgillin/translations-raw huggingface dataset:
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 2002.’
Sporočilo za javnost ministra za gospodarstvo in finance z dne 2. oktobra 2002.
In paragraph 143 of the judgment on the appeal of 30 November 2016, the Court found that ‘as rightly held by the General Court in paragraph 230 of the judgment under appeal, deciding in advance in July 2002 the time when the prudent private investor criterion fell to be assessed would have necessarily excluded from that assessment relevant factors that occurred between July 2002 and December 2002.’
Sporočilo za javnost družbe FT z dne 5. decembra 2002, str. 1.
Consequently, in view of the particular circumstances of the case, there is no inextricable link between the measures that the French authorities took prior to December 2002 and the measures that they took in December 2002.
Obvestilo Komisije – Smernice Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah (Obvestilo državam članicam, vključno s predlogi za primerne ukrepe) (UL C 288, 9.10.1999, str. 2).
It is necessary therefore to examine whether, between 4 December 2002 (when the State announced its shareholder loan to France Télécom) and 20 December 2002 (when the State sent France Télécom a signed and initialled draft shareholder loan agreement), the conditions for State aid were met, and in particular, whether the State acted in the same way as a prudent private investor in a market economy.
Ocena g. Sureauja z dne 14. januarja 2004.
The measures taken by France in December 2002 fulfilled the private investor criterion
Ta družba je odslej imenovana Neuf Télécom.
The December 2002 shareholder loan appears to confer an advantage on France Télécom, since it enables it to increase its means of financing and to reassure the market as to its ability to meet its maturities.
Odlok št. 2002-1409 z dne 2. decembra 2002, ki spreminja odlok št. 65-1117 z dne 17. decembra 1967 o upravni in finančni organizaciji podjetja ERAP.
Even if the loan agreement has never been signed, the appearance given to the market of the existence of such a loan is, a priori, likely to confer an advantage on France Télécom as the market has considered the Company's financial situation to be more secure.
Člen 80 zakona št. 2002-1576 z dne 30. decembra 2002 o spremembi finančnega zakona za leto 2002.
This may have influenced France Télécom's borrowing terms.
Smernice Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah (UL C 244, 1.10.2004, str. 2).
The advantageous effect of the measures taken by the State in December 2002 in favour of France Télécom is thus apparent.
Francoski organi so navedli zlasti izdaje obveznic, kreditne linije, komercialne zapise, kratkoročna posojila, posle listinjenja in izvedene finančne instrumente.
However, a measure is not deemed to constitute an advantage and so does not qualify as State aid if the recipient undertaking could, in circumstances which correspond to normal market conditions, obtain the same advantage as that which is made available to it through State resources.
Družba FT je od 26. julija 2002 do predstavitve načrta Ambition 2005 4. decembra 2002 izdala obveznice v višini 70 milijonov EUR z dne 26. julija 2002 in tranšo v višini 150 milijonov EUR, zamenljivo z obveznicami v višini 3,5 milijarde EUR, izdanimi marca leta 2001.
In the case of public undertakings, that assessment is made by applying, in principle, the prudent private operator test.
Sodba splošnega sodišča z dne 12. decembra 2000 v zadevi Alitalia proti Komisiji, T-296/97, ECLI:EU:T:2000:289.
In the present case, it is necessary to determine whether, in similar circumstances, in December 2002, a private investor of a comparable dimension could have been prevailed upon to make capital contributions of the same size, having regard in particular to the information available and foreseeable developments at the date of those contributions.
Commission Decision of 23 June 1999 conditionally approving aid granted by France to Crédit Foncier de France (UL L 34, 3.2.2001, str. 36).
The prudent private investor criterion must therefore be applied when the State financial support measure that may be characterised as State aid is adopted, that is between 4 December 2002 and 20 December 2002.
Pripombe francoskih organov z dne 29. julija 2003, str. 8.
The announcement of 4 December 2002 and the shareholder loan offer of 20 December 2002 must be jointly examined.
