Council Regulation (EC) No 1540/98 of 29 June 1998 establishing new rules on aid to shipbuilding
Date: 1998-06-29
Institutions: Council of the European Union
Subjects: aid for restructuring, building subsidy, cessation of trading, investment aid, regional aid, shipbuilding

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I

(Acts whose publication is obligatory)

COUNCIL REGULATION (EC) No 1540/98

of 29 June 1998

establishing new rules on aid to shipbuilding

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European
Community, and in particular Articles 92(3)(e), 94 and
113 thereof,

Having regard to the proposal from the Commission (1),

Having
Parliament (2),

regard to

the

opinion of

the European

Having regard to the opinion of the Economic and Social
Committee (3),

Whereas the agreement respecting normal competitive
conditions in the commercial shipbuilding and repair
industry concluded between the European Community
and certain third countries within the framework of the
Cooperation
Economic
Organisation
and
Development
referred to as ‘the
(hereinafter
OECD Agreement’) (4) has still not entered into force
because the United States of America has failed to ratify
it; whereas,
therefore, Council Regulation (EC) No
3094/95 of 22 December 1995 on aid to shipbuilding (5)
has not yet entered into force;

for
(OECD)

Whereas,
in accordance with Article 10 of Regulation
(EC) No 3094/95, the relevant rules of Council Directive
90/684/EEC on aid to shipbuilding (6) will continue to
apply, in the absence of entry into force of the OECD
Agreement, until 31 December 1998 at the latest;

Whereas a satisfactory balance between supply and
demand in world shipbuilding has still not been fully

(1) OJ C 114, 15. 4. 1998, p. 14.
(2) OJ C 138, 4. 5. 1998.
(3) OJ C 129, 27. 4. 1998, p. 19.
(4) OJ C 375, 30. 12. 1994, p. 3.
(5) OJ L 332, 31. 12. 1995, p. 1. Regulation as last amended by
Regulation (EC) No 2600/97 (OJ L 351, 23. 12. 1997, p. 18).

(6) OJ L 380, 31. 12. 1990, p. 27.

established, so that prices remain depressed; whereas the
competitive pressures on Community shipbuilders are
expected to grow further as overall ship demand after the
year 2000 is predicted to fall and available world
shipbuilding capacity is expected to continue to rise;

Whereas, although Community yards have made progress
in improving competitiveness, the rate at which they are
improving productivity needs to be increased in order to
close the gap with their
international competitors,
particularly in Japan and Korea;

Whereas a competitive shipbuilding industry is important
to the Community and contributes to its economic and
social development by providing a substantial market for
a range of industries and by maintaining employment in
a number of regions, many of which are already suffering
a high rate of unemployment;

Whereas a complete abolition of aid to the sector is not
yet possible in view of the difficult market situation and
the need to encourage yards to make the necessary
changes to improve competitiveness; whereas, a tight and
selective aid policy should be continued in order to
these efforts and to ensure fair and uniform
support
conditions
intra-Community competition; whereas
such a policy constitutes the most appropriate approach
in terms of ensuring the maintenance of a sufficient level
of activity in European shipyards and,
the
survival of
and competitive European
shipbuilding industry;

an efficient

thereby,

for

Whereas the Community’s aid policy for the shipbuilding
sector has remained essentially unchanged since 1987;
whereas that policy has generally achieved its objectives
but requires adaptations so that it is better able to address
the future challenges facing the industry;

in particular, operating aid is not

the most
Whereas,
cost-effective way
European
shipbuilding industry to improve its competitiveness;
whereas, accordingly, operating aid should be phased out

encouraging

the

of

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18. 7. 98

and the focus shifted more towards other forms of support
to
in
necessary
competitiveness, such as investment aids for innovation;

improvements

promote

the

HAS ADOPTED THIS REGULATION:

Whereas operating aid will therefore end on 31 December
2000;

