natgillin/translations-raw huggingface dataset:
Desuden svarede SRF's investering nøjagtigt til det beløb, som CNRC havde brug for til at opnå en absolut ejermajoritet i Pirelli-gruppen (65 % mod 48,75 % uden SRF).
In this context, the Commission noted that their participation must be seen within the context of the following legislative framework:
Denne ejermajoritet blev erhvervet uden at give afkald på kontrollen til en mindretalsaktionær.
The 13th Five Year Plan for the Development of Foreign Trade sets out the general principles behind China's foreign trade policy, which includes opening up with a larger scope and higher level and combining ‘going out’ and ‘introduction’ to drive trade growth.
Endelig er lock-up-perioden for SRF's udtræden meget længere end normalt for private venturekapitalinvestorer, som ønsker at maksimere deres afkast så hurtigt som muligt.
The Plan also aims at promoting a transformation from exports dominated by goods to exports of goods, services, technologies and capital.
Efter den endelige fremlæggelse af oplysninger anfægtede CNRC disse argumenter.
In this context, one of the major tasks set out in chapter III.3 of the Plan mentions the enhancement of the transnational operation capability of foreign trade enterprises, which encourages powerful companies to extend industrial chains, to conduct transnational mergers and acquisitions, and to obtain quality brands, core technologies and marketing channels.
Efter dens opfattelse havde Kommissionen foretaget en fejlagtig kontrafaktisk analyse ved at undersøge, om SRF's investering i egenkapital var i overensstemmelse med den sædvanlige investeringspraksis hos private investorer, der foretog investeringer i gæld.
The Plan further mentions that systematic supports will be provided for transnational enterprises with good credit, thus forming a batch of large enterprises with transnational business capability which have a worldwide distribution market network.
Den mindede også om de mange trin i SRF-investeringen med henvisning til, at den var i fuld overensstemmelse med sædvanlig investeringspraksis som et klassisk lånefinansieret opkøb.
The Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation provide further details on how the ‘going out’ strategy is to be implemented in practice.
Navnlig var lock-up-perioden for SRF's udtræden ikke usædvanlig lang.
The objectives are to realize a promotion from export of products to export of industries and to ‘to actively develop and ‘tap into’ markets in developed countries’.
Den var blevet afsluttet førend forventet og var den samme som for andre mindretalsaktionærer.
The ultimate goal is to form a number of leading enterprises with international competitiveness and market development capacity.
Endelig mener CNRC, at generelle politiske erklæringer ikke er tilstrækkelige til at påvise den fordel, som det finansielle bidrag giver.
Articles 30 to 36 of these Guiding Opinions list all the policy support that companies ‘going abroad’ can receive, such as fiscal and tax support policies, concessional loans, financial support through syndicated loans, export credits, and project financing, equity investment, and finally export credit insurance.
Kommissionen afviste denne påstand.
Article 35 specifically mentions the Silk Road Fund as a tool to fund projects supported by the State, which is used to ‘increase equity investment sources. … We will give full play to the role of the Silk Road Fund.
CNRC's fordel som modtager af SRF-investeringen havde mange forskellige aspekter.
We will actively support international production capacity and equipment manufacturing cooperation projects through equity investment and debt financing’.
En markedsøkonomisk investor, der overvejer en egenkapitalinvestering af den art, som SRF foretager, ville have været nødt til at vurdere de risici, der er forbundet med transaktionen.
Furthermore, the Silk Road Fund itself states on its website that its aim is to help Chinese enterprises to improve their export performance by giving them better access to overseas markets through the setting up of overseas operations and through the acquisition of foreign advanced technology.
Dens industrielle partner, CNRC, havde på det tidspunkt ikke tilstrækkelige midler til at erhverve aktiemajoriteten i Pirelli og var afhængig af, at der blev fundet en finansiel investor til at bistå den.
On this basis, the Commission concludes that the GOC has created a normative framework that had to be adhered to by the managers and supervisors appointed by the GOC and accountable to the GOC.
Som anført i betragtning 363 kunne CNRC kun modtage yderligere lån fra andre banker på grund af en forbedret samlet gældskvote.
Therefore, the GOC relied on the normative framework in order to exercise control in a meaningful way over the conduct of SRF and Cinda.
Ved at give CNRC den afgørende mulighed for ikke kun at blive hovedaktionær i Pirelli, men også for at sikre yderligere lån, var SRF-investeringen en væsentlig del af den kinesiske regerings indsats for at føje Pirelli til CNRC's portefølje.
