natgillin/translations-raw huggingface dataset:
Vedrørende det første punkt var Kommissionen uenig i den kinesiske regerings erklæring om, at den ikke fremlagde de vigtigste kendsgerninger vedrørende statsstøtte, der lå til grund for Kommissionens resultater.
Indeed, in the US, the difference in interest rate between a 1-year and a 10-year bond was much wider (ranging from 2,5 % to 3,7 %) than the difference between the 1-year and above 5-year interest rates of the PBoC (0,8 % difference).
Den statsstøtte, der er nævnt i betragtning 211, udgjorde en del af de samlede begrundelser vedrørende præferencelåneordningerne og henviste dermed til samme beviser, som allerede indgående beskrevet i afsnit 3.4.1 til 3.4.3.
The divergence thus stemmed from the starting point on which the relative spread was applied.
Derudover har Kommissionen fremlagt yderligere begrundelser i afsnit 3.5 nedenfor vedrørende eksistensen af statsstøtte til visse virksomheder i stålindustrien, der har økonomiske vanskeligheder.
If the PRC would have had a similar time structure of risk as a starting point, then the resulting benchmark rates would have again followed a logical trend across all loan durations.
Da både Shougang Group og Benxi Group blev anset for at være førende nationale virksomheder, gælder begrundelsen i afsnit 3.5 også for dem.
For example, assuming a 3 % difference between short-term and long-term PBoC interest rates would have resulted in a benchmark rate of 15,81 % for long-term loans, which is higher than the 14,22 % benchmark for short-term loans.
For så vidt angår det andet og tredje punkt, præciserede Kommissionen, at den ikke havde anset de lån, der blev ydet til virksomhederne i stikprøven, for at være tilskud som sådan.
The Commission recognized this issue from the outset.
I modsætning til, hvad der blev fremført af den kinesiske regering, havde Kommissionen ikke ændret den retlige karakter af de finansielle bidrag fra lån til tilskud.
In order to minimize the impact of differences in time structure of risk between the two countries, the Commission decided to use the average relative spread for all loan durations, thus bringing the international benchmark closer to Chinese conditions and avoiding penalization of Chinese companies having a high proportion of short-term loans.
Kommissionen havde snarere erkendt, at lånene til virksomhederne havde tilknyttede betalingsforpligtelser.
On the sixth point, the Commission disagreed with the GOC's claims.
Kun ved beregningen af fordelen af en sådan transaktion foretog Kommissionen ikke en sammenligning af rentesatserne, men anvendte det udestående beløb som udgangspunkt.
The claim that the Commission only used the relative spread for long-term loans is factually incorrect.
Kommissionen præciserede i den forbindelse endvidere, at den ikke tog hele lånebeløbet i betragtning ved beregningen af fordelen.
The methodology of the relative spread was used for both long-term and short-term loans.
Kun den udestående del af lånene blev anvendt som udgangspunkt, og der blev efterfølgende foretaget en række nedjusteringer af dette beløb.
Using a single average relative spread for loans with different maturities did not assign too much weight to short-term maturities, as the Commission in practice applied this spread to loans with various maturities.
For det første blev fordelen fastslået på grundlag af det udestående beløb med fradrag af de betalte renter i UP.
On the seventh point, the Commission recognized that it had used data from two different time periods, i.e. the relative spread applicable during the IP and the PBoC rate applicable at the time when the loan was granted, and that the time period considered for each loan should match.
For det andet blev lånets hovedstol justeret i værdi ved afskrivning i henhold til det underliggende formål med lånet.
However, the Commission disagreed with the GOC's conclusion that all data should have been taken from the IP instead.
Hvis formålet med lånet var mærket som likviditet/driftskapital, blev det fulde beløb anvendt.
In this respect, the Commission noted that the specific conditions attached to each loan, such as for example the variability of the interest rate, should be taken into account when determining the correct time period to be used for the spread as well as for the PBoC rate.
Hvis lånet klart var forbundet med en langsigtet investering, ville lånets hovedstol blive afskrevet over lånets løbetid, og kun det beløb, der var fordelt på UP, blev taget i betragtning.
However, in the present investigation, this information was not available to the Commission for all loans granted to the sampled companies.
Endelig blev fordelens størrelse yderligere justeret for kun at afspejle det antal dage i undersøgelsesperioden, som lånet løb.
In view of the absence of information on the specific conditions of the loans granted in the past, and upon GOC's request, the Commission decided that it would use the relative spread and the PBoC rate applicable during the IP for all loans granted to the sampled companies for this investigation.
