natgillin/translations-raw huggingface dataset:
Alle virksomheder i stikprøven indkøbte jernmalm på hjemmemarkedet enten af forretningsmæssigt forbundne eller ikke forbundne virksomheder, men importerede også jernmalm i betydelige mængder.
This approach was confirmed during the verification visit where parties stated that in its assessment of the guarantor, the specific company's situation is considered and not the situation at group level.
Kommissionen fastslog på grundlag af kontrollerede oplysninger vedrørende individuelle jernmalmtransaktioner fra alle virksomheder i stikprøven, at indkøbsprisen for jernmalm var den samme, uanset om jernmalmen blev indkøbt på hjemmemarkedet eller importeret eller indkøbt hos forretningsmæssigt forbundne eller ikke forbundne virksomheder.
As for the guarantees, except for Qian'an Coal, no information was provided in the questionnaire replies on the guarantors of the reported loans.
To virksomheder i stikprøven var forretningsmæssigt forbundet gennem miner i oversøiske områder.
Concerning the financial situation of the Jingtang production company, this company has been continuously loss-making since the start of its commercial operations in 2010, except for the years 2014 and 2015, when it barely managed to break even with profits in a range of 0 % to 0,5 %.
Undersøgelsen viste dog ingen tegn på statslig støtte i tilknytning til investeringen i disse miner.
In addition, since its creation, this company has recorded accumulated losses of [13-16] billion RMB.
Under alle omstændigheder syntes købsprisen (overdragelsesprisen) i forbindelse med de tilknyttede miner at være blevet fastsat på armslængdevilkår.
The company has continuously performed far below the expectations raised in the feasibility report on which the approval of the Jingtang construction project was based.
Klageren hævdede også, at den kinesiske regering anvendte China Iron & Steel Association (»CISA«), til at påvirke forhandlingerne om den internationale købspris.
During the IP, an asset evaluation report was drawn up in relation to a change in the shareholding structure of Shougang Jingtang.
Kommissionen fandt beviser, der tydede på, at en sådan praksis tidligere er blevet anvendt.
This report evaluated the net value of the company during the IP at less than a third of the initial investment amount.
Men denne praksis ophørte i 2013, og der ikke er ingen tegn på, at denne praksis medførte nogen fordele for de stikprøveudvalgte producenter af varmvalsede flade produkter i undersøgelsesperioden.
The Commission therefore maintained its conclusions with respect to the Jingtang production company.
På baggrund af ovenstående konklusioner kunne Kommissionen ikke fastslå, at regeringen ydede et subsidiebeløb til virksomhederne i stikprøven for indkøb af jernmalm i undersøgelsesperioden.
With respect to Shougang Group's questioning of the Commission's calculation methodology, the Commission clarified that it did notice that in all Chinese companies the operating profit reported in the financial statements actually was the profit after payment of the financial expenses.
Koks
Therefore, when calculating its financial indicators, the Commission had added the financial expenses back to the operating profit in order to know the earnings before interest expenses of each company.
Alle virksomheder i stikprøven indkøbte koks på hjemmemarkedet enten af forretningsmæssigt forbundne eller ikke forbundne virksomheder, men importerede også koks i små mængder.
Therefore, the Commissions maintained its position on the calculation of the financial indicators.
Kommissionen fastslog på grundlag af kontrollerede oplysninger vedrørende individuelle transaktioner fra alle virksomheder i stikprøven, at indkøbsprisen for koks var den samme, uanset om varen blev indkøbt på hjemmemarkedet eller importeret eller indkøbt hos forretningsmæssigt forbundne eller ikke forbundne virksomheder.
Upon disclosure, the Shougang Group also criticised the lack of detail with respect of the Commission's treatment of three of its producing companies.
Baseret på kontrollerede oplysninger fra virksomhederne i stikprøven kunne Kommissionen således ikke fastslå, at den kinesiske regering havde ydet et subsidiebeløb til køb af koks i undersøgelsesperioden.
The Commission observed that it provided full detail in its second specific disclosure.
Kokskul
In particular, the Commission made an assessment of the financial situation of Qian'an Coal, Shougang Mining, and Xishan Coking over the period 2012-2015.
Den kinesiske regering forklarede, at det samlede kuleksportmarked er reguleret i henhold til bestemmelser om handel for statsforetagender, som er blevet meddelt WTO [39].
