natgillin/translations-raw huggingface dataset:
Profitability and return on investments (ROI)
Dobičkonosnost in donosnost naložb
In establishing the profitability of the Union producers, the verified figures have been corrected in order to prevent this analysis from being influenced from extraordinary company-specific issues which had a disproportionate impact on those companies’ profit figures in a given period.
Pri ugotavljanju dobičkonosnosti proizvajalcev Unije so bili preverjeni zneski prilagojeni, da na to analizo ne bi vplivala izredna vprašanja, ki so lastna posameznim družbam in so imela nesorazmerne posledice na njihove zneske dobička v kakem obdobju.
Following these corrections, the sampled producers’ profitability and return of investments linked to the sales of the like product in the Union developed as follows during the period considered:
Po teh prilagoditvah sta se pri vzorčenih proizvajalcih dobičkonosnost in donosnost naložb, povezanih s prodajo podobnega izdelka v Uniji, v obravnavanem obdobju gibali tako:
Union industry - profitability & return on investments (ROI)
Industrija Unije – dobičkonosnost in donosnost naložb
net profit (as % of turnover)
čisti dobiček (kot % prometa)
ROI
donosnost naložb
As the above table shows, the Union industry could achieve limited profit levels during most of the period considered, with some exception in the year of 2007 when the average profitability rate reached 4,7 %.
Kot kaže zgornja preglednica, je večji del obravnavanega obdobja industrija Unije lahko dosegala omejene stopnje dobička, razen leta 2007, ko je povprečna stopnja dobičkonosnosti dosegla 4,7 %.
The profits have turned into an enormous loss during the IP: the average loss rate of the Union industry being as low as 15 %.
Namesto dobička je v OP nastala velikanska izguba: povprečna stopnja izgube industrije Unije je znašala kar 15 %.
As concerns the return on investments (‘ROI’), expressed as the profit in percent of the net book value of investments, this indicator appears to have followed the profitability trend.
Pri donosnosti naložb, izraženih kot dobiček v odstotkih neto knjigovodske vrednosti naložb, se zdi, da je ta kazalec sledil gibanju dobičkonosnosti.
The above fragile financial situation was in spite of the increased consumption during the period between 2006 and 2008, as described in recital (60) above, and the efforts of the Union industry to rationalize production costs, as described in recitals (75) and (76) above.
Ta ranljivi finančni položaj je nastal kljub povečani potrošnji v obdobju med letoma 2006 in 2008, kot je opisano v uvodni izjavi (60), in kljub prizadevanjem industrije Unije za racionalizacijo stroškov proizvodnje, kot je opisano v uvodnih izjavah (75) in (76).
During the period considered, the strongly growing volumes of low-priced dumped imports from the PRC have affected the sales volumes of the Union industry and resulted also in serious price erosion.
V obravnavanem obdobju je močno naraščajoči obseg poceni dampinškega uvoza iz LRK prizadel obseg prodaje industrije Unije in pri tem tudi močno znižal cene.
These factors have had an impact on the financial situation of the Union industry.
Ti dejavniki so vplivali na finančni položaj industrije Unije.
This is best illustrated by the dramatic loss of 15 % during the IP.
To se najbolje pokaže v dramatični izgubi 15 % v OP.
The net cash flow from operating activities developed as follows:
Neto denarni tok iz poslovanja se je gibal tako:
Union industry - cash flow
Industrija Unije – denarni tok
cash flow (EUR)
denarni tok (EUR)
The above table confirms the fragile financial situation of the Union industry in the period 2006-2008 and the resulting dramatic deterioration in the IP.
Ta preglednica potrjuje ranljivi finančni položaj industrije Unije v obdobju 2006–2008 in posledično dramatično poslabšanje v OP.
