natgillin/translations-raw huggingface dataset:
In preparing its comments, Bouygues Telecom called on the services of an expert who stated that it followed from a long line of judgments by the French administrative courts that the existence of a commitment entered into by an administrative authority must be assessed in the light, not of the commitment's form, but of its intrinsic characteristics.
Družba Cégétel trdi, da je francoska država družbi FT dodelila pomoč celo pred podpisom pogodbe o odobritvi kreditne linije v višini 9 milijard EUR, saj je obvestilo o pomoči zadostovalo, da je to nujno financiranje postalo nepotrebno.
The expert remarked that that case law was expressly applied in the specific case of declarations: the administrative courts thus considered that, even where they were not accompanied by any specific legal act, the promises constituted commitments as they were the embodiment of the administrative authority's will.
Posojilodajalci so tako imeli zagotovilo, da bo družba FT vedno poravnala plačila, ker bi ji bila država vedno pripravljena dodeliti potrebna sredstva, da bi lahko izpolnila svoje obveznosti, zaradi česar je lahko družba FT financiranje pridobila neposredno na trgu.
For there to be a commitment on the part of the State, it was sufficient for the authority to have behaved in such a way as to convince others that it would act in a certain manner.
Družba FT je bila tako upravičena do prednosti, ki jih pod običajnimi tržnimi pogoji ne bi dobila.
The declarations by the Minister for Economic Affairs and Finance satisfied all the criteria for being characterised as a commitment by the State.
Z uporabo trga obveznic se je lahko izognila temu, da bi se pri reševanju svoje likvidnostne krize obrnila izključno na finančne ustanove in prestala vse omejitve, povezane s tovrstnim financiranjem.
Those declarations were firm and precise and made without reservations, and could thus be construed as constituting commitments by the State vis-à-vis France Télécom, its creditors or its employees.
Družba Cégétel trdi, da pogoji, ki so jih francoski organi navedli za odobritev kreditne linije, niso skladni s pogoji, ki bi jih sprejel dobro poučen vlagatelj, ki ima take deleže v lastniškem kapitalu.
With regard to the shareholder loan and the operation to strengthen the Company's capital base, Bouygues Telecom maintains that, firstly, the opening of a EUR 9 billion credit line for the benefit of France Télécom and, secondly, the irrevocable commitment by the State to participate in any future capital increase in proportion to its shareholding in the Company followed by the recapitalisation operation as such, are the implementation of the state guarantee and are financed by state resources.
Pripombe družbe LDCOM
As a result, the measures at issue are financed by state resources, even if the credit line has ultimately not been used.
Družba LDCOM razkriva dvojni mehanizem pomoči za podporo družbi FT, ki je podprt s podporo za mobilnost zaposlenih, in sicer odobritev neomejenega jamstva in odobritev kreditne linije v višini 9 milijard EUR.
As regards the condition relating to the advantage, Bouygues Telecom points out that the occurrence giving rise to the guarantee took place subsequently to the reduction in France Télécom's credit rating by the rating agencies with a view to restoring the market's confidence.
Glede odobritve neomejenega jamstva se družba LDCOM opira na vsebino izjav francoskih organov, objavljenih od julija 2002, ki pomenijo zagotovilo za finančne trge glede položaja družbe FT.
The guarantee had the effect of enabling France Télécom to gain renewed access to the financial markets.
Te izjave so neposredno prispevale k izboljšanju bonitetne ocene družbe FT na trgih in so tej družbi omogočile, da se je odzvala na likvidnostno zapreko, s katero je bila soočena.
As to the prudent private investor test, Bouygues Telecom argues that the support measures do not satisfy that test.
Družba LDCOM glede francoskega prava poudarja, da lahko ustna izjava pod določenimi pogoji pomeni pravni akt, s katerim se ustvarjajo pravice za prejemnika.
Bouygues Telecom takes the view that the State's declarations constitute a firm and unconditional legal commitment which an investor would never have undertaken without entering the slightest reservation.
V takih gospodarskih okoliščinah septembra 2002 (datum, ko je država objavila, da bo finančno podprla družbo FT) tako noben dobro poučen vlagatelj ne bi vnaprej plačal 9 milijard EUR, ne da bi se oprl na načrt prestrukturiranja.
It is therefore an unlimited guarantee granted to a company which is extraordinarily leveraged and fragile in the short term.
Družba LDCOM je tudi poudarila, da država ne bi mogla preklicati svojih izjav, ne da bi pri tem škodovala lastni finančni verodostojnosti.