Next to the profitability, other financial ratios were considered in order to draw conclusions on the financial soundness of the companies, as described in recitals (226) to (228) below.
Eksportmængderne er begrænset gennem eksportkvoter, og eksportører er nødt til at ansøge om en eksportlicens.
In the case of Qian'an Coal, the company had recorded marginal profits (close to the break-even point) before 2014, a small profit in 2014 (less than 3 %), and was loss-making during the IP.
Denne eksportlicens er kun ydet til fem virksomheder, nemlig China National Coal Corporation, China Minmetals Corporation, Shanxi Coal Import and Export Group Co. Limited, Shenhua Group Corporation Ltd. og Aluminum Corporation of China Limited.
Its turnover had been continuously decreasing and nearly reduced by half between 2012 and 2015.
De er alle store statsejede virksomheder.
Moreover, the company had a continuously high leverage (debt/asset ratio over 60 %) in that time span, and did not generate enough operating profit to cover the payment of its interest expenses during the IP (interest coverage ratio < 1).
Desuden er der indført en eksportafgift på 3 %.
About one third of the short-term loans of the company granted during the IP (and representing around one third of the total outstanding debt of the company) are considered to be revolving loans.
Ifølge oplysninger fra den kinesiske regering, tegner henholdsvis eksport og import sig for mindre end 1 % af det indenlandske forbrug.
Shougang Mining had been continuously loss-making over the period 2012 to 2015, except in 2013, when it generated a small profit margin.
Den kinesiske regering bekræftede også under kontrolbesøget, at den kinesiske regering fastsætter antallet af produktionsdage pr. år for kokskulvirksomhederne, hvilket er en stærk indikation af, at den indenlandske forsyning af kokskul er påvirket af statslig indgriben.
In total, the company had recorded accumulated losses of around 2 billion RMB in 2015.
Den kinesiske regering afgav ikke yderligere oplysninger om, hvordan markedet for kokskul fungerer.
The turnover of the company had been continuously decreasing over the past 4 years, and reduced by more than half between 2012 and the IP.
Alle virksomheder i stikprøven indkøbte kokskul på hjemmemarkedet enten af forretningsmæssigt forbundne eller ikke forbundne virksomheder, men importerede også kokskul i små mængder.
Shougang Mining had a continuously high leverage (debt/asset ratio around 80 %) over the past 5 years, and did not generate enough operating profit to cover the payment of its interest expenses in any of the past 5 years (interest coverage ratio < 1).
Kommissionen fastslog på grundlag af kontrollerede oplysninger vedrørende individuelle transaktioner fra alle virksomheder i stikprøven, at indkøbsprisen for kokskul var den samme, uanset om varen blev indkøbt på hjemmemarkedet eller importeret eller indkøbt, og uanset om kokskul blev indkøbt hos forretningsmæssigt forbundne eller ikke forbundne virksomheder.
The only loan granted to the company during the IP was considered to be a revolving loan.
Selv om undersøgelsen viste, at forsyningen af kokskul på hjemmemarkedet til en vis grad er påvirket af staten, af de årsager, der er forklaret i betragtning 274 og 275, kunne Kommissionen ikke finde beviser for, at virksomhederne i stikprøven modtog subsidier i forbindelse med levering af kokskul, eller at de havde en fordel af statslig indgriben i undersøgelsesperioden.
The Commission therefore maintained its conclusions with respect to Qian'an Coal and the Shougang Mining companies.
Efter fremlæggelsen af oplysninger gjorde klageren gældende, at Kommissionen også burde have vurderet, i hvilket omfang de indenlandske priser på jernmalm, koks og kul påvirker den pris, som de eksporterende producenter er rede til at betale for importerede råvarer.
Xishan Coking was created at the end of 2009, and started with a large loss (exceeding 300 million RMB), which had still not been absorbed during the IP.
Kommissionen afviste dette argument, da det i forbindelse med den langsigtede levedygtighed af en producents omkostninger ved produktion ikke kræves en konstatering af, om der foreligger en fordel.
The turnover of the company had been decreasing over the past 4 years and the company was increasingly leveraged over that time span.
Det var snarere Kommissionens opgave at vurdere — hvilket den også gjorde — om regeringen havde leveret jernmalm, koks eller kul mod utilstrækkeligt vederlag.
Many loans granted to the company during the IP were considered to be revolving loans.
Dette var ikke tilfældet, da producenterne havde fået deres råvarer til markedspris.
