natgillin/translations-raw huggingface dataset:
With respect to the few remaining inter-company loans between the Shagang Group and the steel producing companies, the Commission verified whether double counting had actually occurred.
Kar zadeva skupino Shougang Group natančneje, dejstvo, da je bila skupina kot celota dobičkonosna, ni vzbudilo pomislekov glede metodologije izračuna Komisije za sporočena posojila.
However, already before disclosure the loan-sheet received from Shagang Group had only indicated two loans as inter-company loans, whereas the loan-sheet of Hongchang Plate only indicated one such loan.
Kot je pojasnjeno v uvodni izjavi (156), so bile družbe v skupini ocenjene ločeno, sklepi in obravnava pa so bili prilagojeni položaju posameznih družb.
Moreover, even when comparing these loans on substance, they did not match in terms of borrowed amount, duration and applicable interest.
Ta pristop je bil potrjen med preveritvenim obiskom, pri katerem so strani navedle, da se pri oceni garanta upošteva položaj posamezne in ne položaj na ravni skupine.
The company did not provide any new information after disclosure to substantiate its claim that those loans were in reality corresponding.
Kar zadeva jamstva, nobena družba z izjemo družbe Qian'an Coal v izpolnjenih vprašalnikih ni predložila informacij o garantih za sporočena posojila.
Therefore, the Commission considered that each of these loans was reported only once, either on the group or on the producing company list of loans.
Kar zadeva finančni položaj proizvodne družbe Jingtang, ta družba ustvarja izgubo že od začetka gospodarskih dejavnosti v letu 2010, razen v letih 2014 in 2015, ko je komaj dosegla prag donosnosti z dobičkom v razponu od 0 % do 0,5 %.
Regarding the claim related to the ‘negative benefit’ referred to in recital (196), the Commission observed that no issue of fair comparison arises.
Poleg tega je ta družba zabeležila skupne izgube v višini med [13 in 16] miljard CNY.
In particular, the receipt of a loan at a non-preferential rate cannot offset the benefit received from another loan received with a preferential rate.
Družba nenehno posluje daleč pod pričakovanji, izraženimi v poročilu o izvedljivosti, na katerem je temeljila odobritev njenega gradbenega projekta.
The Commission only took into account the loans for which the calculated benchmark was higher than the interest rate paid by the companies when calculating the benefit.
V OP je bilo zaradi spremembe lastniške strukture družbe Shougang Jingtang pripravljeno poročilo o vrednotenju sredstev.
The Hesteel Group also presented itself in a generally profitable financial situation according to its own financial accounts.
V njem je bila neto vrednost družbe v OP ocenjena na manj kot tretjino začetnega naložbenega zneska.
It was not loss-making, but profitability levels were generally weak, which exposes the group to adverse changes in business, financial, or economic conditions.
Komisija je zato ohranila svoje sklepe v zvezi s proizvodno družbo Jingtang.
The group also has a high debt to asset ratio.
Zato je Komisija ohranila svoje stališče v zvezi z izračunom finančnih kazalnikov.
At the level of the companies involved in the production of HRF, the general financial situation was presented in a similar way to the group level, with low profitability levels but no losses.
Po razkritju je skupina Shougang Group Komisiji tudi očitala, da je tri od njenih proizvodnih družb obravnavala premalo podrobno.
Furthermore, other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding the companies' debt repayment abilities.
Komisija je navedla, da je v drugem posebnem razkritju zagotovila vse podrobnosti.
However, on-spot, the Commission found that 80 % of the sampled loans examined received by these companies were revolving and were substantial in amount, pointing to a more fragile situation in terms of liquidity than the financial statements would lead to believe.
Kar zadeva družbo Qian'an Coal, je slednja zabeležila zanemarljiv dobiček (blizu praga donosnosti) pred letom 2014 in majhen dobiček v letu 2014 (manj kot 3 %), v OP pa je ustvarjala izgubo.
The Commission noted that the Hesteel Group was awarded an AAA- rating by a Chinese credit rating agency, the Agricultural Bank of China Hangang Sub-branch.
Približno tretjina kratkoročnih posojil, dodeljenih družbi v OP (ki predstavljajo približno tretjino celotnega neporavnanega dolga družbe), velja za posojila revolving.
