natgillin/translations-raw huggingface dataset:
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Komisija pri izračunu koristi od takve transakcije nije usporedila kamatne stope, nego je kao polazište uzela nepodmirenu glavnicu zajma.
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.
Komisija je u tom pogledu navela i da pri izračunu koristi nije uzela u obzir cjelokupan iznos zajma.
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.
Kao polazište je uzet samo nepodmireni dio zajma, a kasnije je taj iznos više puta prilagođen na nižu razinu.
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.
Prvo, korist je utvrđena na temelju nepodmirene glavnice zajma koja je umanjena za kamate plaćene tijekom RIP-a.
Based on the information available, the Commission only countervailed the loans granted during the IP.
Drugo, glavnica zajma prilagođena je s pomoću amortizacije u skladu s osnovnom svrhom zajma.
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.
Ako je svrha zajma bila likvidnost/obrtni kapital, upotrijebljen je puni iznos.
The Commission rebutted these points already in recitals (175) to (195).
Ako je zajam bio jasno povezan s dugoročnim ulaganjima, glavnica je amortizirana tijekom razdoblja trajanja zajma, a u obzir je uzet samo iznos dodijeljen RIP-u.
Following disclosure, the GOC also objected to the treatment of loans as grants and put forward the following arguments:
Naposljetku, iznos koristi bio je dodatno prilagođen kako bi odražavao samo broj dana tijekom RIP-a koji odgovara trajanju zajma.
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.
Sve te prilagodbe upućuju na činjenicu da Komisija pri izračunu koristi nije uzela u obzir cjelokupni iznos zajma.
The countervailing of certain loan amounts as grants was inconsistent with Articles 1.1(b), 14 and 14(b) of the SCM Agreement.
Stoga je Komisija utvrdila da obrazloženja iz Izvješća povjerenstva u predmetu EZ – DRAM-ovi nisu primjenjiva u ovom ispitnom postupku.
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.
U tom se predmetu bavilo pitanjem metodologije izračuna [34], a povjerenstvo je izrazilo zabrinutost uglavnom zbog činjenice da je EZ cijeli iznos Hynixovih zajmova smatrao korišću, ne uzimajući pritom u obzir povezane obveze [35].
[32]
S obzirom na to da to nije bio slučaj u ovom ispitnom postupku, ta je tvrdnja odbačena.
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.
U vezi s tvrdnjom kineske vlade da je financijsko stanje društava Shougang i Benxi Group odgovaralo rejtingu „BB”, što bi trebalo biti dostatno za dobivanje zajma na tržištu, Komisija je podsjetila da je napravila različitu procjenu društava na razini grupacije i na razini proizvođača.
The Panel in EC — DRAMS underlined that a loan is fundamentally different from a grant, as it entails a debt still owed [33].
Komisija je zaključila da je financijsko stanje koja odgovara rejtingu BB bilo primjenjivo samo na razini grupacije, a ne na razini društava uključenih u proizvodne djelatnosti.
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.
Stoga je ta tvrdnja odbačena.
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.
U pogledu primjedbe kineske vlade da su i proizvođači iz EU-a bilježili gubitke, ali su usprkos tome mogli refinancirati svoje dugove, Komisija je primijetila da je, za razliku od situacije u NRK-u, refinanciranje dugova industrije EU-a provedeno na razini grupacije, a ne na razini proizvođača.
The alleged economic situation of the concerned companies did not justify the treatment of certain loan amounts as grants.
Financijsko stanje industrije EU-a na razini grupacije i na razini pojedinačnih proizvođača nije bilo ista.
Indeed, the concerned companies formed part of a large group of companies, and their loans were guaranteed by the parent companies.
Konkretno, konsolidirani financijski izvještaji društava Arcelor Mittal, Thyssen Krupp i Tata Groups upućuju na dobit tijekom RIP-a.
In addition, EU producers were also making losses since 2012, but still received loans and were able to refinance their debts.
Osim toga, kako je opisano u uvodnoj izjavi (192), uvjeti refinanciranja u EU-u i NRK-u bili su vrlo različiti.
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.