Whereas operating aid in the form of development
assistance
should continue,
subject to stricter conditions;

to developing countries

CHAPTER I

DEFINITIONS AND AID

Article 1

Definitions

a

aid;

and

time’,

restructuring

‘one time/last

clearer distinction is needed between
Whereas
investment
whereas
aid
restructuring aid should be granted only exceptionally
and subject to strict rules, such as applying the principle
of
capacity
the aid and tighter
reductions as a counterpart
monitoring procedures; whereas investment aid should be
allowed only to improve the productivity of existing
installations in existing yards situated in areas eligible for
regional investment aid, subject to certain limitations on
aid intensities in order to minimise possible distortions to
competition;

requiring genuine

for

Whereas investment aid for innovation should be allowed,
provided that it is for genuinely innovative projects that
will
improve competitiveness; whereas aid for research
and development and aid for environmental protection
should also be permitted so that the shipbuilding industry
is not deprived of these aid possibilities that are available
to all other industrial sectors; whereas closure aid should
continue to be allowed to facilitate structural adjustment;

Whereas, although it is proposed to continue to treat ship
conversion in the same way as shipbuilding to a certain
extent, aid to the ship repair sector should continue not
to be permitted except
closure,
investments under
innovation,
research and development, and environmental protection;

regional aid schemes,

restructuring,

for

Whereas close and transparent monitoring is necessary if
the aid policy is to be effective;

report on the market

Whereas, the Commission is to present to the Council a
regular
situation and appraise
whether European yards are affected by anti-competitive
practices; whereas, if it is established that anti-competitive
practices of any kind are causing injury to industry, the
Commission is, where appropriate,
to propose to the
Council measures to address the problem;

Whereas the first such report is to be presented to the
Council no later than 31 December 1999;

(b)

(c)

(d)

For
the purposes of
definitions shall apply:

this Regulation,

the following

(a)

‘self-propelled seagoing commercial
mean:

vessels’

shall

— vessels of not

less than 100 gt used for

the

transportation of passengers and/or goods,

— vessels of not less than 100 gt for the performance
of a specialised service (for example, dredgers and
ice breakers),

— tugs of not less than 365 kW,

— fishing vessels of not less than 100 gt for export

outside the Community,

— unfinished shells of the abovementioned vessels

that are afloat and mobile.

For the purposes of the above, ‘self-propelled seagoing
vessel’ shall mean a vessel
its
the
permanent propulsion and steering, has
characteristics of self-navigability on the high seas.

that, by means of

all

Military vessels (i.e. vessels which according to their
basic structural characteristics
and capability are
specifically intended to be used exclusively for
military purposes, such as warships and other vessels
for offensive or defensive action) and modifications
made or features added to other vessels exclusively for
military purposes shall be excluded, provided that any
measures or practices applied in respect of such
vessels, modifications or features are not disguised
actions taken in favour of commercial shipbuilding
inconsistent with this Regulation;

shall mean the building,

in the
‘shipbuilding’
Community, of self-propelled seagoing commercial
vessels;

‘ship repair’ shall mean the repair or reconditioning in
seagoing
Community
the
commercial vessels;

self-propelled

of

‘ship conversion’ shall mean the conversion, in the
Community, of self-propelled seagoing commercial
vessels of not less than 1 000 gt, on condition that
conversion operations entail radical alterations to the
cargo plan, the shell, the propulsion system or the
passenger accommodation;

Whereas this Regulation is without prejudice to any
amendments necessary to comply with international
commitments of the Community concerning state aid to
the shipbuilding industry,

(e)

‘aid’ shall mean State aid within the meaning of
Articles 92 and 93 of the Treaty. This shall include
not only aid granted by the State itself but also that
granted by regional or local authorities or other public

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taken directly or

bodies and any aid elements contained in financing
measures
indirectly by Member
States in respect of shipbuilding, repair or conversion
undertakings which cannot be regarded as a genuine
according to standard
risk capital
provision of
investment practice in a market economy;

(f)

‘contract value before aid’ shall mean the price laid
down in the contract plus any aid granted directly to
the yard;

(g)

‘related entity’ shall mean any natural or legal person
who:

(i) owns or controls an undertaking engaged in
shipbuilding, ship repair or ship conversion, or

(ii) is owned or controlled, directly or

indirectly,
whether through stock ownership or otherwise, by
an undertaking engaged in shipbuilding,
ship
repair or ship conversion.