For the same reasons as set out in recitals (159) to (161) above, the Commission concluded that this rating is not reliable.
Družba Shougang Mining je v obdobju 2012–2015 stalno ustvarjala izgubo, razen v letu 2013, ko je ustvarila nizko stopnjo dobička.
Furthermore, the existence of the revolving loans further confirmed the Commission's assessment to disregard the Chinese AAA- rating of the Hesteel Group.
Družba je imela v preteklih petih letih stalno visok dolg (razmerje med dolgom in sredstvi je znašalo približno 80 %) in v nobenem od teh let ni ustvarila dovolj dobička iz poslovanja za kritje odhodkov za obresti (stopnja kritja obresti je znašala manj kot 1).
In addition, in order to take into account the increased risk highlighted by the existence of revolving loans at the level of the individual companies involved in the HRF production, and given that the conditions and the maturity of these loans were essentially comparable to the high interest loan mentioned in recital (162) above, the Commission found it appropriate to use the same benchmark as set out in that recital as the relevant benchmark for all loans with a maturity of 2 years or less provided at the level of the production companies which were making use of revolving loans.
Komisija je zato vztrajala pri svojih sklepih v zvezi z družbama Qian'an Coal in Shougang Mining.
As revolving loans are usually concluded for short durations, it is highly unlikely that a revolving loan would be found for a maturity of more than two years, and the concrete evidence of the loans verified in the sampled companies supports this conclusion.
Družba Xishan Coking je bila ustanovljena konec leta 2009 in je začela z veliko izgubo (več kot 300 milijonov CNY), ki v OP še vedno ni bila absorbirana.
The claims and arguments put forward by the GOC and some sampled companies with regard to the general methodology for the relative spread and the use of a proxy benchmark apply equally to the Hesteel Group.
Njen prihodek se je v zadnjih štirih letih zmanjševal in družba je v tem obdobju postajala čedalje bolj zadolžena.
The Commission rebutted these points already in in recitals (175) to (195).
Veliko posojil, odobrenih družbi v OP, je veljalo za posojila revolving.
The Commission observed that this alleged capital injection was subject to a question in April 2017 from the United States and the EU to the PRC within the framework of the Committee on Subsidies and Countervailing Measures of the WTO.
Skupina Benxi Group je bila glede na svoja finančna poročila na splošno v težkem finančnem položaju.
The Commission did not find any evidence during this investigation that this alleged capital injection had conferred any benefit to Hesteel Group during the IP.
Leta 2015 je imela izgubo, bila je visoko zadolžena, v obdobju 2012–2015 pa je nenehno povečevala svoje obveznosti.
The Shougang Group presented itself in a generally difficult financial situation according to its own financial accounts.
Poleg tega je bilo med preverjanjem na kraju samem ugotovljena posojila revolving na ravni matične družbe.
Based on the evidence received for the years 2014 and onwards, the Group was loss-making both in 2014 and 2015.
Na ravni družbe, ki sodeluje pri proizvodnji vroče valjanih ploščatih izdelkov, je bilo iz računovodskih izkazov in dokazov, najdenih v zvezi s posebnimi posojili, razvidno, da je ta družba kljub več zaporednim letom izgub ali majhnega dobička, vse višjemu razmerju med dolgom in sredstvi, vse slabšim finančnim kazalnikom in negotovim obetom za prihodnost nadaljevala poslovanje kot delujoče podjetja.
It was highly leveraged and it increased its short-term liabilities by more than 10 % during the IP.
Družba v celotnem obdobju 2012–2015 ni ustvarila dovolj dobička iz poslovanja, da bi lahko plačala svoje odhodke za obresti.
Furthermore, 25 revolving loans were found on-spot during the verification at the level of the parent company.
Poleg tega je Komisija med vzorčenimi posojili našla tudi eno posojilo revolving, v preglednicah s posojili pa je bilo nekaj kratkoročnih posojil ob njihovem izteku nadomeščenih z novimi posojili v enakem znesku.
Moreover, in the loan tables, a significant number of additional short term loans was replaced with new loans for the same amount at expiry.
Kljub tem okoliščinam je kitajska podružnica bonitetne agencije Moody's skupini Benxi Group v OP podelila domačo bonitetno oceno AA+.
At the level of the companies involved in the production of HRF, the financial statements as well as evidence found relating to specific loans, in asset evaluation and feasibility reports, showed that these companies were operating as a going concern despite consecutive years of losses or marginal profits, high debt to assets ratios, low interest coverage, worsening financial indicators and an uncertain outlook for the future.
Vendar je v splošni izjavi o omejitvi odgovornosti te podružnice poudarjeno, da podeljuje le domače bonitetne ocene, v katerih se izraža relativno kreditno tveganje na Kitajskem, vloga bonitetne agencije Moody's pa je zagotoviti strokovno znanje na področju vodenja, tehnološko podporo in usposabljanje analitikov.
These companies did not generate enough operating profit to cover the payment of their interest expenses for several consecutive years during the period 2012-2015.
Komisija zato zaradi splošnega izkrivljanja kitajskih bonitetnih ocen iz uvodnih izjav od (159) do (161) in dokazov, najdenih med preverjanjem, ni upoštevala kitajske bonitetne ocene skupine Benxi Group.
Furthermore, the Commission found instances of debt restructuring due to payment difficulties during the verification.
Poleg tega je sklenila, da je na ravni proizvodne družbe položaj takšen, da ta družba v OP brez državne podpore ne bi imela dostopa do dodatnih posojil.
In addition, all of the short-term loans granted during the IP to one of the production companies were revolving loans.
Namesto tega ta ugodnost v OP izhaja iz dodelitve posojil, ki na podlagi splošnega finančnega položaja te družbe brez državne podpore verjetno ne bi bila dodeljena.
Despite these circumstances, the Shougang Group was awarded an AAA credit rating by a Chinese credit rating agency, Dagong International.
V zvezi s tem je Komisija opozorila, da je skupina Benxi Group veliko podjetje v državni lasti, ki je bila v 12. petletnem načrtu za jeklarstvo navedena kot „prvak“.
For the same reasons as set out in recitals (159) to (161) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Shougang Group.
Komisija se je, kot je prikazano v oddelku E(b)(V) smernic iz leta 1998, odločila, da zneske teh posojil, ki v OP niso bili poravnani, obravnava kot nepovratna sredstva, ki so bila zagotovljena pri izpolnjevanju vladnih politik.
In view of the above general situation, the Commission found it necessary to find an appropriate benchmark at the level of the group.
Ugodnost je bila določena na podlagi neporavnanega zneska posojila, zmanjšanega za obresti, plačane v OP.
In order to take into account the increased risk highlighted by the existence of revolving loans, and given that the conditions and the maturity of these loans were essentially comparable to the high interest loan mentioned in recital (162) above, the Commission used the same benchmark as set out in that recital for all loans with a maturity of 2 years or less provided.
Kapitalski znesek posojila je bil prilagojen z amortizacijo glede na temeljni namen posojila.
For the remaining loans at group level with a maturity of 2 years and above, based on the available information, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds to the group level, as explained in recitals (166) to (168).
Trditve in argumenti kitajske vlade in nekaterih vzorčenih družb v zvezi s splošno metodologijo za relativni razmik in uporabo približka referenčne vrednosti veljajo tudi za skupino Benxi Group.
Furthermore, the Commission concluded that at the level of the companies involved in the production of HRF, the situation was such that that these companies would not have had access to further loans during the IP absent State support.
Stališče Komisije glede teh trditev, kot je opisano v uvodnih izjavah (175) do (195), velja tudi za skupino Benxi Group.
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Poleg tega trditve in argumenti kitajske vlade in nekaterih vzorčenih družb v zvezi s splošno metodologijo za posojila, obravnavana kot nepovratna sredstva, veljajo tudi za skupino Benxi Group.
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.
Stališče Komisije glede teh trditev, kot je opisano v uvodnih izjavah (216) do (221), velja tudi za skupino Benxi Group.
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.
Po razkritju je skupina Benxi Group v glavnem ponovila pripombe kitajske vlade.
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.
Vendar je predložila tudi nekatere dodatne posebne pripombe:
Based on the information available, the Commission only countervailed the loans granted during the IP.
Trdila je, da finančni kazalniki iz njenega posebnega dokumenta o razkritju niso ustrezno pokazali, da družba Bengang ni bila sposobna odplačati svojih posojil.
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.
Poleg tega je družba Bengang, čeprav je morda imela v zadnjih letih določene finančne težave, še vedno nadaljevala z običajnimi postopki v teh letih in je imela zadostne zmogljivosti, da odplača svoja posojila.
The Commission rebutted these points already in recitals (175) to (195).
Skupina Benxi Group je trdila tudi, da analiza njene bonitetne ocene ni bila dovolj izčrpna.
Following disclosure, the GOC also objected to the treatment of loans as grants and put forward the following arguments:
Nazadnje je še trdila, da pritožnik v svoji vlogi ni predložil tega subvencijskega programa in da pristop k obravnavi posojil kot nepovratnih sredtev torej ni bil v skladu s členom 11(1) Sporazuma o subvencijah in izravnalnih ukrepih.
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.
V zvezi s prvo točko je Komisija opozorila, da je družba v odgovoru na dokument o razkritju priznala, da je imela v zadnjih letih finančne države, in ni ugovarjala nobeni od ugotovitev Komisije, kot so izguba dobička in prihodka, visok delež dolga in nezmožnost plačila posojilnih obresti.
The countervailing of certain loan amounts as grants was inconsistent with Articles 1.1(b), 14 and 14(b) of the SCM Agreement.
Družba je imela znatne izgube tudi v OP.
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.
Poleg tega je skupina Benxi Group priznala, da nekatera posojila niso bila odplačana v skladu s prvotnim razporedom odplačil, kar kaže na njene težave z zmožnostjo odplačila posojil.
[32]
Glede na to splošno stanje družbe je Komisija vztrajala pri svojem stališču, da družba v običajnih tržnih pogojih ne bi imela dostopa do dodatnih posojil.
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.
V zvezi z dejstvom, da so bile zadevne družbe del velike skupine družb in da so posojila zagotavljale matične družbe, je Komisija priznala, da je posojila proizvodni družbi v skupini Benxi Group dejansko zagotavljal garant iz druge družbe v skupini.
The Panel in EC — DRAMS underlined that a loan is fundamentally different from a grant, as it entails a debt still owed [33].
Vendar je med preveritvenim obiskom postalo jasno, da je ta jamstva zagotavljalo več drugih družb v skupini, ki so bile v podobno težkem finančnem položaju.
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.
Dejansko so vse preverjene družbe v skupini Benxi Group v OP ustvarjale izgubo, družba pa je v izpolnjenem vprašalniku sama izjavila, da se je skupina soočala s stalnimi izgubami, ki so vplivale na več povezanih družb, in da ni obetov za dobiček v bližnji prihodnosti.
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.
V zvezi z bonitetno oceno družbe je Komisija menila, da je potrditev težkega finančnega položaja s strani družbe same jasen pokazatelj, da ne bi smela prejeti bonitetne ocene AA+.
The alleged economic situation of the concerned companies did not justify the treatment of certain loan amounts as grants.
Edini nov dokaz, ki ga je družba predložila v zvezi s tem, je bil ta, da ni nujno obstajala povezava med njenimi finančnimi težavami in bonitetno oceno, saj gre za veliko železarsko in jeklarsko skupino z dolgo tradicijo in dobrim kreditnim ugledom.
Indeed, the concerned companies formed part of a large group of companies, and their loans were guaranteed by the parent companies.
Komisija je menila, da taka utemeljitev ustrezno odraža njeno trditev, da bonitetne ocene na Kitajskem niso zanesljive, saj večinoma temeljijo na velikosti in statusu družb, ne pa na njihovem dejanskem kreditnem položaju.
In addition, EU producers were also making losses since 2012, but still received loans and were able to refinance their debts.
V zvezi s tretjo točko se Komisija ni strinjala s trditvijo družbe, da subvencija v zvezi s posojili, ki so se obravnavala podobno kot nepovratna sredstva, ni bila vključena v pritožbo.
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.
Ta se je namreč nanašala na ločeno metodologijo izračuna v okviru preferenčnih posojil, ki so bila dejansko vključena v pritožbo.
However, some additional specific comments were received from the Shougang Group:
Zaradi obstoja finančnega prispevka, ugodnosti za proizvajalce izvoznike in specifičnosti bi bilo treba to ugodnost šteti za subvencijo, proti kateri se lahko uvedejo izravnalni ukrepi.
The Shougang Group noted that certain loan amounts were reclassified as grants for three companies of the Group without adequate explanation or reasoning.
Stopnje subvencije, ki so za vzorčene skupine družb določene v zvezi s to shemo v OP, so:
The Shougang Group as a whole was profitable during 2014 and 2015, and had high levels of undistributed profits.
Preferenčne posojilne politike
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.
Skupni znesek subvencije
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.
Ki so jo zagotovile druge finančne institucije
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.
Dejansko jamstvo
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.
Komisija je opozorila, da je dokazni prag za dokazovanje nenapisanih ukrepov v okviru STO zelo zahteven v smislu dokazov, ki so potrebni za dokazovanje obstoja takih ukrepov.
Contrary to what was stated by the GOC, the Commission had not changed the legal nature of the financial contribution from loans to grants.
Preiskovalni organ mora z argumenti in podpornimi dokazili jasno dokazati vsaj, da je mogoče domnevno nenapisano „pravilo ali normo“ pripisati tuji vladi, njegovo natančno vsebino ter da je njegova uporaba splošna in usmerjena v prihodnost.
Rather, the Commission had acknowledged that the loans provided to the companies had payment obligations attached to it.
Ta visoki prag je dosežen le, če se v zvezi z vsakim od teh elementov predložijo zadostni dokazi [36].
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.
Pripis kitajski vladi
In this respect, the Commission further specified that it did not take the entire amount of the loan into account for the benefit calculations.
Komisija je najprej preverila, ali je mogoče domnevno dejansko jamstvo pripisati kitajski vladi.
Only the outstanding part of the loans was taken as a starting point, and several downward adjustments were subsequently made on this amount.
V zvezi s tem je potrdila, da vladna politika v LRK v jeklarski industriji bolj podpira razvoj velikih nacionalnih prvakov (večinoma v državni lasti) kot manjših (večinoma zasebnih) jeklarn.
First, the benefit was determined based on the outstanding capital amount of the loan minus the interest paid during the IP.
Ta politika je veljala že leta 2009, ko je državni svet izdal „Načrt za prilagoditev in oživitev jeklarske industrije“.
If the purpose of the loan was labelled as liquidity/working capital, the full amount was taken.
Za izhod iz krize iz leta 2008 je bilo v načrtu nadalje poudarjeno, da bi bilo treba strukturo industrije prilagoditi in optimizirati na podlagi „nadzora nad celotno količino v povezavi z odpravo zaostale zmogljivosti, prestrukturiranjem podjetij in preselitvijo mestnih jeklarn“.
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.
V skladu z dokumentom je cilj kitajske vlade ustanoviti več izredno velikih podjetij z močno neodvisno inovacijsko zmogljivostjo in mednarodno konkurenčnostjo, ter zagotoviti, da zmogljivost petih največjih domačih železarskih in jeklarskih podjetij predstavlja več kot 45 % nacionalne proizvodnje.
Finally, the amount of the benefit was further adjusted to reflect only the number of days in the IP the loan was running.
Zato naj bi se zgradilo več izredno velikih železarskih in jeklarskih podjetij z zmogljivostjo več kot 50000000 ton ter dobro mednarodno konkurenčnostjo, kot so Baosteel, Ansteel in Wuhan Iron and Steel.
All these adjustments show that the Commission did not take into account the full amount of the loan for the benefit calculation.
Ustanovilo naj bi se tudi več velikih železarskih in jeklarskih podjetij z zmogljivostjo 10000000–30000000 ton.
Therefore, the Commission found that the reasoning as applied in the Panel Report in EC — DRAMS was not applicable to this investigation.
Poleg tega sta v dokumentu kot cilj navedena dokončanje preselitve skupine Shougang Group ter izgradnja njene železarske in jeklarske baze na otoku Caofeidian.