natgillin/translations-raw huggingface dataset:
Hankook-gruppens krav afvises derfor.
The Xingyuan Group presented itself in a generally difficult financial situation according to its own financial accounts.
Efter fremlæggelsen af oplysningsdokumentet bemærkede Giti-gruppen, at Kommissionen anvendte et forkert antal udestående dage for en række kreditlinjer, og at den ikke havde trukket nogle af de gebyrer, som virksomheden havde betalt, fra den beregnede fordel.
The main company in the group, which is also the main exporting producer, was loss-making during the entire period 2014-2016.
Kommissionen accepterede delvis disse bemærkninger og reviderede beregningen af fordelen i overensstemmelse hermed.
At the end of 2016, the company had a negative equity, because its debt to assets ratio exceeded 100 % and its accumulated losses were higher than its paid-in capital.
Konklusion vedrørende præferencelån
During the verification visit, the Commission also found several revolving loans among the sampled loans, and noted that the company had difficulties to repay interest and capital on loans.
Undersøgelsen viste, at alle grupperne af eksporterende producenter i stikprøven havde fordel af præferencelånene i undersøgelsesperioden.
Several loans had been repaid late, and some loans which expired during the investigation period had not been repaid after several months.
Da der er tale om et finansielt bidrag, en fordel for de eksporterende producenter og specificitet, bør disse lån og kreditlinjer betragtes som et udligningsberettiget subsidie.
Furthermore, the PBOC's enterprise credit report of the company showed that the company had significant off-balance sheet liabilities, as it had provided guarantees for loans provided to unrelated third parties in the tire business in the region.
Det subsidiebeløb, der blev fastsat for præferencelån i undersøgelsesperioden for grupperne af virksomheder i stikprøven, er på:
In addition, 31 % of its outstanding loans were classified in the ‘concerned’ category in the enterprise credit report.
Virksomhed/gruppe
Finally, the Commission found that the company had difficulties paying its main raw material supplier, and that it had an important outstanding amount qualified as ‘loan’ with this supplier.
Det samlede subsidiebeløb
The related exporting trader on the other hand was slightly profitable during the period considered.
Præferentiel finansiering og forsikring: obligationer
Although it was not loss-making, profitability levels were generally weak, which exposes the company to adverse changes in business, financial, or economic conditions.
To af virksomhederne i stikprøven havde haft fordel af præferentiel finansiering i form af obligationer.
The company had a high debt to asset ratio, but did not have any revolving loans.
Statsejede finansielle institutioner optrådte som offentlige organer.
Despite these circumstances, the Xingyuan Group was awarded an AA domestic credit rating during the investigation period by a Chinese credit rating agency.
I Kina er aktørerne på obligationsmarkedet i al væsentlighed de samme enheder som dem, der er aktive på lånemarkedet.
Therefore, in light of the overall distortions of Chinese credit ratings mentioned in recitals (237) to (242) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Xingyuan Group.
Virksomheder, der ønsker at udstede obligationer, skal anmode om, at en finansiel institution fungerer som tegningsgarant.
The Commission concluded that at the level of the exporting producer, the situation was such that that this company would not have had access to further loans during the investigation period absent State support.
Tegningsgaranterne udsteder obligationer og foreslår de rentesatser, hvortil obligationen vil blive tilbudt investorerne.
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Disse tegningsgaranter er de samme statsejede banker, som også tilbyder de præferencelån, der er omhandlet i afsnit 3.4.
In this respect, the Commission noted that the Xingyuan Group was indicated as one of the seven key regional tyre producing enterprises in the Implementation Plan for Transforming and Upgrading the Tire Industry of Shandong Province.
Desuden er investorer, der køber obligationerne, også hovedsageligt kinesiske (statsejede) banker, da mere end 95 % af den samlede handel med obligationer sker på interbankmarkedet.
Based on the information available, the Commission only countervailed the loans granted during the investigation period.
Som beskrevet i afsnit 3.4.1 er disse finansielle institutioner kendetegnet ved en stærk statslig tilstedeværelse, og den kinesiske regering har mulighed for at udøve en betydelig indflydelse på dem.
For the loans of the exporting producer granted before the investigation period, and in view of the existence of revolving loans at the level of this company, the Commission reverted to the benchmark established in recital (275) above for all loans with a maturity of 2 years or less.
Den generelle retlige ramme, som disse finansielle institutioner opererer i, og som allerede er beskrevet i afsnit 3.4, finder også anvendelse på obligationer.