Sodba Sodišča z dne 14. septembra 1994 v združenih zadevah Španija proti Komisiji, od C-278/92 do C-280/92, ECLI:EU:C:1994:325, točka 20 in navedena sodna praksa, ter Sodba Sodišča z dne 8. maja 2003 v združenih zadevah Italija in SIM 2 Multimedia proti Komisiji, C-399/00 in C-328/99, ECLI:EU:C:2003:252, točka 36 in navedena sodna praksa.
In December 2002, it appeared that the confidence of the financial markets in France Télécom's future had been largely restored and that France Télécom's credit rating had been preserved, mainly as a result of the restructuring and rebalancing measures taken within FT, including the appointment of new management and their development of the Ambition 2005 plan between October and December 2002, which included the implementation of a plan, the ‘TOP plan’, to improve the Company's operational performance.
Sodba Sodišča z dne 2. septembra 2010 v zadevi Komisija proti Deutsche Post, C-399/08 P, ECLI:EU:C:2010:481, točka 40 in navedena sodna praksa.
In assessing the shareholder loan, it is important to determine whether the participation in the strengthening of the Company's capital base satisfies normal market conditions.
Točke od 70 do 72 sodbe Bouygues.
Participation in the strengthening of the Company's capital base
Sodba Sodišča z dne 30. novembra 2016 v zadevi Komisija proti Franciji, C-486/15 P, ECLI:EU:C:2016:912.
France's participation in the strengthening of the Company's capital base was conditional on the presentation to the market of a credible plan for the restructuring of France Télécom.
Nekateri celo menijo, da družba FT v primeru znižanja bonitetne ocene celo ne bi mogla najti potrebnih likvidnih sredstev na trgu.
The Ambition 2005 plan and the TOP plan together form a complete and rational coherent plan.
Poročilo družbe Deutsche Bank z dne 22. julija 2002 z naslovom France Télécom/Deutsche Telekom Debt Liquidity and possible solution, str. 19–33.
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.
Board meeting presentation, pregled stanja družbe France Télécom, december 2002, str. 36.
The TOP plan represents a considerable effort on France Télécom's part.
Glej obrazec 20-F družbe FT, marec 2003, str. 15 in 16: „a decrease of one notch in its long term debt rating by S&P's and Moody's would automatically increase its annual interest expense by approximately EUR 75 million.“
It is an overall plan for a change of management direction based on specific actions The French authorities stress that the plan 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.
S t. i. klavzulo „step up“ je določeno povečanje kupona obveznic in obrestnih mer za kreditne linije, kadar se bonitetna ocena poslabša.
As regards the expected return, the French authorities state that 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.
Protokoli o soglasju, podpisani 11. in 12. septembra 2002 med državo in bankami (pogoj h).
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, 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.
Sodba Sodišča z dne 30. novembra 2016 v zadevi Komisija proti Franciji, C-486/15 P, ECLI:EU:C:2016:912, točka 142 in točke sodbe 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, na katero se sklicuje.
The capital increase was initiated as soon as it was technically possible to present to investors updated data on France Télécom's operational prospects.
Sodba Sodišča z dne 30. novembra 2016 v zadevi Komisija proti Franciji, C-486/15 P, ECLI:EU:C:2016:912, točka 137 in točke sodbe 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, točka 247.
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.
Glej na primer: „Moody's now expects that a combination of this facility headroom under the existing EUR 15 billion syndicated facility and the free cash flow will enable debt maturities of EUR 15 billion to be repaid during the next 12 months.“
In addition to the commitment given in September 2002 by the banking syndicate to underwrite that part of an increase in the capital of FT which was intended for private investors, consideration must be given to other key factors, namely 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.
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, točka 220, ter sodba Sodišča z dne 8. maja 2003 v združenih zadevah Italija in SIM 2 Multimedia proti Komisiji, C-328/99 in C-399/00, ECLI:EU:C:2003:252, točka 38 in navedena sodna praksa.
Taken as a whole, those factors brought about a marked improvement in FT's operational prospects and performance during the second half of 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, točka 251.
When the decision to invest was taken, France Télécom was not a firm in difficulty within the meaning of the Guidelines.
