natgillin/translations-raw huggingface dataset:
Magnitude of subsidisation and recovery from past subsidisation
Zato se pri oceni finančnih rezultatov industrije Unije kot celote (brez ločenega opazovanja dobičkonosnosti) ohrani ugotovitev glede slabih finančnih rezultatov Unije.
The impact of the magnitude of the actual margins of subsidisation on the Union industry was substantial, given the volume and prices of imports from the PRC.
Po razkritju je zbornica CCCME navedla, da bi velike naložbe in zaposlovanje lahko proizvajalcem Unije povzročili znatno večje stalne stroške in pomembno vplivali na dobičkonosnost, zlasti če bi bila izkoriščenost zmogljivosti majhna.
There is no evidence of past subsidisation.
Kar zadeva naložbe, je bila navedena pripomba analizirana v oddelku 5.2.3 te uredbe, zlasti v uvodnih izjavah 705 do 707, kjer je Komisija pojasnila, da naložbe v osnovna sredstva niso bistveno vplivale na dobičkonosnost industrije Unije.
Microeconomic indicators
Kar zadeva zaposlovanje, je zbornica CCCME trdila, da se je ogromno povečanje zmogljivosti močno odrazilo v znatni rasti števila zaposlenih.
Prices and factors affecting prices
Vendar je prav tako jasno, da je večje zaposlovanje spodbudila tudi precejšnja rast proizvodnje.
The weighted average unit sales prices of the four sampled Union producers to unrelated customers in the Union developed over the period considered as follows:
Komisija je ugotovila, da se je zlasti med letoma 2014 in 2016 v zaposlovanju veliko bolj odražala proizvodnja kot proizvodna zmogljivost.
Table 19
V obdobju preiskave, ko je bilo gibanje prodaje in proizvodnje Unije kljub rastoči potrošnji Unije negativno, industrija Unije ni mogla znižati zaposlenosti, kar je pripeljalo do zmanjšanja produktivnosti na zaposlenega.
Sales prices in the Union
Taka upadajoča produktivnost in posledični negativni učinek na dobičkonosnost industrije Unije pa sta neposredno povezana z rastočimi količinami subvencioniranega uvoza kitajskih električnih koles v obravnavanem obdobju.
Source: sampled Union producers
Sklep o škodi
Average unit sales price in the Union (EUR/piece)
Zaradi pospešenega subvencioniranega uvoza iz Kitajske industrija Unije ni mogla izkoristiti rasti trga električnih koles.
Unit cost of production (EUR/piece)
Prodaja se je v obravnavanem obdobju povečala za 20 %, potrošnja pa za 74 %.
The average sales prices of the sampled Union producers increased by 15 % over the period considered, in line with the increase in the average cost of production which grew by 16 %.
Hkrati se je tržni delež zmanjšal za 24 odsotnih točk, od tega pa jih je 17 prevzel kitajski uvoz, ki je cene industrije Unije v obdobju preiskave nelojalno znižal za 16 % do 43 %.
Since the average costs and prices are affected by the product mix sold by these producers, this does not mean that the cost and price of a comparable product increased by 16 % during the period considered.
Pritisk na prodajo se je zaznal v zvezi s proizvodnjo, zalogami, zmogljivostjo, izkoriščenostjo zmogljivosti in stopnjami zaposlenosti.
Following disclosure the CEIEB, the CCCME and some exporting producers claimed that the Commission did not justify that the price of the Union's industry should have in fact increased by a higher degree.
Proizvodnja se je v letih 2014 in 2015 na splošno povečala po enaki stopnji kot potrošnja (+18 % oziroma +20 %).
First, the Commission observes that the reference year to measure this increase was 2014, when the Union industry recorded a very low level of profitability and its lowest profit margin over the period considered.
Trend v proizvodnji se je nato močno in čedalje bolj oddaljil od splošnega razvoja trga, pri čemer se je proizvodnja med letom 2015 in obdobjem preiskave povečala za 9 %, poraba pa za 45 %.
Second, in this context, the increase in the average prices reflected the evolution of the average costs of production and did not go beyond it.
Kljub temu je bila proizvodnja razen leta 2014 sistematično višja od prodaje, zaradi česar so se zaloge močno povečale.
Third, as stated in recital (655), such evolution does not necessarily mean that the cost and price of a comparable product increased in the same way as the average cost and price since the product range changes every season.
Proizvodna zmogljivost, ki se je do leta 2016 povečevala skladno s potrošnjo, se je zmanjšala, da bi se preprečilo znižanje stopnje izkoriščenosti zmogljivosti, ki se je med letoma 2014 in 2016 znižala za 9 odstotnih točk.
