natgillin/translations-raw huggingface dataset:
The turnover of the company had been decreasing over the past 4 years and the company was increasingly leveraged over that time span.
Naime, tu je riječ bila o posebnoj metodologiju izračuna u okviru povlaštenog davanja zajmova, koja je bila uključena u pritužbu.
Many loans granted to the company during the IP were considered to be revolving loans.
Zaključak o davanju povlaštenih zajmova
However, the Commission accepted the claim by the Shougang Group that a high proportion of the debts of the Xishan Coking could actually be attributed to Jingtang and that the financial results of Xishan Coking were highly affected by this fact.
U ispitnom postupku pokazalo se da su sve grupacije proizvođača izvoznika u uzorku ostvarile korist od povlaštenih zajmova tijekom RIP-a.
In addition, the company had continuously recorded profits between 2012 and 2015.
S obzirom na postojanje financijskog doprinosa, koristi za proizvođače izvoznike i specifičnost, tu bi korist trebalo smatrati subvencijom protiv koje se mogu uvesti kompenzacijske mjere.
As a result, the 2015 loans by Xishan Coking were not treated as grants, and the benefit received was recalculated under the same methodology as for the companies at the level of the group, as described in recitals (209) to (210) above.
Stopa subvencije utvrđena u odnosu na taj program tijekom RIP-a za grupacije društava u uzorku iznosi:
The Benxi Group presented itself in a generally difficult financial situation according to its own financial accounts.
Politika davanja povlaštenih zajmova
It was loss-making in 2015, it was highly leveraged and it continuously increased its liabilities over the period 2012-2015.
Društvo/grupacija
Furthermore, revolving loans were found on-spot during the verification at the level of the parent company.
Ukupni iznos subvencije
At the level of the company involved in the production of HRF, the financial statements as well as evidence found relating to specific loans showed that this company was operating as an ongoing concern despite consecutive years of losses or marginal profits, continuously increasing debt to assets ratios, worsening financial indicators and an uncertain outlook for the future.
Od banaka u državnom vlasništvu
The company did not generate enough operating profit to cover the payment of its interest expenses during the entire period 2012-2015.
Od ostalih financijskih institucija
Furthermore, the Commission also found one revolving loan among the sampled loans, and in the loan tables, some short term loans were replaced with new loans for the same amount at expiry.
De facto jamstvo
Despite these circumstances, the Benxi Group was awarded a AA+ domestic credit rating during the IP by a Chinese subsidiary of Moody's.
Podnositelj pritužbe navodi da postoji zaseban program subvencija koji obuhvaća potencijalni izravni prijenos sredstava od kineske vlade s pomoću de facto jamstva kojim se osigurava neprekinuti rad društava u industriji toplovaljanih plosnatih proizvoda koja su suočena s poteškoćama u otplati zajmova.
However, the general disclaimer of this subsidiary highlights that it only provides domestic ratings reflecting relative credit risk within China, whereas Moody's role is to provide management expertise, technological support and analyst training.
Komisija je primijetila da je prag za dokazivanje nepisanih mjera u okviru Svjetske trgovinske organizacije (WTO) osobito zahtjevan u pogledu dokaza potrebnih da bi se dokazalo njihovo postojanje.
Therefore, in light of the overall distortions of Chinese credit ratings mentioned in recitals (159) to (161) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Benxi Group.
Tijelo koje provodi ispitni postupak mora argumentima i potpornim dokazima jasno utvrditi barem da se navodno nepisano „pravilo ili norma” može pripisati stranoj vlada, njezin točan sadržaj i da ima opću i buduću primjenu.
Furthermore, the Commission concluded that at the level of the production company, the situation was such that that this company would not have had access to further loans during the IP absent State support.
Taj visoki prag ostvaruje se samo ako se u vezi sa svim navedenim elementima predloži dovoljno dokaza [36].
Therefore, as illustrated in section E(b)(V) of the 1998 guidelines, the Commission decided to treat the outstanding amounts of these loans during the IP as a grant provided in pursuit of governmental policies.
U tom pogledu potvrdila je da se državnom politikom u NRK-u više podupire razvoj velikih nacionalnih prvaka (većinom u državnom vlasništvu) nego manjih (uglavnom privatnih) tvornica u industriji čelika.
The benefit conferred was determined based on the outstanding capital amount of the loan minus the interest paid during the IP.
Ta je politika već postojala 2009. kada je Državno vijeće donijelo „Plan prilagodbe i oživljavanja industrije čelika”.
The capital amount of the loan was adjusted by depreciating it according to the underlying purpose of the loan.