Alle disse justeringer viser, at Kommissionen ikke tog hensyn til det fulde lånebeløb af lånet i beregningen af fordel.
The Commission adjusted downward the amount of benefit related to preferential lending accordingly.
Kommissionen fandt derfor, at den begrundelse, som blev anvendt i panelrapporten i sagen EC — DRAMS ikke var relevant for denne undersøgelse.
Finally, on the last point, the Commission agreed that the sources referred to in the additional information document referred to the use of a relative spread with regards to yields and that none of the sources stated that this difference needed to be expressed in a relative way.
Den pågældende sag vedrørte et spørgsmål om beregningsmetoden [34], og panelet anfægtede hovedsageligt det forhold, at Europa-Kommissionen havde anset det fulde lånebeløb i forbindelse med Hynix for at være en fordel uden at tage hensyn til de forpligtelser, der er knyttet hertil [35].
The Commission pointed to the fact that the aim of the relative spread exercise was to construct a credit risk premium, to be applied to the risk-free rate in order to arrive at a benchmark interest rate.
Da dette var ikke tilfældet i den nuværende undersøgelse, blev denne påstand derfor afvist.
Credit risk premiums are indeed related to how investors view securities, and what is the yield they expect to receive in return for the increased risk.
Med hensyn til den kinesiske regerings påstand om, at den finansielle situation for Shougang group og Benxi Group svarer til en »BB«-rating, som bør være tilstrækkelig til at få lån på markedet, erindrede Kommissionen om, at den foretog en differentieret vurdering af virksomheder på koncernniveau og virksomheder på produktionsvirksomhedsniveau.
Furthermore, even though not all sources were based on scholarly books, they did echo the references made in other sources.
Kommissionens konklusion var, at den finansielle situation, der svarer til en BB-rating, kun gjaldt på koncernniveau, men ikke for de enkelte virksomheder, der var involveret i produktionen.
For all these reasons, the Commission still viewed all of these sources as being relevant.
Den afviste derfor denne påstand.
The Commission thus maintained it position that the relative spread method reflects more adequately the risk premium that a financial institution would apply to the Chinese exporting producers in a non-distorted market, in particular given that the base interest rate in the PRC and the base interest rate in the US have evolved differently over time.
Den finansielle situation for EU-erhvervsgrenen på koncernniveau var ikke den samme som for de enkelte produktionsvirksomheder.
The following comments were received:
Navnlig viste de konsoliderede årsregnskaber for Arcelor Mittal, Thyssen Krupp og Tata Group alle overskud i undersøgelsesperioden.
The Commission classified all loans with a duration of two years and less as revolving loans without an adequate explanation or supporting evidence.
Derudover, som beskrevet ovenfor i betragtning 192 var vilkårene og betingelserne for refinansieringstransaktioner i Unionen og i Kina meget forskellige.
Not all short-term loans provided to the sampled companies were revolving loans.
Denne bemærkning var derfor ubegrundet.
Revolving loans are not necessarily a sign of liquidity issues.
For så vidt angår Shougang Group satte især det forhold, at gruppen som helhed har været rentabel, ikke spørgsmål ved Kommissionens beregningsmetode vedrørende indberettede lån.
Revolving loans are part of standard business practices in Europe.
Som forklaret i betragtning 156 er virksomhederne i koncernen blevet vurderet særskilt, og konklusioner og behandling blev tilpasset deres individuelle situation.
They do not generate higher interest rates, and have been used by the EU steel industry.
Denne tilgang blev bekræftet under kontrolbesøget, hvor parterne anførte, at i vurderingen af garantistilleren behandles den enkelte virksomheds situation og ikke situationen på koncernniveau.
More specifically, the Shougang Group claimed that the Commission identified revolving loans mainly for the companies Qian'an Coal, Xishan Coking and Shougang Corp., which were not in financial distress.
For så vidt angår garantier, undtagen for Qian'an Coal, blev der ikke givet nogen oplysninger i spørgeskemabesvarelserne om garantistillerne for de indberettede lån.
The proxy benchmark used by the Commission was not consistent with Article 14 of the SCM Agreement.
Vedrørende den finansielle situation for produktionsvirksomheden Jingtang har denne virksomhed været tabsgivende, siden den indledte sine forretningsaktiviteter i 2010, undtagen for årene 2014 og 2015, hvor den lige netop opnåede break even med et overskud i størrelsesordenen 0 % til 0,5 %.