Bouygues Telecom argues that, in view of the prolonged crisis in the world economy and more particularly in a telecommunications sector undergoing transition, and bearing in mind the size of the sum in question, no private investor could have envisaged a capital increase of that amount without conditions and only a State of the creditworthiness of France could have coped with such uncertainty.
Država ima namreč pri svojih posegih na trgu vlogo posojilojemalke in vlogo večinske delničarke v številnih podjetjih.
It thus points out that the financing of the strengthening of the Company's capital base, covered entirely by debt without any own funds, would have affected the credit rating of any private investor who behaved in a similar way, whereas a State, on the other hand, can be punished only by its electors, who do not have the same objectives.
Ta dvojna vloga se izraža kot dvojna bonitetna ocena, ki jo oblikujejo bonitetne agencije glede njene sposobnosti kot posojilojemalke in delničarke z bonitetnimi ocenami, ki jih dajo javnim podjetjem.
The creditors and shareholders of the private investor would have asked for the investment to be backed by a business plan containing precise commitments, including the disposal of assets.
Zaradi te dvojne možnosti poseganja je potrebna posebna pozornost, saj ima lahko vsakršno neizpolnjevanje obveznosti, ugotovljeno pri eni od obeh vlog, posledice za drugo vlogo in bonitetno oceno.
Bouygues Telecom concludes that, at all events, a prudent investor whose financial capacity was comparable to that of the French State and who issued such a guarantee would not have inspired much confidence in the markets and that it is clear that it was due to the qualification of ‘sovereign debt’ enjoyed by the State's commitments that confidence was restored.
Družba LDCOM poudarja tudi dejstvo, da je verodostojnost države bistveno drugačna od verodostojnosti, ki jo lahko imajo druga podjetja v podobnem položaju in ne more pomeniti zagotovila za trg.
Bouygues Telecom argues that the concomitance principle has not been complied with.
Z upoštevanjem državne podpore po vzpostavitvi neposrednega stika z bonitetnimi agencijami se poudari verodostojnost državne podpore, namenjene družbi FT.
Bouygues Telecom points out that the participation of private investors was neither certain nor significant at the time of the announcement by the Government of its participation in the capital increase, even if the date of taking the decision to invest is brought forward to 5 December.
Pripombe družbe Tiscalinet
Where private investors are prepared to intervene only after the authorities have decided to grant aid, the fact that those investors are then prepared to intervene at the same time is no longer relevant.
Družba Tiscalinet k prej navedenim pripombam dodaja, da izjave, ki jih je država oblikovala od 2. julija 2002, trgu sporočajo, da je postopek prisilne poravnave za družbo FT izključen.
Such an intervention is the consequence of the support given by the State and not the result of a decision of a private investor.
Hkrati s tem pa odločitev države, da si dividende iz leta 2002 izplača v obliki delnic in ne gotovine, za trg pomeni še en znak s strani države, da bo podpirala družbo FT, medtem ko bi se dobro poučen vlagatelj odločil za izplačilo omenjenih dividend v obliki gotovine.
Hence, in the present case, the fact that a banking syndicate undertook to underwrite the transaction cannot be taken as a basis for concluding that the concomitance principle is complied with.
Družba Tiscalinet poudarja tudi, da vsi zakonodajni ukrepi, namenjeni razširitvi poslovnega namena podjetja ERAP, da bi lahko imelo to podjetje v lasti delnice družbe FT, dodelitev državnega jamstva podjetju ERAP, da bi lahko vlagalo v družbo FT, ter nazadnje besedilo o pogojih lastništva delniškega kapitala družbe FT s strani države potrjujejo analizo o nepreklicnem značaju državnega jamstva, na katero so se opirali udeleženci na trgih in, natančneje, imetniki obveznic, pri odzivu na zaporedne pozive družbe FT od tega datuma.
The French authorities' decision to invest is firm and unconditional whereas that of the private investors is not, and the private investors made their contribution only after having received, on a number of occasions and with certainty, the assurance that the State would also participate in the transaction and especially that it would take every step to ensure that France Télécom did not have any financing problems.
Ti elementi potrjujejo dejstvo, da država deluje kot „zadnja možnost“ za družbo FT, česar dobro poučen vlagatelj ne bi naredil.
Comments from Cable & Wireless
Pripombe združenja ECTA
Cable & Wireless expresses the view that the measures at issue constitute State aid.
Združenje ECTA (European Telecoms Association) meni, da izjave ministra iz julija in oktobra 2002, odobritev kreditne linije v višini 9 milijard EUR ter vnaprejšnja zaveza države o udeležbi pri prihodnjem povečanju kapitala pomenijo državne pomoči.
The market's confidence as a result of the announcement of the granting by the French authorities of the shareholder loan sufficed to confer an advantage on France Télécom.