U tom se dokumentu kao osnovno načelo navodi da bi trebalo podupirati ključna poduzeća i ključne kategorije u industriji željeza i čelika radi održavanja stabilnosti na tržištu i promicanja stabilnog razvoja industrije.
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 applies equally to the Benxi Group.
Kako bi se odgovorilo na krizu iz 2008., u Planu se dodatno naglašavalo da bi raspored industrije trebalo prilagoditi i optimizirati na temelju „kontrole nad ukupnom količinom u kombinaciji s uklanjanjem zaostalih kapaciteta, restrukturiranjem poduzeća i premještanjem čeličana u gradovima”.
The Commission's position on these claims, as described above in recitals (175) to (195) applies equally to the Benxi Group.
U skladu s tim dokumentom cilj je vlade NRK-a uspostaviti nekoliko izrazito velikih poduzeća koja imaju snažnu neovisnu sposobnost za inovacije i međunarodno su konkurentna te postići da kapacitet pet najvećih domaćih poduzeća iz sektora željeza i čelika čini više od 45 % nacionalne proizvodnje.
Furthermore, the claims and arguments put forward by the GOC and some sampled companies with regards to the general methodology for the loans treated as grants applies equally to the Benxi Group.
Nadalje, u dokumentu se kao cilj spominje dovršetak premještanja društva Shougang Group i izgradnja baze za željezo i čelik Caofeidian.
The Commission's position on these claims, as described above in recitals (216) to (221) applies equally to the Benxi Group.
Planom se predviđa i promiče financijska potpora tim ključnim poduzećima te se predviđa i potpora u obliku izdavanja dionica, korporativnih obveznica, srednjoročnih komercijalnih zapisa, kratkoročnih zadužnica, bankovnih zajmova i iskorištavanja privatnih kapitalnih ulaganja za one projekte koji su u skladu s propisima o zaštiti okoliša i zakonima i pravilima o zemljištu i s propisima o upravljanju ulaganjima te za poduzeća u postupku spajanja i preuzimanja ili restrukturiranja.
Following disclosure, the Benxi Group mainly echoed the comments of the GOC.
Međutim, s druge strane, u dokumentu su spomenuta financijska ograničenja za projekte koji se grade nezakonito ili s neovlaštenim odobrenjem te za poduzeća sa „zaostalim kapacitetom”.
However, it also added some additional specific comments:
U dokumentu se posebno navodi da „u slučaju nesustavnog proširenja i obnove ili premještanja zaostalih postrojenja na druga mjesta, financijske institucije neće ni u kojem obliku odobriti kreditnu potporu, a nacionalni odjel za zemljište i resurse neće se baviti postupcima u vezi s korištenjem zemljištem”.
The Benxi Group claimed that the financial indicators mentioned in its specific disclosure document did not adequately demonstrate that Bengang had no ability to repay its loans.
U 12. petogodišnjem planu za industriju čelika nastavila se ista strategija kao ona utvrđena Planom.
Furthermore, even if Bengang might have been faced with some financial difficulties in recent years, it still kept normal operations during these years, and had sufficient capacity to repay its loans.
U Planu se govori i o ključnim poduzećima iz sektora čelika, a optimizacija rasporeda industrije smatra se glavnim ciljem.
The Benxi Group also argued that the analysis of its credit rating was not comprehensive enough.
Planom se utvrdilo da se velike projekte potiče dok bi male projekte trebalo ograničiti, a to se kombiniralo s uklanjanjem zaostalih proizvodnih kapaciteta.
Finally, the Benxi Group claimed that the complainant had not submitted this subsidy program in its application, and that the approach to treat loans as grants was therefore not in accordance with Article 11.1 of the SCM Agreement.
Jedan od glavnih ciljeva 12. plana bio je i postići određenu razinu industrijskih klastera znatnim smanjenjem količine poduzeća u sektoru čelika.
On the first point, the Commission noted that the company recognized in its reply to the disclosure document that it had been faced with financial difficulties in the recent years, and that it did not dispute any of the findings made by the Commission, such as declining profit margins and turnover, high debt ratio, and inability to pay the interests on loans.
Cilj je bio povećati udio deset najvećih proizvođača u proizvodnji čelika na 60 % ukupne nacionalne količine.
The company also had significant losses during the IP.
Taj se cilj moralo postići promicanjem spajanja, restrukturiranja i uklanjanja zaostalih kapaciteta.
Furthermore, the Benxi Group recognized that some loans were not repaid in line with the original repayment schedule, thus showing that the company experienced difficulties in its ability to repay loans.