During the period considered, the investments of the sampled producers developed as follows:
V obravnavanem obdobju so se naložbe vzorčenih proizvajalcev gibale tako:
Union industry - investments
Industrija Unije – naložbe
net investments (EUR)
neto naložbe (EUR)
During the peak years 2006 and 2008, the level of investments was relatively high in view of furnace rebuilds.
V letih viška 2006 in 2008 je bila raven naložb razmeroma visoka zaradi ponovnega postavljanja peči.
In this capital intensive industry, furnaces have to be rebuilt every 7 to 10 years and the costs associated with rebuilding a furnace can amount to EUR 8 million - EUR 13 million (range given for reasons of confidentiality).
V tej kapitalsko intenzivni industriji je treba peči na novo postaviti vsakih 7 do 10 let, stroški pri postavitvi peči pa lahko znašajo od 8 do 13 milijonov EUR (razpon je naveden zaradi zaupnosti).
A good part of the other, more structural high investment costs is linked to the alloy consumption from the bushings and the consequent rebuilding of bushings.
Dobršen del drugih, bolj strukturnih visokih stroškov naložb je povezan s porabo zlitin iz puš in posledično njihovo ponovno postavitvijo.
Magnitude of the actual dumping margin
Višina dejanske stopnje dampinga
The dumping margins for imports from the PRC, as specified above in recital (55), are very high.
Stopnja dampinga za uvoz iz LRK je zelo visoka, kot je navedeno v uvodni izjavi (55).
Given the volume, market share and prices of the dumped imports, the impact of the margins of dumping cannot be considered to be negligible.
Glede na obseg, tržni delež in cene dampinškega uvoza se učinek stopenj dampinga ne more obravnavati kot zanemarljiv.
In spite of serious efforts undertaken by the Union industry to increase its competitiveness, most injury indicators pertaining to the Union industry developed negatively during the period considered.
Kljub resnim prizadevanjem industrije Unije, da bi povečala svojo konkurenčnost, večina kazalcev škode za industrijo Unije kaže negativno gibanje v obravnavanem obdobju.
This is particularly noticeable when analysing the indicators related to the financial performance of the Union industry, notably the return on investments, cash flow and profitability, all of which developed dramatically.
To je posebno opazno pri analizi kazalcev za finančno uspešnost industrije Unije, zlasti donosnosti naložb, denarnega toka in dobičkonosnosti, ki so se vsi gibali zelo negativno.
In addition, the indicators concerning production, production capacity, capacity utilisation, sales volumes and market share have also confirmed a clearly deteriorating trend.
Poleg tega so kazalci za proizvodnjo, proizvodno zmogljivost, izkoriščenost zmogljivosti, obseg prodaje in tržni delež prav tako potrdili jasno poslabšanje gibanja.
At the same time, glass fibres imports from the PRC were undercutting Union industry prices by up to 39 % during the IP and the Union industry lost 5 percentage points market share within less than four years.
Hkrati je uvoz steklenih vlaken iz LRK nelojalno zniževal cene industrije Unije za do 39 % v OP in industrija Unije je izgubila 5 odstotnih točk tržnega deleža v manj kot štirih letih.
In accordance with Article 3(6) and Article 3(7) of the basic Regulation, the Commission examined whether the dumped imports have caused injury to the Union industry to a degree that enables it to be classified as material.
Komisija je v skladu s členom 3(6) in (7) osnovne uredbe proučila, ali je dampinški uvoz povzročil škodo industriji Unije do stopnje, ki se lahko opredeli kot znatna.
Between 2006 and the IP, the volume of the dumped imports of the product concerned increased in terms of volume by 51 %, which resulted in an increase of Union market share by 98 %, from 7,9 % to 15,6 %.
Med letom 2006 in OP se je obseg dampinškega uvoza zadevnega izdelka povečal za 51 %, zaradi česar se je tržni delež Unije povečal za 98 %, od 7,9 % na 15,6 %.
The increase in dumped imports of the product concerned from the PRC over the period considered coincided with a downward trend in most injury indicators of the Union industry.