However, the Commission accepted the claim by the Shougang Group that a high proportion of the debts of the Xishan Coking could actually be attributed to Jingtang and that the financial results of Xishan Coking were highly affected by this fact.
Strøm
In addition, the company had continuously recorded profits between 2012 and 2015.
Alle virksomheder i stikprøven producerer enten selv strøm, eller de køber det fra forsyningsnettet.
As a result, the 2015 loans by Xishan Coking were not treated as grants, and the benefit received was recalculated under the same methodology as for the companies at the level of the group, as described in recitals (209) to (210) above.
Indkøbsprisen for elektricitet fra forsyningsnettet fulgte de officielle prisniveauer, der er fastsat på provinsniveau for store industrielle kunder.
The Benxi Group presented itself in a generally difficult financial situation according to its own financial accounts.
Som konkluderet i tidligere undersøgelser [40] medførte dette niveau ikke en specifik fordel for disse store industrielle kunder.
It was loss-making in 2015, it was highly leveraged and it continuously increased its liabilities over the period 2012-2015.
Hertil kommer, at Kommissionen i denne sag ikke fandt beviser for, at nogen af virksomhederne drog fordel af en lavere præferencesats.
Furthermore, revolving loans were found on-spot during the verification at the level of the parent company.
Kommissionen konstaterede heller ikke noget specifikt elrelateret subsidiebeløb hos virksomhederne i stikprøven.
At the level of the company involved in the production of HRF, the financial statements as well as evidence found relating to specific loans showed that this company was operating as an ongoing concern despite consecutive years of losses or marginal profits, continuously increasing debt to assets ratios, worsening financial indicators and an uncertain outlook for the future.
Baseret på kontrollerede oplysninger fra virksomhederne i stikprøven kunne Kommissionen således ikke fastslå, at den kinesiske regering havde ydet dem et subsidiebeløb til køb af energi i undersøgelsesperioden.
The company did not generate enough operating profit to cover the payment of its interest expenses during the entire period 2012-2015.
Brugsrettigheder til jord
Furthermore, the Commission also found one revolving loan among the sampled loans, and in the loan tables, some short term loans were replaced with new loans for the same amount at expiry.
Al jord i Kina ejes enten af staten eller af et kollektiv bestående enten af landsbyer eller byområder, inden ejendomsretten til jorden eller brugsretten til jorden (equitable title) kan patenteres eller overdrages til virksomheder eller individuelle ejere.
Despite these circumstances, the Benxi Group was awarded a AA+ domestic credit rating during the IP by a Chinese subsidiary of Moody's.
Alle jordarealer i byområder er statsejet, og alle jordarealer i landdistrikterne er ejet af de deri liggende landsbyer eller byområder.
However, the general disclaimer of this subsidiary highlights that it only provides domestic ratings reflecting relative credit risk within China, whereas Moody's role is to provide management expertise, technological support and analyst training.
I henhold til forfatningsretten i Kina og jordlovgivningen kan virksomheder og enkeltpersoner imidlertid købe »brugsrettigheder til jord«.
Therefore, in light of the overall distortions of Chinese credit ratings mentioned in recitals (159) to (161) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Benxi Group.
For jord til industriel anvendelse er lejemålet normalt på 50 år med mulighed for forlængelse i yderligere 50 år.
Furthermore, the Commission concluded that at the level of the production company, the situation was such that that this company would not have had access to further loans during the IP absent State support.
Ifølge den kinesiske regering kan ejendomsretten til jord til industriel anvendelse, i henhold til artikel 5 i statsrådets meddelelse om Strengthening Regulation of Land (GF [2006] nr. 31), siden den 31. august 2006 kun gives af staten til industrivirksomheder gennem budrunder eller en lignende offentlig udbudsproces, hvorved den endelige pris ikke må være mindre end den minimale udbudspris.
Rather, the benefit during the IP derived from the award of loans which would probably not have been granted absent the State support based on the company's overall financial situation.
Den kinesiske regering mener, at der er et frit marked for jord i Kina, og at den pris, der betales af en industrivirksomhed for lejemål af jord, afspejler markedsprisen.
In this respect, the Commission noted that the Benxi Group is a large SOE which was earmarked as a ‘champion’ in the 12th 5 Year Steel Plan.
Retsgrundlag
Therefore, as illustrated in section E(b)(V) of the 1998 guidelines, the Commission decided to treat the outstanding amounts of these loans during the IP as a grant provided in pursuit of governmental policies.