For any remaining loans with a maturity of 2 years and above, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Desuden gælder følgende forskrifter specifikt for obligationer:
For the other companies in the Xingyuan Group, the Commission concluded that, based on the available information, the Commission could use the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Folkerepublikken Kinas lovgivning om værdipapirer revideret og vedtaget den 27. oktober 2005 på det 18. møde i Den 10.
Credit lines
Nationale Folkekongres' stående udvalg for Folkerepublikken Kina trådte i kraft den 1. januar 2006 (den nuværende udgave blev offentliggjort den 31. august 2014) (»værdipapirloven«)
The investigation showed that Chinese financial institutions also provided credit lines in connection with the provision of individual loans to each of the sampled companies.
Administrative Measures for the Issuance and Trading of Corporate Bonds, Order of the China Securities Regulatory Commission No.113 af 15. Januar 2015.
These consisted of framework agreements, under which the bank would allow the sampled companies to withdraw up to a certain maximum amount of funds in the form of various debt instruments (loans, documentary bills, trade financing, etc.).
Measures of the Administration of Debt Financing Instruments of Non-financial Enterprises on the Inter-bank Bond Market Issued by the People's Bank of China, Order of the People's Bank of China [2008], No. 12 af 9. april 2008.
Under normal market circumstances, such credit lines would normally be subject to a so-called ‘arrangement’ or ‘commitment’ fee to compensate for the bank's costs and risks, as well as to renewal fees charged on an early basis for renewing the validity of the credit lines.
Forskrifter om forvaltning af virksomhedsobligationer, udstedt af Statsrådet den 18. januar 2011.
However, the Commission found that all of sampled companies benefited from credit lines provided free of charge.
I overensstemmelse med forskrifterne kan obligationer ikke udstedes eller handles frit i Kina.
In accordance with Article 6(d)(ii) of the basic Regulation the benefit thus conferred on the recipients is considered to be the difference between the amount that the company pays for the provision of credit lines by Chinese financial institutions and the amount that the company would pay for a comparable commercial credit line obtainable on the market.
Udstedelsen af hver enkelt obligation skal godkendes af forskellige statslige myndigheder såsom PBOC, NDRC eller CSRC, afhængigt af hvilken type obligation og udsteder der er tale om.
One of the sampled exporting producers in the Hankook Group obtained credit lines from two banks whose headquarters are established in a financial jurisdiction other than the PRC and which were subject to commitment and arrangement fees as is the usual practice on world financial markets.
I henhold til forskrifterne om forvaltning af virksomhedsobligationer er der desuden årlige kvoter for udstedelsen af virksomhedsobligationer.
Since those credit lines granted specifically to companies operating in the tyre business were not subject to renewal fees, the Commission decided not to apply such fees in the case at hand.
I henhold til artikel 16 i værdipapirloven skal den offentlige udstedelse af obligationer desuden opfylde følgende krav: »investeringen af indsamlede midler skal være i overensstemmelse med statens industripolitikker […]«, og »de indsamlede midler […] skal anvendes til det verificerede formål«.
The credit lines in question were therefore considered to be a reasonable proxy for a benchmark.
Artikel 12 i lovgivningen om forvaltningen af virksomhedsobligationer gentager, at formålet med de indsamlede midler skal være i overensstemmelse med statens industripolitik.
As a result, the average of the fees applied to these credit lines was used as a benchmark in accordance with Article 6(d)(ii) of the basic Regulation.
I henhold til de administrative foranstaltninger vedrørende udstedelse og handel med virksomhedsobligationer kan kun visse obligationer, der er underlagt strenge kvalitetskriterier, f.eks. dem med en kreditvurdering på AAA, tilbydes til offentlig udstedelse.
The level of the fees used as a benchmark was applied prorata to the amount of each credit line in question to obtain the amount of subsidy (minus any fees actually paid).
De fleste obligationer vil derfor blive udstedt til såkaldt kvalificerede investorer, som er godkendt af CSRC, og som i bund og grund er kinesiske institutionelle investorer.
In cases where the duration of the credit line was more than one year, the total amount of subsidy was allocated over the duration of the credit line and an appropriate amount attributed to the investigation period.
Endelig fastsættes rentesatserne for virksomhedsobligationer ikke frit, da artikel 18 i forskrifterne om forvaltning af virksomhedsobligationer bestemmer, at »renten for alle virksomhedsobligationer må ikke være højere end 40 % af den til hver tid gældende rente, som bankerne har betalt enkeltpersoner for tidsbegrænset opsparingsindskud med samme løbetid«.