Sodba Sodišča z dne 19. marca 2013 v zadevi Bouygues in Bouygues Télécom proti Komisiji in drugim ter Komisija proti Franciji in drugim, C-399/10 P in C-401/10 P, ECLI:EU:C:2013:175, točke od 127 do 131.
The French authorities 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.
Ti elementi so upoštevni v skladu s Sodbo Splošnega sodišča z dne 2. julija 2015 v združenih zadevah Francoska republika in Orange proti Komisiji, T-425/04 RENV in T-444/04 RENV, ECLI:EU:T:2015:450, točka 230.
This performance was confirmed when the 2002 accounts were published.
Sodba Sodišča z dne 2. septembra 2010 v zadevi Komisija proti Deutsche Post, C-399/08 P, ECLI:EU:C:2010:481, točka 38 in navedena sodna praksa.
Furthermore, France Télécom was not in a cessation of payments situation.
Francija je bila o sklepu o začetku postopka uradno obveščena 31. januarja 2003.
France Télécom had access to the financial markets during the course of 2002, and all of the financing instruments were at the Company's disposal between 11 July 2002 and 15 January 2003.
Po popravljenih vsebinskih napakah je bila 7. marca 2003 uradno obveščena o popravku.
The French authorities 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.
Te pripombe je 16. maja 2003 poslala Franciji.
Market confidence in a recovery of France Télécom's financial situation may also be based on the fact 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 and that France Télécom's operating costs were increasing more slowly than its turnover.
Njena pojasnila je prejela z dopisoma z dne 30. junija 2003 in 29. julija 2003.
Moreover, operating results and cash flow were increasing.
Komisija in družbi Bouygues so vložile pritožbi zoper sodbo z dne 21. maja 2010.
The State shareholder took every step to ensure the participation of public and private shareholders in the strengthening of France Télécom's capital base.
Sodišče je s sodbo z dne 19. marca 2013 (v nadaljnjem besedilu: sodba Bouygues) razveljavilo sodbo z dne 21. maja 2010 ter vrnilo zadeve T-425/04, T-444/04 in T-450/04 Splošnemu sodišču, da odloči o tožbenih razlogih in predlogih, vloženih pri tem sodišču, o katerih se Sodišče ni izreklo.
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 the 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.
Bonitetne agencije in analitiki so bili prepričani, da je obstajalo tveganje, da družba FT ne bo mogla izpeljati načrta za refinanciranje, ki ga je predstavilo vodstvo, da bi poravnala obveznosti, zapadle v plačilo.
According to the French authorities, the State's participation was also conditional on the announcement of a plan considered by the market to be credible, and the State did not commit itself formally prior to the banks' formal undertaking.
Družba FT se je morala torej spoprijeti z veliko težavo s financiranjem, povezano s svojim zadolževanjem.
The terms of the operation were the same for the public bodies and all the private operators participating in the strengthening of the Company's capital base.
Dobiček po stroških obresti (1,75 milijarde EUR), vendar pred davki, manjšinskimi deleži in deleži dobička je, razen izrednih elementov, znašal 718 milijonov EUR v primerjavi z 271 milijoni EUR na dan 30. junija 2001.
In addition, the EUR 15 billion from the shareholders only represents a third of the funds mobilised in support of France Télécom's financial restructuring.
Prosti operativni denarni tok je znašal 3,6 milijarde EUR, kar je glede na prvo polletje leta 2001 pomenilo 15-odstotno povečanje.
The shareholder loan offer and its announcement on 4 December 2002
Za ta dolg je značilen kratek rok zapadlosti, in sicer 12,9 milijarde EUR je v plačilo zapadlo leta 2003.
On 4 December 2002, once the condition for the banking syndicate's commitment had been fulfilled — namely, the announcement to the market of a credible rebalancing plan — the State announced the shareholder loan to France Télécom.
V prvem polletju leta 2004 je v plačilo zapadel znesek v višini 11,9 milijarde EUR, v drugem polletju leta 2004 znesek v višini 5,4 milijarde EUR in nazadnje leta 2005 znesek v višini 18,6 milijarde EUR.
