natgillin/translations-raw huggingface dataset:
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].
V dokumentu politike z načrtom je bila predvidena in se je spodbujala finančna podpora za ta ključna jedrna podjetja, predvideni pa sta tudi podpora v obliki izdajanja delnic, podjetniških obveznic, srednjeročnih menic, kratkoročnih menic in bančnega posojila ter absorpcija naložb zasebnega kapitala za projekte, ki so skladni z zakoni in drugimi predpisi na področju varstva okolja in zemljišč ter predpisi o upravljanju naložb, in podjetja, ki so v postopku združitve in pripojitve ali prestrukturiranja.
As this was not the case in the current investigation, this claim was therefore rejected.
Vendar so v dokumentu navedene tudi omejitve financiranja projektov z nezakonito gradnjo in brez dovoljenj ter podjetij z „zaostalo zmogljivostjo“.
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.
Izrecno je bilo navedeno, da „finančne institucije v primeru naključne razširitve in prenove ali selitve zaostalih zmogljivosti na druge kraje ne bodo zagotovile kreditne in posojilne podpore v nobeni obliki, nacionalni oddelek za zemljišča in vire pa ne bo izpeljal postopkov za uporabo zemljišč“.
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.
V 12. petletnem načrtu za jeklarstvo se je nadaljevala enaka strategija, kot je bila določena v načrtu.
It thus rejected this claim.
V njem so bila omenjena tudi ključna jeklarska podjetja, glavni cilj pa je bila optimizacija strukture industrije.
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.
Navedeno je bilo tudi, da se veliki projekti spodbujajo, majhne projekte pa bi bilo treba omejiti, kar je združeno z odpravo zaostalih proizvodnih zmogljivosti.
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.
Eden od glavnih ciljev 12. petletnega načrta je bil tudi doseči neko stopnjo povezovanja industrij v grozde s precejšnjim zmanjšanjem števila jeklarskih podjetij.
In particular, the consolidated financial statements of the Arcelor Mittal, Thyssen Krupp and Tata Groups all showed profits during the IP.
Cilj je bil povečanje deleža proizvodnje jekla desetih največjih jeklarskih podjetij na 60 % celotne nacionalne proizvodnje.
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.
Ta cilj je bilo treba doseči s spodbujanjem združevanja podjetij, prestrukturiranja in odprave zaostalih zmogljivosti.
Therefore, this observation was ill-founded.
Načrt je vseboval tudi seznam, ki je določal, kateri izdelki in proizvodni procesi se štejejo za zaostale.
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.
Vse vzorčene družbe v tej preiskavi so bile v 12. petletnem načrtu za jeklarstvo navedene kot ključna velika podjetja.
As explained in (156), companies in the group have been assessed separately and conclusions and treatment adapted according to their individual situation.
V 13. petletnem načrtu za jeklarstvo je v poglavju I.2 navedeno, da so „[n]ekatera kitajska jeklarska podjetja […] dobra, druga pa ne“.
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.
Znova je eden od ključnih ciljev povišanje stopnje koncentracije industrije (prvih desetih podjetij) na 60 % do leta 2020 (ker cilj ni bil dosežen med izvajanjem 12. petletnega načrta za jeklarstvo).
As for the guarantees, except for Qian'an Coal, no information was provided in the questionnaire replies on the guarantors of the reported loans.
To se ujema s splošnim ciljem zmanjšanja presežnih zmogljivosti, znova pa ga spremlja odločitev o spodbujanju združevanja podjetij in prestrukturiranja.
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 %.
V poglavju IV 13. petletnega načrta za jeklarstvo je poudarjeno tudi, da je treba s trga umakniti zombi podjetja.
In addition, since its creation, this company has recorded accumulated losses of [13-16] billion RMB.
Ta podjetja so opredeljena kot podjetja, ki so imela več zaporednih let izgubo, nimajo dovolj sredstev za zmanjšanje dolga, imajo izgube in nobenih obetov ter se nenehno zanašajo na posojila bank in druge metode.
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.
V skladu z načrtom bi morala podjetja, ki nimajo dovolj sredstev za zmanjšanje dolga ali ga ne odplačujejo, iti v stečaj in izvesti sanacijo.
During the IP, an asset evaluation report was drawn up in relation to a change in the shareholding structure of Shougang Jingtang.
Poleg tega se v posebnih smernicah v zvezi s finančno podporo in zmanjšanjem presežne zmogljivosti, ki sta bila obravnavana v oddelku 3.4.1.1, razlikuje med „dobrimi“ družbami, tj. velikimi industrijskimi skupinami, ki upoštevajo nacionalne industrijske politike, in „slabimi“ družbami, tj. manjšimi družbami z „zaostalo proizvodno zmogljivostjo“, ki ne spadajo v kategorije, ki jih spodbuja vlada.
This report evaluated the net value of the company during the IP at less than a third of the initial investment amount.
Ker je vse navedene dokumente (načrt iz leta 2009, 12. in 13. petletni načrt ter zadevna načrta za jeklarstvo) pripravil državni svet, se lahko politike iz teh dokumentov pripišejo kitajski vladi.
The Commission therefore maintained its conclusions with respect to the Jingtang production company.
Natančna vsebina dejanskega jamstva
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.
Komisija je nato analizirala natančno vsebino domnevnega dejanskega jamstva.
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.
Splošnega nenapisanega ukrepa, ki bi zajemal reševanje vseh jeklarskih družb na Kitajskem, ni odkrila.
Therefore, the Commissions maintained its position on the calculation of the financial indicators.
Namesto tega se v vseh dokumentih, predstavljenih v prejšnjem oddelku, razlikuje med „dobrimi“ družbami, tj. velikimi industrijskimi skupinami, ki upoštevajo nacionalne industrijske politike, in „slabimi“ družbami, tj. manjšimi družbami z „zaostalo proizvodno zmogljivostjo“, ki ne spadajo v kategorije, ki jih spodbuja vlada.
Upon disclosure, the Shougang Group also criticised the lack of detail with respect of the Commission's treatment of three of its producing companies.
V skladu s tem bi nenapisano dejansko jamstvo, tudi če bi obstajalo, veljalo le za nacionalne prvake, ki spadajo v prvo kategorijo.
The Commission observed that it provided full detail in its second specific disclosure.
Splošna in v prihodnost usmerjena uporaba dejanskega jamstva
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.
Komisija je nato poskusila ugotoviti, ali je uporaba takega nenapisanega jamstva splošna in usmerjena v prihodnost.
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.
Učinek te vladne politike je bil nedavno opisan v raziskovalnem poročilu nacionalne akademije za razvoj in strategijo Kitajske univerze v Renminu [37] o zombi družbah na Kitajskem.
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.
V skladu s tem poročilom bi se lahko 51 % kitajskih jeklarskih družb, ki kotirajo na borzi, leta 2013 opredelilo za zombi družbe.
Its turnover had been continuously decreasing and nearly reduced by half between 2012 and 2015.
Z vidika lastništva je bil delež zombi družb največji med podjetji v lasti države in v skupni lasti.
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).
Z vidika starosti in obsega je delež zombi družbj največji med starimi velikimi in srednje velikimi podjetji.
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.
V poročilu so bili analizirani tudi vzroki za obstoj tako velikega števila zombi družb v nekaterih sektorjih, pri čemer je bilo ugotovljeno, da lokalne vlade zombi družbe stalno ohranjajo tik pred bankrotom in sliko uspešnosti vzdržujejo s subvencijami in posojili.
Shougang Mining had been continuously loss-making over the period 2012 to 2015, except in 2013, when it generated a small profit margin.
Družba, ki prejme več subvencij ali je v lasti države, ima torej večje možnosti, da postane zombi družba.
In total, the company had recorded accumulated losses of around 2 billion RMB in 2015.
Če vlada industrijo, kot je jeklarska, vključi med ključne podprte industrije, si lokalne vlade močno prizadevajo za podpiranje te industrije, posledica pa sta presežna zmogljivost in nastanek dodatnih zombi družb.
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.
Nato si je vlada prizadevala za zmanjšanje števila družb s spodbujanjem večjih podjetij k združitvam in pripojitvam.
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).
Poročilo potrjuje, da so lokalne vlade določile, da se bo med pomočjo industriji preživetje omogočilo le določenemu številu velikih podjetij.
The only loan granted to the company during the IP was considered to be a revolving loan.
Na koncu je v poročilu poudarjeno, da na nastanek zombi družb vpliva tudi razlikovanje finančnih institucij pri podeljevanju kreditov.
The Commission therefore maintained its conclusions with respect to Qian'an Coal and the Shougang Mining companies.
Po letu 2008 se je delež dobička podjetij v državni lasti zmanjšal, njihov delež dolga pa se je vsako leto povečal.
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.
Nasprotno se je delež dolga zasebnih podjetij zmanjšal, čeprav je njihov delež dobička ostal enak.
The turnover of the company had been decreasing over the past 4 years and the company was increasingly leveraged over that time span.
Iz tega je razvidno, da so podjetja v državni lasti lažje dobila posojila kot zasebna podjetja.
Many loans granted to the company during the IP were considered to be revolving loans.
Na kratko, namen te politike je torej z raznovrstnimi ukrepi finančno podpreti „dobre“ družbe, tj. ključna podjetja ali nacionalne prvake, slabim pa se posojila ne odobrijo, da bi prenehale poslovati.
However, the Commission accepted the claim by the Shougang Group that a high proportion of the debts of the Xishan Coking could actually be attributed to Jingtang and that the financial results of Xishan Coking were highly affected by this fact.
Poleg tega se prvaki spodbujajo, naj svoje manjše konkurente izrinejo z združitvami in pripojitvami, ki jih podpira vlada.
In addition, the company had continuously recorded profits between 2012 and 2015.
Gospodarska korist te politike lahko zajema celo implicitno dejansko jamstvo za nekatera velika podjetja v državni lasti, ki so v finančnih težavah.
As a result, the 2015 loans by Xishan Coking were not treated as grants, and the benefit received was recalculated under the same methodology as for the companies at the level of the group, as described in recitals (209) to (210) above.
Vendar Komisija ni mogla opredeliti dodatnih natančnejših meril za splošno in v prihodnost usmerjeno uporabo takega nenapisanega ukrepa kot ločene sheme.
The Benxi Group presented itself in a generally difficult financial situation according to its own financial accounts.
Namesto tega je sklenila, da ni potrebe po dodatnem proučevanju tega vprašanja, ker preferenčnih posojil, dodeljenih posebnim velikim podjetjem v državni lasti, ki so v finančnih težavah, ni obravnavala kot posojila, ampak kot nepovratna sredstva.
It was loss-making in 2015, it was highly leveraged and it continuously increased its liabilities over the period 2012-2015.
Po razkritju je pritožnik nasprotoval temu sklepu in trdil, da je širši ukrep državni načrt za za subvencioniranje proizvodnje jekla, ki se izvaja prek pisnih norm, kot so zakoni in pravil, odločbe, upravne smernice ali priporočila.
Furthermore, revolving loans were found on-spot during the verification at the level of the parent company.
V podporo svojemu stališču, da so bile zahteve glede dokazov izpolnjene, se je pritožnik med drugim skliceval na odločitev pritožbenega organa STO v zadevi ZDA – nastavitev na ničlo, v kateri so dokazi vključevali bistveno več kot le vrsto zadev ali ponovnih ukrepov [38].
At the level of the company involved in the production of HRF, the financial statements as well as evidence found relating to specific loans showed that this company was operating as an ongoing concern despite consecutive years of losses or marginal profits, continuously increasing debt to assets ratios, worsening financial indicators and an uncertain outlook for the future.
Komisija se s tako analizo ni strinjala.
The company did not generate enough operating profit to cover the payment of its interest expenses during the entire period 2012-2015.
V navedeni zadevi je bila sporna stalna praksa ameriškega ministrstva za trgovino glede uporabe določene nepoštene metodologije izračuna v protidampinških zadevah.
Furthermore, the Commission also found one revolving loan among the sampled loans, and in the loan tables, some short term loans were replaced with new loans for the same amount at expiry.
To je bilo zelo specifično ravnanje, ki je temeljilo na internih preferencah enega vladnega organa, ki mu je zvezna vlada posebej zaupala izvajanje postopkov trgovinske zaščite.
Despite these circumstances, the Benxi Group was awarded a AA+ domestic credit rating during the IP by a Chinese subsidiary of Moody's.
Tega ni mogoče primerjati z oblikovanjem širšega ukrepa, ki bi zajemal morebitno ravnanje več tisoč vladnih akterjev na lokalni, regionalni ali centralni ravni, ki izvajajo en sam načrt.
However, the general disclaimer of this subsidiary highlights that it only provides domestic ratings reflecting relative credit risk within China, whereas Moody's role is to provide management expertise, technological support and analyst training.
Zato je to trditev zavrnila kot neutemeljeno.
Therefore, in light of the overall distortions of Chinese credit ratings mentioned in recitals (159) to (161) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Benxi Group.
Blago, ki ga vlada zagotovi za manj kot ustrezno nadomestilo
Furthermore, the Commission concluded that at the level of the production company, the situation was such that that this company would not have had access to further loans during the IP absent State support.
Kot je navedeno v oddelku 3.2, je Komisija kitajsko vlado obvestila, da bo morda morala ugotovitve glede informacij v zvezi z dobavitelji železove rude, koksa in koksnega premoga sprejeti na podlagi najboljših razpoložljivih dejstev v skladu s členom 28(1) osnovne uredbe, ker od proizvajalcev železove rude, koksa in koksnega premoga ni prejela izpolnjenih vprašalnikov.
Rather, the benefit during the IP derived from the award of loans which would probably not have been granted absent the State support based on the company's overall financial situation.
Komisija je preiskala, ali so vzorčene družbe surovine za proizvodnjo vroče valjanih ploščatih izdelkov prejele po cenah, ki jih je subvencionirala vlada.
In this respect, the Commission noted that the Benxi Group is a large SOE which was earmarked as a ‘champion’ in the 12th 5 Year Steel Plan.
Železova ruda
Therefore, as illustrated in section E(b)(V) of the 1998 guidelines, the Commission decided to treat the outstanding amounts of these loans during the IP as a grant provided in pursuit of governmental policies.
Vse vzorčene družbe so železovo rudo kupovale pri domačih povezanih ali nepovezanih družbah, precejšnje količine pa so jo tudi uvozile.
The benefit conferred was determined based on the outstanding capital amount of the loan minus the interest paid during the IP.
Komisija je na podlagi preverjenih informacij o posameznih poslih vseh vzorčenih družb z železovo rudo ugotovila, da so bile nabavne cene železove rude podobne ne glede na to, ali je bila železova ruda nabavljena doma, ali uvožena, ali nabavljena pri povezanih ali nepovezanih družbah.
The capital amount of the loan was adjusted by depreciating it according to the underlying purpose of the loan.
Dve vzorčeni družbi sta imeli v tujini povezana rudnika.
The claims and arguments put forward by the GOC and some sampled companies with regards to the general methodology for the relative spread and the use of a proxy benchmark applies equally to the Benxi Group.
Vendar preiskava ni pokazala, da bi bila z naložbami v navedena rudnika povezana državna podpora.
The Commission's position on these claims, as described above in recitals (175) to (195) applies equally to the Benxi Group.
V vsakem primeru se zdi, da je bila nabavna (transferna) cena iz povezanih rudnikov tržna cena.
Furthermore, the claims and arguments put forward by the GOC and some sampled companies with regards to the general methodology for the loans treated as grants applies equally to the Benxi Group.
Pritožnik je trdil tudi, da je kitajska vlada izkoristila kitajsko združenje železarjev in jeklarjev (CISA), da bi vplivala na mednarodna pogajanja o nabavni ceni.