Stoga je to opažanje neutemeljeno.
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.
Kada je riječ o društvu Shougang Gruoup, činjenica da je cijela grupacija ostvarivala dobit ne dovodi u pitanje metodologiju izračuna Komisije u pogledu prijavljenih zajmova.
The exporting producers mainly echoed the comments of the GOC.
Kako je objašnjeno u uvodnoj izjavi (156), društva u grupaciji ocijenjena su zasebno te su zaključci i postupanje prilagođeni njihovim pojedinačnim situacijama.
However, some additional specific comments were received from the Shougang Group:
Taj je pristup potvrđen tijekom posjeta radi provjere tijekom kojeg su strane navele da je u ocjeni jamca u obzir uzeta situacija određenog društva, a ne situacija na razini grupacije.
The Shougang Group noted that certain loan amounts were reclassified as grants for three companies of the Group without adequate explanation or reasoning.
Što se tiče jamstava, nije jedno društvo osim društva Qian'an Coal u odgovorima na upitnik nije dostavilo informacije o jamcima za prijavljene zajmove.
The Shougang Group as a whole was profitable during 2014 and 2015, and had high levels of undistributed profits.
U pogledu financijskog stanja proizvođača Jingtang, to je društvo od početka poslovanja u 2010. neprekidno bilježilo gubitke, osim u 2014. i 2015. kada je jedva je uspjelo ostvariti točku pokrića uz dobit u rasponu od 0 % do 0,5 %.
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.
Društvo neprekidno posluje daleko ispod očekivanja navedenih u izvještaju o izvedivosti na kojem se temeljilo odobrenje građevinskog projekta Jingtang.
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.
U tom izvješću neto vrijednost društva tijekom RIP-a ocjenjena je na manje od trećine početnog iznosa ulaganja.
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.
Komisija je stoga zadržala svoj zaključak u pogledu proizvođača Jingtang.
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.
Stoga je pri izračunu financijskih pokazatelja Komisija na operativnu dobit ponovno dodala financijske rashode kako bi dobila dobit prije kamatnih rashodaza svako trgovačko društvo.
Contrary to what was stated by the GOC, the Commission had not changed the legal nature of the financial contribution from loans to grants.
Stoga je Komisija zadržala svoje stajalište o izračunu financijskih pokazatelja.
Rather, the Commission had acknowledged that the loans provided to the companies had payment obligations attached to it.
Nakon objave društvo Shougang Group kritiziralo je Komisiju da nije iznijela dovoljno detalja o svojem postupanju s njegova tri proizvođača.
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.
Komisija je primijetila da je sve detalje iznijela u svojoj drugoj objavi za pojedinačno društvo.
In this respect, the Commission further specified that it did not take the entire amount of the loan into account for the benefit calculations.
Društvo Qian'an Coal bilježilo je zanemarivu dobit (blizu praga pokrića) prije 2014., te je godine ostvarilo malu dobit (manje od 3 %), a tijekom RIP-a bilježilo je gubitke.
Only the outstanding part of the loans was taken as a starting point, and several downward adjustments were subsequently made on this amount.
Otprilike jedna trećina kratkoročnih zajmova koje je društvo dobilo tijekom RIP-a (što čini otprilike trećinu ukupnog nepodmirenog duga društva) smatra se revolving zajmovima.
First, the benefit was determined based on the outstanding capital amount of the loan minus the interest paid during the IP.
Tijekom razdoblja 2012.–2015. društvo Shougang Mining neprekidno je bilježilo gubitke, osim u 2013. kada je ostvarilo malu profitnu maržu.
If the purpose of the loan was labelled as liquidity/working capital, the full amount was taken.
Jedini zajam dodijeljenog društvu tijekom RIP-a smatra se revolving zajmom.
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.
Komisija je stoga zadržala svoje zaključke u odnosu na društva Qian'an Coal i Shougang Mining.
Finally, the amount of the benefit was further adjusted to reflect only the number of days in the IP the loan was running.
Društvo Xishan Coking osnovano je krajem 2009., a poslovanje je započelo s velikim gubitkom (više od 3 milijuna CNY) koji tijekom RIP-a još nije bio apsorbiran.
