natgillin/translations-raw huggingface dataset:
This majority ownership was acquired without relinquishing control to a minority shareholder.
Odluke Fonda za Put svile provode rukovoditelji koje imenuje i nadzire kineska vlada pa tako ona ima znatnu kontrolu nad SRF-om.
Finally, the lock up period for the exit of SRF is much longer than usual for private venture capital investors, who want to maximize their returns as soon as possible.
Komisija je stoga potvrdila svoju procjenu da je Fond za Put svile javno tijelo, odnosno da mu je kineska vlada povjerila izvršavanje funkcija koje se obično povjeravaju državnim tijelima i usmjeravala ga u njihovu izvršenju, kao što je ostvarenje ciljeva javne politike.
After final disclosure, CNRC contested these arguments.
Korist
In its view, the Commission had conducted an erroneous counterfactual analysis by examining whether the SRF's equity investment was consistent with the usual investment practice of private investors making debt investments.
CNRC i Pirelli dostavili su primjedbu i o dokumentu s informacijama tvrdeći da Komisija nije dokazala da uvjeti pod kojima je Fond za Put svile ostvario svoje ulaganje nisu dosljedni s uobičajenom investicijskom praksom.
It also recalled the multiple steps in the SRF investment, arguing that it was fully consistent with the usual investment practice as a classical leveraged buyout.
Sve koristi trebalo bi ograničiti na razliku između uvjeta koje nudi vlada i uvjeta koje bi primatelj mogao dobiti na tržištu.
In particular, the lock-up period for the exit of SRF was not unusually long.
U svakom slučaju CNRC ni Pirelli nisu ostvarili nikakvu korist jer su sredstva dana prijašnjim dioničarima društva Pirelli kako bi se stekli njihovi udjeli.
It had been terminated ahead of schedule and was the same as for other minority shareholders.
Komisija se nije složila s činjenicom da ulaganje Fonda za Put svile nije donijelo nikakvu korist CNRC-u i da je transakcija usporediva s onime što se moglo osigurati na tržištu i to iz sljedećih razloga.
Finally, for CNRC, broad policy statements are insufficient to demonstrate the benefit conferred by financial contribution.
Iako je Fond za Put svile platio udjele u društvu Pirelli po tržišnoj cijeni, prednost koju je CNRC imao zbog državne intervencije nije povezana s cijenom po kojoj je Fond za Put svile proveo svoje kapitalno ulaganje.
The Commission rejected this claim.
CNRC je ostvario korist od državne intervencije jer on sam nije imao dovoljno vlastitih sredstava da financira stjecanje društva Pirelli.
The benefit for CNRC as the recipient of the SRF investment was multi-faceted.
Stoga je cijelu transakciju obilježila visoka razina zaduženosti.
A market-investor considering an equity participation of the kind operated by the SRF would have had to evaluate the risks associated with the transaction.
Da Fond za Put svile nije sudjelovao u kapitalu, CNRC bi trebao osigurati dodatna sredstva na tržištu zajmova.
Its industrial partner, the CNRC, did not have at the time sufficient funds to become the majority owner of Pirelli and was dependent on finding a financial investor at its side.
No to bi bilo teško zbog postojeće visoke razine zaduženosti.
As stated in recital (363) CNRC was only able to receive additional loans from other banks because of an improved overall debt ratio.
U tom pogledu jedan od preduvjeta zajma koji je CNRC-u odobrila banka China Development Bank bio je da CNRC mora dokazati da je osigurao dodatna sredstva iz drugih izvora.
Handing over the key to CNRC for becoming not only the majority shareholder in Pirelli, but also for securing additional loans, the SRF investment was an essential part of an operation of the GOC to add Pirelli to the CNRC's portfolio.
Osim toga, kako je prethodno navedeno u uvodnoj izjavi 356., Fond za Put svile na svojem web-mjestu kao svoj glavni cilj navodi pružanje financijske potpore projektima koji nemaju dovoljno vlastitog kapitala smanjenjem općeg udjela duga i poboljšanjem sposobnosti financiranja projekata.
