natgillin/translations-raw huggingface dataset:
Tværtimod havde Kommissionen i den forbindelse sendt et brev i henhold til artikel 28 til den kinesiske regering og havde modtaget dokumentation fra den kinesiske regering om SRF-investeringen, hvilket igen understreger, at dette aspekt af den kinesiske regerings finansiering var en reel del af proceduren.
This was illustrated by the fact that the bond prospectuses and credit rating reports for the bonds issued by the sampled companies did not correspond to the actual situation of the companies.
Påstanden om, at SRF-investeringen lå uden for undersøgelsens omfang, blev derfor afvist.
In one case for example, the financial analysis for the bond issue was based on a very high turnover and a profit of 12 %, although the financial statements of the company showed that it was making losses in fact.
(ee) Retsgrundlag
In another case, the detailed bond prospectus warned that the liability level of the company had been rising, that ‘the debts burden on the issuer is heavy, and its assets-liability ratio is higher than the industry average… On the whole, the issuer's short-term solvency is relatively low, so there's certain short-term solvency pressure… The company mainly relies on non-operating income as its profits. This represents a lot of uncertainties for its profitability.’
Den 13. femårsplan for udvikling af udenrigshandlen, udstedt af Handelsministeriet (»MOFCOM«) den 26. december 2016.
Nevertheless, the report then concluded by providing a AAA credit rating to the bond offering.
Den 13. petrokemiske femårsplan.
Finally, the Commission noted that under normal market circumstances, interest rates on bonds should on average be higher than interest rates on loans, because they are considered as subordinated debt.
Statsrådets vejledende udtalelser om Promotion of International Production Capacity og om Equipment Manufacturing Cooperation, udstedt i 2015 (»vejledende udtalelser«).
However, in the case of the sampled companies, the interest rates on loans were equal to or higher than the interest rates on the bonds.
No. 653 and ChemChina File [2016] No. 144
In light of the above considerations, the Commission found that the Chinese financial institutions organizing the issuance of bonds for the sampled companies are public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation.
Finansministeriets bekendtgørelse om Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No. 18.
Furthermore, a benefit was provided to the two sampled exporting producers, since the bonds were issued at rates below the market rates corresponding to their actual risk profile.
Resultaterne af undersøgelsen
The Commission considered that the preferential financing through bonds is specific within the meaning of Article 4(2)(a) of the basic Regulation as the bonds cannot be issued without approval from government authorities, and the Securities Law of the PRC states that the issuance of bonds must comply with the State's industrial policies.
Kommissionen konstaterede, at den kinesiske regering havde grebet ind på flere måder for at gøre det lettere for CNRC at overtage andelen på 65 % i Pirelli-gruppen.
According to these policies, high-performance radial tires (including tubeless truck tires) are specified as an encouraged category of products.
For det første modtog CNRC et tilskud på 500 mio. RMB (ca. 66 mio. EUR) fra SASAC, til »at fremme et globalt samarbejde om produktionskapacitet under initiativet »One Belt, One Road«« i overensstemmelse med meddelelsen fra finansministeriet om Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016] No. 18.
Calculation methodology
For det andet modtog CNRC et præferencelån på 800 mio. EUR fra et bankkonsortium, herunder China Development Bank (»CDB«), EXIM og China Construction Bank (»CCB«).
Since bonds are in essence just another type of debt instrument, similar to loans, and since the calculation methodology for loans is already based on a basket of bonds, the Commission decided to follow the calculation methodology for loans as described above in section 3.4.4.
Låneaftalen nævner som formål med lånet overtagelsen af Pirelli.
This means that the relative spread between US AA corporate bonds and US BB corporate bonds with the same duration is applied to the benchmark interest rates published by the PBOC to establish a market-based interest rate for bonds, which is then compared with the actual interest rate paid by the company in order to determine the benefit.
For det tredje modtog CNRC en godtgørelse på 17 mio. RMB for de renter, der var blevet betalt for lånet i ovennævnte betragtning.
The subsidy amount established with regard to preferential bonds during the investigation period for the sampled groups of companies amounts to:
Denne godtgørelse blev ydet af finansministeriet med henblik på »at overtage rettigheder i forbindelse med kapitalandele i Pirelli« som en del af »de særlige midler til nøgleprojekter i 2015 med henblik på udviklingen af udenrigshandelen«, hvilket er i overensstemmelse med Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Preferential financing: bonds
nr. 653 og ChemChina File [2016] No. 144.