All these adjustments show that the Commission did not take into account the full amount of the loan for the benefit calculation.
Tijekom posljednje četiri godine promet društva bio je padu i društvo se u tom razdoblju vrlo zadužilo.
Therefore, the Commission found that the reasoning as applied in the Panel Report in EC — DRAMS was not applicable to this investigation.
Mnogi zajmovi odobreni društvu tijekom RIP-a smatrali su se revolving zajmovima.
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].
Međutim, Komisija je prihvatila tvrdnju društva Shougang Group da se velik udio dugova društva Xishan Coking može se pripisati društvu Jingtang i da je ta činjenica imala snažan utjecaj na financijske rezultate društva Xishan Coking.
As this was not the case in the current investigation, this claim was therefore rejected.
Društvo Benxi Group se na temelju vlastitih financijskih izvještaja nalazilo u teškom financijskom stanju.
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.
U 2015. bilježilo je gubitke, bilo je vrlo zaduženo, a tijekom razdoblja 2012.–2015. neprestano je povećavalo svoje obveze.
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.
Nadalje, tijekom provjere na terenu utvrđeno je postojanje revolving zajmova na razini matičnog društva.
It thus rejected this claim.
Na razini društva uključenog u proizvodnju toplovaljanih plosnatih proizvoda financijski izvještaji i dokazi prikupljeni u vezi s određenim zajmovima upućivali su na činjenicu da je to društvo nastavilo poslovati unatoč godinama gubitaka ili granične dobiti, sve većem omjeru duga u odnosu na imovinu, financijskim pokazateljima koji se pogoršavaju te nesigurnim izgledima za budućnost.
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.
Tijekom cijelog razdoblja 2012. – 2015. društvo nije ostvarilo operativnu dobit dovoljnu za plaćanje kamatnih rashoda.
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.
Nadalje, Komisija je u uzorku zajmova utvrdila i jedan revolving zajam, a u tablicama zajmova neki su kratkoročni zajmovi na dan isteka zamijenjeni novim zajmovima s istim iznosom.
In particular, the consolidated financial statements of the Arcelor Mittal, Thyssen Krupp and Tata Groups all showed profits during the IP.
Usprkos tim okolnostima društvu Benxi Group je tijekom RIP-a kineska podružnica agencije Moody's dodijelila domaći kreditni rejting AA+.
In addition, as described in recital (192) above, the terms and conditions of the refinancing operations in the EU and in the PRC were very different.
Međutim u općoj izjavi o ograničenju odgovornosti te podružnice navodi se da ona dodjeljuje samo domaće kreditne rejtinge koji odražavaju relativni krediti rizik u Kini, a agencija Moody's osigurava stručno znanje, tehnološku potporu i osposobljavanje analitičara.
Therefore, this observation was ill-founded.
Uzevši u obzir činjenicu da je kineski kreditni rejting općenito iskrivljen, kako je navedeno u uvodnim izjavama od (159) do (161), i dokaze utvrđene tijekom provjere Komisija je zanemarila kineski rejting društva Benxi Group.
As for the Shougang Group more specifically, the fact that the Group as whole has been profitable did not put in question the Commission's calculation methodology on reported loans.
Komisija je osim toga zaključila da je na razini proizvođača stanje bilo takvo da to društvo bez državne potpore tijekom RIP-a ne bi imala pristup dodatnim zajmovima.
As explained in (156), companies in the group have been assessed separately and conclusions and treatment adapted according to their individual situation.
Umjesto toga, ta je korist tijekom RIP-a proizišla iz dodjele zajmova koji na temelju cjelokupnog financijskog stanja tog društava vjerojatno ne bi bili odobreni bez državne potpore.
This approach was confirmed during the verification visit where parties stated that in its assessment of the guarantor, the specific company's situation is considered and not the situation at group level.
U tom pogledu Komisija je navela da je društvo Benxi Group veliko poduzeće u državnom vlasništvu koje je u 11. i 12. petogodišnjem planu za industriju čelika navedeno kao „prvak”.
