natgillin/translations-raw huggingface dataset:
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.
Seega lükkas komisjon selle väite tagasi.
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.
Seoses Hiina valitsuse tähelepanekuga, et ka ELi tootjad olid kahjumis, kuid suutsid siiski oma laene refinantseerida, märkis komisjon, et vastupidiselt olukorrale HRVs, toimus ELi tootmisharus laenude refinantseerimine kogu grupi tasandil, mitte tootmisettevõtete tasandil.
The group also has a high debt to asset ratio.
Lisaks, nagu kirjeldatud põhjenduses 192 olid ELi ja HRV refinantseerimistehingute tingimused väga erinevad.
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.
Seega ei olnud see tähelepanek põhjendatud.
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.
Kuna Shougang Group tervikuna on olnud kasumis, ei seatud kahtluse alla komisjoni kasutatud arvutusmetoodikat laenutabelis esitatud laenude puhul.
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.
Nagu selgitatud põhjenduses 156, hinnati grupi äriühiguid eraldi ning järeldused ja kohandused on tehtud vastavalt konkreetse äriühingu finantsolukorrale.
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.
Selline käsitlus leidis kinnitust kontrollkäigu ajal, kui osalised sedastasid, et garantiiandja hindamisel vaadeldakse üksiku äriühingu olukorda, mitte aga olukorda grupi tasandil.
For the same reasons as set out in recitals (159) to (161) above, the Commission concluded that this rating is not reliable.
Garantiiandjate kohta ei olnud küsimustike vastustes mingit teavet esitatud, välja arvatud äriühingu Qian'an Coal puhul.
Furthermore, the existence of the revolving loans further confirmed the Commission's assessment to disregard the Chinese AAA- rating of the Hesteel Group.
Mis puudutab tootmisettevõtte Jingtang finantsolukorda, siis see tootmisettevõte oli pidevas kahjumis oma äritegevuse algusest alates 2010. aastal, välja arvatud aastatel 2014 ja 2015, mil tal õnnestus vaevalt kasumiläveni jõuda, saades kasumit 0 %–0,5 %.
In addition, in order to take into account the increased risk highlighted by the existence of revolving loans at the level of the individual companies involved in the HRF production, and given that the conditions and the maturity of these loans were essentially comparable to the high interest loan mentioned in recital (162) above, the Commission found it appropriate to use the same benchmark as set out in that recital as the relevant benchmark for all loans with a maturity of 2 years or less provided at the level of the production companies which were making use of revolving loans.
Äriühingu tegevustulemus jäi pidevalt tunduvalt allapoole kavandatud näitajatest, mis olid esitatud tasuvusaruandes, millele tugines Jingtangi ehitusprojekt.
As revolving loans are usually concluded for short durations, it is highly unlikely that a revolving loan would be found for a maturity of more than two years, and the concrete evidence of the loans verified in the sampled companies supports this conclusion.
Uurimisperioodi vara hindamise aruanne koostati seoses muudatustega Shougang Jingtangi aktsionäride struktuuris.
The claims and arguments put forward by the GOC and some sampled companies with regard to the general methodology for the relative spread and the use of a proxy benchmark apply equally to the Hesteel Group.
Kõnealuses aruandes hinnati äriühingu netoväärtuseks uurimisperioodil vähem kui kolmandik esialgsete investeeringute summast.
The Commission rebutted these points already in in recitals (175) to (195).
Komisjon seetõttu ei muutnudki oma järeldusi tootmisettevõtte Jingtang kohta.
The Commission observed that this alleged capital injection was subject to a question in April 2017 from the United States and the EU to the PRC within the framework of the Committee on Subsidies and Countervailing Measures of the WTO.
Seega lisas komisjon finantsnäitajate arvutamisel tegevuskasumile finantskulud, et leida iga äriühingu maksustamiseelne kasum.
The Commission did not find any evidence during this investigation that this alleged capital injection had conferred any benefit to Hesteel Group during the IP.
Seetõttu jääb komisjon oma seisukoha juurde finantsnäitajate arvutamise küsimuses.
The Shougang Group presented itself in a generally difficult financial situation according to its own financial accounts.
Pärast järelduste avalikustamist nurises Shougang Group selle üle, et komisjon ei ole käsitlenud piisavalt üksikasjalikult gruppi kuuluvat kolme tootmisettevõtet.
Based on the evidence received for the years 2014 and onwards, the Group was loss-making both in 2014 and 2015.
Komisjon märkis, et ta on esitanud üksikasjalikud andmed oma teisel järelduste avalikustamisel.
It was highly leveraged and it increased its short-term liabilities by more than 10 % during the IP.