Plan je osim toga sadržavao i popis u kojem je bilo utvrđeno koji se proizvodi i proizvodni postupci smatraju zaostalima.
In view of this overall situation of the company, the Commission maintained its position that under normal market conditions, the company would not have had access to further loans.
Sva društva u uzorku u ovom ispitnom postupku navedena su u 12. petogodišnjem planu za industriju čelika kao ključna velika poduzeća.
Concerning the fact that the concerned companies formed part of a large group of companies, and that their loans were guaranteed by the parent companies, the Commission recognized that the loans provided to the production company in the Benxi Group were indeed guaranteed by another company in the group.
Konačno, u poglavlju I.2.
However, it became clear during the verification visit that these guarantees were provided by other several other companies in the group which were in a similar difficult financial situation.
petogodišnjeg plana za sektor čelika jasno se navodi da „su neka kineska poduzeća iz sektora čelika dobra, a neka druga nisu”.
In fact, all of the verified companies in the Benxi Group were loss-making during the IP, and the company itself stated in its questionnaire reply that the group was in a situation of ‘sustained loss’ affecting several affiliated companies, with no prospects of coming back to profits in the near future.
Jedan od ključnih ciljeva ponovo je povećanje stupnja koncentracije industrije (odnosi se na prvih deset poduzeća) na 60 % u 2020. (jer taj cilj nije postignut tijekom 12. plana).
With respect to the credit rating of the company, the Commission considered that the confirmation of the difficult financial situation by the company itself clearly showed that it should not have gotten an AA+ rating.
To se uklapa u opći cilj smanjenja viška kapaciteta te je ponovo popraćeno odlučnošću u pogledu poticanja spajanja i restrukturiranja.
The only new evidence provided by the company in this respect was that there was not necessarily a link between its financial difficulties and its credit rating, as it was a large iron and steel group with a long history and a good credit reputation.
U poglavlju IV.
The Commission considered that this kind of argumentation adequately reflected the Commission's claim that credit ratings in China were not reliable, as they were mainly based on the size and the status of companies, and not on their actual credit situation.
13. petogodišnjeg plana naglašava se i neophodno povlačenje poduzeća zombija s tržišta.
Concerning the third point, the Commission disagreed with the company's claim that the subsidy related to loans treated in a similar way as grants was not included in the complaint.
Ta se poduzeća definiraju kao poduzeća s gubicima u više uzastopnih godina, s imovinom koja je nedostatna za smanjenje dugova, s gubicima i bez perspektive te koja se oslanjanju na stalne bankovne zajmove i druge metode.
Indeed, this concerned a separate calculation methodology within the preferential lending, which was indeed included in the complaint.
U skladu s Planom poduzeća s imovinom koja je nedostatna za smanjenje dugova ili koja ne otplaćuju svoje dugove trebala bi pokrenuti postupak stečaja i reorganizacije.
Conclusion on preferential lending
Dodatno, u posebnim smjernicama koje se odnose na financijsku potporu i smanjenje viška kapaciteta, koje su prethodno razmatrane u poglavlju 3.1.4.2.2., pravi se razlika između „dobrih” društava, tj. velikih industrijskih grupacija koje slijede nacionalne industrijske politike, i „loših” društava, tj. manjih društava sa „zaostalim proizvodnim kapacitetom” koja se ne uklapaju u kategorije koje vlada potiče.
The investigation showed that all sampled groups of exporting producers benefited from preferential lending during the IP.
S obzirom da je sve navedene dokumente (Plan iz 2009., 12. i 13. petogodišnji plan i odgovarajući planovi za čelik) izradilo Državnog vijeća sve politike iz tih dokumenta mogu se pripisati kineskoj vladi.
In view of the existence of a financial contribution, a benefit to the exporting producers and specificity, this benefit should be considered as a countervailable subsidy.
Točan sadržaj de facto jamstva
The subsidy rate established with regard to this scheme during the IP for the sampled groups of companies amounts to:
Komisija je zatim analizirala točan sadržaj navodnog de facto jamstva.
Preferential policy loans
Nije utvrdila da postoji opća sveobuhvatna nepisana mjera sanacije svih poduzeća u industriji čelika u Kini.
Company/Group
Umjesto toga u svim dokumentima iz prethodnog odjeljka pravi se razlika između „dobrih” društava, tj. velikih industrijskih grupacija koje slijede nacionalne industrijske politike, i „loših” društava, tj. manjih društava sa „zaostalim proizvodnim kapacitetom” koja se ne uklapaju u kategorije koje vlada potiče.