The loan which was used as a basis for the proxy benchmark was a single, exceptional loan accounting for only 2 % of the total loans provided to the Jiangsu Shagang Group, and the Commission did not provide a reasoned explanation on why this would be comparable to a commercial loan.
Desuden har virksomheden siden sin oprettelse indberettet akkumulerede tab på [13-16] mia. RMB.
In addition, the Commission did not make adjustments to approximate this loan to comparable commercial loans.
Virksomheden har konstant haft resultater langt under de forventninger, der fremkom i den gennemførlighedsrapport, hvorpå godkendelsen af Jingtang-byggeprojektet var baseret.
On the first point, the Commission did not classify all loans with a duration of two years and less as revolving loans.
Med hensyn til Shougang Group's anfægtelse af Kommissionens beregningsmetode præciserede Kommissionen, at den havde bemærket, at det driftsoverskud, der var indberettet i årsregnskabet i samtlige kinesiske virksomheder, faktisk var overskuddet efter betaling af de finansielle udgifter.
The Chinese authorities themselves consider revolving loans to be an additional factor of credit risk.
Ved beregningen af de finansielle indikatorer havde Kommissionen derfor tilføjet de finansielle udgifter til driftsresultatet for at få indtjeningen før renter for hver virksomhed.
As stated in the CBRC's ‘Guidelines on risk-based loan classification’, revolving loans should be reported at least as a ‘concerned’ loan [29].
Derfor fastholdt Kommissionen sin holdning med hensyn til beregningen af de finansielle indikatorer.
A loan falling under this category means that even though a borrower can pay the principal and interest of the loan now, there are some factors which may negatively affect the repayment thereof.
Efter fremlæggelsen af oplysninger kritiserede Shougang Group også manglen på nærmere oplysninger i forbindelse med Kommissionens behandling af tre af gruppens producerende virksomheder.
Revolving credit facilities do indeed exist in Europe and have been used by the Union steel industry, but their terms and conditions are very different from the Chinese revolving loans.
Kommissionen bemærkede, at der i den anden specifikke fremlæggelse blev fremlagt fulde oplysninger.
Revolving credit facilities in the Union are basically credit lines, with a pre-determined maximum amount that can be withdrawn and repaid on several occasions during a pre-specified time period.
Hvad angår Qian'an Coal, havde virksomheden registreret et marginalt overskud (tæt på break even) inden 2014, et mindre overskud i 2014 (under 3 %) og var tabsgivende i undersøgelsesperioden.
In addition, contrary to what the GOC claims, such credit facilities entail an additional cost, be it a contractual margin on top of the usual short-term market rates [30], or a predetermined management fee.
Omkring en tredjedel af de kortfristede lån for virksomheden, der var indrømmet i UP (og som udgjorde ca. en tredjedel af den samlede udestående gæld for virksomheden) anses for at være revolverende lån.
Furthermore, the example of BNP Paribas provided by the GOC also foresaw a fee for unused capital over the duration of the credit facility.
Shougang Mining havde konstant været tabsgivende i perioden 2012 til 2015, med undtagelse af 2013, hvor den havde en lille overskudsmargen.
On the other hand, the revolving loans found during the verification visits at the Chinese sampled companies did not have conditions different from other short-term loans.
Shougang Mining havde en konstant høj gearing (et forhold mellem gæld og aktiver på ca. 80 %) i de seneste fem år og genererede ikke tilstrækkeligt overskud til at dække rentebetalingen i nogen af de fem år (rentedækningsrate < 1).
They were not labeled as being a credit line or a revolving credit facility and there were no extra fees or margins attached to it.
Det eneste lån, der blev ydet til virksomheden i undersøgelsesperioden, blev anset for at være et revolverende lån.
At first sight, they appeared to be normal short-term loans.
Kommissionen fastholdt derfor sine konklusioner om virksomhederne Qian'an Coal og Shougang Mining
However, when verifying the repayments of such loans during the verification visit, it became clear that the capital amount was actually being repaid by fresh loans received from the same bank for the same amount within a week before or after the maturity date of the initial loan.
Xishan Coking blev oprettet ved udgangen af 2009 og startede med et stort tab (på over 300 mio. RMB), som endnu ikke var blevet absorberet i UP.
The Commission then extended its analysis to the other loans in the loan tables and found in most cases other instances with exactly the same characteristics.