Pomoč, dodeljena družbi FT, je tej družbi omogočila, da je ohranila vlogo integriranega operaterja in povečala sodelovanje v okviru družbe Orange.
Insofar as a prudent private investor would not have taken the decision to recapitalise a company such as France Télécom, which was clearly inefficient prior to the adoption of the Ambition 2005 plan, the Company enjoyed an advantage which it would not have secured under normal market conditions.
Družba, ki bi se znašla v enakem položaju kot družba FT, bi se morala po mnenju združenja ECTA odzvati popolnoma drugače, in sicer tako kot so storili konkurenčni operaterji družbe FT na trgu globalnih telekomunikacijskih storitev, na primer British Telecom in KPN, ki sta morala za zmanjšanje dolga odprodati svoja strateška sredstva.
Comments from AFORS Télécom
Pripombe družbe FT
AFORS Télécom (Association française des Opérateurs de Réseaux et Services de Télécommunications) observes that the measures at issue constitute State aid.
Prvo poročilo analizira ravnanje francoskih organov glede na pravila, ki se uporabljajo za državno pomoč na splošno, in zlasti glede načela dobro poučenega vlagatelja.
Through a series of step-by-step decisions taken in the course of 2002 until the opening of a EUR 9 billion credit line made available to France Télécom, the French authorities restored investors' confidence by giving formal status to their support.
Poleg tega poskuša pokazati, da družba FT ni bila podjetje v finančnih težavah v smislu smernic, ko se je država odločila za udeležbo pri dokapitalizaciji in je objavila svojo pripravljenost za odobritev delničarskega posojila.
Moreover, even if the credit line opened by ERAP were never used by France Télécom, it symbolises the guarantee of state support and hence mobilises state resources within the meaning of Article 107(1) TFEU.
V poročilu je poudarjeno, da večinski delničar običajno in po navadi z dodelitvijo posojila vnaprej napove svojo udeležbo pri dokapitalizaciji.
The terms on which the credit line was granted and the terms governing its remuneration do not satisfy the tests of the prudent private investor principle.
Drugo poročilo je osredotočeno na vprašanje o tem, ali lahko preprosto obvestilo o zagotovitvi delničarskega posojila v obliki kreditne linije kot tako pomeni zavezo glede državnih sredstev.
AFORS Télécom argues that France Télécom's financial failings since 2000 could not have happened in the presence of a prudent investor.
Glede na poročilo ne gre za prenos državnih sredstev, ker nazadnje ni prišlo niti do odprtja kreditne linije niti do dodelitve jamstva, ki bi zahtevalo odobritev s finančnim zakonom.
Hence, it is the credibility of the French State that determined the conditions of France Télécom's return to the financial markets.
V tretjem poročilu je poudarek na gospodarski racionalnosti ravnanja države med 4. septembrom 2002 (obvestilo o rezultatih prvega polletja) in 15. aprilom 2003 (izvedba povečanja kapitala).
Cégétel maintains that there are two separate measures: the announcement by the French authorities of the granting of a shareholder loan to France Télécom, and the participation by the State in the recapitalisation of France Télécom.
V zvezi s tem je v njem ugotovljeno, da časovna razlika med povečanjem denarnega toka v skupini in zahtevne kratkoročne finančne obveznosti (2003–2005) pomenijo težavo, ki je povezana z refinanciranjem in ne s plačilno sposobnostjo.
As regards the first measure, Cégétel remarks that the situation of a company with a private reference shareholder and that of a company with a public majority shareholder are not comparable.
Družba HSBC opisuje tudi ozadje kratkoročne likvidnostne krize, ki se je poslabšala zaradi krize, povezane z zaupanjem trga do skupine.
Cégétel explained that a similar announcement made by a private shareholder would have been received with the greatest circumspection by the rating agencies.
Družba HSBC pojasnjuje, da je v takem položaju razum veleval sprejetje nujnih ukrepov ter priporočal oblikovanje načrta za izboljšanje poslovnih rezultatov, povečanje kapitala, reprogramiranje dolga in politiko, usmerjeno v odprodajo sredstev.
Cégétel concludes from this that the mere fact of being backed by the State confers a considerable advantage vis-à-vis investors and prevented any further downgrading of France Télécom's credit rating by the rating agencies despite the fact that the operator appeared to be in an insoluble situation.
Prav tako pojasnjuje, da je v tem primeru načrt Ambition 2005 skladen, celovit in razumen načrt, saj omogoča zlasti, da se z operativnim izboljšanjem in odprodajo sredstev, ki ne ovira poslovnih modelov, ustvari denarni tok v višini 15 milijard EUR.