Äriühing Qian'an Coal oli saanud väga vähe kasumit (kasumiläve lähedane) enne 2014. aastat, väikest kasumit 2014. aastal (alla 3 %) ning vaatlusperioodil oli ta kahjumis.
Furthermore, 25 revolving loans were found on-spot during the verification at the level of the parent company.
Umbes üks kolmandik äriühingu lühiajalistest laenudest uurimisperioodil (ja mis moodustavad umbes kolmandiku kogu äriühingu võlasummast) on vaba tagasimaksega laenud.
Moreover, in the loan tables, a significant number of additional short term loans was replaced with new loans for the same amount at expiry.
Shougang Mining oli pidevas kahjumis aastatel 2012–2015, välja arvatud 2013. aastal, kui ta saavutas väikese kasumi.
At the level of the companies involved in the production of HRF, the financial statements as well as evidence found relating to specific loans, in asset evaluation and feasibility reports, showed that these companies were operating as a going concern despite consecutive years of losses or marginal profits, high debt to assets ratios, low interest coverage, worsening financial indicators and an uncertain outlook for the future.
Shougang Miningul oli viie aasta jooksul pidevalt suur finantsvõimendus (võlakordaja üle 80 %) ning mitte ühelgi neist viiest aastast ei saanud äriühing piisavalt kasumit oma intressikulude katmiseks (intressikulude kattekordaja < 1).
These companies did not generate enough operating profit to cover the payment of their interest expenses for several consecutive years during the period 2012-2015.
Ainus äriühingule uurimisperioodil antud laen oli vaba tagasimaksega laen.
Furthermore, the Commission found instances of debt restructuring due to payment difficulties during the verification.
Komisjon ei muutnud oma järeldusi äriühingute Qian'an Coal ja Shougang Mining kohta.
In addition, all of the short-term loans granted during the IP to one of the production companies were revolving loans.
Xishan Coking loodi 2009. aasta lõpus ja ta alustas oma tegevust suure kahjumiga (rohkem kui 300 miljonit jüaani) ning uurimisperioodi ajaks oli see veel katmata.
Despite these circumstances, the Shougang Group was awarded an AAA credit rating by a Chinese credit rating agency, Dagong International.
Äriühingu käive pidevalt langes neli aastat ning sel ajal oli äriühingul suurenev finantsvõimendus.
For the same reasons as set out in recitals (159) to (161) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Shougang Group.
Mitu äriühingule uurimisperioodil antud laenu olid vaba tagasimaksega.
In view of the above general situation, the Commission found it necessary to find an appropriate benchmark at the level of the group.
Komisjon nõustus siiski Shougangi väitega, et suur osa Xishan Cokingi laenudest olid tegelikult Jingtangi laenud ja see mõjutas tugevasti Xishan Cokingi finantsnäitajaid.
In order to take into account the increased risk highlighted by the existence of revolving loans, and given that the conditions and the maturity of these loans were essentially comparable to the high interest loan mentioned in recital (162) above, the Commission used the same benchmark as set out in that recital for all loans with a maturity of 2 years or less provided.
Benxi Group oli uurimisperioodil üldiselt raskes finantsolukorras, nagu näitasid kontserni raamatupidamisaruanded.
For the remaining loans at group level with a maturity of 2 years and above, based on the available information, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds to the group level, as explained in recitals (166) to (168).
Kontsern teenis 2015. aastal kahjumit, tal oli suur finantsvõimendus ja ta suurendas perioodil 2012–2015 pidevalt oma kohustisi.
Furthermore, the Commission concluded that at the level of the companies involved in the production of HRF, the situation was such that that these companies would not have had access to further loans during the IP absent State support.
Lisaks leiti kohapealse kontrolli käigus vaba tagasimaksega laenusid emaettevõtte tasandil.
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Kuumvaltsitud lehtterastoodete valmistamisega seotud äriühingu tasandil näitasid finantsaruanded ja konkreetsete laenudega seotud tõendid, et see äriühing oli jätkuvalt tegutsev, vaatamata mitu aastat järjest saadud kahjumile või väikesele kasumile, pidevalt suurenevale võlakordajale, halvenevatele finantsnäitajatele ja ebakindlatele tulevikuväljavaadetele.
Rather, the benefit during the IP derived from the award of loans which would not have been granted absent State support based on these companies' overall financial situation.
Äriühing ei teeninud piisavalt tegevuskasumit, et katta intressimakseid perioodil 2012–2015.
In this respect, the Commission noted that the Shougang Group is a large State Owned Enterprise (‘SOE’) which was earmarked as a ‘champion’ in the 11th Five Year Plan and the 12th Five Year Steel Plan.