A market-investor would have leveraged this position and would have provided funds on substantially different terms.
Fond istodobno olakšava dobivanje sindiciranih zajmova kojima se pruža dodatna financijska potpora projektima.
First, the Commission noted the unusual agreement of SRF to relinquish its voting rights in the board in favour of CNRC.
Čak i da je CNRC uspio osigurati dodatna sredstva novim zajmom, to bi donijelo nove troškove jer bi društvo trebalo platiti kamate na zajam i otplatiti glavnicu zajma.
Second, the relatively long lock-up period for SRF underlines the public policy driven SRF investment.
Nadalje, ulaganje Fonda za Put svile bilo je točno onog iznosa koji je bio potreban CNRC-u da stekne apsolutno većinsko vlasništvo u Grupi Pirelli (65 % u odnosu na 48,75 % bez Fonda za Put svile).
A market-investor would have insisted on a much shorter period to maximise its returns – and the fact that other minority shareholders accepted the same terms is irrelevant since one of them is not a financial investor at all, and while the other operates as a long-term investment fund.
To većinsko vlasništvo stečeno je bez prepuštanja kontrole manjinskom dioničaru.
Events after the investment, namely the earlier termination of the lock-up arrangement due to the re-listing of Pirelli ahead of schedule, speak to the same point: they show that the agreed lock-up period was not consistent with standard market terms for a financial investor with such a huge leverage on CNRC as explained above.
Naposljetku, razdoblje zabrane stjecanja i otpuštanja instrumenata u slučaju Fonda za Put svile znatno je dulje nego što je uobičajeno za ulagatelje privatnog poduzetničkog kapitala koji žele što prije ostvariti što veći povrat.
Third, the pre-emptive rights to CNRC to buy the remaining shares after the end of the lock-up period to acquire full control over the company are not market-based.
Nakon konačne objave CNRC je osporio te argumente.
A profit-oriented market investor would have kept flexibility to achieve a higher price for the shares if there were competing bidders for them and not agreed to such pre-emptive rights.
CNRC je smatrao da je Komisija provela pogrešnu protučinjeničnu analizu ispitujući je li kapitalno ulaganje Fonda za Put svile u skladu s uobičajenom praksom ulaganja privatnih ulagača u dužničke instrumente.
Their existence again underlies that the SRF investment followed the public policy objective to help CNRC as a state-owned enterprise in completing its acquisition of Pirelli on favourable terms.
Podsjetio je i na to da je ulaganje Fonda za Put svile provedeno u više koraka, koji su potpunosti u skladu s uobičajenom praksom ulaganja u obliku klasičnog otkupa poduzeća uz zaduživanje.
For all these reasons, the Commission maintained its position that the SRF investment provided a benefit to CNRC.
Konkretno, razdoblje zabrane raspolaganja instrumentima u slučaju Fonda za Put svile nije bilo neuobičajeno dugo.
Concerning Cinda, the context for the determination of the benefit was different, since the funds were actually paid to CNRC, and since the Commission concluded that the equity participation was not based on a market-conform price, as mentioned in recital (355) above.
Okončano je prije roka i bilo je isto kao i za druge manjinske dioničare.
In response to the Information Document, CNRC and Pirelli submitted an asset valuation report to establish that the investment had been performed on market-based terms.
Konačno, CNRC smatra da su opće izjave o politici nedovoljne za dokazivanje koristi ostvarene zahvaljujući financijskom doprinosu.
After verification, the Commission found that the figures indicated in the valuation report did not correspond to the figures at the disposal of the Commission.
Komisija je tu tvrdnju odbacila.
In fact, the valuation report did not concern the investment from Cinda, but had been drawn up in the context of another equity transaction within the CNRC group.
Korist koju je ostvario CNRC kao primatelj ulaganja Fonda za Put svile višestruka je.
This transaction also involved Pirelli Industrial Srl., but concerned a different buyer and a different time period, one year before the equity participation of Cinda.