The Commission also examined the concrete behaviour of SRF and Cinda and noted that within the context of the acquisition of the stake in the Pirelli Group, both of these entities acted as financial investors, and do not actually exercise any operational control over their investments.
En markedsøkonomisk investor ville have gearet denne position og ville have stillet midler til rådighed på væsentligt anderledes vilkår.
Furthermore, both of them confer a benefit that could not be obtained under normal market circumstances:
Kommissionen bemærkede for det første den usædvanlige aftale, i henhold til hvilken SRF giver afkald på sine stemmerettigheder i bestyrelsen til fordel for CNRC.
Cinda paid an abnormally high amount for its equity participation.
Det er yderst tvivlsomt, om en markedsøkonomisk investor ville have været tilfreds med at »give beføjelser« til, at CNRC ville blive hovedaktionær med fuld driftsmæssig kontrol og miste sine stemmerettigheder for at fungere som en »magtesløs« mindretalsaktionær.
Cinda paid 266 million EUR for this equity participation, although the underlying stake in the equity only corresponded to 38 million EUR, and the net assets of the company were worth 73 million EUR.
For det andet understreger den relativt lange lock-up-periode for SRF, at SRF-investeringen var drevet af den offentlige politik.
As for SRF, according to its own statements, SRF's aim is to provide financial support for projects that do not have sufficient own capital, by reducing the overall debt ratio and improving the financing capability of the projects.
En markedsøkonomisk investor ville have insisteret på en meget kortere periode for at maksimere sit afkast — og det forhold, at andre mindretalsaktionærer accepterede de samme vilkår, er irrelevant, da den ene slet ikke er en finansiel investor, og den anden opererer som en langsigtet investeringsfond.
At the same time, the fund facilitates syndicated loans (such as the preferential loan mentioned in recital (336) above), which provide further financing support for the projects.
Begivenheder efter investeringen, nemlig det førtidige ophør af lock-up-aftalen som følge af Pirellis genoptagelse på børsen før end forventet, taler herfor: de viser, at den aftalte lock-up-periode ikke var i overensstemmelse med de almindelige markedsvilkår for en finansiel investor med en så stor gearing på CNRC som forklaret ovenfor.
The Pirelli deal is repeatedly mentioned by SRF itself on its website as an example of this working method.
For det tredje er CNRC's fortrinsret med hensyn til at købe de resterende aktier efter udløbet af lock-up-perioden for at erhverve fuld kontrol over virksomheden ikke markedsbaseret.
Therefore, the Commission concluded that the legal framework set out above is being implemented by SRF and Cinda in the exercise of governmental functions with respect to the tyres sector, thereby acting as a public body in the sense of Article 2(b) of the basic Regulation read in conjunction with Article 3(1)(a)(i) of the basic Regulation and in accordance with the relevant WTO case-law.
En profitorienteret markedsøkonomisk investor ville have bevaret en vis fleksibilitet til at opnå en højere pris for aktierne i tilfælde af konkurrerende tilbudsgivere og ville ikke have accepteret en sådan fortrinsret.
In addition, even if SRF and Cinda were not to be considered as public bodies, the Commission found that they would also be considered entrusted and directed by the GOC to carry out functions normally vested in the government, within the meaning of Article 3(1)(a)(iv) of the basic Regulation for the same reasons as set out in recitals (342) to (356) above.
Fortrinsrettens eksistens beviser igen, at SRF-investeringen fulgte det offentlige politiske mål med hensyn til at hjælpe CNRC som en statsejet virksomhed med at fuldende overtagelsen af Pirelli på gunstige vilkår.
Following the disclosure of the Information Document and final disclosure, CNRC and Pirelli argued that SRF and Cinda are not public bodies, since SRF is not an aid agency and both SRF and Cinda pursue market-based returns like any private investor.
Af alle disse årsager fastholdt Kommissionen sin holdning om, at SRF-investeringen gav CNRC en fordel.
In CNRC's view, the fact that the SRF investment had paid Pirelli's shares at market price confirmed that SRF investment decisions are taken independently and are based on market principles.
Vedrørende Cinda var baggrunden for beregningen af fordelen en anden, da midlerne rent faktisk blev betalt til CNRC, og da Kommissionen konkluderede, at egenkapitalinvesteringen ikke var baseret på en markedskonform pris, jf. betragtning 355.
The Commission recalled that the public body analysis responds to the question whether an entity is vested with governmental authority.