Overall Subsidy amount
U skladu s time bi se nepisano jamstvo, čak i ako pretpostavimo da ono postoji, primjenjivalo samo na nacionalne prvake obuhvaćene prvom kategorijom.
From state owned banks
Opće i buduće primjene odredaba de facto jamstva
From other financial institutions
Komisija je zatim pokušala provjeriti je li upotreba takvog nepisanog jamstva opća i usmjerena na budućnost.
De Facto Guarantee
Učinak te vladine politike nedavno je opisan u Izvješću o istraživanju Nacionalne akademije razvoja i strategije Kineskog sveučilišta Renmin [37] o poduzećima zombijima u Kini.
The complainant alleged the existence of a separate subsidy programme which entails a potential direct transfer of funds by the GOC trough a de facto guarantee that ensures the continuity of operations for companies in the hot-rolled flat industry that, due to their financial situation, face difficulties to repay loans.
Prema tom izvješću 51 % kineskih poduzeća iz sektora čelika koja su 2013. bila uvrštena na burzi moglo bi se smatrati poduzećima zombijima.
The Commission noted that the evidentiary threshold for proving unwritten measures under the WTO is particularly demanding in terms of the evidence required to show their existence.
Gledano iz perspektive vlasništva udio poduzeća zombija bio je najveći među poduzećima u državnom i kolektivnom vlasništvu.
In particular, the investigation authority must clearly establish, through arguments and supporting evidence, at least that the alleged unwritten ‘rule or norm’ is attributable to foreign government; its precise content; and that it does have general and prospective application.
Iz perspektive starosti i veličine stara velika i srednja poduzeća imaju najveći udio među poduzećima zombijima.
This high threshold is only met if sufficient evidence is put forward with respect to each of these elements [36].
U izvješću su analizirani i uzroci postojanja tako velikog broja poduzeća zombija u određenim sektorima te je utvrđeno da lokalne uprave neprekidno podupiru poduzeća zombije koja su na rubu stečaja te održavaju to stanje s pomoću subvencija i zajmova.
Attribution to the GOC
Stoga je vjerojatnost da će neko poduzeće postati zombi veća ako ono prima više subvencija ili ako se radi o poduzeću u državnom vlasništvu.
The Commission first verified whether the alleged de facto guarantee could be attributed to the GOC.
Nadalje, ako vlada neku industriju, kao što je industrija čelika, uvrsti među glavne industrije koje podupire, lokalne će uprave brzo početi podupirati tu industriju što dovodi do viška kapaciteta i stvaranja dodatnih poduzeća zombija.
In that respect, it confirmed that there is a governmental policy in the PRC to develop large national champions (mostly state-owned) in the steel industry over smaller (mostly private) mills.
Tada je vlada nastojala smanjiti broj poduzeća poticanjem većih poduzeća na spajanja i preuzimanja.
This policy was already in place in 2009, when the ‘Blueprint for the Steel Industry Adjustment and Revitalisation’ was issued by the State Council.
U izvješću se potvrđuje da su lokalne uprave donijele odredbe kojima se omogućava spašavanje samo određenog broja velikih poduzeća tijekom pružanja pomoći industriji.
This document stated that as a basic principle, the key backbone enterprises and key categories in the iron and steel industry should be supported to keep a stable market and to promote a stable development of the industry.
Konačno, u izvješću se ističe da i diskriminacija pri kreditiranju koju provode financijske institucije utječe na stvaranje poduzeća zombija.
In order to counter the crisis of 2008, the Blueprint document further emphasized that the layout of the industry should be adjusted and optimized based on ‘the control of total quantity in combination with the elimination of backward capacity, enterprise restructuring and relocation of urban steel’.
Zaista, nakon 2008. stopa profitabilnosti poduzeća u državnom vlasništvu smanjila se dok se njihova stopa zaduženosti povećavala svake godine.
According to the document, the objective of the GOC is to establish several super-large enterprises with strong independent innovation capability and international competitiveness, and to make the capacity of the top five domestic iron and steel enterprises account for over 45 % of the national output.
Nasuprot tomu, stopa zaduženosti privatnih poduzeća smanjila se iako je njihova stopa profitabilnosti ostala stabilna.
Therefore, several super-large iron and steel enterprises are expected to be built with a capacity of over 50000000 tonnes and strong international competitiveness such as Baosteel, Ansteel and Wuhan Iron and Steel.
To upućuje na činjenicu da je poduzećima u državnom vlasništvu bilo lakše dobiti zajmove nego privatnim poduzećima.