Control shall be presumed to arise once a person or
undertaking engaged in shipbuilding, ship repair or
ship conversion owns or controls an interest of more
than 25 % in the other or vice versa.

Article 2

Aid

competition between shipyards in the Member State and
shipyards in other Member States in the placing of orders.

CHAPTER II

OPERATING AID

Article 3

Contract-related operating aid

1.
Until 31 December 2000, production aid in support
of contracts for shipbuilding and ship conversion, but not
ship repair, may be considered compatible with the
common market provided that the total amount of all
forms of aid granted in support of any individual contract
(including the grant equivalent of any aid granted to the
shipowner or third parties) does not exceed,
in grant
equivalent, a common maximum aid ceiling expressed as
a percentage of
the contract value before aid. For
shipbuilding contracts with a contract value before aid of
more than ECU 10 million, the ceiling shall be 9 %; in
all other cases the ceiling shall be 4,5 %.

The aid ceiling applicable to a contract shall be that
2.
in force at the date of signature of the final contract.

indirectly,

Aid granted, whether directly or

for
1.
shipbuilding, ship repair and ship conversion, financed by
Member States or their regional or local authorities or
through State resources in any form whatsoever, may be
considered compatible with the common market only if it
this Regulation. This
complies with the provisions of
provision applies not only to aid granted to undertakings
engaged in such activities but also to related entities.

For the purposes of

this Regulation, aid granted
2.
indirectly includes all forms of aid to shipowners or to
third parties which are available as aid for the building or
conversion of ships such as credit facilities, guarantees
and tax concessions. Concerning tax concessions, these
provisions shall be without prejudice to the Community
guidelines on State aid to maritime transport (1), and in
particular point 3.1 thereof, and any amendments thereto.

upon

3. No aid granted pursuant to this Regulation may be
conditional
against
discriminatory
products originating in other Member States. In particular,
aid granted by a Member State to its shipowners or to
third parties in that State for ship building or ship
threaten to distort,
conversion may not distort, or

practices

(1) OJ C 205, 5. 7. 1997, p. 5.

However, the preceding subparagraph shall not apply in
respect of any ship delivered more than three years from
the date of signing of the final contract. In such cases, the
ceiling applicable to that contract shall be that in force
three years before the date of delivery of the ship. The
Commission may, however, grant an extension of
the
three-year delivery limit when this is found justified by
the technical complexity of the individual shipbuilding
project concerned or by delays resulting from unexpected
disruptions of a substantial and defensible nature in the
a yard due to exceptional
working programme of
the
external
circumstances,
company.

unforeseeable

and

to

The grant of aid in individual cases in application of
3.
require prior
an approved aid scheme
notification to, or authorisation from, the Commission.

shall not

the relevant

require prior notification of

However, where there is competition between different
Member States for a particular contract, the Commission
aid
shall
proposals at the request of any Member State. In such
cases, the Commission shall adopt a position within 30
days of notification;
such proposals may not be
implemented before the Commission has given its
the
authorisation. By
Commission shall ensure that the planned aid does not
affect
trading conditions to an extent contrary to the
common interest.

its decision in such cases,

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4.
Aid in the form of state-supported credit facilities
granted to national and non-national shipowners or third
parties for the building or conversion of vessels may be
deemed compatible with the common market and shall
not be counted within the ceiling if it complies with the
terms of OECD Council Resolution of 3 August 1981
(OECD Understanding on Export Credits for Ships) or
with any agreement amending or replacing that Under-
standing.

vities are not principally shipbuilding, ship repair or
ship conversion,

— payments to workers for vocational retraining,

— expenditure incurred for the redevelopment of the
yard(s),
installations and infrastructure
for use other than that specified in points (b), (c) and
(d) of Article 1.

its buildings,

5.
Aid related to shipbuilding and ship conversion
granted as development assistance to a developing country
shall not be subject to the ceiling. It may be deemed
compatible with the common market if it complies with
the terms laid down for that purpose by OECD Working
Party 6 in its Agreement concerning the interpretation of
Articles 6 to 8 of the OECD Understanding on Export
Credits for Ships or with any later addendum or corri-
gendum to the said Understanding.