Som svar på oplysningsdokumentet fremlagde CNRC og Pirelli en værdiansættelsesrapport om aktiverne for at fastslå, at investeringen var foretaget på markedsvilkår.
The State not only owns the SRF (as set out in recitals (343) to (346)), but the government also exercises meaningful control over it.
Kommissionen konstaterede efter en nærmere undersøgelse, at tallene i værdiansættelsesrapporten ikke svarede til de tal, som Kommissionen har til rådighed.
Whether or not individual SRF decisions are sound from a commercial perspective is not dispositive.
Værdiansættelsesrapporten vedrørte ikke Cindas investering, men var blevet udarbejdet i forbindelse med en anden egenkapitaltransaktion inden for CNRC-gruppen.
Rather, the decisive point is that SRF decisions are not taken independently from government influence.
Denne transaktion omfattede også Pirelli Industrial Srl, men vedrørte en anden køber og en anden tidsperiode, et år før Cindas egenkapitalinvestering.
As shown in recitals (348) to (353) there is a strong normative framework, in which the SRF operates as a government instrument to pursue the policy objectives of the One Belt One Road initiative (renamed Belt and Road initiative (‘BR Initiative’)).
Da der ikke forelå verificerbare oplysninger om de korrekte enheder og den korrekte tidsperiode, fastholdt Kommissionen derfor sin holdning til Cindas investering.
SRF managers appointed by and supervised by the GOC carry them out and thereby exercise meaningful control over SRF.
Efter den endelige fremlæggelse af oplysninger var CNRC og Pirelli også uenig i denne analyse.
The Commission hence confirmed its assessment that the SRF constitutes a public body or is at least entrusted or directed by the government to carry out functions normally vested in the government, such as pursuing public policy objectives.
Det var deres opfattelse, at der ikke var nogen fordel for CNRC, da Cindas investering var i overensstemmelse med sædvanlig investeringspraksis.
Benefit
Til støtte for deres påstand henviste de især til den samme værdiansættelsesrapport, som en uafhængig vurderingsmand havde foretaget, og som er analyseret i ovenstående betragtning.
CNRC and Pirelli also commented on the Information Document that the Commission did not prove that the terms of SRF's investment were inconsistent with usual investment practice.
Selv om det anerkendes, at rapporten rent faktisk blev udarbejdet i forbindelse med en anden egenkapitaltransaktion, gjorde de gældende, at dette ikke er tilstrækkeligt til at udelukke, at den kan anvendes som reference for andre transaktioner (såsom overtagelsen foretaget af Cinda).
Any benefit should be limited to the difference between the terms offered by the government and the terms that the recipient could have secured on the market.
Kommissionen godtog ikke denne påstand af de årsager, der er nævnt i betragtning 373, og som Pirelli har anerkendt: værdiansættelsesrapporten af aktiverne vedrører en anden egenkapitaltransaktion, og den dækker en anden tidsperiode, et år før Cindas egenkapitalinvestering.
In any case there was no benefit for CNRC or Pirelli, since the funds were provided to the previous shareholders of Pirelli to acquire their shares.
I denne periode gennemgik Pirelli en større omstrukturering, som uden tvivl havde indflydelse på dennes finansielle situation.
The Commission disagreed with the fact that the SRF investment conferred no benefit to CNRC and that the transaction was comparable to what could have been secured on the market for the following reasons:
Som det blev bekræftet af CNRC, erhvervede Cinda derudover 38 % af aktierne i Pirelli Industrial Srl., som nu kaldes Promeon Tyre Group S.r.l.
While the SRF paid Pirelli's shares at market price, the advantage of the government intervention for CNRC is separate from the price at which SRF's equity investment was done.
(»PTG«).
Indeed, the benefit of the government intervention resided in the fact that CNRC did not have sufficient own funds to finance the acquisition of Pirelli.
Da denne virksomheds kapital beløb sig til 100 mio. EUR på daværende tidspunkt, var aktiernes pålydende værdi på 38 mio. EUR.
The deal was thus highly leveraged.
Cinda betalte 266 mio. EUR for sin egenkapitalinvestering.
If SRF had not intervened to take equity participation, CNRC would have had to secure additional funds on the loan market.
I betragtning af at nettoværdien af virksomhedens aktiver var mindre end halvdelen af dette beløb på daværende tidspunkt, og at virksomheden næsten ikke havde nogen fortjeneste, ville hverken evalueringen baseret på aktiver eller evalueringen baseret på indtægter berettige dette store egenkapitalinvesteringsbeløb.