Lisaks leidis komisjon valimisse kaasatud laenude hulgast ühe vaba tagasimaksega laenu ning laenude tabelis olid mõned lühiajalised laenud asendatud tähtaja möödumisel uute laenudega samale summale.
Therefore, in line with section E(b)(V) of the 1998 guidelines [31], the Commission decided to treat the outstanding amounts of these loans during the IP as a grant provided in pursuit of governmental policies.
Vaatamata sellele andis Moody'se kohalik Hiina filiaal Benxi Groupile uurimisperioodil AA+ reitingu.
Based on the information available, the Commission only countervailed the loans granted during the IP.
Samas rõhutab see filiaal oma üldises avalduses, et väljastab vaid kohalikke reitinguid, mis peegeldavad suhtelist krediidiriski Hiina piirides, samal ajal kui Moody'se ülesanne on tagada juhtimisalane pädevus, tehnoloogiline tugi ja analüütikute koolitus.
The claims and arguments put forward by the GOC and some sampled companies with regards to the general methodology for the relative spread and the use of a proxy benchmark apply equally to the Shougang Group.
Seepärast, võttes arvesse põhjendustes 159–161 nimetatud Hiina krediidireitingute üldist moonutatust ning kontrolli käigus tuvastatud tõendeid, jättis komisjon Benxi Groupile antud Hiina reitingu arvestamata.
The Commission rebutted these points already in recitals (175) to (195).
Peale selle tegi komisjon järelduse, et tootmisettevõtte tasandil oli olukord selline, et see äriühing ei oleks saanud uurimisperioodil juurdepääsu lisalaenudele ilma riigi abita.
Following disclosure, the GOC also objected to the treatment of loans as grants and put forward the following arguments:
Lähtudes äriühingu üldisest finantsolukorrast tulenes uurimisperioodil saadud kasu pigem selliste laenude saamisest, mida ei oleks tõenäoliselt ilma riigi abita antud.
The Commission did not disclose the essential facts related to its finding of ‘State support’ absent which these companies could not have received the concerned loans.
Sellega seoses märgib komisjon, et Benxi Group on suur riigiosalusega ettevõte, mis märgiti terasetööstuse 12. viisaastakukavas ära kui tšempion.
The countervailing of certain loan amounts as grants was inconsistent with Articles 1.1(b), 14 and 14(b) of the SCM Agreement.
Seetõttu otsustas komisjon, nagu 1998. aasta suuniste E osa punkti b alapunktis V kirjeldatud, käsitada nende laenude jääke uurimisperioodil valitsuse poliitika järgimiseks antud toetusena.
The GOC based its claim on the Panel Report in the case EC — DRAMS, in which this approach was found to be unreasonable and inconsistent with Articles 1.1(b) and 14 of the SCM Agreement.
Saadud kasu kindlaksmääramisel lähtuti laenu põhiosast, millest arvati maha uurimisperioodi jooksul makstud intress.
[32]
Laenu põhiosa kohandamisel arvestati maha amortisatsioon lähtuvalt laenu eesmärgist.
The Commission's calculation methodology represented an exception not permitted by Article 14(b) of the SCM Agreement, as it converted the legal nature of the contribution from loans to grants.
Väited ja argumendid, mille Hiina valitsus ja mõned valimisse kaasatud äriühingud esitasid intressivahe üldise metoodika ja võrdlusaluse kohaldamise kohta, hõlmasid ka kontserni Benxi Group.
The Panel in EC — DRAMS underlined that a loan is fundamentally different from a grant, as it entails a debt still owed [33].
Komisjoni seisukohta seoses nende väidetega on kirjeldatud põhjendustes 175–195 ning see kehtib ka kontserni Benxi Group suhtes.
All loans were accounted for as loans and not grants in the companies' accounting records, none of the loans reported in the loan tables mentioned any debt forgiveness, and interest payments were paid on those loans.
Väited ja argumendid, mille Hiina valitsus ja mõned valimisse kaasatud äriühingud esitasid seoses üldise metoodikaga, mille kohaselt käsitleti laene toetustena, hõlmasid ka kontserni Benxi Group.
Finally, section E(b)(V) of the EU's 1998 guidelines to calculate the amount of a subsidy assumes the existence of debt forgiveness or default.
Komisjoni seisukohta seoses nende väidetega on kirjeldatud põhjendustes 216–221 ning see kehtib ka kontserni Benxi Group suhtes.
The alleged economic situation of the concerned companies did not justify the treatment of certain loan amounts as grants.