Following the disclosure of the Information Document and at the final disclosure, the Hankook Group claimed that no upfront fees were charged because Chinese banks took into account the overall revenue generated on other products and services in the decision to open a credit line for a company.
Kommissionen søgte også at få konkrete beviser for udøvelsen af betydelig kontrol gennem konkrete obligationsudstedelser.
The Commission agreed that any customer opening a credit line at a bank is expected to buy other products and services of that particular bank.
Den undersøgte derfor den generelle retlige ramme, jf. betragtning 307-315, kombineret med de konkrete undersøgelsesresultater.
However, it is a common practice that customers are required to pay an upfront fee, as was shown by the upfront fee charged by two overseas banks on their credit line openings to the Hankook Group.
Kontrolbesøgene viste, at der blev udstedt obligationer af to grupper af eksporterende producenter i stikprøven til en rentesats tæt på referencerentesatserne fra People's Bank of China (»PBOC«), uanset virksomhedernes finansielle og kreditrisikomæssige situation.
Indeed, banks need to commit funds to make them readily available at any time during the credit line is opened.
I praksis påvirkes rentesatserne på obligationer af kreditvurderingen på samme måde som for lån.
The Hankook group failed to provide any evidence on the alleged reasons for the waiver of the upfront fees.
Som beskrevet i betragtning 237-242 er det lokale kreditvurderingsmarked imidlertid fordrejet, og kreditvurderingerne er upålidelige.
In addition, in some cases, borrowers may also be required to keep a minimum amount on deposit at the bank.
Dette illustreredes af, at obligationsprospekter og kreditvurderingsrapporter for de obligationer, der var udstedt af virksomhederne i stikprøven, ikke svarede til den faktiske situation i virksomhederne.
Therefore, the claim of the Hankook Group is rejected.
I ét eksempel var den finansielle analyse af obligationsudstedelsen baseret på en meget høj omsætning og en fortjeneste på 12 %, selv om virksomhedens årsregnskaber viste, at den rent faktisk var tabsgivende.
After the disclosure of the Information Document, the Giti Group commented that the Commission used a wrong number of outstanding days for a number of credit lines, and that it did not deduct some of the fees paid by the company from the calculated benefit.
I et andet tilfælde advarede det detaljerede obligationsprospekt om, at virksomhedens gældsniveau var steget, og at »gældsbyrden for udstederen er stor, og dens forhold mellem aktiver og forpligtelser er højere end industrigennemsnittet...
The Commission partially accepted these comments and revised the benefit calculation accordingly.
Generelt set er udstederens kortfristede solvens forholdsvis lav, og således er der et vist solvenspres på kort sigt… Virksomheden baserer sig primært på ikke-driftsmæssige indtægter som sin fortjeneste.
Conclusion on preferential lending
Dette udgør en stor usikkerhed for virksomhedens rentabilitet.« Rapporten afslutter ikke desto mindre med at tildele en AAA-kreditvurdering for obligationsudstedelsen.
The investigation showed that all sampled groups of exporting producers benefited from preferential lending during the investigation period.
Endelig bemærkede Kommissionen, at rentesatserne for obligationer i gennemsnit bør være højere end rentesatserne for lån på normale markedsvilkår, fordi de betragtes som efterstillet gæld.
In view of the existence of a financial contribution, a benefit to the exporting producers and specificity, these loans and credit lines should be considered as a countervailable subsidy.
For virksomhederne i stikprøven var rentesatserne for lån dog lig med eller højere end rentesatserne for obligationer.
The subsidy amount established with regard to the preferential lending during the investigation period for the sampled groups of companies amounts to:
I lyset af ovenstående fandt Kommissionen, at alle de statsejede kinesiske finansielle institutioner, som tilrettelagde obligationsudstedelse for virksomhederne i stikprøven, er offentlige organer, jf. grundforordningens artikel 3 og artikel 2, litra b).
Company/Group
Desuden fik de to eksporterende producenter i stikprøven en fordel, da obligationerne blev udstedt til renter under den markedsrente, der svarede til deres faktiske risikoprofil.