However, this would have been difficult due to the high leverage already involved.
Da kriteriet for den markedsøkonomiske investor ikke er opfyldt, bekræftede Kommissionen sin holdning om, at Cinda-investeringen gav CNRC endnu en fordel.
In this respect, one of the pre-conditions of the loan granted by the China Development Bank to CNRC stipulated that CNRC needed to prove that it had secured additional funds from other sources.
Kommissionen har også fastslået, at de subsidier, der blev ydet under denne foranstaltning, er specifikke, jf. grundforordningens artikel 4, stk. 2.
In addition, as mentioned in recital (356) above, SRF advertises on its website that its main objective is to provide financial support for projects that do not have sufficient own capital, by reducing the overall debt ratio and improving the financing capability of the projects.
Navnlig nævnes den kemiske industri og SRF specifikt i den kinesiske regerings lovgivning.
At the same time, the fund facilitates syndicated loans, which provide further financing support for projects.
Det forhold, at lovgivningen yder en bred dækning af industrierne, og at SRF eller Cinda vil kunne investere i andre industrier, gør ikke disse undersøgelsesresultater ugyldige.
Even if CNRC had been able to secure the necessary funds via an extra loan, this would have come at a cost, since the company would have had to pay interest on the loan, and would have had to repay the capital on the loan.
Efter den endelige fremlæggelse af oplysninger anfægtede CNRC disse resultater.
Thanks to the intervention of SRF, CNRC therefore did not have any additional financing costs, and improved the debt ratio of the transaction, which in turn facilitated the receipt of funds from the banks.
Den fremførte, at finansieringen af BR-Initiativet ikke udtrykkeligt er begrænset til visse virksomheder eller industrier.
Furthermore, the investment of SRF corresponded exactly to the amount which was needed by CNRC to gain an absolute majority ownership in the Pirelli Group (65 % versus 48,75 % without SRF).
Den understregede især, at listen over prioriterede områder i de vejledende udtalelser ikke er udtømmende.
This majority ownership was acquired without relinquishing control to a minority shareholder.
Kommissionen mindede om nogle af kendetegnene ved den kinesiske præferentielle finansiering.
Finally, the lock up period for the exit of SRF is much longer than usual for private venture capital investors, who want to maximize their returns as soon as possible.
I stedet for at anvende klart fastsatte finansieringsprogrammer med strenge kriterier for støtteberettigelse udpeger det højeste politiske niveau en række tilskyndede erhvervsgrene.
After final disclosure, CNRC contested these arguments.
Finansielle aktører, såsom de statsejede banker, SRF eller Cinda, overholder disse retningslinjer i deres gældende praksis.
In its view, the Commission had conducted an erroneous counterfactual analysis by examining whether the SRF's equity investment was consistent with the usual investment practice of private investors making debt investments.
På denne baggrund udligner Kommissionen regelmæssigt udligningsberettigede subsidier til sådanne tilskyndede erhvervsgrene som specifikke, da de kan betragtes som »visse virksomheder«, jf. grundforordningens artikel 4, stk. 2.
It also recalled the multiple steps in the SRF investment, arguing that it was fully consistent with the usual investment practice as a classical leveraged buyout.
I den foreliggende sag bestred CNRC ikke, at den kemiske industri er en del af en sådan tilskyndet erhvervsgren.
In particular, the lock-up period for the exit of SRF was not unusually long.
Det forhold, at listen kunne udvides til at omfatte andre industrier, ændrer ikke ved denne konklusion.
It had been terminated ahead of schedule and was the same as for other minority shareholders.
Desuden er lovgivningen, jf. betragtning 348 og 349, specifikt rettet mod eksporterende virksomheder og henviser til »at opnå adgang til internationale markeder«.
Finally, for CNRC, broad policy statements are insufficient to demonstrate the benefit conferred by financial contribution.
I betragtning af eksportbetingelsen (hvilket beskrives nærmere i afsnit f)), anses foranstaltningen derfor også for specifik i henhold til grundforordningens artikel 4, stk. 4, litra a).
The Commission rejected this claim.
Eksportbetingelse
The benefit for CNRC as the recipient of the SRF investment was multi-faceted.
Statsrådets vejledende udtalelser om Promotion of International Production Capacity og om Equipment Manufacturing Cooperation nævner specifikt de industrier, der skal tages i betragtning inden for rammerne af denne strategi, i henhold til hvilken den kemiske industri er et prioriteret område.