Preferential financing and insurance: export buyer credits
For det fjerde deltog den kinesiske regering i overtagelsen af kapitalandelen i Pirelli-gruppen ved at stille en egenkapitalinvestering på 533 mio. EUR via SRF, som er en statslig investeringsfond, der indgår i initiativet »One Belt, One Road«.
According to the complainant, state-owned banks in China provided export buyer's credits or concessional loans to foreign companies, such as importers, in order to promote the export of Chinese products, technology, and services, such as tyres.
Investeringsaftalen tager hensyn til de praktiske detaljer ved transaktionen, men ser ikke nærmere på de underliggende betingelser.
During the investigation, the Commission found that none of the importers, whether related or unrelated, had any outstanding loans from Chinese financial institutions in their accounts.
En del af den kinesiske regerings støtte blev således ydet direkte (f.eks. i form af tilskud), og en del blev ydet indirekte via statsejede enheder.
Following the disclosure of the Information Document and final disclosure, the GOC, Pirelli and the CNRC claimed that the Commission could not investigate this scheme as it had not been covered by the complaint or by the Notice of Initiation.
Med hensyn til det præferencelån, der er nævnt i betragtningen ovenfor, fastslog Kommissionen allerede i afsnit 3.4.1, at CDB, EXIM og CCB handlede som offentlige organer i henhold til grundforordningens artikel 3 og artikel 2, litra b), når de ydede lån til virksomhederne i stikprøven.
After final disclosure the GOC reiterated this claim and argued that the Commission did not provide an opportunity for consultations prior to initiation in accordance with Article 10(7) of the basic Regulation preventing the PRC from proposing a mutually agreed position.
Med hensyn til SRF og Cinda konstaterede Kommissionen, at begge enheder er helt ejet af den kinesiske regering, og at deres ledelsesstruktur indikerer, at staten udøver en betydelig kontrol med dem.
In addition, the GOC claimed that new schemes can be countervailed only if there was a legal basis in EU law.
Ifølge SRF's websted er fonden en statsejet enhed, der er etableret og støttet af staten med henblik på at yde investerings- og finansieringsstøtte til handel og økonomisk samarbejde og konnektivitet som led i initiativet »One Belt, One Road«.
However, such legal basis was only introduced upon the entry into force of the new Article 10(7), second paragraph, of the basic Regulation in December 2017, which was not applicable to this proceeding.
Virksomheden ejes 100 % af staten gennem State Administration of Foreign Exchange, China Investment Corporation, EXIM Bank og CDB.
The CNRC took the view that each program had to be individually mentioned in the notice of initiation.
Den har en bestyrelse og et tilsynsråd, der består af repræsentanter fra forskellige ministerier.
As the Commission had only referred to ‘grants’ or ‘loans’ and not to ‘equity investment’ the SRF investment was not covered by the proceedings.
I 2017 var de vigtigste aktionærer i virksomheden finansministeriet (64,45 %) og Kinas National Council for Social Security Fund (7,06 %).
The Commission disagreed.
Virksomhedens bestyrelse og tilsynsråd består af en blanding af repræsentanter fra statslige myndigheder og store statsejede finansielle institutioner.
The Notice of Initiation referred to the ‘(1) direct transfer of funds and potential direct transfer of funds or liabilities’.
Ifølge årsberetningen har virksomheden »nøje koordineret den nationale strategi« og bl.a. støttet oprettelsen af initiativet »One Belt, One Road«.
Both under Article 3(1)(a)(i) of the basic AS Regulation and Article 1.1 (a)(1)(i) of the SCM Agreement the term ‘direct transfer for funds’ is explained by bracketed examples.
Endvidere tilkendegiver virksomheden, at den »vil studere og gennemføre den ånd, der kommer til udtryk i det kinesiske kommunistiske partis 19. nationalkongres og Xi Jinpings tanker om socialisme med kinesiske karakteristika for en ny æra og kraftigt styrke partiets overordnede ledelse og sørge for, at der er en solid politisk garanti for virksomhedens udvikling«.
They enumerate ‘for example, grants, loans, equity infusion’.
På grundlag af de oplysninger, der blev fremlagt under kontrolbesøget, samt offentligt tilgængelige oplysninger konkluderede Kommissionen derfor, at der forelå formelle indicier for statslig kontrol med hensyn til SRF og Cinda.
As an equity investment, the SRF investment was hence covered by the Notice of Initiation under the heading ‘direct transfer of funds’.