Benxi Group väitis, et talle esitatud konkreetses teavet avalikustavas dokumendis nimetatud finantsnäitajad ei tõendanud piisavalt, et Bengang ei suuda laene tagasi maksta.
Indeed, the concerned companies formed part of a large group of companies, and their loans were guaranteed by the parent companies.
Lisaks, isegi juhul, kui Bengang on viimastel aastatel seisnud silmitsi finantsraskustega, on ta nende aastate jooksul tavapäraselt toiminud ja tal on olnud piisav võimekus laene tagasi maksta.
In addition, EU producers were also making losses since 2012, but still received loans and were able to refinance their debts.
Benxi Group väitis ka, et tema krediidireitingu analüüs ei olnud piisavalt põhjalik.
More specifically, concerning the Shougang Group, the Jingtang production company actually made profits in 2014 and 2015, even though it only started commercial operations in 2010.
Lõpuks väitis Benxi Group, et kaebuse esitaja ei olnud seda toetuskava oma kaebuses esitanud, ning seetõttu ei olnud laenude käsitlemine toetustena kooskõlas subsiidiumide ja tasakaalustusmeetmete lepingu artikli 11 lõikega 1.
Finally, the Commission itself considered the financial situation of the Shougang and Benxi Groups as corresponding to a ‘BB’ rating, which should be sufficient to obtain loans on the market.
Esimese punkti kohta märkis komisjon, et äriühing tunnistas oma vastuses teabe avalikustamise dokumendile, et tal on viimastel aastatel olnud rahalisi raskusi ning ta ei vaidlustanud ühtegi komisjoni järeldust väheneva kasumi ja käibe, suure võlasuhte ning suutmatuse kohta tasuda laenuintresse.
The exporting producers mainly echoed the comments of the GOC.
Äriühing sai uurimisperioodil märkimisväärse kahjumi.
However, some additional specific comments were received from the Shougang Group:
Lisaks tunnistas Benxi Group, et mõnda laenu ei makstud tagasi esialgse tagasimaksekava kohaselt, mis näitab, et äriühingul oli raskusi laenude tagasimaksmisega.
The Shougang Group noted that certain loan amounts were reclassified as grants for three companies of the Group without adequate explanation or reasoning.
Võttes arvesse äriühingu üldist olukorda jäi komisjon oma seisukoha juurde, et tavalistes turutingimustes ei oleks äriühing saanud täiendavaid laene.
The Shougang Group as a whole was profitable during 2014 and 2015, and had high levels of undistributed profits.
Seoses asjaoluga, et asjaomased äriühingud kuulusid suurde kontserni ja nende laenud olid tagatud emaettevõtja poolt, tunnistas komisjon, et kontserni Benxi Group tootmisettevõtte laenud olid tõepoolest tagatud kontserni kuuluva teise äriühingu poolt.
The Shougang group also disagreed with the fact that the production companies did not generate sufficient profit to cover their interest expenses, and pointed out that the operating profit reported in the financial statements actually was the profit after payment of the financial expenses.
Kõik kontserni Benxi Group kuuluvad äriühingud, keda kontrolliti, tootsid uurimisperioodil kahjumit ja äriühing ise kinnitas oma vastustes küsimustikule, et kontsern toodab kahjumit, mis mõjutab mitut sidusettevõtjat, ning puudub väljavaade jõuda lähitulevikus taas kasumisse.
The State support mentioned in recital (211) above was part of the overall reasoning on preferential lending and thus referred to the same evidence as the one already described at large in sections 3.4.1 to 3.4.3.
Äriühingu esitatud ainus uus tõend selles küsimuses oli väide, et finantsraskused ei pruugi ilmtingimata kajastuda krediidireitingus, sest tegemist on suure raua- ja terasekontserniga, millel on pikk ajalugu ja hea krediidimaine.
In addition, the Commission provided some additional reasoning on the existence of State support to some companies in the steel industry having financial difficulties in section 3.5 below.
Komisjon leidis, et seda liiki argument toetab piisavalt komisjoni väidet, et Hiina krediidireitingud ei olnud usaldusväärsed, sest need tuginesid peamiselt äriühingu suurusele ja staatusele, mitte nende tegelikule olukorrale.
Concerning the second and third points, the Commission clarified that it had not considered the loans provided to the sampled companies to equate to grants as such.
Nimelt käsitleti neid kaebuses seoses sooduslaenude arvutamismeetodiga.
Contrary to what was stated by the GOC, the Commission had not changed the legal nature of the financial contribution from loans to grants.
Järeldus sooduslaenude kohta
Rather, the Commission had acknowledged that the loans provided to the companies had payment obligations attached to it.