A market-investor considering an equity participation of the kind operated by the SRF would have had to evaluate the risks associated with the transaction.
Overtagelsen af kapitalandelen i Pirelli-gruppen nævnes endda udtrykkeligt i den 13. petrokemiske femårsplan som et væsentligt resultat.
Its industrial partner, the CNRC, did not have at the time sufficient funds to become the majority owner of Pirelli and was dependent on finding a financial investor at its side.
Foranstaltningen er specifikt rettet mod virksomheder, der foretager investeringer i udlandet.
As stated in recital (363) CNRC was only able to receive additional loans from other banks because of an improved overall debt ratio.
Kapitel III.3 i den 13. femårsplan for udvikling af udenrigshandelen præciserer også, at støtten er rettet mod virksomheder inden for udenrigshandel.
Handing over the key to CNRC for becoming not only the majority shareholder in Pirelli, but also for securing additional loans, the SRF investment was an essential part of an operation of the GOC to add Pirelli to the CNRC's portfolio.
Med hensyn til overtagelsen af Pirelli-gruppen anførte SRF følgende på sit websted: »fonden støttede ChemChina i dens overtagelse af Pirelli, hvilket har hjulpet ChemChina til... effektivt at få adgang til internationale markeder.« og »Fonden støttede ChemChina med at få ChemChina anbragt i den dyre ende af fremstillingsindustrien, hvilket medfører en konkurrencemæssig fordel på det internationale marked«.
A market-investor would have leveraged this position and would have provided funds on substantially different terms.
Ved at overtage en andel på 65 % i Pirelli-gruppen øgede CNRC i praksis sin samlede eksport til Unionen med 29 % i undersøgelsesperioden.
First, the Commission noted the unusual agreement of SRF to relinquish its voting rights in the board in favour of CNRC.
Derfor var det langsigtede mål med den subventionerede overtagelse at opgradere de lastbildæk, der produceres af Aeolus, med teknologi fra Pirelli-gruppen, for at bevæge sig opad i segmenterne og begynde at eksportere lastbildæk af højere kvalitet, som er mere konkurrencedygtige på EU-markedet.
Second, the relatively long lock-up period for SRF underlines the public policy driven SRF investment.
Efter undersøgelsesperioden reducerede CNRC sin finansielle deltagelse i Pirelli-gruppen til 46 %.
A market-investor would have insisted on a much shorter period to maximise its returns – and the fact that other minority shareholders accepted the same terms is irrelevant since one of them is not a financial investor at all, and while the other operates as a long-term investment fund.
Pirelli Tyre Co. Ltd. holdt op med at fremstille den pågældende vare for at fokusere på motorcykel- og bildæk og fuldførte dermed opsplitningen af aktiviteterne i Pirelli-gruppen i forhold til den pågældende vare.
Events after the investment, namely the earlier termination of the lock-up arrangement due to the re-listing of Pirelli ahead of schedule, speak to the same point: they show that the agreed lock-up period was not consistent with standard market terms for a financial investor with such a huge leverage on CNRC as explained above.
Imidlertid ændrede disse begivenheder efter undersøgelsesperioden ikke det forhold, at CNRC før og i undersøgelsesperioden havde modtaget udligningsberettigede subsidier.
Third, the pre-emptive rights to CNRC to buy the remaining shares after the end of the lock-up period to acquire full control over the company are not market-based.
Disse begivenheder bekræfter rent faktisk, at CNRC fortsatte som lovet med at øge eksporten af den pågældende vare til Unionen gennem sine forretningsmæssigt forbundne virksomheder.
A profit-oriented market investor would have kept flexibility to achieve a higher price for the shares if there were competing bidders for them and not agreed to such pre-emptive rights.
Kommissionen finder derfor, at de oplysninger, der er indsamlet om Pirelli-gruppen, er repræsentative med henblik på at beregne det subsidiebeløb, der blev tildelt den pågældende vare i undersøgelsesperioden.
Their existence again underlies that the SRF investment followed the public policy objective to help CNRC as a state-owned enterprise in completing its acquisition of Pirelli on favourable terms.
Som svar på oplysningsdokumentet bemærkede CNRC og Pirelli, at subsidiet ikke er betinget af eksportresultater, og henviste til retspraksis fra appelorganet i Airbus-sagen, hvor begrebet eksportbetingelse var blevet snævert fortolket.
For all these reasons, the Commission maintained its position that the SRF investment provided a benefit to CNRC.