Ulagatelj na tržištu koji razmatra sudjelovanje u kapitalu slično onome Fonda za Put svile morao bi ocijeniti rizike povezane s tom transakcijom.
The Commission noted that Pirelli Industrial Srl. had undergone a major restructuring exercise during the year 2016.
Njegov industrijski partner CNRC tada nije imao dovoljno sredstava da postane većinski vlasnik društva Pirelli te je i sam trebao pronaći financijskog ulagatelja.
As such, its financial situation at the end of 2016, as evidenced in the audit report for 2016, was not comparable anymore to the situation presented in the asset valuation report submitted by CNRC.
Kao što je navedeno u uvodnoj izjavi 363., CNRC je mogao dobiti dodatne zajmove od drugih banaka samo zbog poboljšanog ukupnog udjela duga.
In the absence of verifiable information relating to the correct entities and time period, the Commission therefore maintained its position regarding the investment of Cinda.
Zahvaljujući ulaganju Fonda za Put svile CNRC je postao većinski dioničar društva Pirelli i ostvario dodatne zajmove te je time to ulaganje postalo ključan dio operacije kineske vlade za dodavanje društva Pirelli portfelju CNRC-a.
After final disclosure, CNRC and Pirelli took issue also with this analysis.
Ulagatelj na tržištu iskoristio bi svoj položaj i osigurao sredstva uz bitno drukčije uvjete.
In its view, there was no benefit for CNRC, as Cinda's investment was consistent with usual investment practice.
Prvo, Komisija je primijetila da je pristanak Fonda za Put da se odrekne svojih glasačkih prava u odboru u korist CRC-a neobičan.
In particular, in support of their claim they referred to the same valuation report made by an independent appraiser analysed in the recital above.
Malo je vjerojatno da bi ulagatelj na tržištu pristao „prepustiti ovlasti” CNRC-u, omogućivši mu da postane većinski dioničar s punom operativnom kontrolom, i odreći se svojih glasačkih prava, čime bi se pretvorio u manjinskog dioničara „bez ovlasti”.
Although acknowledging that the report was indeed drawn up in the context of a different equity transaction, they argued that this is not sufficient to exclude that it can be used as a reference for the pursuance of other transactions (such as the acquisition made by Cinda).
Drugo, relativno dugo razdoblje zabrane raspolaganja instrumentima za Fond za Put svile potvrđuje da je njegovo ulaganje potaknuto javnom politikom.
The Commission did not accept this claim for the same reasons as those explained in recital (373) above and as acknowledged by Pirelli: the asset valuation report concerns another equity transaction and it covers a different time period, one year before the equity participation of Cinda.
Ulagatelj na tržištu inzistirao bi na puno kraćem razdoblju kako bi maksimalno povećao svoju dobit, a činjenica da su drugi manjinski dioničari prihvatili iste uvjete nevažna je jer jedan od njih uopće nije financijski ulagatelj, a drugi posluje kao dugoročni investicijski fond.
During that period Pirelli underwent a major restructuring exercise which undoubtedly had an impact on its financial situation.
Događaji nakon ulaganja, odnosno raniji prekid razdoblja zabrane raspolaganja instrumentima zbog ponovnog uvrštavanja društva Pirelli na burzu prije nego što je to predviđeno, upućuju na istu činjenicu.
In addition, as confirmed by CNRC, Cinda acquired 38 % shares in Pirelli Industrial Srl., which is now called Prometeon Tyre Group S.r.l.
Iz toga je očito da dogovoreno razdoblje zabrane raspolaganja instrumentima nije bilo u skladu sa standardnim tržišnim uvjetima za financijskog ulagatelja s tako golemim učinkom financijske poluge na CNRC, kako je prethodno objašnjeno.
(‘PTG’).
Treće, pravo prvokupa koje se dodjeljuje CNRC-u za kupnju preostalih dionica nakon isteka razdoblja zabrane raspolaganja instrumentima, čime bi stekao punu kontrolu nad društvom, nije tržišno utemeljeno.