As for the guarantees, except for Qian'an Coal, no information was provided in the questionnaire replies on the guarantors of the reported loans.
Komisija je zato, kako je utvrđeno u odjeljku E točki (b) podtočki V. smjernica iz 1998., odlučila neotplaćene iznose tih zajmova tijekom RIP-a smatrati bespovratnim sredstvima osiguranim za obavljanje vladinih politika.
Concerning the financial situation of the Jingtang production company, this company has been continuously loss-making since the start of its commercial operations in 2010, except for the years 2014 and 2015, when it barely managed to break even with profits in a range of 0 % to 0,5 %.
Korist je utvrđena na temelju nepodmirene glavnice zajma koja je umanjena za kamate plaćene tijekom RIP-a.
In addition, since its creation, this company has recorded accumulated losses of [13-16] billion RMB.
Glavnica zajma prilagođena je s pomoću amortizacije u skladu s osnovnom svrhom zajma.
The company has continuously performed far below the expectations raised in the feasibility report on which the approval of the Jingtang construction project was based.
Tvrdnje i argumenti koje su kineska vlada i nekoliko društava u uzorku iznijeli u pogledu opće metodologije za relativni raspon i uporabe zamjenske referentne vrijednosti primjenjuju se i na društvo Benxi Group.
During the IP, an asset evaluation report was drawn up in relation to a change in the shareholding structure of Shougang Jingtang.
Stajalište Komisije u pogledu tih tvrdnji, kako je opisano u uvodnim izjavama od (175) do (195) primjenjuje se na društvo Benxi Group.
This report evaluated the net value of the company during the IP at less than a third of the initial investment amount.
Nadalje, tvrdnje i argumenti koje su kineska vlada i nekoliko društava u uzorku iznijeli u pogledu opće metodologije za relativni raspon u pogledu zajmova koji se smatraju bespovratnim sredstvima primjenjuju se i na Benxi Group.
The Commission therefore maintained its conclusions with respect to the Jingtang production company.
Stajalište Komisije u pogledu tih tvrdnji, kako je opisano u uvodnim izjavama od (216) do (221) primjenjuje se na društvo Benxi Group.
With respect to Shougang Group's questioning of the Commission's calculation methodology, the Commission clarified that it did notice that in all Chinese companies the operating profit reported in the financial statements actually was the profit after payment of the financial expenses.
Nakon objave društvo Benxi Group uglavnom je ponovilo primjedbe kineske vlade.
Therefore, when calculating its financial indicators, the Commission had added the financial expenses back to the operating profit in order to know the earnings before interest expenses of each company.
Međutim, dostavilo je i neke dodatne posebne napomene:
Therefore, the Commissions maintained its position on the calculation of the financial indicators.
Društvo Benxi Group tvrdilo je da se na temelju financijskih pokazatelja navedenih u posebnom dokumentu objave ne može na odgovarajući način dokazati da društvo Bengang nije moglo otplatiti zajmove.
Upon disclosure, the Shougang Group also criticised the lack of detail with respect of the Commission's treatment of three of its producing companies.
Nadalje, iako je društvo Bengang tijekom posljednjih nekoliko godina možda imalo financijskih poteškoća, nastavilo je normalno poslovati i imalo je dostatne kapacitete za otplatu zajmova.
The Commission observed that it provided full detail in its second specific disclosure.
Društvo Benxi Group tvrdilo je i da analiza njegova kreditnog rejtinga nije bila sveobuhvatna.
In particular, the Commission made an assessment of the financial situation of Qian'an Coal, Shougang Mining, and Xishan Coking over the period 2012-2015.
Naposljetku, društvo Benxi Group tvrdilo je da podnositelj pritužbe taj program subvencija nije dostavio u svojoj prijavi i da stoga postupanje sa zajmovima kao s bespovratnim sredstvima nije u skladu s člankom 11.1.
Next to the profitability, other financial ratios were considered in order to draw conclusions on the financial soundness of the companies, as described in recitals (226) to (228) below.
Sporazuma o subvencijama i kompenzacijskim mjerama.