Cégétel maintains that the French State granted aid to France Télécom even before an agreement for the granting of a EUR 9 billion credit line was signed as the announcement of support was sufficient to render this emergency financing unnecessary.
Družba HSBC izpostavlja dejstvo, da je povečanje kapitala za podporo družbi, ki vzpostavlja načrt operativne sanacije, naravna rešitev za uravnoteženje bilance stanja.
Lenders were thus certain that France Télécom could never default on its payments inasmuch as the State would always be ready to grant it the funds it needed to honour its commitments, and this enabled France Télécom to obtain financing directly on the market.
Poudarja, da je ustna podpora, ki jo je izrazila večinska delničarka, prav tako popolnoma običajna in razumna ter da je običajno in pogosto, da referenčni delničarji objavijo svojo odločitev pred drugimi delničarji.
France Télécom has therefore received advantages which it would not have secured under normal market conditions.
Poudarila je tudi, da je bilo v tem primeru delničarsko posojilo netvegan, dobičkonosen in običajen del posla, izveden v pričakovanju povečanja kapitala, da bi se zaščitili premoženjski interesi večinske delničarke, medtem ko dokapitalizacija v decembru zaradi koledarskih razlogov ni bila mogoča.
The recourse to the bond market enabled it to avoid having to resort exclusively to financial institutions in order to cope with its liquidity crisis and suffering all the constraints linked to that type of financing.
Poleg tega je pojasnila, da je bilo posojilo predvideno po tržnih pogojih.
Cégétel maintains that the terms of grant of the credit line by the French authorities are not in keeping with those that a prudent investor holding such investments would require.
V poročilu družbe HSBC je navedeno tudi gibanje cene delnic družbe FT na borzi, pri čemer je poudarjeno dejstvo, da se je cena delnic julija 2002 dvignila zaradi govoric o nacionalizaciji, nato pa je septembra padla, saj ko se je trg seznanil z morebitnim povečanjem kapitala v višini 15 milijard EUR, pogoji še vedno niso bili jasni.
Comments from LDCOM
Družba FT v odziv na predložitev poročila NERA navaja, da pogoji za uveljavljanje odgovornosti države zaradi nespoštovanju njene obljube v tem primeru niso izpolnjeni.
LDCOM identifies a dual mechanism of aid in support of France Télécom, backed by support for staff mobility, the provision of an unlimited guarantee and the granting of a EUR 9 billion credit line.
Dejstvo, da je bila dana obljuba, tudi če gre za obljubo za plačilo določenega denarnega zneska, nikakor ne zadošča za to, da bi bila taka obljuba brez pravnega akta sama po sebi zavezujoča za „zagotovitev državnih sredstev“.
Concerning the provision of the unlimited guarantee, LDCOM bases its considerations on the content of the declarations by the French authorities which have appeared since July 2002, which seek to reassure the financial markets about France Télécom's situation.
Družba FT v zvezi s tem ugotavlja, da s francosko sodno prakso ni mogoče dokazati, da je v tem primeru šlo za „prenos državnih sredstev“ zaradi pogojne obljube o delničarskem posojilu.
These declarations contributed directly to the improvement in France Télécom's credit rating in the markets and helped the Company to face up to the liquidity wall with which it was confronted.
Družba FT trdi, da ji država kreditne linije ni dala na razpolago prek podjetja ERAP.
According to LDCOM, under French law, an oral declaration may, under certain conditions, constitute a legal act giving rise to a right on the part of its addressee.
Izjave niso pravno zavezujoče za državo, niti v zvezi z družbo FT niti v zvezi s tretjimi osebami.
LDCOM states that the announcement of the making available of a EUR 9 billion credit line constitutes aid; both from the point of view of its amount and of that of its modalities or its very objective, the State's support is not covered by the prudent investor criterion.
Država se torej ne more zavezati brez akta, s katerim se podeljuje pravica, sprejetega ob upoštevanju pravil o pristojnosti in proračunskem postopku.
Thus, no prudent investor would, in September 2002 (when the State announced that it would be supporting France Télécom financially), have advanced EUR 9 billion under such economic circumstances without basing itself on a restructuring plan.
Družba FT poudarja zlasti okvir, v katerem so bile izražene izjave, in pojasnjuje, da je to potrebno za presojo resničnega obsega.
Thus, investors who invest an extremely large proportion of their assets in a company threatened with collapse will be the first to demand a radical and immediate review of its strategy, involving, if necessary, a huge sell-off of strategic assets.
V tistem obdobju so v vladi obstajala razhajanja, stališče ministra za gospodarstvo in finance pa se ni ujemalo s stališčem vlade.