Kommissionen indhentede desuden oplysninger om, hvorvidt den kinesiske regering har udøvet betydelig kontrol med ledelsen af SRF og Cinda.
Moreover, as explained below in recitals (334) to (340), the SRF investment was not considered to be a separate, self-standing programme for the purpose of this investigation.
I den forbindelse bemærkede Kommissionen, at deres deltagelse skal ses i sammenhæng med følgende lovgivningsmæssige rammer:
Rather, the SRF investment constituted an additional intervention in a package of five financial interventions from the Government of China in the context of acquiring Pirelli.
Planen tager også sigte på at fremme en omlægning fra eksport, der er domineret af varer, til eksport af varer, tjenesteydelser, teknologier og kapital.
By analysing the SRF investment, the Commission had thus not included a separate programme into the investigation, but rather looked at all relevant parts of one complex financial measure, as part of a programme to promote foreign trade in this context.
I den forbindelse nævnes det i planens kapitel III.3, at en af de vigtige opgaver er at styrke eksportvirksomheders tværnationale driftskapacitet, hvilket tilskynder stærke virksomheder til at udvide industrikæder, gennemføre tværnationale fusioner og overtagelser og erhverve mærkevarer, kerneteknologier og markedsføringskanaler.
Moreover, even if there had been a doubt about the scope of the covered subsidies by the proceeding, the Commission had dispelled such doubts in full transparency during the investigation.
Planen nævner endvidere, at der vil blive ydet systematisk støtte til tværnationale virksomheder med god kreditværdighed for således at skabe en gruppe af store virksomheder med tværnational erhvervskapacitet, som har et verdensomspændende distributionsnet på markedet.
The question of the market-based nature of investments made by the Silk Road Fund (‘SRF’) was raised by common agreement during the verification visit at the GOC, where the GOC also provided useful information about the nature of the SRF.
Det endelige mål er at skabe en række førende virksomheder med international konkurrenceevne og markedsudviklingskapacitet.
In this respect, the Commission was also surprised about the allegation of CNRC made after final disclosure that the GOC had only made an oral response during the Commission's verification visit and that the Commission had not sought further information on the market-based nature of the SRF.
Artikel 30-36 i disse vejledende udtalelser opremser alle de politiske støtteforanstaltninger, som virksomheder, der opererer i udlandet, kan få, som f.eks. finanspolitik og politikker for skattebegunstigelse, lån på lempelige vilkår, finansiel støtte gennem syndikerede lån, eksportkreditter, projektfinansiering, egenkapitalinvestering og endelig eksportkreditforsikring.
Rather to the contrary, the Commission had sent an Article 28 letter to the GOC in that respect and received some documentation about the SRF investment by the GOC, which again underlines that this aspect of the GOC financing was properly part of the proceeding.
I artikel 35 nævnes Silk Road Fund specifikt som et redskab til projektfinansiering, der støttes af staten, og som anvendes til at »øge kilderne til egenkapitalinvestering. … Vi vil give Silk Road Fund mulighed for at udvikle sig fuldt ud.
The claim that the SRF investment was outside the scope of the investigation was therefore rejected.
Vi vil aktivt støtte projekter vedrørende international produktionskapacitet og samarbejde om fremstilling af udstyr gennem egenkapitalinvestering og lånefinansiering.«
Legal basis
Endvidere anfører Silk Road Fund selv på sit websted, at dens mål er at hjælpe kinesiske virksomheder med at forbedre deres eksportresultater ved at give dem bedre adgang til udenlandske markeder gennem etablering af udenlandske operationer og gennem anskaffelse af udenlandsk avanceret teknologi.
13th Five Year Plan for the Development of Foreign Trade, issued by the Ministry of Commerce (‘MOFCOM’), 26 December 2016;
På dette grundlag konkluderer Kommissionen, at den kinesiske regering har skabt normative rammer, der skal følges af ledere og tilsynsførende, som er udpeget af den kinesiske regering og er ansvarlige over for den kinesiske regering.
13th Five Year Petrochemical Plan;
Derfor støttede den kinesiske regering sig til de normative rammer for at udøve betydelig kontrol med ledelsen af SRF og Cinda.
Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation, issued in 2015 (‘Guiding Opinions’);
Kommissionen undersøgte også SRF's og Cindas konkrete adfærd og bemærkede, at begge disse enheder handlede som finansielle investorer i forbindelse med overtagelsen af kapitalandelen i Pirelli-gruppen og udøver reelt ingen operationel kontrol med deres investeringer.
Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Desuden giver de begge en fordel, der ikke kunne fås under normale markedsvilkår:
No 653 and Chemchina File [2016] No 144;
Cinda betalte et unormalt højt beløb for sin egenkapitalinvestering.
Notice of the Ministry of Finance on Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No 18.
Cinda betalte 266 mio. EUR for denne egenkapitalinvestering, selv om den underliggende andel i egenkapitalen kun svarede til 38 mio. EUR, og virksomhedens nettoaktiver var på 73 mio. EUR.
Findings of the investigation
Med hensyn til SRF har fonden ifølge dennes egne udtalelser til formål at yde finansiel støtte til projekter, der ikke har tilstrækkelig egenkapital, ved at reducere den samlede gældskvote og forbedre projekternes finansieringsevne.
The Commission found that the GOC had intervened in several ways to facilitate the acquisition of the 65 % stake in the Pirelli Group by CNRC.
Samtidig bliver det med fonden lettere at få syndikerede lån (såsom præferencelån som nævnt i betragtning 336), hvilket giver yderligere finansieringsstøtte til projekterne.
First, CNRC received a grant of 500 million RMB (around 66 million EUR) from SASAC, to ‘promote global production capacity cooperation under the ‘One Belt, one Road Initiative’’, in line with the Notice of the Ministry of Finance on Release of Central State-Owned Capital Operating Budget in 2016, CZ [2016], No 18.
Pirelli-aftalen nævnes gentagne gange af SRF på dennes websted som et eksempel på denne arbejdsmetode.
Second, CNRC received a 800 million EUR preferential loan from a bank consortium including China Development Bank (‘CDB’), EXIM and China Construction Bank (‘CCB’).
Kommissionen konstaterede derfor, at ovenfor beskrevne retlige ramme implementeres af SRF og Cinda i forbindelse med udøvelsen af statslige funktioner med hensyn til dækindustrien, idet de optræder som offentlige organer, jf. grundforordningens artikel 2, litra b), sammenholdt med grundforordningens artikel 3, stk. 1, litra a), nr. i), og i overensstemmelse med WTO's relevante retspraksis.
The loan agreement mentions as purpose of the loan the acquisition of Pirelli.
Endvidere bemærkes, at selv om SRF og Cinda ikke blev anset for offentlige organer, fandt Kommissionen, at de også ville blive betragtet, som om de havde fået overdraget eller var blevet pålagt af den kinesiske regering at udøve funktioner, der normalt udføres af staten, jf. grundforordningens artikel 3, stk. 1, litra a), nr. iv), af de samme årsager som anført i betragtning 342-356.
Third, CNRC received a 17 million RMB refund of the interest paid on the loan mentioned in the recital above.
Efter fremlæggelsen af oplysningsdokumentet og den endelige fremlæggelse af oplysninger påstod CNRC og Pirelli, at SRF og Cinda ikke er offentlige organer, da SRF ikke er et støtteorgan, og både SRF og Cinda tilstræber markedsbaserede afkast som enhver privat investor.
This refund was granted by the Ministry of Finance ‘for the acquisition of Pirelli's stock rights’ as part of the ‘key projects of 2015 special funds for the development of foreign trade’, in line with the Notice on Appropriating Subsidized Funds of Key Projects of 2015 Special Funds for the Development of Foreign Trade and Economy, C.H.
Ifølge CNRC bekræftede det forhold, at SRF-investeringen havde betalt aktierne i Pirelli til markedspris, at beslutningerne i forbindelse med SRF-investeringen træffes uafhængigt og baseres på markedsprincipper.
No 653 and Chemchina File [2016] No 144.
Kommissionen mindede om, at analysen vedrørende offentlige organer imødekommer spørgsmålet om, hvorvidt en enhed har fået overdraget statslig myndighed.
Fourth, the GOC participated in the acquisition of the stake in the Pirelli Group by providing an equity participation worth 533 million EUR via SRF, a government investment fund which is part of the ‘One Belt, one Road Initiative’.
Staten ejer ikke blot SRF (som anført i betragtning 343-346), men regeringen udøver også betydelig kontrol med den.
The investment agreement deals with the practical details of the transaction, but is silent about the underlying conditions.
Det afgørende er derimod, at SRF's beslutninger ikke træffes uafhængigt af statslig indflydelse.