Mange lån, der blev ydet til virksomheden i undersøgelsesperioden, blev anset for at være revolverende lån.
The Commission disagreed on the facts of the specific claim of the Shougang Group that the Commission identified revolving loans mainly for the companies Qian'an Coal, Xishan Coking and Shougang Corp. The Commission identified revolving loans in all of the verified companies of the Shougang Group, including in the production companies Shougang Mining and Qian'an, where all of the short-term loans granted during the IP were considered to be revolving loans.
Kommissionen godtog imidlertid påstanden fra Shougang Group om, at en stor del af gælden hos Xishan Coking faktisk kunne tilskrives Jingtang, og at de finansielle resultater hos Xishan Coking var hårdt ramt af dette forhold.
Finally, on the third point, the Commission considered that the loan provided to the company in the Jiangsu Shagang Group was a comparable commercial loan as the conditions for granting it, described in recital (162) above, corresponded to a financial situation characterized by short-term liquidity issues.
Benxi Group præsenterede sig selv ifølge sine egne regnskaber i en generelt vanskelig finansiel situation.
In addition, the maturity of the proxy loan (16 months) generally corresponded to the short-term nature of the loans on which this proxy benchmark was applied for the benefit calculation.
Den var tabsgivende i 2015, den var meget højt gearet og øgede konstant sin gæld i perioden 2012-2015.
Nevertheless, the proxy benchmark rate was adjusted to take into account interest rate differences for loans with a maturity of less than one year compared to loans with a maturity of one to two years, based on the respective differences between the two maturities in the PBoC rates.
Hertil kommer, at der i modervirksomheden blev fundet revolverende lån under kontrolbesøget på stedet.
The detailed calculation of this adjustment was provided to the companies concerned.
For virksomheden inden for produktionen af varmvalsede flade produkter, fremgik det af regnskaberne samt beviser i relation til bestemte lån, at denne virksomhed var aktiv som en going concern på trods af en række på hinanden følgende år med tab eller ubetydelig indtjening, høj gæld i forhold til aktiver, forværrede finansielle indikatorer og usikre fremtidsudsigter.
The Commission therefore rejected all claims related to the use of an interest rate between 14 % and-16 % for all loans with a maturity of 2 years or less at the level of the companies which were making use of revolving loans.
Virksomheden genererede ikke tilstrækkeligt driftsoverskud til at dække betalingen af sine renteudgifter i hele perioden 2012-2015.
In addition, the Jiangsu Shagang group criticised that the Commission double counted loans borrowed by its subsidiaries from Shagang Finance and the parent company in its calculation of the benefit.
Endvidere har Kommissionen konstateret et revolverende lån blandt de stikprøveudtagne lån, og nogle kortfristede lån i lånetabellerne blev erstattet ved udløb med nye lån med samme beløb.
Shagang also claimed that the Commission should have subtracted the ‘negative benefit’ i.e. the benefit on the loans for which the actual interest payments were higher than the calculated benchmark rates by the Commission.
Trods disse omstændigheder tildelte en kinesisk dattervirksomhed af Moody's en rating på AA+ til Benxi Group for indenlandsk kredit i UP.
The Commission rejected both claims.
Den generelle ansvarsfraskrivelse fra denne dattervirksomhed fremhæver, at den kun giver indenlandske rating, der afspejler den relative kreditrisiko i Kina, hvorimod Moody's rolle er at yde ledelsesmæssig ekspertise, teknologisk støtte og tilbyde analytikeruddannelse.
Regarding the alleged double counting, the Commission noted that Shagang had mainly referred to inter-company loans between Shagang Finance and related steel producing companies.
I lyset af de generelle fordrejninger gennem de kinesiske kreditvurderinger, der er nævnt i betragtning 159 til 161 ovenfor, samt de beviser, der fremkom under kontrolbesøget, så Kommissionen derfor bort fra den kinesiske rating af Benxi Group.
In this respect, it recalled that Shagang Finance had not provided any information on loans taken by itself to the Commission.
Endvidere konkluderede Kommissionen, at situationen for produktionsvirksomheden var således, at denne virksomhed ikke ville have haft adgang til yderligere lån i UP uden statslig støtte.
Moreover, the Commission did not calculate any benefit at the level of Shagang Finance.
Fordelen i UP skyldtes snarere tildelingen af de lån, som ikke ville være blevet ydet uden statsstøtte, på grundlag af denne virksomheds samlede finansielle situation.
This excludes any possibility of double counting.