The Commission's position on these claims, as described above in recitals (216) to (221) applies equally to the Benxi Group.
Komisija je pridobila dokaze, ki so kazali na tako ravnanje v preteklosti.
Following disclosure, the Benxi Group mainly echoed the comments of the GOC.
Vendar je bila ta praksa leta 2013 opuščena, in nič ne kaže na to, da bi vzorčenim proizvajalcem vroče valjanih ploščatih izdelkov v obdobju preiskave prinesla kakršne koli ugodnosti.
However, it also added some additional specific comments:
Komisija na podlagi navedenih ugotovitev ni potrdila, da je vlada vzorčenim družbam v obdobju preiskave zagotovila subvencijo za nakup železove rude.
The Benxi Group claimed that the financial indicators mentioned in its specific disclosure document did not adequately demonstrate that Bengang had no ability to repay its loans.
Koks
Furthermore, even if Bengang might have been faced with some financial difficulties in recent years, it still kept normal operations during these years, and had sufficient capacity to repay its loans.
Vse vzorčene družbe so koks kupovale pri domačih povezanih ali nepovezanih družbah, v manjših količinah pa so ga tudi uvažale.
The Benxi Group also argued that the analysis of its credit rating was not comprehensive enough.
Komisija je na podlagi preverjenih informacij o posameznih poslih vseh vzorčenih družb ugotovila, da so bile nabavne cene koksa podobne ne glede na to, ali je bil koks nabavljen doma, ali uvožen, ali nabavljen pri povezanih ali nepovezanih družbah.
Finally, the Benxi Group claimed that the complainant had not submitted this subsidy program in its application, and that the approach to treat loans as grants was therefore not in accordance with Article 11.1 of the SCM Agreement.
Komisija na podlagi preverjenih informacij vzorčenih družb ni mogla potrditi, da jim je kitajska vlada v obdobju preiskave zagotovila subvencijo za nakup koksa.
On the first point, the Commission noted that the company recognized in its reply to the disclosure document that it had been faced with financial difficulties in the recent years, and that it did not dispute any of the findings made by the Commission, such as declining profit margins and turnover, high debt ratio, and inability to pay the interests on loans.
Koksni premog
The company also had significant losses during the IP.
Kitajska vlada je pojasnila, da se celoten izvozni trg za premog regulira na podlagi pravil za državna trgovinska podjetja, ki so bila priglašena STO [39].
Furthermore, the Benxi Group recognized that some loans were not repaid in line with the original repayment schedule, thus showing that the company experienced difficulties in its ability to repay loans.
Obseg izvoza je omejen z izvoznimi kvotami, izvozniki pa morajo zaprositi za izvozno dovoljenje.
In view of this overall situation of the company, the Commission maintained its position that under normal market conditions, the company would not have had access to further loans.
To izvozno dovoljenje je pridobilo le pet družb, in sicer China National Coal Group Corporation, China Minmetals Corporation, Shanxi Coal Import and Export Group Co.
Concerning the fact that the concerned companies formed part of a large group of companies, and that their loans were guaranteed by the parent companies, the Commission recognized that the loans provided to the production company in the Benxi Group were indeed guaranteed by another company in the group.
Limited, Shenhua Group Corporation Ltd. in Aluminum Corporation of China Limited.
However, it became clear during the verification visit that these guarantees were provided by other several other companies in the group which were in a similar difficult financial situation.
Vse so velika podjetja v državni lasti.
In fact, all of the verified companies in the Benxi Group were loss-making during the IP, and the company itself stated in its questionnaire reply that the group was in a situation of ‘sustained loss’ affecting several affiliated companies, with no prospects of coming back to profits in the near future.
Poleg tega je določena 3-odstotna izvozna dajatev.
With respect to the credit rating of the company, the Commission considered that the confirmation of the difficult financial situation by the company itself clearly showed that it should not have gotten an AA+ rating.
V skladu z informacijami, ki jih je posredovala kitajska vlada, izvoz oziroma uvoz predstavljata manj kot 1 % domače porabe.