Bestemmelsen om brugsrettigheder til jord i Kina hører under Land Administration Law i Folkerepublikken Kina.
The benefit conferred was determined based on the outstanding capital amount of the loan minus the interest paid during the IP.
Interim Regulations of the People's Republic of China Concerning the Assignment and Transfer of the Right to the Use of the State-owned Land in the Urban Areas
The Commission's position on these claims, as described above in recitals (175) to (195) applies equally to the Benxi Group.
Regulation on the Implementation of the Land Administration Law of the People's Republic of China
Furthermore, the claims and arguments put forward by the GOC and some sampled companies with regards to the general methodology for the loans treated as grants applies equally to the Benxi Group.
Provision on Assignment of State-owned Construction Land Use Right through Bid Invitation, Auction and Quotation og
The Commission's position on these claims, as described above in recitals (216) to (221) applies equally to the Benxi Group.
State Council's Notice regarding Strengthening Regulation of Land (Guo Fa [2006] nr. 31).
Following disclosure, the Benxi Group mainly echoed the comments of the GOC.
Resultaterne af undersøgelsen
However, it also added some additional specific comments:
I henhold til artikel 10 i Provision on Assignment of State-owned Construction Land Use Right through Bid Invitation, Auction and Quotation fastsætter lokale myndigheder priserne på jord i henhold til vurderingssystemet for jord i byområder, der opdateres hvert tredje år, og regeringens industripolitik.
The Benxi Group claimed that the financial indicators mentioned in its specific disclosure document did not adequately demonstrate that Bengang had no ability to repay its loans.
I tidligere undersøgelser har Kommissionen konstateret, at priserne på brugsrettigheder til jord i Kina ikke er repræsentative for en markedspris, der bestemmes af udbud og efterspørgsel på det frie marked, eftersom det blev konstateret, at budrunden eller den offentlig udbudsproces er uklar, uigennemsigtig og ikke fungerer i praksis, og det blev konstateret, at priserne fastsættes vilkårligt af myndighederne.
Furthermore, even if Bengang might have been faced with some financial difficulties in recent years, it still kept normal operations during these years, and had sufficient capacity to repay its loans.
Som nævnt i foregående betragtning fastsætter myndighederne priserne i henhold til vurderingssystemet for jord i byområder, hvor det kræves, at de blandt andre kriterier også skal tage hensyn til industripolitikken ved prissætning af jord til industriel anvendelse.
The Benxi Group also argued that the analysis of its credit rating was not comprehensive enough.
I det mindste inden for stålsektoren er adgangen til jord til industriel anvendelse ved lov begrænset til virksomheder, der overholder de industripolitikker, der fastlægges af staten [41].
Finally, the Benxi Group claimed that the complainant had not submitted this subsidy program in its application, and that the approach to treat loans as grants was therefore not in accordance with Article 11.1 of the SCM Agreement.
Den nuværende undersøgelse viste ingen væsentlige ændringer i denne henseende.
On the first point, the Commission noted that the company recognized in its reply to the disclosure document that it had been faced with financial difficulties in the recent years, and that it did not dispute any of the findings made by the Commission, such as declining profit margins and turnover, high debt ratio, and inability to pay the interests on loans.
Kommissionen har f.eks. konstateret, at ingen af de eksporterende producenter i stikprøven var gået gennem en budrunde eller en lignende offentlig udbudsproces for brugsrettigheder til jord, heller ikke for brugsret til jord, der var erhvervet for nylig.
The company also had significant losses during the IP.
Brugsrettigheder til jord, som virksomhederne i stikprøven havde før år 2000, blev normalt tildelt virksomheden uden beregning.
Furthermore, the Benxi Group recognized that some loans were not repaid in line with the original repayment schedule, thus showing that the company experienced difficulties in its ability to repay loans.
Nyere jordarealer er blevet tildelt af lokale myndigheder til forhandlede priser.
In view of this overall situation of the company, the Commission maintained its position that under normal market conditions, the company would not have had access to further loans.
Kommissionen konstaterede også, at visse virksomheder i Shougang Group modtog tilbagebetalinger fra lokale myndigheder som kompensation for de priser, de betalte for brugsrettigheder til jord, f.eks. for arbejder, som virksomheden selv har udført i forbindelse med grundlæggende infrastruktur på jorden.