To povečanje dampinškega uvoza zadevnega izdelka iz LRK v obravnavanem obdobju se je ujemal z gibanjem navzdol pri večini kazalcev škode za industrijo Unije.
The Union industry lost 5,6 percentage points of market share and its sales prices decreased by 2 % due to the price pressure exerted by low-priced dumped imports on the Union market.
Industrija Unije je izgubila 5,6 odstotnih točk tržnega deleža in njene prodajne cene so se znižale za 2 % zaradi pritiska na cene poceni dampinškega uvoza na trgu Unije.
The significant price undercutting prevented the Union industry from passing on the increased production costs in the sales prices to an acceptable extent, which resulted in low and, during the IP, negative profitability levels.
Precejšnje nelojalno nižanje prodajnih cen je preprečilo, da bi industrija Unije v sprejemljivem obsegu prenesla povišane stroške proizvodnje v prodajne cene, kar je povzročilo nizke stopnje dobičkonosnosti, v OP pa negativne.
It is also notable that the market share of dumped imports from PRC continued to increase even during the IP.
Gre omeniti, da se je tržni delež dampinškega uvoza iz LRK še naprej povečeval celo v OP.
In other words, as also referred to in recital (62) above, the volume of dumped imports from the PRC decreased at a lower pace than the Union consumption.
Kakor navaja tudi uvodna izjava (62), se je drugače povedano obseg dampinškega uvoza iz LRK zmanjševal počasneje kot potrošnja Unije.
Certain interested parties claimed that there is no causal link between dumped imports and the injury suffered by the Union industry.
Nekatere zainteresirane strani so trdile, da ni vzročne zveze med dampinškim uvozom in škodo, ki jo je utrpela industrija Unije.
One of the arguments raised in this respect was that the price difference between Chinese and Union sales prices has been fairly constant throughout the whole period considered, while the profitability of the Union industry fluctuated at the same time.
Eden od argumentov za to je, da se razlika med prodajnimi cenami na Kitajskem in v Uniji ni bistveno spremenila skozi vse obravnavano obdobje, medtem ko je dobičkonosnost industrije Unije v istem času nihala.
In this respect it must be borne in mind that it is not only the level of prices but also the volume of the already low-priced dumped imports that has put a strong pressure on the sales of the Union industry.
Glede tega je treba upoštevati, da na prodajo industrije Unije ni močno pritiskala samo raven cen, ampak tudi obseg že poceni dampinškega uvoza.
Furthermore, even if other factors may have also played a role in the aggravated state of the Union industry, thus also affecting to some extent the profitability development of the Union industry, by no means can this mitigate the impact of the dumped imports from the PRC constantly undercutting the Union prices, particularly given that this occurred at a relatively stable rate despite the changes in the market such as consumption growth and fall or raw material price developments.
In četudi bi drugi dejavniki igrali vlogo pri poslabšanem stanju industrije Unije in s tem kako vplivali na gibanje dobičkonosnosti v industriji Unije, to nikakor ne more blažiti posledic dampinškega uvoza iz LRK, ki je stalno nelojalno zniževal prodajne cene Unije, zlasti ker se je to dogajalo na razmeroma stanovitni ravni, kljub spremembam na trgu, kot sta rast in upad potrošnje ali spremembe cen surovin.
A similar argument has been put forward regarding the alleged lack of relation between the profitability figures of the Union industry and the development of their market share.
Podoben argument je bil dan za domnevno pomanjkanje zveze med vrednostmi dobičkonosnosti industrije Unije in spremembami njenega tržnega deleža.
Indeed, for instance, the profitability levels of the Union industry temporarily improved from 2006 to 2007 despite the drop in their market share.
Ravni dobičkonosnosti industrije Unije so se na primer začasno izboljšale od leta 2006 do 2007 kljub padcu njenega tržnega deleža.
This was partly due to enhanced conditions on the Union market in the year of 2007 (see the 6 % increase in Union consumption as mentioned in recital (60) above).