The Commission must be given prior notification of any
such individual aid proposal. It shall verify the particular
development content of the proposed aid and satisfy itself
that
the Understanding
referred to in the first subparagraph and that the offer of
development assistance is open to bids from different
yards.

falls within the scope of

it

CHAPTER III

CLOSURE AND RESTRUCTURING AID

Article 4

Closure aid

In addition,

3.
in the case of undertakings which
totally cease shipbuilding, ship repair or ship conversion,
the following measures may also be deemed compatible
with the common market:

— aid of an amount not exceeding the higher of the
following two values, as determined by an indepen-
dent consultants report: the residual book value of the
installations, ignoring that portion of any revaluation
since 1 January 1991 that exceeds the national infla-
tion rate, or the discounted value of the contribution
to fixed costs obtainable from the installations over a
three-year period (less any advantages the aided under-
taking derives from their closure);

— aid such as loans or loan guarantees for working
capital needed to enable the undertaking to complete
unfinished works provided that this is kept to the
minimum necessary and a significant proportion of
the work has already been done.

The amount and intensity of aid must be justified by
4.
the extent of the closures involved, account being taken
of the structural problems of the region concerned and, in
the case of conversion to other industrial activities, of the
Community legislation and rules applicable to those new
activities.

5.
In order to establish the irreversible nature of aided
closures, the Member State concerned shall ensure that
the closed shipbuilding, ship repair and ship conversion
facilities remain closed for a period of not less than ten
years.

1.
Aid to defray the normal costs resulting from the
total or partial closure of shipbuilding, ship repair or ship
conversion yards may be considered compatible with the
common market provided that
the resulting capacity
reduction is of a genuine and irreversible nature.

The costs eligible for the aid referred to in paragraph

2.
1 are:

— payments to workers made redundant or retired before

legal retirement age,

— the costs of counselling services to workers made or to
be made redundant or retired before legal retirement
age, including payments made by shipyards to facili-
tate the creation of small enterprises which are inde-
pendent of the shipyards in question and whose acti-

Article 5

Restructuring aid

1.
Aid for the rescue and restructuring of undertakings
in difficulties, including capital injections, debt write-offs,
subsidised loans, loss compensation and guarantees, may
exceptionally be considered compatible with the common
market provided that it complies with the Community
guidelines on State aid for rescuing and restructuring
firms in difficulty (1).

Furthermore, in cases of restructuring, the following addi-
tional specific conditions must also be respected:

(1) OJ C 368, 23. 12. 1994, p. 12.

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— the undertaking has not been granted any such aid

pursuant to Regulation (EC) No 1013/97 (1),

CHAPTER IV

— the aid is a one-off operation, with clear and unequi-
vocal undertakings from the Member State concerned
that no further aid will be granted to the undertaking
or its legal successors in the future,

— there is a genuine and irreversible reduction in the
shipbuilding, ship repair or ship conversion capacity
of the undertaking concerned commensurate with the
level of aid involved (in that regard the level of actual
production in the preceding five years will be the
determining factor in the level of capacity reduction
required),

— the closed capacity must have been regularly used for
shipbuilding, ship repair or ship conversion up to the
date of notification of the particular aid in accordance
with Article 10,

— the closed capacity must remain closed to shipbuild-
ing, ship repair or ship conversion for not less than 10
years from the Commission’s approval of the aid,

— if

the closed capacity is

re-used for alternative
purposes, these must be independent of the shipyard
in question and the activities must not be related
principally to shipbuilding, ship repair or ship conver-
sion,

OTHER MEASURES

Article 6

Investment aid for innovation

Aid granted for innovation in existing shipbuilding, ship
repair and ship conversion yards may be deemed com-
patible with the common market up to a maximum aid
intensity of 10 % gross, provided that it relates to the
and
industrial
processes that are genuinely and substantially new, i.e. are
not currently used commercially by other operators in the
sector within the Community, and which carry a risk of
technological or industrial failure, subject to the following
conditions:

application of

innovative

products

— the aid is limited to supporting expenditure on invest-
ments and engineering activities directly and exclu-
sively related to the innovative part of the project,

— the amount and intensity of the aid is limited to the
minimum necessary taking account of the degree of
risk associated with the project.