Uurimine näitas, et kõik valimisse kaasatud eksportivate tootjate kontsernid said uurimisperioodil sooduslaene.
Only when calculating the benefit of such transaction, the Commission did not make a comparison of interest rates, but took the outstanding capital amount of the loan as a starting point.
Seda kasu tuleks käsitada tasakaalustatava subsiidiumina, sest esinevad nii rahaline toetus, eksportivate tootjate kasu kui ka konkreetsus.
In this respect, the Commission further specified that it did not take the entire amount of the loan into account for the benefit calculations.
Valimisse kaasatud eksportivate tootjate kontsernide puhul oli selle meetodiga määratud subsiidiumimäär uurimisperioodil järgmine.
Only the outstanding part of the loans was taken as a starting point, and several downward adjustments were subsequently made on this amount.
Strateegilised sooduslaenud
First, the benefit was determined based on the outstanding capital amount of the loan minus the interest paid during the IP.
Äriühing/kontsern
If the purpose of the loan was labelled as liquidity/working capital, the full amount was taken.
Riigipankadest
If the loan was clearly linked to a long-term investment, the capital amount was depreciated over the duration of the loan, and only the amount allocated to the IP was taken into consideration.
Muudest finantseerimisasutustest
Finally, the amount of the benefit was further adjusted to reflect only the number of days in the IP the loan was running.
Tegelik garantii
All these adjustments show that the Commission did not take into account the full amount of the loan for the benefit calculation.
Kaebuse esitaja väitis, et on olemas eraldiseisev subsiidiumiprogramm, mis hõlmab Hiina valitsuse rahaliste vahendite võimalikku otsest ülekandmist tegeliku garantii kaudu, millega tagatakse kuumvaltsitud lehtterase sektori selliste äriühingute tegevuse jätkuvus, millel on nende finantsolukorra tõttu raske laene tagasi maksta.
Therefore, the Commission found that the reasoning as applied in the Panel Report in EC — DRAMS was not applicable to this investigation.
Komisjon märkis, et WTO lepingus sätestatud tõendamiskünnis kirjutamata meetmete tõestamiseks on eriti kõrge, kui tegemist on nende olemasolu näitavate tõenditega.
That case, dealt with a question of calculation methodology [34], and the Panel mainly took issue with the fact that the EC had taken the full amount of Hynix's loans as a benefit, without taking into consideration the obligations attached to it [35].
Eelkõige peab uurimisasutus argumentide ja toetavate tõendite kaudu selgelt kindlaks tegema vähemalt selle, et väidetav kirjutamata „reegel või norm“ laieneb välisriigi valitsusele; selle normi täpse sisu; ja et see on üldiselt ja edasiulatuvalt rakendatav.
As this was not the case in the current investigation, this claim was therefore rejected.
See kõrge künnis on täidetud vaid siis, kui esitatakse piisavalt tõendeid, mis sisaldavad kõiki nimetatud elemente [36].
With respect to the GOC's claim that the financial situation of the Shougang and Benxi Groups corresponded to a ‘BB’ rating, which should be sufficient to obtain loans on the market, the Commission recalled that it made a differentiated assessment of the companies at the group level and the companies at the level of the production companies.
Laienemine Hiina valitsusele
The Commission's conclusion was that the financial situation corresponding to a BB rating was only applicable at the level of the group, but not at the level of the companies involved in production activities.
Komisjon kontrollis esmalt, kas väidetav tegelik garantii laieneb Hiina valitsusele.
It thus rejected this claim.
Selles osas tegi komisjon kindlaks, et Hiina RVs kehtib riiklik poliitika riigi tipptegijate (peamiselt riigiosalusega) arendamiseks terasetööstuses väiksemate (peamiselt eraomandis olevate) tehaste asemel.
With respect to the GOC's observation that the EU producers were also making losses, but were still able to refinance their debts, the Commission noted that, contrary to the situation in the PRC, the refinancing of debts of the EU industry took place at the level of the overall group, not at the level of the production companies.
See poliitika kehtis juba 2009. aastal, kui riiginõukogu andis välja dokumendi „Blueprint for the Steel Industry Adjustment and Revitalisation“ (Terasetööstuse kohandamise ja taaselustamise kava).
The financial situation of the EU industry at the level of the group was not the same as at the level of the individual production companies.
Selles dokumendis märgiti, et kõige olulisem on toetada raua- ja terasetööstuse võtmetähtsusega, tugisambaks olevaid ettevõtjaid ja põhikategooriaid, et hoida turgu stabiilsena ja soodustada tööstusharu stabiilset arengut.