In the case of Qian'an Coal, the company had recorded marginal profits (close to the break-even point) before 2014, a small profit in 2014 (less than 3 %), and was loss-making during the IP.
Što se tiče prve točke, Komisija je napomenula da je društvo u svojem odgovoru na dokument o objavi priznalo da se tijekom posljednjih nekoliko godina suočava s financijskim poteškoćama i nije osporilo tvrdnje koje je iznijela Komisija, kao što je smanjenje profitne marže i prometa, visok udio duga i nemogućnosti plaćanja kamata na zajmove.
Its turnover had been continuously decreasing and nearly reduced by half between 2012 and 2015.
Društvo je bilježilo znatne gubitke i tijekom RIP-a.
Moreover, the company had a continuously high leverage (debt/asset ratio over 60 %) in that time span, and did not generate enough operating profit to cover the payment of its interest expenses during the IP (interest coverage ratio < 1).
Nadalje, društvo Benxi Group priznalo je da neki zajmovi nisu bili otplaćeni u skladu s prvobitnim planom otplate, što upućuje na poteškoće u otplati zajmova.
About one third of the short-term loans of the company granted during the IP (and representing around one third of the total outstanding debt of the company) are considered to be revolving loans.
Imajući u vidu cjelokupnu stanje društva, Komisija je zadržala svoje stajalište da u uobičajenim tržišnim uvjetima to društvo ne bi imalo pristup dodatnim zajmovima
Shougang Mining had been continuously loss-making over the period 2012 to 2015, except in 2013, when it generated a small profit margin.
U pogledu činjenice da su predmetna društva bila dio velikih grupacija društava i da su za njihove zajmove jamčila matična društva, Komisija je priznala da je za zajmove odobrene proizvođačima u društvu Benxi Group doista jamčilo drugo društvo u grupaciji.
In total, the company had recorded accumulated losses of around 2 billion RMB in 2015.
Međutim, tijekom posjeta radi provjere postalo je očito da je ta jamstva osiguralo nekoliko drugih društava u grupaciji koja su se nalazila u sličnom teškom financijskom stanju.
The turnover of the company had been continuously decreasing over the past 4 years, and reduced by more than half between 2012 and the IP.
Naime, sva provjerena društava u grupaciji Benxi Group bilježila su gubitke tijekom RIP-a, a i samo društvo je u svojem odgovoru na upitnik navelo da je grupacija suočena sa „stalnim gubicima”, što utječe na nekoliko povezanih društava, te da u bliskoj budućnosti nema izgleda za ostvarivanje dobitka.
Shougang Mining had a continuously high leverage (debt/asset ratio around 80 %) over the past 5 years, and did not generate enough operating profit to cover the payment of its interest expenses in any of the past 5 years (interest coverage ratio < 1).
Kada je riječ o kreditnom rejtingu društva, Komisija je smatrala da je činjenica da je društvo potvrdilo o teško financijsko stanje jasan pokazatelj da mu nije trebao biti dodijeljen rejting A+.
The only loan granted to the company during the IP was considered to be a revolving loan.
Jedini novi dokaz koje je društvo dostavilo u tom pogledu bila je činjenica da nije nužno postojala poveznica između njegovih financijskih poteškoća i kreditnog rejtinga, s obzirom na to da je riječ o velikoj grupaciji u sektoru željeza i čelika s dugom poviješću i dobrim kreditnim ugledom.
The Commission therefore maintained its conclusions with respect to Qian'an Coal and the Shougang Mining companies.
Komisija je smatrala da se tim argumentima na odgovarajući način odražava Komisijina tvrdnja da kreditni rejtinzi u Kini nisu pouzdani jer se uglavnom temelje na veličini i statusu društva, a ne na njihovoj stvarnoj kreditnoj situaciji.
Xishan Coking was created at the end of 2009, and started with a large loss (exceeding 300 million RMB), which had still not been absorbed during the IP.
U pogledu treće točke Komisija se nije složila s tvrdnjom društva da subvencije povezane sa zajmovima s kojima se postupa kao s bespovratnim sredstvima nisu bile uključene u pritužbu.