— the Member State concerned must agree to cooperate
fully with monitoring arrangements established by the
Commission,
including on-site inspections, where
appropriate by independent experts.

Article 7

Regional investment aid

2.
In assessing the regularity of production and the
capacity reduction involved, the Commission shall base
its decision not only on the theoretical capacity of the
yard(s) of the undertaking but also on the level of actual
production over the preceding five years. No account will
be taken of capacity reductions in other undertakings in
the same Member State unless capacity reductions in the
beneficiary undertaking are impossible without under-
mining the viability of the restructuring plan.

3.
The Commission shall seek the views of Member
States on all such cases where the aid is in excess of ECU
10 million before adopting a position on them.

4.
In the case of restructuring operations lasting several
years and involving large amounts of aid, the Commission
may require that aid be disbursed in instalments subject
to prior notification and approval by the Commission.

(1) OJ L 148, 6. 6. 1997, p. 1.

Aid granted for investment in upgrading or modernising
existing yards, not linked to a financial restructuring of
the yard(s) concerned, with the objective of improving the
productivity of existing installations, may be deemed
compatible with the common market provided that:

for
the option
— in regions meeting the criteria
contained in Article 92(3)(a) of
the Treaty and
complying with the map approved by the Commis-
sion for each Member State for the grant of regional
aid, the intensity of the aid does not exceed 22,5 %,

for
the option
— in regions meeting the criteria
contained in Article 92(3)(c) of
the Treaty and
complying with the map approved by the Commis-
sion for each Member State for the grant of regional
aid, the intensity of the aid does not exceed 12,5 % or
the applicable regional aid ceiling, whichever is the
lower,

— the aid is limited to support eligible expenditure as
defined in the applicable Community guidelines on
regional aid.

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Article 8

(c) any individual application of aid schemes in the fol-

lowing cases:

Research and development

Aid granted to defray expenditure by shipbuilding, ship
repair or ship conversion undertakings on research and
development projects may be considered compatible with
the common market if it is in compliance with the rules
laid down in the Community framework for State aid for
research and development (1), or any successor arrange-
ments.

Article 9

Environmental protection

Aid granted to defray expenditure by shipbuilding, ship
repair or ship conversion undertakings for environmental
protection may be considered compatible with the
common market if it is in compliance with the rules laid
down in the Community guidelines on State aid for en-
vironmental protection (2), or any successor arrangements.

CHAPTER V

MONITORING PROCEDURES AND ENTRY INTO
FORCE

Article 10

Notification

1.
Aid to shipbuilding, ship repair and ship conversion
undertakings covered by this Regulation shall be subject
to,
in addition to the provisions of Article 93 of the
Treaty, the special notification rules provided for in para-
graph 2.

2.
The following shall be notified to the Commission
in advance by the Member States and authorised by the
Commission before they are put into effect:

(a) any aid scheme — new or existing — or any amend-
ment of an existing scheme covered by this Regula-
tion;

(b) any decision to apply a generally applicable aid
scheme, including generally applicable regional aid
schemes, to the undertakings covered by this Regula-
tion in order to verify compatibility with Article 92 of
the Treaty, in particular in cases referred to in Articles
6, 7, 8 and 9 unless the aid is below the de minimis
threshold of ECU 100 000 over any three-year period;

(1) OJ C 45, 17. 2. 1996, p. 5.
(2) OJ C 72, 10. 3. 1994, p. 3.

(i) those referred to in the second subparagraph of
Article 3(3) and in Article 3(5), Article 4, and
Article 5; or

(ii) when specifically provided for by the Commission
in its approval of the aid scheme concerned.