In this situation, it would have been rational for a prudent private operator in similar circumstances to the State (France Télécom's majority shareholder) to express its oral support for France Télécom.
Družbe A, B in C navajajo, da obvestilo in pogoji zagotovitve kreditne linije v znesku 9 milijard EUR s strani francoske države v korist družbe FT ter udeležba francoske države pri dokapitalizaciji družbe FT vsebujejo elemente pomoči.
The loan granted by the State, as majority shareholder, in view of the planned investment, was in this case a low-risk, profitable and normal transaction — pending a capital increase (on equal terms) — aimed at safeguarding the majority shareholder's financial interests at a time (the month of December) when it was not possible to recapitalise France Télécom for reasons of scheduling.
Načelo dobro poučenega vlagatelja ni upoštevano pri načinih zagotovitve kreditne linije, razlog za to pa so zlasti predlagane obrestne mere in znesek „provizije za prevzete obveznosti“.
The loan is temporary and provides bridging finance for the capital increase, which by many accounts is expected to be a success.
Francoski organi so zlasti navedli, da je imela družba FT med letom 2002 dostop do finančnih trgov, in opisali vse instrumente financiranja, ki so bili družbi FT na voljo med 11. julijem 2002 in 15. januarjem 2003.
For example, the EUR 1 billion shareholder loan from Italenergia Bis to Edison was converted into equity during Edison's capital increase in 2003.
Francoski organi so tudi poudarili, da zakonitost takega ukrepa ni bila sporna, saj je ta, kot je navedeno zgoraj, temeljil na verodostojnem in podrobnem načrtu, katerega vsebina je bila ob obvestilu o osnutku posojila dne 4. decembra 2002 večinoma znana.
In preparation for the restructuring and IPO of Thus on the London Stock Exchange, Scottish Power granted a loan of GBP 320 million, of which GBP 260 million was converted into equity; the undrawn balance was cancelled.
Država je poleg tega 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.
During the Ericsson capital increase, the commitment of the main shareholder (Industrivärden and Investor) was announced by the company in April 2002, even though the deal was not approved until June 2002 and was not launched until August of that year.
Poleg tega ni nobenega razloga, da bi a priori predpostavljala, da se izraz ‚ustrezni ukrepi‘ nanaša prav na finančne ukrepe.“
In the case of Fiat's capital increase in July 2003, the intention of the reference shareholders to subscribe to new shares in proportion to their shareholding was published in March 2003.
V prvi polovici leta 2002 se je bonitetna ocena družbe FT po objavi njenih letnih računovodskih izkazov za leto 2001 zelo poslabšala.
In the light of these examples, and given France Télécom's position in December 2002, the Commission cannot rule out the possibility that in December 2002, the State acted towards France Télécom as a prudent private operator in a market economy would have done in similar circumstances, as France Télécom's majority shareholder.
Bonitetna agencija Moody's je 24. junija 2002 bonitetno oceno družbe FT znižala na zadnji razred varnih naložb, ki je pred razredom visoko tveganih obveznic (t. i. junk bonds), in tako zelo otežila refinanciranje njenega dolga.
Conclusion
Ob upoštevanju posebnih okoliščin te zadeve torej ni neločljive povezave med ukrepi, ki so jih francoski organi sprejeli pred decembrom 2002, in ukrepi, ki so jih sprejeli decembra 2002.
The measure being scrutinised — namely, the announcement of the shareholder loan of 4 December 2002, coupled with the shareholder loan offer of 20 December 2002 — thus meets the criterion of the prudent private investor in a market economy.
Zato je treba proučiti, ali so bili med 4. decembrom 2002, tj. datumom, ko je država objavila obvestilo o ponudbi delničarskega posojila družbi FT, in 20. decembrom 2002, tj. datumom, ko je država družbi FT poslala parafiran in podpisan osnutek pogodbe o delničarskem posojilu, izpolnjeni bistveni elementi državne pomoči in zlasti, ali je država tedaj ravnala kot dobro poučen zasebni gospodarski subjekt v tržnem gospodarstvu.