Concerning the fact that the concerned companies formed part of a large group of companies, and that their loans were guaranteed by the parent companies, the Commission recognized that the loans provided to the production company in the Benxi Group were indeed guaranteed by another company in the group.
Desuden skulle en del af de brugsrettigheder til jord, som virksomhederne i Shougang Group havde fået, først betales flere år efter, at jorden var blevet taget i brug.
However, it became clear during the verification visit that these guarantees were provided by other several other companies in the group which were in a similar difficult financial situation.
Ovennævnte beviser er i modstrid med den kinesiske regerings påstande om, at de priser, der blev betalt for brugsrettigheder til jord i Kina, er repræsentative for en markedspris, som bestemmes ved frit udbud og efterspørgsel på markedet.
In fact, all of the verified companies in the Benxi Group were loss-making during the IP, and the company itself stated in its questionnaire reply that the group was in a situation of ‘sustained loss’ affecting several affiliated companies, with no prospects of coming back to profits in the near future.
Efter fremlæggelsen af oplysninger hævdede den kinesiske regering, at der også er et dynamisk overvågningssystem for jordarealer ud overvågningssystemet for jord i byområder, og at dette blev anerkendt i Kommissionens udløbsundersøgelse vedrørende solceller med oprindelse i Folkerepublikken Kina.
With respect to the credit rating of the company, the Commission considered that the confirmation of the difficult financial situation by the company itself clearly showed that it should not have gotten an AA+ rating.
Kommissionen anerkendte, at det dynamiske overvågningssystem for jordarealer faktisk blev analyseret i forordningen om udløbsundersøgelse vedrørende solceller [42].
The only new evidence provided by the company in this respect was that there was not necessarily a link between its financial difficulties and its credit rating, as it was a large iron and steel group with a long history and a good credit reputation.
I betragtning 421 og 425 deri havde Kommissionen konstateret, at disse priser er højere end de laveste referencepriser, der er fastsat af vurderingssystemet for jord i byområder og benyttes af de lokale myndigheder, da sidstnævnte kun ajourføres hvert tredje år, hvorimod den dynamiske overvågning af priser ajourføres kvartalsvis.
The Commission considered that this kind of argumentation adequately reflected the Commission's claim that credit ratings in China were not reliable, as they were mainly based on the size and the status of companies, and not on their actual credit situation.
Der var imidlertid ingen angivelse af jordpriser, der var baseret på den dynamiske overvågning af priser.
Concerning the third point, the Commission disagreed with the company's claim that the subsidy related to loans treated in a similar way as grants was not included in the complaint.
Den kinesiske regering havde i løbet af undersøgelsen vedrørende solceller bekræftet, at det dynamiske overvågningssystem for jord i byområder overvåger udsvingene i prisniveauerne på jord i bestemte områder (dvs. 105 byer) i Kina og er udformet til at vurdere udviklingen i jordpriserne.
Indeed, this concerned a separate calculation methodology within the preferential lending, which was indeed included in the complaint.
Udbudspriserne ved udbudsrunder og auktioner var dog baseret på de benchmark, der var fastsat af vurderingssystemet for jord.
Conclusion on preferential lending
Hertil kommer, at i dette tilfælde fik grupperne af virksomheder i stikprøven deres jordarealer gratis eller gennem tildeling.
The investigation showed that all sampled groups of exporting producers benefited from preferential lending during the IP.
Derfor er det forhold, at dette system eksisterer, irrelevant, da det ikke gjaldt for de virksomheder, der indgik i stikprøven.
In view of the existence of a financial contribution, a benefit to the exporting producers and specificity, this benefit should be considered as a countervailable subsidy.
Den kinesiske regering hævdede desuden, at den omstændighed, at jordarealer var blevet tildelt til forhandlede priser ikke var udtryk for en mangel på retfærdig konkurrence eller, at virksomhederne betalte priser under de normale markedspriser.
The subsidy rate established with regard to this scheme during the IP for the sampled groups of companies amounts to:
Men hverken den kinesiske regering eller de virksomheder, der indgik i stikprøven, fremlagde nye beviser for, at de priser, der blev betalt for tildelt jord, var baseret på markedspriser.
Preferential policy loans
Desuden hævdede den kinesiske regering, at Kommissionen henviste til resultaterne af tidligere undersøgelser for at fastslå, om markedspriser forvrides som følge af statslig intervention, i stedet for at anvende de særlige faktiske omstændigheder i forbindelse med sagen.
Company/Group