Article 11

Monitoring of application of aid rules

1.
To enable the Commission to monitor application
of the aid rules contained in Chapters II to IV, Member
States shall supply it with:

(a) monthly reports on each shipbuilding and ship
conversion contract by the end of the third month
following the month of signing of each contract, in
accordance with the annexed Schedule 1;

(b) completion reports on each shipbuilding and ship
conversion contract, including those signed before the
entry into force of this Regulation, by the end of the
month following the month of completion,
in ac-
cordance with the annexed Schedule 1;

(c) where requested by the Commission, yearly reports, to
be provided by 1 March of the year following the year
subject
the total
to the report, giving details of
amount of aid granted to each individual national
shipyard during the previous calendar year,
in ac-
cordance with the annexed Schedule 2;

(d)

(e)

(f)

in the case of shipyards able to build merchant ships
over 5 000 gt, yearly reports to be provided not later
than two months after the annual general meeting has
approved the shipyard’s yearly report, giving publicly
available information on capacity developments and
on the structure of ownership, in accordance with the
annexed Schedule 3; such reports shall be submitted
biannually after
report has been
the first annual
submitted unless the Commission decides to request
yearly reports to continue;

in the case of shipyards which have received restruc-
turing aid in accordance with Article 5, quarterly
reports on the attainment of the restructuring objec-
tives, including the following elements: disbursement
and use of the aid, investments, productivity perfor-
mance, employment reductions, viability;

in the case of shipyards benefiting from contracts
supported by aid in the form of development assis-
tance, such information as the Commission may
require to enable it to ensure that the conditions of
Article 3(5) are respected.

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2.
In the case of shipyards engaged in both commercial
and military shipbuilding, ship repair or ship conversion,
the reports referred to in (d) of paragraph 1 shall be
accompanied by an attestation by the statutory auditor
certifying the apportionment of the overheads to these
two fields. In addition, separate information shall be
submitted on the turnover in the commercial and military
fields.

3. On the basis of the information communicated to it
in accordance with Article 10 and paragraph 1 of this
Article, the Commission shall draw up an annual overall
report to serve as a basis for discussion with national
experts and the Council. The report shall also be sent to
the European Parliament for information. Separate half-
yearly reports will be drawn up on cases involving restruc-
turing aids.

4.
If a Member State does not fully comply with its
reporting obligations as laid down in paragraph 1, the
Commission may, after consultation and after having
given due notice, require that that Member State suspend
outstanding payments of aid already approved until such
time as all due reports have been received by the
Commission.

If the reporting by a Member State under paragraph 1 is
punctual but incomplete and at the time of reporting that
those yards which have not
Member State specifies

fulfilled their reporting obligations, the Commission shall
limit
for suspension of out-
standing aid payments to such yards only.

its possible requirement

Article 12

Commission report

The Commission shall present to the Council a regular
report on the market situation and appraise whether
European yards are affected by anti-competitive practices.
If it is established that industry is being caused injury by
anti-competitive practices of any kind, the Commission
shall, where appropriate, propose to the Council measures
to address the problem.

The first report shall be presented to the Council no later
than 31 December 1999.

Article 13

Entry into force

This Regulation shall enter into force on 1 January 1999.

It shall apply until 31 December 2003.

This Regulation shall be binding in its entirety and directly applicable in all Member
States.

Done at Luxembourg, 29 June 1998.

For the Council

The President

R. COOK

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L 202/10

EN

Official Journal of the European Communities

18. 7. 98

Schedule 3

REPORT ON YARDS ABLE TO BUILD MERCHANT SHIPS OF OVER
5 000 GRT

1. Name of the company

( . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )

2. Total available capacity

( . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ) (cgt)

3. Data on the dock/berth

Dock or berth

Maximum size of ships (grt)

(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )

( . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )

(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )

( . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )

(. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )

( . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . )

4. Description of any plans for future capacity expansion or reduction

5. Production (expressed in cgt) for the year and production levels in the preceding four years

6. Structure of ownership (capital structure, share of direct and indirect public ownership)

7. Financial statements (balance sheet, profit and loss statement, including, if available, separate accounts

covering the shipbuilding activities of holding)

8. Transfer of public resources (including debt guarantees, bond infusions, etc.)

9. Exemptions from financial or other obligations (including tax privileges, etc.)

10. Capital contribution (including equity infusions, withdrawal of capital, dividend, loans and their refunding,

etc.)

11. Debt write-off

12. Transfer of losses