In addition, several large iron and steel enterprises with a capacity of 10000000-30000000 tons are expected to be formed.
Ukratko, cilj je ove politike stoga financijski podupirati dobra društva, tj. ključna poduzeća ili nacionalne prvake, s pomoću svih vrsta mjera dok loša društva nestaju tako što im se uopće ne odobravaju nikakvi zajmovi.
Furthermore, the document mentions the completion of the relocation of Shougang Group and the construction of its Caofeidian Iron and Steel Base as an objective.
Nadalje, prvake se potiče na uklanjanje njihovih manjih konkurenata spajanjima i preuzimanjima koje vlada podupire.
The Blueprint policy document envisaged and promoted financial support for these key backbone enterprises, and also foresees support in terms of share issuance, corporate bonds, medium term notes, short-term financing bill, bank loan and absorption of private equity investment for those projects consistent with environmental protection and land laws and rules and investment management regulations, and enterprises with merger & acquisition or restructuring activities.
Gospodarska korist te politike može obuhvaćati čak i implicitno de-facto jamstvo za određena velika poduzeća u državnom vlasništvu u financijskim poteškoćama.
On the other hand, however, the document mentioned financing limitations for the projects with illegal construction and unauthorized approval and enterprises with ‘backward capacity’.
Međutim, Komisija nije mogla utvrditi preciznije kriterije za opću i buduću primjenu te nepisane mjere kao zasebnog mehanizma.
It specifically stated that ‘in case of random extension and renovation or transfer of backward facilities to other places, the financial institutions will not provide the credit loan support in any forms, and the national land and resources department will not handle the land use procedures’.
Umjesto toga zaključila da nema potrebe za daljnjim istraživanjem tog pitanja jer je povlaštene zajmove dodijeljene određenim velikim poduzećima u državnom vlasništvu koja se nalaze u financijskim poteškoćama smatrala bespovratnim sredstvima, a ne zajmovima.
The 12th Five Year Steel Plan continued the same strategy as set out in the Blueprint.
Nakon objave podnositelj pritužbe osporio je taj zaključak navodeći da je „šira mjera državni plan za subvencioniranje proizvodnje čelika” koji se „provodi s pomoću pisanih normi kao što su zakoni i pravila, nalozi, upravne smjernice ili preporuke”.
The 12th Five Year Plan also referred to key steel enterprises, and optimization of the layout of the industry is considered to be a main target.
U prilog svojem stajalištu da su ispunjeni zahtjevi o dokazima podnositelj pritužbe navodi među ostalim presudu Prizivnog tijela WTO-a u predmetu US – postavljanje na nulu u kojem su dostavljeni puno bolji dokazi od niza predmeta ili ponavljanih djelovanja [38].
It specified that big projects are encouraged while small projects should be curbed, and it combined this with the elimination of backward production capacities.
Komisija se ne slaže s tom analizom.
One of the main objectives of the 12th Five Year Plan was also to reach a certain industrial clustering level by significantly reducing the quantity of the steel enterprises.
U predmetu US – postavljanje na nulu riječ je bila sporna uobičajena praksa Ministarstva trgovine SAD-a da u antidampinškim predmetima primjenjuje određenu nepoštenu metodologiju izračuna.
The target was to increase the proportion of the steel production of the top-10 steel enterprises to 60 % of the national aggregate.
Riječ je bilo o vrlo posebnom postupanju na temelju interne pristranosti jednog državnog tijela koje je savezna vlada izričito ovlastila za predmete trgovinske zaštite.
This target had to be achieved through the promotion of mergers, restructuring, and elimination of backward capacities.
To se ne može usporediti s izradom „šire mjere” za koju bi možda bilo potrebno djelovanje tisuće državnih tijela koja provode jedinstveni plan na lokalnoj, regionalnoj ili središnjoj razini.
The Plan furthermore contained a list defining which products and production processes are considered to be backward.
Komisija je stoga odbacila tu analizu.
All of the sampled companies in this investigation were mentioned as key large-scale enterprises in the 12th Five Year Steel Plan.
Roba koju osigurava vlada uz manju naknadu od primjerene
Finally, the 13th Five Year Steel Plan mentions in chapter I.2 that ‘Some Chinese steel enterprises are good and some others are not.’
Kako je prethodno navedeno u odjeljku 3.2., Komisija je obavijestila kinesku vladu da će, s obzirom na izostanak odgovora na upitnike poslane proizvođačima željezne rudače, koksa i kamenog ugljena za proizvodnju koksa, možda morati temeljiti svoje nalaze na raspoloživim podacima u skladu s člankom 28. stavkom 1.