As the capital of that company amounted to EUR 100 million at the time, the nominal value of the shares was EUR 38 million.
Ulagatelj usmjeren na ostvarenje dobiti zadržao bi mogućnost postizanja veće cijene za dionice ako za njih postoje konkurentski ponuditelji i ne bi pristao na to pravo prvokupa.
Cinda paid EUR 266 million for its equity participation.
Iz činjenice da ta prava postoje može se ponovno zaključiti da je ulaganje Fonda za Put svile bilo u skladu s ciljem javne politike, a to je pomoći da CNRC, koji je poduzeće u državnom vlasništvu, dovrši stjecanje društva Pirelli uz povoljne uvjete.
Considering that the net value of the company assets stood at less than half of this amount at the time and that it was barely making any profits, neither the asset-based evaluation nor the income-based evaluation would justify this high amount of equity participation.
Komisija je zbog svih tih razloga zadržala svoje stajalište da je ulaganje Fonda za Put svile koristilo CNRC-u.
Failing the market-investor test, the Commission confirmed its position that the Cinda investment conferred another benefit onto CNRC.
Kontekst u kojem se utvrđivala korist za društvo Cinda bio je drukčiji jer su sredstva doista uplaćena CNRC-u i jer je Komisija zaključila da se sudjelovanje u kapitalu nije temeljilo na tržišnoj cijeni, kako je prethodno navedeno u uvodnoj izjavi 355.
The Commission also determined that the subsidies provided under this measure are specific under Article 4(2) of the basic Regulation.
Kao odgovor na dokument s informacijama CNRC i Pirelli dostavili su izvješće o procjeni imovine kako bi pokazali da je ulaganje izvršeno po tržišnim uvjetima.
In particular, the chemical industry and SRF are specifically mentioned in the GOC's legislation.
Nakon provjere Komisija je utvrdila da iznosi navedeni u izvješću o procjeni ne odgovaraju iznosima koji su na raspolaganju Komisiji.
The fact that the coverage of industries in the legislation is wide, and that SRF or Cinda could invest in other industries does not invalidate these findings.
Samo izvješće o procjeni nije se odnosilo na ulaganje društva Cinda, nego je sastavljeno u kontekstu jedne druge kapitalne transakcije u Grupi CNRC.
After final disclosure, CNRC questioned this finding.
Ta je transakcija uključivala društvo Pirelli Industrial Srl., no drugog kupca i drugo razdoblje, odnosno odvila se godinu dana prije nego što je Cinda sudjelovala u kapitalu.
It argued that the funding in the BR Initiative is not explicitly limited to certain enterprises or industries.
Budući da nema informacija o odgovarajućim subjektima i razdoblju koje se mogu provjeriti, Komisija je zadržala svoje stajalište o ulaganju društva Cinda.
In particular, it stressed that the list of priority areas in the Guiding Opinions is not exhaustive.
Nakon konačne objave CNRC i društvo Pirelli u pitanje su doveli i ovu analizu.
The Commission recalled some characteristics of the Chinese preferential financing.
Prema njihovu mišljenju CNRC nije ostvario korist jer je ulaganje društva Cinda bilo u skladu s uobičajenom praksom ulaganja.
Rather than operating clearly prescribed funding programmes with strict eligibility criteria, the highest political level identifies a number of encouraged industries.
Kako bi potkrijepili svoju tvrdnju, upućuju na isto izvješće o procjeni neovisnog procjenitelja koje se analizira u prethodnoj uvodnoj izjavi.
Financial actors, such as the policy banks, SRF or Cinda, comply with these directions in their actual practice.
Iako su priznali da je izvješće doista sastavljeno u kontekstu druge kapitalne transakcije, tvrdili su da to nije dovoljan razlog da ga se ne upotrijebi kao referentnu vrijednost za praćenje drugih transakcija (kao što je stjecanje koje je provelo društvo Cinda).