I den henseende bemærkede Kommissionen, at Benxi Group er en stor statsejet virksomhed, som var blevet udpeget som »førende« i den 12. femårsplan for stål.
With respect to the few remaining inter-company loans between the Shagang Group and the steel producing companies, the Commission verified whether double counting had actually occurred.
Derfor besluttede Kommissionen jf. afsnit E(b)(V) i retningslinjerne fra 1998 at behandle de udestående beløb i forbindelse med disse lån i UP som et tilskud, der er ydet som led i regeringens politik.
However, already before disclosure the loan-sheet received from Shagang Group had only indicated two loans as inter-company loans, whereas the loan-sheet of Hongchang Plate only indicated one such loan.
Den opnåede fordel blev fastslået på grundlag af det udestående beløb med fradrag af de betalte renter i UP.
Moreover, even when comparing these loans on substance, they did not match in terms of borrowed amount, duration and applicable interest.
Lånets hovedstol blev justeret i værdi ved afskrivning i henhold til det underliggende formål med lånet.
The company did not provide any new information after disclosure to substantiate its claim that those loans were in reality corresponding.
Påstande og argumenter fra den kinesiske regering og visse virksomheder i stikprøven med hensyn til den generelle metode for det relative spread og anvendelsen af et alternativt benchmark gælder også for Benxi Group.
Therefore, the Commission considered that each of these loans was reported only once, either on the group or on the producing company list of loans.
Kommissionens holdning til disse påstande som beskrevet i betragtning 175 til 195, gælder også for Benxi Group.
Regarding the claim related to the ‘negative benefit’ referred to in recital (196), the Commission observed that no issue of fair comparison arises.
Påstande og argumenter fra den kinesiske regering og visse virksomheder i stikprøven med hensyn til den generelle metode for lån, der behandles som tilskud, gælder desuden også for Benxi Group.
In particular, the receipt of a loan at a non-preferential rate cannot offset the benefit received from another loan received with a preferential rate.
Kommissionens holdning til disse påstande som beskrevet i betragtning 216 til 221, gælder også for Benxi Group.
The Commission only took into account the loans for which the calculated benchmark was higher than the interest rate paid by the companies when calculating the benefit.
Efter fremlæggelsen af oplysninger gentog Benxi Group i store træk den kinesiske regerings bemærkninger.
The Hesteel Group also presented itself in a generally profitable financial situation according to its own financial accounts.
Den tilføjede dog også en række yderligere specifikke bemærkninger:
It was not loss-making, but profitability levels were generally weak, which exposes the group to adverse changes in business, financial, or economic conditions.
Benxi Group påstod, at de finansielle indikatorer, der er nævnt i virksomhedens specifikke fremlæggelsesdokument, ikke i tilstrækkelig grad afspejlede, at Bengang ikke havde mulighed for at tilbagebetale sine lån.
The group also has a high debt to asset ratio.
Selv om Bengang måtte have haft visse finansielle vanskeligheder i de seneste år, havde den dog stadig en normal drift i disse år og tilstrækkelig kapacitet til at tilbagebetale sine lån.
At the level of the companies involved in the production of HRF, the general financial situation was presented in a similar way to the group level, with low profitability levels but no losses.
Benxi Group fremførte også, at analysen af dens rating ikke var omfattende nok.
Furthermore, other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding the companies' debt repayment abilities.
Endelig påstod Benxi Group, at klageren ikke havde fremlagt denne subsidieordning i sin ansøgning, og at tilgangen til at behandle lån som tilskud derfor ikke var i overensstemmelse med artikel 11.1 i SCM-aftalen.
However, on-spot, the Commission found that 80 % of the sampled loans examined received by these companies were revolving and were substantial in amount, pointing to a more fragile situation in terms of liquidity than the financial statements would lead to believe.
Vedrørende det første punkt anførte Kommissionen, at virksomheden i sit svar til fremlæggelsen af oplysninger anerkendte, at den havde haft finansielle vanskeligheder i de seneste år, og at den ikke bestred nogen af Kommissionens konstateringer, som f.eks. faldende fortjenstmargener og omsætning, høje gældskvote og manglende evne til at betale renter på lån.
The Commission noted that the Hesteel Group was awarded an AAA- rating by a Chinese credit rating agency, the Agricultural Bank of China Hangang Sub-branch.
Virksomheden havde også betydelige tab i undersøgelsesperioden.
For the same reasons as set out in recitals (159) to (161) above, the Commission concluded that this rating is not reliable.