To je bilo delno zaradi okrepljenih razmer na trgu Unije leta 2007 (glej 6-odstotno povečanje potrošnje Unije v uvodni izjavi (60)).
More importantly however, in the years of 2006 and 2007 the Union industry focused on rationalisation of its production by reducing manufacturing costs, which also had an impact on their profitability levels.
Pomembnejše pa je, da se je industrija Unije v letih 2006 in 2007 osredotočila na racionalizacijo proizvodnje z zniževanjem proizvodnih stroškov, kar je ravno tako imelo posledice na ravni dobičkonosnosti.
As another example, between 2008 and the IP, the market share of the Union industry slightly rose while its profitability rate fell to a severe loss of 15 %.
Drugi primer je rahlo povečanje tržnega deleža industrije Unije med letom 2008 in OP, medtem ko je njena stopnja dobičkonosnosti upadla na hudo 15-odstotno izgubo.
However, in the same period the dumped imports from the PRC could also raise their market share, while they still largely undercut the sales prices in the Union.
Vendar je v istem obdobju tudi dampinški uvoz iz LRK lahko povečal svoj tržni delež, medtem ko je še vedno nelojalno precej zniževal prodajne cene v Uniji.
This resulted in the huge loss realised by the Union industry.
Zaradi tega je industrija Unije imela zelo veliko izgubo.
Indeed both above cases show that one or two separate indicators cannot in themselves be taken into account when measuring the effect of dumped imports on the state of the Union industry.
Oba primera namreč kažeta, da se en ali dva ločena kazalca ne moreta upoštevati sama pri merjenju posledic dampinškega uvoza na stanje industrije Unije.
Based on the above it is provisionally concluded that the low-priced dumped imports from the PRC, which entered the Union market in large and constantly increasing volumes and which significantly undercut the Union industry prices throughout the period considered, had a considerably negative impact on the economic situation of the Union industry.
Glede na navedeno se začasno sklene, da je poceni dampinški uvoz iz LRK, ki je vstopil na trg Unije v velikem in stalno naraščajočem obsegu ter ki je nelojalno občutno zniževal prodajne cene industrije Unije skozi vse obravnavano obdobje, znatno negativno vplival na gospodarsko stanje industrije Unije.
During the period considered, there were limited imports from other third countries.
V obravnavanem obdobju je potekal omejen uvoz iz tretjih držav.
The total market share of imports from countries other than the PRC has decreased by 2 percentage points, from 17 % to 15 %.
Skupni tržni delež uvoza iz držav, ki niso LRK, se je zmanjšal za 2 odstotni točki, in sicer od 17 % na 15 %.
The second largest source of imports, Norway, held a market share of 3,3 % during the IP.
Drugi največji vir uvoza, Norveška, je imela v OP tržni delež 3,3 %.
Turkey had a market share of 2,5 % during the IP and the fourth largest source of imports, USA, had a market share of less than 2 % during the IP.
Turčija je imela v OP tržni delež 2,5 % in je bila četrti največji vir uvoza, ZDA so imele v OP tržni delež pod 2 %.
Volumes (tonnes)
obseg (v tonah)
Av. price (EUR)
povp. cena (EUR)
Rep. of Korea
Republika Koreja
Other countries
druge države
The above table, which is based on Eurostat data, also shows that the average Union border price levels of other imports are generally much higher than prices of imports from the PRC, as summarized in recital (63) above.
Ta preglednica, ki temelji na Eurostatovih podatkih, kaže, da so tudi povprečne ravni cen na meji Unije na splošno dosti višje kot cene uvoza iz LRK, kot povzema uvodna izjava (63).
Comparing these Eurostat prices with the Union industry sales prices reported in recital (74) above, imports from Turkey appeared to be undercutting the Union industry prices during the IP.
Pri primerjavi teh cen po Eurostatu s prodajnimi cenami industrije Unije iz uvodne izjave (74) je bilo za uvoz iz Turčije videti, da nelojalno znižuje prodajne cene industrije Unije v OP.
Imports from Malaysia, Taiwan and the Republic of Korea appear also to be below the Union industry's prices, however, their market shares are limited and shrinking as well.
Tudi za uvoz iz Malezije, Tajvana in Republike Koreje je videti, da je pod cenami industrije Unije, vendar so njihovi tržni deleži omejeni in se še krčijo.
Therefore, imports from Turkey, Malaysia, Taiwan and the Republic of Korea, or any other third country imports, were not considered as having had a negative impact on the Union industry's situation.
Zato se za uvoz iz Turčije, Malezije, Tajvana in Republike Koreje ali uvoz iz katere koli druge tretje države ni štelo, da negativno vpliva na stanje industrije Unije.
On these grounds, it is reasonably to provisionally conclude that imports from other countries did not break the causal link between the dumping found and the material injury suffered by the Union industry.
Glede na navedeno je primerno začasno skleniti, da uvoz iz drugih držav ni pretrgal vzročne zveze med ugotovljenim dampingom in znatno škodo za industrijo Unije.
Impact of the economic crisis
Vpliv gospodarske krize
Several parties claimed that the injury suffered by the Union industry was caused by the economic crisis which had resulted in a sharp decline in demand.
Več strani je trdilo, da je škodo, ki jo je utrpela industrija Unije, povzročila gospodarska kriza, zaradi katere je povpraševanje strmo upadlo.
Indeed, a strong drop in Union consumption could be observed between 2008 and the IP, as stated in recital (60) above.
Med letom 2008 in OP je bilo namreč mogoče opaziti močan padec potrošnje Unije, kot navaja uvodna izjava (60).
This decrease amounted to 28 % and it is recognized that it is caused by the economic crisis which hit the Union in that period.
To zmanjšanje je bilo 28-odstotno in priznano je, da ga je povzročila gospodarska kriza, ki je v tistem času prizadela Unijo.
Most of the sectors using products which contain the product under investigation (car industry, wind energy, construction, etc) were seriously affected by the crisis and that resulted, at the beginning of the chain, in a drop in demand for glass fibres.
Večino sektorjev, ki uporabljajo izdelke, ki vsebujejo izdelek v preiskavi (avtomobilska industrija, vetrna energija, gradbeništvo itn.), je gospodarska kriza hudo prizadela, zaradi česar je na začetku verige upadlo povpraševanje po steklenih vlaknih.
However, the negative effect of the economic downturn and the contraction in demand was exacerbated by the increased dumped imports from the PRC, which significantly undercut the prices of the Union industry.
Vendar je povečani dampinški uvoz iz LRK, ki je nelojalno občutno nižal prodajne cene industrije Unije, še povečal negativne učinke upada gospodarske rasti in zmanjševanja povpraševanja.
Even if the economic downturn could therefore be considered as contributing to the injury during the IP, this cannot in any way diminish the damaging injurious effects of low priced dumped imports from the PRC in the Union market over the whole period considered.
Čeprav bi se zato lahko štelo, da je gospodarska recesija prispevala k škodi v OP, to nikakor ne more zmanjšati škodljivega učinka zelo poceni dampinškega uvoza iz LRK na trg Unije skozi vse obravnavano obdobje.
Even in a situation of decreasing sales, the Union industry could have been able to maintain an acceptable level of volumes and prices, thereby limiting the negative effects of a drop in consumption.
Tudi ob čedalje manjši prodaji bi industrija Unije zmogla vzdrževati sprejemljiv obseg in cene ter s tem omejila negativni vpliv upada potrošnje.
Nevertheless, this could have only been possible in the absence of the unfair competition of low priced dumped imports in the market.
Vendar bi to bilo mogoče le, če ne bi bilo nepoštene konkurence poceni dampinškega uvoza na trgu.