Therefore, this measure should not be considered as an advantage for France Télécom.
Ta uspešnost je bila potrjena ob objavi računovodskih izkazov za leto 2002.
The further conditions laid down by Article 107(1) TFEU
Družba FT tudi ni bila v položaju ustavitve plačil.
It is settled case law that classification as State aid requires all the conditions set out in Article 107(1) TFEU to be fulfilled.
Družba FT je imela med letom 2002 dostop do finančnih trgov, med 11. julijem 2002 in 15. januarjem 2003 pa so ji bili na razpolago vsi instrumenti financiranja.
In the absence of an advantage for France Télécom from state resources within the meaning of Article 107(1) TFEU, it is no longer necessary to analyse whether the other conditions required for determining the presence of aid are fulfilled.
Francoski organi so navedli zlasti dejstvo, da se je družba FT 14. februarja 2002 dogovorila o vzpostavitvi sindicirane kreditne linije v višini 15 milijard EUR in je leta 2002 izdala obveznice, od katerih je bilo 442,2 milijona EUR zamenljivih obveznic.
CONCLUSION
S & P
The Commission finds that the shareholder loan granted by France to France Télécom in December 2002 in the form of a EUR 9 billion credit line does not constitute State aid within the meaning of Article 107(1) TFEU,
„Sklepne ugotovitve pravnega svetovalca so povsem v nasprotju s prakso odločanja Komisije in sodno prakso Skupnosti, ki se uporablja v zvezi z državnimi pomočmi, pri katerih je obstoj pomoči odvisen od prikaza trdne, natančne in brezpogojne zaveze zadevne države, česar pa ministrske izjave z dne 12. julija 2002 nikakor niso mogle pomeniti.“
For the Commission
SKLEP KOMISIJE (EU) 2018/1616
Member of the Commission
Komisija je z dopisom z dne 31. januarja 2003 obvestila Francijo o svojem sklepu o začetku formalnega postopka preiskave iz člena 88(2) Pogodbe o ustanovitvi Evropske gospodarske skupnosti (v nadaljnjem besedilu: sklep o začetku postopka) glede finančnih ukrepov, ki so jih francoski organi izvedli v korist družbe France Télécom (v nadaljnjem besedilu: družba FT).
OJ C 57, 12.3.2003, p. 5.
Moody's
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (‘TFEU’).
Fitch
For the purposes of this Decision, references to Articles 107 and 108 TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty, where appropriate.
Baa3
Judgment of the General Court of 2 July 2015, France v Commission, T-425/04, T-444/04, T-450/04 and T-456/04, ECLI:EU:T:2010:216.
NERA
Judgment of the General Court of 2 July 2015, French Republic (T-425/04 RENV) and Orange (T-444/04 RENV) v European Commission, ECLI:EU:T:2015:450.
vsako dodatno znižanje bi povzročilo, da bi se ta ocena znižala v razred visoko tveganih obveznic (t. i. junk bonds), kar pomeni, da dolg ne bi bil več uvrščen v razred varnih naložb.
A stake in Mobilcom was acquired in difficult circumstances by investing a very large amount of EUR 3,7 billion in a 28,5 % shareholding, valuing the operator at 80 times its EBITDA (compared with a stock-exchange valuation before rumours of the deal emerged of the order of 65 times EBITDA).
“ („Družba FT bi lahko imela določene težave pri refinanciranju svojega obligacijskega dolga, ki zapade v plačilo leta 2003.
In the summer of 2002, an audit of Mobilcom's prospects revealed the company's extreme fragility and the manifest impossibility of obtaining a return on the investment (report drawn up on behalf of the commission of enquiry into the management of public undertakings with a view to improving the decision-making system, registered at the office of the President of the National Assembly on 3 July 2003).
Bonitetno oceno družbe FT, ki je uvrščena v razred varnih naložb, pa podpira izjava države.“)
Les Echos No 18695, France, 12 July 2002, p. 2.
Bonitetna agencija S & P je to zagotovilo po eni strani prejela neposredno od francoske vlade: