natgillin/translations-raw huggingface dataset:
Finally, the GOC participated in the restructuring exercise within the China National Tire Group after the acquisition by providing an equity participation worth 266 million EUR via the China Cinda Asset Management Company Ltd (‘Cinda’) in the company holding the Pirelli Group's industrial tire business.
Družba je glede na svoje letno poročilo „tesno usklajevala nacionalno strategijo“ in med drugim podpirala oblikovanje pobude „En pas, ena cesta“.
All five interventions had the common objective to allow CNRC purchasing Pirelli.
Družba je tudi obljubila, da „bo resno proučila duh 19.
Together, they are referred to as ‘the measure’.
Nacionalnega kongresa Komunistične partije Kitajske in misel Xi Jinpinga o socializmu s kitajskimi značilnostmi za novo obdobje ter delovala v skladu z njima, močno okrepila splošno vodstvo stranke in zagotovila trdno politično jamstvo za svoj razvoj“.
Public Bodies
Komisija je na podlagi informacij, zagotovljenih med preveritvenim obiskom, in javno dostopnih informacij torej ugotovila, da obstajajo formalni indici o vladnem nadzoru v zvezi s skladom SRF in družbo Cinda.
Some of the GOC's support was thus provided directly (e.g. via grants), some of it was provided indirectly via state-owned entities.
Komisija je želela pridobiti tudi informacije o tem, ali je kitajska vlada izvajala smiseln nadzor nad ravnanjem sklada SRF in družbe Cinda.
Concerning the preferential loan mentioned in recital above, the Commission already established in section 3.4.1 above that CDB, EXIM and CCB were acting as public bodies within the meaning of Articles 3 and 2 (b) of the basic Regulation when providing loans to the sampled companies.
V zvezi s tem je Komisija opozorila, da je treba udeležbo obravnavati v okviru naslednjega zakonodajnega okvira:
With respect to SRF and Cinda, the Commission found that both entities are fully owned by the GOC and their corporate governance structure indicates that the State exercises a meaningful influence over them.
v 13. petletnem načrtu za razvoj zunanje trgovine so določena splošna načela, na katerih temelji zunanjetrgovinska politika Kitajske, kar vključuje odpiranje trga z večjim obsegom in višjo ravnjo ter združevanje spodbujanja naložb po svetu in njihovega uvajanja za spodbujanje rasti trgovine.
According to its website, SRF is a State-owned entity established and supported by the State to provide investment and financing support for trade and economic cooperation and connectivity under the framework of the Belt and Road Initiative.
Namen načrta je tudi spodbujati prehod z izvoza, pri katerem prevladuje blago, na izvoz blaga, storitev, tehnologij in kapitala.
The company is 100 % owned by the State through the State Administration of Foreign Exchange, China Investment Corporation, EXIM Bank and CDB.
V zvezi s tem je kot ena od glavnih nalog v poglavju III.3 načrta navedeno povečanje nadnacionalne operativne zmogljivosti zunanjetrgovinskih podjetij, ki spodbuja močne družbe k razširitvi industrijskih verig, nadnacionalnim združitvam in prevzemom ter pridobitvi kakovostnih blagovnih znamk, temeljnih tehnologij in tržnih kanalov.
It has a board of directors and a board of supervisors, which consist of representatives from various Ministries.
Poleg tega je v načrtu navedeno, da bo nadnacionalnim podjetjem z dobro boniteto oceno zagotovljena sistematična podpora, s čimer bo ustvarjenih več velikih podjetij z nadnacionalno poslovno zmogljivostjo in svetovno mrežo distribucijskega trga.
Cinda was founded as a state-owned enterprise and a bad bank for the China Construction Bank in 1999.
V usmerjevalnih mnenjih državnega sveta o spodbujanju mednarodne proizvodne zmogljivosti in sodelovanja na področju proizvodnje opreme je podrobneje pojasnjeno, kako se bo strategija spodbujanja naložb po svetu izvajala v praksi.
According to its Annual Report, it was the first asset management company established in April 1999 pursuant to approval of the State Council to tackle financial risk and maintain the stability of the financial system as well as to facilitate the reform of state-owned banks and enterprises.
Cilji so uresničiti prehod od izvoza izdelkov do izvoza industrij ter „dejavno razvijati in prodirati na trge v razvitih državah“.
In 2017, the main shareholders of the company were the Ministry of Finance (64,45 %) and the National Council for Social Security Fund of the PRC (7,06 %).
Končni cilj je oblikovati več vodilnih podjetij z zmogljivostjo tržnega razvoja, ki bodo mednarodno konkurenčna.
The Board of Directors and the Board of Supervisors of the company consists of a mix of representatives from governmental authorities and large state-owned financial institutions.
V členih od 30 do 36 teh usmerjevalnih mnenj je navedena vsa podpora politike, ki jo lahko prejmejo družbe, ki prodirajo na tuje trge, kot sta politiki fiskalne in davčne podpore, ugodna posojila, finančna podpora s sindiciranimi posojili, izvozni krediti ter projektno financiranje, kapitalske naložbe in zavarovanje izvoznih kreditov.
Distressed asset management is the core business of the company.
V členu 35 je izrecno naveden sklad Silk Road Fund kot orodje za financiranje projektov s strani države, ki se uporablja za „povečanje virov kapitalskih naložb. […] Vlogo sklada Silk Road Fund bomo v celoti razvili.
According to its Annual Report, the company ‘closely coordinated the national strategy’, and supported, among others, the construction of the ‘Belt and Road’ Initiative.
S kapitalskimi naložbami in financiranjem dolgov bomo dejavno podpirali mednarodno proizvodno zmogljivost in projekte na področju sodelovanja pri proizvodnji opreme.“
The Company also vowed that it ‘will earnestly study and implement the spirit of the 19th National Congress of the CPC and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, vigorously strengthen the overall leadership of the Party and provide strong political guarantee for the development of the Company’.
Poleg tega sam sklad Silk Road Fund na svojem spletišču navaja, da je njegov cilj pomagati kitajskim podjetjem pri povečanju njihovega izvoza, tako da jim zagotovi boljši dostop do čezmorskih trgov z vzpostavitvijo čezmorskih dejavnosti in nakupom napredne tuje tehnologije.
Based on the information provided during the verification visit, as well as publicly available information, the Commission thus concluded the existence of formal indicia of government control with respect to SRF and Cinda.
Komisija na tej podlagi ugotavlja, da je kitajska vlada vzpostavila normativni okvir, ki ga morajo upoštevati vodstveni delavci in nadzorniki, ki jih imenuje kitajska vlada in ki tej tudi odgovarjajo.
The Commission further sought information about whether the GOC exercised meaningful control over the conduct of SRF and Cinda.
Kitajska vlada se je torej pri izvajanju smiselnega nadzora nad ravnanjem sklada SRF in družbe Cinda opirala na normativni okvir.
In this context, the Commission noted that their participation must be seen within the context of the following legislative framework:
Komisija je proučila tudi konkretno ravnanje sklada SRF in družbe Cinda ter ugotovila, da sta v zvezi s pridobitvijo deleža v skupini Pirelli Group oba subjekta delovala kot finančna vlagatelja in dejansko ne izvajata operativnega nadzora nad svojimi naložbami.
The 13th Five Year Plan for the Development of Foreign Trade sets out the general principles behind China's foreign trade policy, which includes opening up with a larger scope and higher level and combining ‘going out’ and ‘introduction’ to drive trade growth.
Poleg tega oba prinašata ugodnosti, ki jih ne bi bilo mogoče pridobiti v normalnih tržnih razmerah.
The Plan also aims at promoting a transformation from exports dominated by goods to exports of goods, services, technologies and capital.
Družba Cinda je za svojo kapitalsko udeležbo plačala izjemno visok znesek.
In this context, one of the major tasks set out in chapter III.3 of the Plan mentions the enhancement of the transnational operation capability of foreign trade enterprises, which encourages powerful companies to extend industrial chains, to conduct transnational mergers and acquisitions, and to obtain quality brands, core technologies and marketing channels.
Za to kapitalsko udeležbo je plačala 266 milijonov EUR, čeprav je osnovni delež kapitala znašel le 38 milijonov EUR, neto sredstva družbe pa so bila vredna 73 milijonov EUR.
The Plan further mentions that systematic supports will be provided for transnational enterprises with good credit, thus forming a batch of large enterprises with transnational business capability which have a worldwide distribution market network.
V zvezi s skladom SRF je glede na njegove lastne izjave njegov cilj zagotoviti finančno podporo za projekte, ki nimajo dovolj lastnega kapitala, z zmanjšanjem deleža skupnega dolga in izboljšanjem zmogljivosti financiranja projektov.
The Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation provide further details on how the ‘going out’ strategy is to be implemented in practice.
Hkrati sklad olajšuje pridobivanje sindiciranih posojil (kot je preferenčno posojilo iz uvodne izjave 336), kar zagotavlja dodatno finančno podporo za projekte.
The objectives are to realize a promotion from export of products to export of industries and to ‘to actively develop and ‘tap into’ markets in developed countries’.
Sklad SRF na svojem spletišču kot primer te delovne metode večkrat sam omenja posel v zvezi z družbo Pirelli.
The ultimate goal is to form a number of leading enterprises with international competitiveness and market development capacity.
Zato je Komisija ugotovila, da sklad SRF in družba Cinda z izvajanjem vladnih funkcij v zvezi s sektorjem pnevmatik izvajata pravni okvir, kot je določen zgoraj, zaradi česar delujeta kot javni organ v smislu člena 2(b) osnovne uredbe v povezavi s členom 3(1)(a)(i) osnovne uredbe in v skladu z ustrezno sodno prakso STO.
Articles 30 to 36 of these Guiding Opinions list all the policy support that companies ‘going abroad’ can receive, such as fiscal and tax support policies, concessional loans, financial support through syndicated loans, export credits, and project financing, equity investment, and finally export credit insurance.
Poleg tega je Komisija ugotovila, da tudi če se sklad SRF in družba Cinda ne bi štela za javni organ, bi se v smislu člena 3(1)(a)(iv) osnovne uredbe iz enakih razlogov, kot so navedeni v uvodnih izjavah od 342 do 356, kljub temu štelo, da ju je kitajska vlada pooblastila in jima naložila opravljanje funkcij, ki so navadno v pristojnosti vlade.
Article 35 specifically mentions the Silk Road Fund as a tool to fund projects supported by the State, which is used to ‘increase equity investment sources. … We will give full play to the role of the Silk Road Fund.
Po razkritju informativnega dokumenta in dokončnem razkritju sta družbi CNRC in Pirelli trdili, da sklad SRF in družba Cinda nista javna organa, saj sklad SRF ni agencija za pomoč, oba pa si tako kot vsak zasebni vlagatelj prizadevata za tržne donose.
We will actively support international production capacity and equipment manufacturing cooperation projects through equity investment and debt financing’.
Po mnenju družbe CNRC je bilo z dejstvom, da so se z naložbo sklada SRF plačale delnice družbe Pirelli po tržni ceni, potrjeno, da se naložbene odločitve sklada SRF sprejemajo neodvisno in temeljijo na tržnih načelih.
Furthermore, the Silk Road Fund itself states on its website that its aim is to help Chinese enterprises to improve their export performance by giving them better access to overseas markets through the setting up of overseas operations and through the acquisition of foreign advanced technology.
Komisija je opozorila, da je analiza javnega organa odgovor na vprašanje, ali ima subjekt pooblastilo vlade.
On this basis, the Commission concludes that the GOC has created a normative framework that had to be adhered to by the managers and supervisors appointed by the GOC and accountable to the GOC.
Država nima le v lasti sklada SRF (kot je določeno v uvodnih izjavah od 343 do 346), ampak vlada izvaja tudi smiseln nadzor nad njim.
Therefore, the GOC relied on the normative framework in order to exercise control in a meaningful way over the conduct of SRF and Cinda.
Zato to, ali so posamezne odločitve sklada SRF razumne s komercialnega vidika, ni odločilno.
The Commission also examined the concrete behaviour of SRF and Cinda and noted that within the context of the acquisition of the stake in the Pirelli Group, both of these entities acted as financial investors, and do not actually exercise any operational control over their investments.
Odločilno pa je to, da se odločitve ne sprejemajo neodvisno od vpliva vlade.
Furthermore, both of them confer a benefit that could not be obtained under normal market circumstances:
Kot je navedeno v uvodnih izjavah od 348 do 353, obstaja močan normativni okvir, v katerem sklad SRF deluje kot vladni instrument za uresničevanje ciljev politike v okviru pobude „En pas, ena cesta“.
Cinda paid an abnormally high amount for its equity participation.
Upravljavci sklada SRF, ki jih imenuje in nadzira kitajska vlada, izvajajo cilje in s tem smiseln nadzor sklada SRF.
Cinda paid 266 million EUR for this equity participation, although the underlying stake in the equity only corresponded to 38 million EUR, and the net assets of the company were worth 73 million EUR.
Komisija je zato potrdila svojo oceno, da je sklad SRF javni organ ali vsaj dobi pooblastila ali navodila vlade za izvajanje funkcij, ki jih običajno opravlja vlada, kot je izpolnjevanje ciljev javne politike.
As for SRF, according to its own statements, SRF's aim is to provide financial support for projects that do not have sufficient own capital, by reducing the overall debt ratio and improving the financing capability of the projects.
Ugodnost
At the same time, the fund facilitates syndicated loans (such as the preferential loan mentioned in recital (336) above), which provide further financing support for the projects.
Družbi CNRC in Pirelli sta glede informativnega dokumenta tudi pripomnili, da Komisija ni dokazala, da pogoji naložbe niso bili skladni z običajno naložbeno prakso.
The Pirelli deal is repeatedly mentioned by SRF itself on its website as an example of this working method.
Vsaka ugodnost bi morala biti omejena na razliko med pogoji, ki jih nudi vlada, in pogoji, ki bi jih lahko prejemnik zagotovil na trgu.
Therefore, the Commission concluded that the legal framework set out above is being implemented by SRF and Cinda in the exercise of governmental functions with respect to the tyres sector, thereby acting as a public body in the sense of Article 2(b) of the basic Regulation read in conjunction with Article 3(1)(a)(i) of the basic Regulation and in accordance with the relevant WTO case-law.
Vsekakor družba CNRC ali družba Pirelli ni bila deležna nikakršne ugodnosti, saj so bila sredstva zagotovljena prejšnjim delničarjem družbe Pirelli za pridobitev njenih delnic.
In addition, even if SRF and Cinda were not to be considered as public bodies, the Commission found that they would also be considered entrusted and directed by the GOC to carry out functions normally vested in the government, within the meaning of Article 3(1)(a)(iv) of the basic Regulation for the same reasons as set out in recitals (342) to (356) above.
Komisija se ni strinjala z dejstvom, da naložba sklada SRF ni zagotovila nobene ugodnosti družbi CNRC in da je bila transakcija primerljiva s tistim, kar bi se lahko zagotovilo na trgu, iz naslednjih razlogov:
Following the disclosure of the Information Document and final disclosure, CNRC and Pirelli argued that SRF and Cinda are not public bodies, since SRF is not an aid agency and both SRF and Cinda pursue market-based returns like any private investor.
Ker je sklad SRF plačal delnice družbe Pirelli po tržni ceni, je prednost posredovanja vlada za družbo CNRC ločena od cene, po kateri je bila izvedena kapitalska naložba sklada SRF.