Moreover, the impact of the Chinese dumped imports that largely undercut the Union sales prices during the IP can be considered as even more injurious in a period of economic crisis.
Še več, vpliv kitajskega dampinškega uvoza, ki je nelojalno precej nižal prodajne cene Unije v OP, je mogoče šteti za še bolj škodljivega v času gospodarske krize.
Given the above circumstances, the economic downturn cannot be considered as a possible cause breaking the causal link between the injury suffered by the Union industry and the dumped imports from the PRC.
Glede na navedeno upada gospodarske rasti ni mogoče šteti za mogoči vzrok pretrganja vzročne zveze med škodo za industrijo Unije in dampinškim uvozom iz LRK.
Evolution of Chinese import volumes and the Union industry's financial situation
Razvoj kitajskega obsega uvoza in finančnega položaja industrije Unije
Certain interested parties claimed that there is no causal link between dumped imports and the financial situation of the Union industry given that the latter achieved the best profitability rates in the years when imports from the PRC of the product concerned were at their highest volumes, and had its worst performance when imports from the PRC dropped to their lowest level during the period considered.
Nekatere zainteresirane strani so trdile, da ni vzročne zveze med dampinškim uvozom in finančnim položajem industrije Unije, ker je ta dosegla najboljše stopnje dobičkonosnosti v letih, ko je uvoz zadevnega izdelka iz LRK imel največji obseg, in bila najmanj uspešna, ko se je uvoz iz LRK spustil na najnižjo raven v obravnavanem obdobju.
In this respect, it is first noted that the development of consumption, in particular the economic downturn during the IP, has definitely had an effect on both the volumes of imports from the PRC and the financial situation of the Union industry, given the global character of the crisis.
Pri tem gre najprej omeniti, da je gibanje potrošnje, zlasti upad gospodarske rasti v OP, vsekakor vplivalo na obseg uvoza iz LRK in finančni položaj industrije Unije zaradi svetovnega pomena krize.
However, as already stated above, the dumped imports from the PRC have largely undercut the sales prices of the Union industry in the IP, i.e. during the economic downturn.
Kakor je bilo že navedeno, pa je dampinški uvoz iz LRK nelojalno precej nižal prodajne cene industrije Unije v OP, tj. med upadom gospodarske rasti.
This was compounded by the fact that the exporting producers from the PRC have managed to slightly further increase their market share even in the period of economic downturn, while the Union industry has realised severe losses due to their inability to sell at more beneficial prices.
Povrhu je proizvajalcem izvoznikom iz LRK uspelo še rahlo povečati svoj tržni delež tudi v času upada gospodarske rasti, medtem ko je industrija Unije imela hude izgube, ker ni mogla prodajati po ugodnejši ceni.
Indeed, it can be considered that the above price undercutting parallel to the increasing market share of dumped imports from the PRC have caused even more injury to the Union industry than as if it had been the case in a period without volatile consumption due to an economic downturn.
Lahko se namreč oceni, da sta navedeno nelojalno nižanje prodajnih cen ob čedalje večjem tržnem deležu dampinškega uvoza iz LRK povzročila še več škode industriji Unije, kot če bi to potekalo v času brez spremenljive potrošnje zaradi upada gospodarske rasti.
In view of the above, by no means can it be concluded that the comparison of the mere trends of volumes of dumped imports from the PRC and the financial performance of the Union industry could be interpreted as a factor breaking the causal link between dumped imports and the injury suffered by the Union industry.
Glede na navedeno nikakor ni mogoče skleniti, da se primerjava golega gibanja obsega dampinškega uvoza iz LRK in finančne uspešnosti industrije Unije lahko šteje za dejavnik, ki bi pretrgal vzročno zvezo med dampinškim uvozom in škodo za industrijo Unije.
Fall in export sales and/or captive use sales of the Union industry
Upad izvoza in/ali prodaje za lastno uporabo v industriji Unije