Against this background, the Commission regularly countervails subsidies for such encouraged industries as specific as they can be regarded as ‘certain enterprises’ within the meaning of Article 4(2) of the basic Regulation.
Komisija nije prihvatila tu tvrdnju zbog razloga već spomenutih u prethodnoj uvodnoj izjavi 373., koje je društvo Pirelli već potvrdilo: izvješće o procjeni vrijednosti imovine odnosi se na drugu kapitalnu transakciju i drugo vremensko razdoblje, godinu dana prije sudjelovanja u kapitalu društva Cinda.
In the present case, the CNRC did not contest that the chemical industry is part of such an encouraged industry.
Tijekom tog razdoblja društvo Pirelli bilo je u postupku velikog restrukturiranja, što je nesumnjivo utjecalo na njegovo financijsko stanje.
The fact that the list could be enlarged to other industries does not change this finding.
Osim toga, kao što je potvrdio CNRC, društvo Cinda steklo je 38 % dionica društva Pirelli Industrial Srl., koje se sada zove Prometeon Tyre Group S.r.l.
Moreover, as mentioned in recitals (348) and (349) above, the legislation specifically targets exporting companies and refers to ‘obtaining access to international markets’.
(„PTG”).
Given its export contingency (as will be further detailed in section (f)) the measure shall therefore also be deemed to be specific under Article 4(4)(a) of the basic Regulation.
Budući da je kapital tog društva tada iznosio 100 milijuna EUR, nominalna vrijednost dionica iznosila je 38 milijuna EUR.
Export contingency
Cinda je uplatila 266 milijuna EUR za sudjelovanje u kapitalu.
The Commission then analysed whether the measures were in fact contingent upon export performance, because they were specifically granted to certain enterprises for ‘going out’ of China.
S obzirom na to da je neto vrijednost imovine društva tada iznosila manje od polovine tog iznosa i da je društvo jedva uspijevalo ostvariti dobit, tako visok iznos sudjelovanja u kapitalu ne bi se mogao opravdati procjenom na temelju imovine ni procjenom na temelju dohotka.
In general, the support falls under the One Belt, one Road initiative, which is part of MOFCOMs Five Year Plan for the Development of Foreign Trade.
Budući da kriterij ulagatelja na tržištu nije ispunjen, Komisija je potvrdila svoje stajalište da je ulaganje društva Cinda donijelo dodatnu korist CNRC-u.
The Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation specifically mention the industries which are to be considered under this strategy, among which the chemical industry is a priority area.
Komisija je utvrdila i da su subvencije dodijeljene u okviru te mjere specifične po članku 4. stavku 2. osnovne uredbe.
The acquisition of the stake in the Pirelli Group by Chemchina is even specifically mentioned in the 13th Five Year Petrochemical Plan as a major achievement.
Konkretno, u zakonodavstvu kineske vlade izričito se spominju kemijska industrija i Fond za Put svile.
The measure is specifically targeted at companies making outward investments.
Činjenica da je zakonodavstvom obuhvaćen velik broj industrija i da bi Fond za Put svile ili Cinda mogli uložiti u druge industrije, ne čini te nalaze nevaljanima.
As mentioned in recital (349) above, the objectives are to realize a promotion from export of products to export of industries and ‘to actively develop and ‘tap into’ markets in developed countries’.
Nakon konačne objave CNRC je doveo u pitanje taj nalaz.
Therefore, Chinese companies which are only operating on the domestic market are not eligible to receive such financial support.
Tvrdio je da financiranje u okviru inicijative „Pojas i put” nije izričito ograničeno na određena poduzeća ili industrije.
The export contingent design of the measure is also illustrated by the fact that the fields to be chosen as a priority for outward investment are those with international market demand and those with ‘remarkable advantages in international competition’, i.e. those where Chinese export performance can be promoted.
Posebno je naglasio da popis prioritetnih područja u Smjernicama nije sveobuhvatan.