In CNRC's view, the fact that the SRF investment had paid Pirelli's shares at market price confirmed that SRF investment decisions are taken independently and are based on market principles.
Dejansko je ugodnost posredovanja vlade predstavljalo dejstvo, da družba CNRC ni imela dovolj lastnih sredstev za financiranje prevzema družbe Pirelli.
The Commission recalled that the public body analysis responds to the question whether an entity is vested with governmental authority.
Posel je imel tako velik učinek finančnega vzvoda.
The State not only owns the SRF (as set out in recitals (343) to (346)), but the government also exercises meaningful control over it.
Če sklad SRF ne bi posredoval z zagotovitvijo kapitalske udeležbe, bi morala družba CNRC zagotoviti dodatna sredstva na trgu posojil.
Whether or not individual SRF decisions are sound from a commercial perspective is not dispositive.
Vendar bi bilo to oteženo zaradi že vključenega velikega finančnega vzvoda.
Rather, the decisive point is that SRF decisions are not taken independently from government influence.
V zvezi s tem je eden od pogojev za posojilo, ki ga je za družbo CNRC odobrila Kitajska razvojna banka, določal, da mora družba CNRC dokazati, da je zagotovila dovolj dodatnih sredstev iz drugih virov.
As shown in recitals (348) to (353) there is a strong normative framework, in which the SRF operates as a government instrument to pursue the policy objectives of the One Belt One Road initiative (renamed Belt and Road initiative (‘BR Initiative’)).
Poleg tega, kot je navedeno v uvodni izjavi 356, je sklad SRF na svojem spletišču objavil, da je njegov glavni cilj zagotoviti finančno podporo za projekte, ki nimajo dovolj lastnega kapitala, z zmanjšanjem deleža skupnega dolga in izboljšanjem zmogljivosti financiranja projektov.
SRF managers appointed by and supervised by the GOC carry them out and thereby exercise meaningful control over SRF.
Hkrati sklad olajšuje pridobivanje sindiciranih posojil, kar zagotavlja dodatno finančno podporo za projekte.
The Commission hence confirmed its assessment that the SRF constitutes a public body or is at least entrusted or directed by the government to carry out functions normally vested in the government, such as pursuing public policy objectives.
Tudi če bi bila družba CNRC sposobna zagotoviti potrebna sredstva prek dodatnega posojila, bi imelo to svojo ceno, saj bi morala družba plačati obresti na posojilo in poplačati kapital za posojilo.
Benefit
Zaradi posredovanja sklada SRF pa družba CNRC ni imela dodatnih finančnih stroškov in je zmanjšala delež dolga transakcije, kar je olajšalo prejem sredstev bank.
CNRC and Pirelli also commented on the Information Document that the Commission did not prove that the terms of SRF's investment were inconsistent with usual investment practice.
Poleg tega je bil znesek naložbe sklada SRF povsem enak znesku, ki ga je družba CNRC potrebovala za pridobitev absolutnega večinskega deleža v skupini Pirelli Group (65 % v primerjavi z 48,75 % brez sklada SRF).
Any benefit should be limited to the difference between the terms offered by the government and the terms that the recipient could have secured on the market.
Ta večinski lastniški delež je bil pridobljen brez izgube nadzora manjšinskega delničarja.
In any case there was no benefit for CNRC or Pirelli, since the funds were provided to the previous shareholders of Pirelli to acquire their shares.
Ne nazadnje, obdobje vezanosti, v katerem skladu SRF ni bil dovoljen izstop iz naložbe, je veliko daljše od običajnega obdobja vezanosti za vlagatelje kapitala, ki želijo čim prej povečati donose.
The Commission disagreed with the fact that the SRF investment conferred no benefit to CNRC and that the transaction was comparable to what could have been secured on the market for the following reasons:
Družba CNRC je po dokončnem razkritju izpodbijala te trditve.