Finally, the GOC participated in the restructuring exercise within the China National Tire Group after the acquisition by providing an equity participation worth 266 million EUR via the China Cinda Asset Management Company Ltd (‘Cinda’) in the company holding the Pirelli Group's industrial tire business.
Som det fremgår af betragtning 348-353, er der en stærk normativ ramme, inden for hvilken SRF fungerer som et regeringsinstrument, der skal forfølge de politiske mål under initiativet »One Belt, One Road« (omdøbt til Belt and Road Initiative (»BR-Initiativet«)).
All five interventions had the common objective to allow CNRC purchasing Pirelli.
Fordel
Some of the GOC's support was thus provided directly (e.g. via grants), some of it was provided indirectly via state-owned entities.
CNRC og Pirelli kommenterede også i relation til oplysningsdokumentet, at Kommissionen ikke dokumenterede, at vilkårene for SRF-investeringen var uforenelige med sædvanlig investeringspraksis.
Concerning the preferential loan mentioned in recital above, the Commission already established in section 3.4.1 above that CDB, EXIM and CCB were acting as public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation when providing loans to the sampled companies.
Enhver fordel bør begrænses til forskellen mellem de vilkår, som regeringen tilbyder, og de vilkår, som modtageren kunne have opnået på markedet.
With respect to SRF and Cinda, the Commission found that both entities are fully owned by the GOC and their corporate governance structure indicates that the State exercises a meaningful influence over them.
Der var under alle omstændigheder ingen fordel for CNRC eller Pirelli, da midlerne blev stillet til rådighed for de tidligere aktionærer i Pirelli med henblik på at erhverve deres aktier.
According to its website, SRF is a State-owned entity established and supported by the State to provide investment and financing support for trade and economic cooperation and connectivity under the framework of the Belt and Road Initiative.
Kommissionen var uenig i, at SRF-investeringen ikke medførte nogen fordel for CNRC, og at transaktionen kunne sammenlignes med, hvad der kunne være opnået på markedet af følgende årsager:
The company is 100 % owned by the State through the State Administration of Foreign Exchange, China Investment Corporation, EXIM Bank and CDB.
SRF betalte Pirellis aktier til markedspris, men fordelen ved den statslige intervention for CNRC er uafhængig af den pris, som SRF's egenkapitalinvestering blev foretaget til.
It has a board of directors and a board of supervisors, which consist of representatives from various Ministries.
Fordelen ved den statslige intervention var rent faktisk, at CNRC ikke havde tilstrækkeligt kapitalgrundlag til at finansiere overtagelsen af Pirelli.
Cinda was founded as a state-owned enterprise and a bad bank for the China Construction Bank in 1999.
Aftalen var derfor i høj grad gearet.
According to its Annual Report, it was the first asset management company established in April 1999 pursuant to approval of the State Council to tackle financial risk and maintain the stability of the financial system as well as to facilitate the reform of state-owned banks and enterprises.
I denne forbindelse var en af betingelserne for det lån, som China Development Bank ydede til CNRC, at CNRC skulle bevise, at den havde fået supplerende midler fra andre kilder.
Distressed asset management is the core business of the company.
Dertil kommer som omhandlet i betragtning 356, at SRF på sit websted meddeler, at dens hovedformål er at yde finansiel støtte til projekter, der ikke har tilstrækkelig egenkapital, ved at reducere den samlede gældskvote og forbedre projekternes finansieringsevne.
According to its Annual Report, the company ‘closely coordinated the national strategy’, and supported, among others, the construction of the ‘Belt and Road’ Initiative.
Samtidig bliver det med fonden lettere at få syndikerede lån, hvilket giver mulighed for yderligere finansiering af projekter.
The Company also vowed that it ‘will earnestly study and implement the spirit of the 19th National Congress of the CPC and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, vigorously strengthen the overall leadership of the Party and provide strong political guarantee for the development of the Company’.
Selv om CNRC havde været i stand til at sikre de nødvendige midler via et ekstra lån, ville dette have medført ekstra omkostninger, da virksomheden ville have skullet betale renter af lånet og tilbagebetale lånets hovedstol.
Based on the information provided during the verification visit, as well as publicly available information, the Commission thus concluded the existence of formal indicia of government control with respect to SRF and Cinda.
Takket være SRF's intervention havde CNRC derfor ikke yderligere finansieringsomkostninger og forbedrede gældskvoten for transaktionen, hvilket gjorde det lettere at få penge af bankerne.
The Commission further sought information about whether the GOC exercised meaningful control over the conduct of SRF and Cinda.