Concerning the acquisition of the Pirelli Group in particular, the SRF stated the following on its website: ‘the fund supported ChemChina in its acquisition of Pirelli, which has helped ChemChina to…effectively obtain access to international markets.’, and ‘The fund supported Chemchina to propel ChemChina into the high end of the manufacturing industry, thus giving a competitive advantage on the international market’.
Umjesto da se provode programi financiranja s jasnim pravilima i strogim kriterijima prihvatljivosti, na najvišoj političkoj razini utvrđuje se određen broj poticanih industrija.
Indeed, by acquiring a 65 % stake in the Pirelli Group, CNRC in practice increased its overall exports to the EU by 29 % during the investigation period.
Financijski izvršitelji, kao što su banke za provedbu državne politike, SRF ili Cinda, provode te upute u svakodnevnom poslovanju.
CNRC also agreed to further increase its exports to the EU by integrating Pirelli's EU truck tyre business entirely into the Chinese exporting producer Aeolus Tyre Co. Ltd Therefore, the long-term objective of the supported acquisition was to upgrade the truck tyres produced by Aeolus with the technology acquired from the Pirelli Group, in order to move upwards in the tiers, and to start exporting truck tyres of a higher quality which are more competitive on the EU market.
U tom kontekstu Komisija redovito uvodi kompenzacijske mjere protiv subvencija za te poticane industrije jer ih se može smatrati „određenim poduzećima” u smislu članka 4. stavka 2. osnovne uredbe.
After the investigation period, CNRC reduced its financial participation in the Pirelli Group to 46 %.
U ovom slučaju CNRC nije osporio da je kemijska industrija jedna od poticanih industrija.
Pirelli Tyre Co, Ltd stopped producing the product concerned, to focus on motorbike and automobile tyres, thus completing the segregation of the Pirelli Group activities from the product concerned.
Činjenica da se popis može proširiti na druge industrije ne mijenja taj nalaz.
However, these post investigation period events do not detract from the fact that before and during the investigation period, CNRC had received countervailable subsidies.
Nadalje, kako je prethodno navedeno u uvodnim izjavama 348. i 349., zakonodavstvo je izričito namijenjeno izvoznim društvima i upućuje na „dobivanje djelotvornog pristupa međunarodnim tržištima”.
In fact, these events confirm that CNRC proceeded as promised by increasing the exports of the product concerned to the EU through its related companies.
S obzirom na njezinu ovisnost o izvozu (kao što će biti detaljnije opisano u odjeljku (f)) mjera se smatra specifičnom i u skladu s člankom 4. stavkom 4. točke (a) osnovne uredbe.
Therefore, the Commission considers that the information collected regarding the Pirelli Group is representative in order to calculate the amount of subsidisation conferred upon the product concerned during the investigation period.
Ovisnost o izvozu
In response to the Information Document, CNRC and Pirelli commented that the subsidy is not export contingent, citing case-law from the Appellate Body in the Airbus case where the notion of export contingency had been interpreted in a narrow sense.
Komisija je zatim pokušala utvrditi jesu li mjere zaista ovisile o izvozu jer su bile usmjerene na određena poduzeća zbog izravnih ulaganja izvan Kine.
This includes the situation in which the subsidy is ‘in fact tied to … anticipated exportation’.
U Smjernicama Državnog vijeća o promicanju međunarodnog proizvodnog kapaciteta i suradnji u proizvodnji opreme izričito se navode industrije koje moraju biti obuhvaćene tom strategijom i među kojima je kemijska industrija istaknuta kao prioritetno područje.
De facto export contingency is assessed on the basis of the total configuration of the facts surrounding the grant of the subsidy, including its design and operation.
Činjenica da je Chemchina stekla udjele u Grupi Pirelli čak se izričito opisuje u 13. petogodišnjem planu za petrokemijsku industriju kao veliko postignuće.
The Commission agreed with the interested parties that the notion should be interpreted in line with the guidance from the Appellate Body.
Mjera je bila specifično usmjerena na društva s ulaganjima u inozemstvo.