While the SRF paid Pirelli's shares at market price, the advantage of the government intervention for CNRC is separate from the price at which SRF's equity investment was done.
Po njenem mnenju je Komisija izvedla napačno analizo nasprotnih dejstev s proučitvijo, ali je bila kapitalska naložba sklada SRF skladna z običajno naložbeno prakso zasebnih vlagateljev, ki izvajajo naložbe v dolgove.
Indeed, the benefit of the government intervention resided in the fact that CNRC did not have sufficient own funds to finance the acquisition of Pirelli.
Opozorila je tudi na več korakov pri naložbi sklada SRF, pri čemer je trdila, da je bila kot klasičen odkup z zadolžitvijo povsem skladna z običajno naložbeno prakso.
The deal was thus highly leveraged.
Zlasti obdobje vezanosti za izstop iz sklada SRF ni bilo neobičajno dolgo.
If SRF had not intervened to take equity participation, CNRC would have had to secure additional funds on the loan market.
Prekinjeno je bilo pred rokom in je bilo enako dolgo kot za druge manjšinske delničarje.
However, this would have been difficult due to the high leverage already involved.
Ne nazadnje, obsežne politične izjave ne zadostujejo kot dokaz, da je bila s finančnim prispevkom zagotovljena ugodnost.
In this respect, one of the pre-conditions of the loan granted by the China Development Bank to CNRC stipulated that CNRC needed to prove that it had secured additional funds from other sources.
Komisija je to trditev zavrnila.
In addition, as mentioned in recital (356) above, SRF advertises on its website that its main objective is to provide financial support for projects that do not have sufficient own capital, by reducing the overall debt ratio and improving the financing capability of the projects.
Ugodnost za družbo CNRC kot prejemnika naložbe sklada SRF je bila večplastna.
At the same time, the fund facilitates syndicated loans, which provide further financing support for projects.
Tržni vlagatelj, ki je razmišljal o tovrstni kapitalski udeležbi v okviru sklada SRF, bi moral oceniti tveganja, povezana s transakcijo.
Even if CNRC had been able to secure the necessary funds via an extra loan, this would have come at a cost, since the company would have had to pay interest on the loan, and would have had to repay the capital on the loan.
Njegov industrijski partner, tj. družba CNRC, takrat ni imel dovolj sredstev, da bi postal večinski lastnik družbe Pirelli, in je bil odvisen od tega, ali bo našel finančnega vlagatelja kot družabnika.
Thanks to the intervention of SRF, CNRC therefore did not have any additional financing costs, and improved the debt ratio of the transaction, which in turn facilitated the receipt of funds from the banks.
Kot je navedeno v uvodni izjavi 363, je družba CNRC lahko prejela dodatna posojila od drugih bank le zaradi zmanjšanja deleža skupnega dolga.
Furthermore, the investment of SRF corresponded exactly to the amount which was needed by CNRC to gain an absolute majority ownership in the Pirelli Group (65 % versus 48,75 % without SRF).
S predajo ključa družbi CNRC, ki je postala ne le večinski delničar družbe Pirelli, ampak je tudi zagotovila dodatna posojila, je bila naložba sklada SRF ključni del postopka kitajske vlade, s katerim je družbo Pirelli dodala v portfelj družbe CNRC.
This majority ownership was acquired without relinquishing control to a minority shareholder.
Tržni vlagatelj bi okrepil ta položaj in zagotovil sredstva pod bistveno drugačnimi pogoji.
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.
Prvič, Komisija je bila seznanjena z neobičajnim dogovorom sklada SRF, da se odreče svojim glasovalnim pravicam v korist družbe CNRC.
After final disclosure, CNRC contested these arguments.
Zelo vprašljivo je, ali bi bil tržni vlagatelj zadovoljen s „pooblastitvijo“ družbe CNRC, da postane večinski delničar s popolnim operativnim nadzorom, in s tem, da bi se odrekel svojim glasovalnim pravicam, da bi deloval kot „nemočen“ manjšinski delničar.