LDCOM also stresses that the State cannot go back on its declarations without harming its own financial credibility.
Iz študije dejstev je razvidno, da odgovorni, ki niso vedeli, kako rešiti to težavo, niso imeli nobenega takega namena in da operaterji niso nikoli izrazili prepričanja o dejstvu, da se je država zavezala eni ali drugi rešitvi.
In its intervention on the market, the State plays a role of borrower and a role of majority shareholder in a number of companies.
Družba FT sklepa, da so ugotovitve svetovalca napačne, ker:
This dual role leads to a dual credit rating by the rating agencies, in its capacity as borrower and in its capacity as shareholder through the ratings given to public undertakings.
„Analiza položaja skupine FT ob objavi rezultatov za prvo polletje leta 2002 kaže, da ima skupina neuravnoteženo bilanco stanja in kratkoročne težave z likvidnostjo, vendar zelo dobre poslovne rezultate.
This twofold intervention possibility calls for particular vigilance as any deficiency established in either of these two roles is likely to have consequences for its other role and for its rating.
Iz analize ukrepov, ki bi jih moral v primeru velike zadolženosti predvideti dobro poučen delničar, je razvidno, da je bilo za skupino z zdravim premoženjem, katere notranja vrednost je višja od zneska tržne kapitalizacije in neto zadolženosti, razumno izdelati načrt sanacije, vključno z dokapitalizacijo.
LDCOM further stresses the fact that the credibility of the State is fundamentally different from that of other enterprises in a similar situation which cannot reassure the market.
Država glede na analizo oblikovanja vrednosti in možnosti donosnosti s svojo udeležbo pri povečanju kapitala izvede zelo dobro naložbo in z zagotovitvijo delničarskega posojila, če bo to potrebno, zelo malo tvega.“
The taking into account of the support given by the State following its entering into direct contact with the rating agencies highlights the credibility of the State's support for France Télécom.
PRIPOMBE FRANCIJE
Comments from Tiscalinet
Francoski organi so najprej opozorili, da so že od začetka ravnali v skladu z načelom dobro poučenega zasebnega vlagatelja.
Tiscalinet adds that the declarations made by the State as from 2 July 2002 signal to the market that any compulsory administration of France Télécom is ruled out.
Takoj ko so bili objavljeni rezultati družbe FT za prvo polletje leta 2002, ki so kljub dobrim poslovnim rezultatom razkrili neuravnoteženo finančno strukturo podjetja in velike kapitalske potrebe, je država ukrepala, s tem da je imenovala novega direktorja družbe FT in združila konzorcij bank, ki se je od septembra 2002 dalje zavezal, da bo, ko bo to potrebno, nastopal kot porok za uspešno povečanje kapitala.
At the same time, the State's option for its 2002 dividends to be paid in shares and not in cash is another signal by the State to the market that it supports France Télécom even though a prudent investor would have opted for payment of the dividends in cash.
Istočasno je država od novega vodstva zahtevala poglobljeno revizijo družbe FT.
Tiscalinet also stresses that the set of legislative measures aimed at extending ERAP's company objects so as to enable it to hold France Télécom shares, the provision of a state guarantee to ERAP to enable it to invest in France Télécom and the instrument dealing with the method by which the State would hold France Télécom's capital strengthen the analysis of the irrevocable character of the state guarantee on which market operators, and in particular bond holders, relied when subscribing to the successive calls made by France Télécom.
Država je 4. decembra 2002 na podlagi načrta Ambition 2005, o katerem je bila večinska delničarka redno obveščena, in na podlagi zaveze konzorcija bank objavila svojo odločitev o udeležbi pri povečanju lastnega kapitala družbe FT v višini 9 milijard EUR in tudi svoj namen, da bo družbi FT prek podjetja ERAP dala na razpolago morebitno posojilo za ta vpis, plačano po tržnih pogojih.
These factors bear out that the State is acting as a ‘last resort’ vis-à-vis France Télécom, which a prudent investor would not have done.
Vendar se je družba FT ob upoštevanju finančnih pogojev takega posojila, ki ga dodelijo francoski organi, in navedb Komisije o njenih dvomih glede obstoja elementov pomoči pri tem ukrepu raje obrnila neposredno na trg obveznic.
Comments from ECTA
Finančni položaj družbe FT
The European Telecoms Association (ECTA) is of the opinion that the ministerial declarations of July and October 2002, the granting of a EUR 9 billion credit line and the advance commitment by the State to take part in the future capital increase constitute State aid.
Francoski organi trdijo, da družba FT ob sprejetju odločitve o vlaganju ni bila podjetje v težavah v smislu smernic.