Overall Subsidy amount
Kommissionen var af den opfattelse, at den præferentielle finansiering gennem obligationer er specifik, jf. grundforordningens artikel 4, stk. 2, litra a), da obligationerne ikke kan udstedes uden godkendelse fra statslige myndigheder, og Kinas værdipapirlovgivning fastsætter, at udstedelsen af obligationer skal være i overensstemmelse med statens industripolitikker.
Preferential financing and insurance: bonds
Ifølge disse politikker er højtydende radialdæk (herunder slangeløse lastbildæk) anført som en tilskyndet varekategori.
Two of the sampled companies benefited from preferential financing in the form of bonds.
Beregningsmetode
State-owned financial institutions acted as public bodies
Da obligationer kort sagt bare er en anden form for gældsinstrument, som svarer til lån, og da beregningsmetoden for lån allerede er baseret på en kurv af obligationer, besluttede Kommissionen at følge beregningsmetoden for lån som beskrevet i afsnit 3.4.4.
In China, the players on the bond market are essentially the same entities as those which are active on the loan market.
Det betyder, at det relative spread mellem US-virksomhedsobligationer med AA-rating og US-virksomhedsobligationer med BB-rating med samme løbetid anvendes på de referencerentesatser, der er offentliggjort af PBOC, for at fastsætte en markedsbaseret obligationsrente, som derefter sammenlignes med den af virksomheden faktisk betalte rentesats, med henblik på at kunne beregne fordelen.
Companies that want to issue bonds need to solicit the services of a financial institution, acting as an underwriter.
Det subsidiebeløb, der blev fastsat for præferenceobligationer i undersøgelsesperioden for de stikprøveudtagne grupper af virksomheder, er på:
Underwriters organize the issuance of bonds and propose the interest rates at which the bond will be presented to investors.
Præferentiel finansiering: obligationer
These underwriters are the same state-owned banks that also provide the preferential loans discussed in section 3.4 above.
Præferentiel finansiering og forsikring: kreditter til købere af eksport
Furthermore, investors buying the bonds are also mainly Chinese (state-owned) banks, since more than 95 % of the total trading volume of bonds happens on the interbank market.
Ifølge klageren ydede de statsejede banker i Kina kreditter til købere af eksport eller lån på lempelige vilkår til udenlandske virksomheder, som f.eks. importører, for at fremme eksporten af kinesiske varer, teknologi og tjenesteydelser, som f.eks. dæk.
As described in section 3.4.1 above, these financial institutions are characterized by a strong state presence, and the GOC has the possibility to exercise a meaningful influence on them.
Kommissionen fandt i forbindelse med undersøgelsen, at ingen af importørerne, uanset om de var forretningsmæssigt forbundet, havde udestående lån fra kinesiske finansielle institutioner i deres regnskaber.
The general legal framework in which these financial institutions operate, and which was already described in section 3.4 above, is also applicable to bonds.
Kommissionen konkluderede derfor, at denne ordning ikke fandt anvendelse på virksomhederne i stikprøven i undersøgelsesperioden.
In addition, the following regulatory documents apply specifically to bonds:
Præferentiel finansiering og forsikring: støtte til udenlandske investeringer
Law of the People's Republic of China on Securities, revised and adopted at the 18th Meeting of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on October 27, 2005, and effective as of January 1, 2006 (current version promulgated on August 31, 2014) (‘Securities Law’);
Ved udgangen af 2015 erhvervede CNRC en kapitalandel i Pirelli-gruppen på 65 %.
Administrative Measures for the Issuance and Trading of Corporate Bonds, Order of the China Securities Regulatory Commission No 113, 15 January 2015;
Gruppen var på daværende tidspunkt vurderet til 7,1 mia. EUR.
Measures of the Administration of Debt Financing Instruments of Non-financial Enterprises on the Inter-bank Bond Market Issued by the People's Bank of China, Order of the People's Bank of China [2008] No 12, 9 April 2008;
Denne overtagelse blev ledsaget af flere støtteforanstaltninger fra den kinesiske regering.
Regulations on the Administration of Corporate Bonds, issued by the State Council on 18 January 2011.
Efter fremlæggelsen af oplysningsdokumentet og den endelige fremlæggelse af oplysninger påstod den kinesiske regering, Pirelli og CNRC, at Kommissionen ikke kunne undersøge denne ordning, da den ikke var omfattet af klagen eller af indledningsmeddelelsen.
In line with the regulatory framework, bonds cannot be issued or traded freely in China.
Efter den endelige fremlæggelse af oplysninger gentog den kinesiske regering denne påstand og gjorde gældende, at Kommissionen ikke gav mulighed for konsultationer forud for indledningen i overensstemmelse med grundforordningens artikel 10, stk. 7, og dermed forhindrede Kina i at foreslå en fælles holdning.
The issuance of each bond must be approved by various governmental authorities, such as the PBOC, the NDRC or the CSRC, depending on the type of bond and the type of issuer.
Den kinesiske regering påstod desuden, at nye ordninger kun kan udlignes, hvis der fandtes et retsgrundlag i EU-retten.
In addition, according to the Regulations on the Administration of Corporate Bonds, there are annual quotas for the issuance of corporate bonds.
Et sådant retsgrundlag blev imidlertid først indført ved ikrafttrædelsen af grundforordningens nye artikel 10, stk. 7, andet afsnit, i december 2017, som ikke fandt anvendelse på denne procedure.
Furthermore, according to Article 16 of the Securities Law, the public issuance of bonds should satisfy the following requirements: ‘the investment of raised funds shall comply with the industrial policies of the State […]’ and ‘the funds as raised […] shall be used for the purpose as verified’.
CNRC havde den opfattelse, at hvert program skulle være individuelt nævnt i indledningsmeddelelsen.
Article 12 of the Regulations on the Administration of Corporate Bonds reiterates that the purpose of the raised funds must be in compliance with the industrial policies of the State.
Da Kommissionen kun havde henvist til »tilskud« eller »lån« og ikke til »egenkapitalinvestering«, var SRF-investeringen ikke omfattet af proceduren.
According to the Administrative Measures for the Issuance and Trading of Corporate Bonds, only certain bonds corresponding with strict quality criteria, such as an AAA credit rating, may be offered for public issuance.
Som forklaret i betragtning 334-340 blev SRF-investeringen desuden ikke anset for at være et særskilt og selvstændigt program i forbindelse med denne undersøgelse.
Most bonds will therefore be privately issued to so-called qualified investors, which have been approved by the CSRC, and which are essentially Chinese institutional investors.
I stedet udgjorde SRF-investeringen et yderligere indgreb i en pakke med fem finansielle indgreb fra den kinesiske regering i forbindelse med overtagelsen af Pirelli.
Finally, the interest rates on corporate bonds are not freely determined, since Article 18 of the Regulations on the Administration of Corporate Bonds states that ‘the interest rate offered for any corporate bonds shall not be higher than 40 % of the prevailing interest rate paid by banks to individuals for fixed-term savings deposits of the same maturity’.
Sammen med en anden egenkapitalinvestering fra CINDA var de øvrige dele af pakken et tilskud, et lån, og en rentetilbagebetaling, som CNRC får for at have været genstand for undersøgelse.
The Commission also sought concrete proof of the exercise of control in a meaningful way on the basis of concrete issues of bonds.
Ved at analysere SRF-investeringen havde Kommissionen således ikke inddraget en særskilt ordning i undersøgelsen, men snarere undersøgt alle relevante dele af én kompleks finansiel foranstaltning som led i en ordning til fremme af udenrigshandelen i denne sammenhæng.
It therefore examined the overall legal environment as set out above in recitals (307) to (315), in combination with the concrete findings of the investigation.
Selv om der havde været tvivl om omfanget af de tilskud, der var omfattet af proceduren, havde Kommissionen desuden i fuld åbenhed fjernet denne tvivl under undersøgelsen.
The verification visits revealed that bonds were issued by the two groups of sampled exporting producers at interest rates close to the People's Bank of China (‘PBOC’) benchmark interest rates, regardless of the companies' financial and credit risk situation.
Spørgsmålet om den markedsbaserede karakter af investeringerne, som blev foretaget af Silk Road Fund (»SRF«), blev rejst efter fælles aftale under kontrolbesøget hos den kinesiske regering, hvor den kinesiske regering også fremlagde nyttige oplysninger om karakteren af SRF.
In practice, interest rates on bonds are influenced by the credit rating, similar to loans.
På det grundlag var Kommissionen også overrasket over CNRC's påstand, der blev fremsat efter den endelige fremlæggelse af oplysninger, om at den kinesiske regering kun havde afgivet et mundtligt svar under Kommissionens kontrolbesøg, og at Kommissionen ikke havde anmodet om yderligere oplysninger om den markedsbaserede karakter af SRF.
However, as described above in recitals (237) to (242), the local credit rating market is distorted and credit ratings are unreliable.