Considering these elements and the findings concerning undercutting, the Commission therefore disagrees with the claim that the increase in the average price of the products sold by the Union industry invalidates the existence of price suppression or depression.
Med letom 2016 in obdobjem preiskave se je na splošno proizvodnja zmanjševala, zaloge so bile večje kot pred prodajno sezono, zmogljivost se je zmanjšala, zaposlovanje se je ustavilo, uvoz iz LRK pa se je povečal za 155 odstotnih točk.
Labour costs
Pritisk na cene in nezmožnost, da se izkoristijo ekonomije obsega na trgu v vzponu, sta dobičkonosnost industrije Unije celotno obravnavano obdobje ohranjala na nizkih ravneh.
The average labour costs of the four sampled Union producers developed over the period considered as follows:
Ta nizka raven dobička in sprememba zalog sta vodili v nizke denarne tokove iz poslovanja, ki so bili pod ravnjo naložb, izvedenih v obravnavanem obdobju, in ustvarili dodaten element ranljivosti za to denarno intenzivno panogo, močno odvisno od likvidnosti, ki jo zagotovijo banke.
Table 20
V obdobju preiskave so štirje proizvajalci šli v stečaj.
Average labour costs per employee
Kazalniki škode za rast, tržni delež, zmogljivost, izkoriščenost zmogljivosti, zaloge, stopnje dobička, denarne tokove in zmožnost zbiranja kapitala so se razvijali negativno.
Average labour costs per employee (EUR)
Drugi kazalniki niso postali negativni le zaradi močne rasti povpraševanja.
The average labour cost per employee decreased by 10 % over the period considered due to the increase in the number of factory workers in relation to the increase in the number of staff employed on sales and administrative functions.
Po razkritju so nekateri proizvajalci izvozniki navedli, da v analizi škode niso bili obravnavani dejavniki konkurenčnosti.
Inventories
Trdili so, da je bilo v pritožbi priznano, da uvoz iz LRK ni bil težava trga do leta 2016, dokler je bil osredotočen na nizkocenovni in srednjecenovni segment trga Unije, in da bi se analiza škode morala osredotočiti na ta posebna segmenta.
Stock levels of the four sampled Union producers developed over the period considered as follows:
Ne glede na dejstvo, da so te trditve temeljile na napačnem razumevanju pritožbe, Komisija opozarja, da njeni sklepi niso temeljili na pritožbi, temveč na lastni preiskavi in ugotovitvah glede subvencioniranja, škode in vzročnosti.
Table 21
Kakor je ugotovljeno v uvodni izjavi 746, je preiskava pokazala, da je industrija Unije dejavna v vseh segmentih trga.
Closing stocks (pieces)
Ker tako razlikovanje zadevnega izdelka zato ni bilo upravičeno, je bilo treba trditev zavrniti.
The level of closing stocks of the four sampled Union producers increased by 66 % over the period considered.
Po razkritju je zbornica CCCME trdila, da sta bila uvoz iz Kitajske in proizvodnja pritožnikov domnevno v večinoma ločenih tržnih segmentih, saj je izguba tržnega deleža industrije Unije prizadela predvsem proizvajalce Unije, ki niso pritožniki, kakor je pojasnjeno v uvodni izjavi 645.
It had to be noted that the level of stocks in the investigation period was taken at the end of September when stocks are normally low since it coincides with the end of the selling season.
Kljub temu, kakor je že navedeno v uvodni izjavi 646, analiza škode zajema industrijo Unije kot celoto, ne le pritožnikov.
On the contrary, the level of stocks in the other periods was taken at the end of December when it is normal to have high stocks in anticipation of the next selling season.
Nesporno je, da je industrija Unije utrpela znatno izgubo tržnega deleža v višini 24 odstotnih točk, pretežno zaradi kitajskega uvoza, ki je v obravnavanem obdobju pridobil 17 odstotnih točk tržnega deleža.
The increase in stocks was therefore significant.
Po razkritju so nekateri proizvajalci izvozniki trdili, da je navedba iz uvodne izjave 685, da so se vsi tam navedeni kazalniki „razvijali negativno“, napačna in zavajajoča.
This was found to be due to the general development of the market and to the fact that while production volumes were kept well below the increase in consumption, the volumes of sales developed even less rapidly than production, generating an accumulation of stocks which is particularly visible at the end of the investigation period.
Navedene zainteresirane strani so trdile, da sta bila v obravnavanem obdobju kazalnik „rasti“ v smislu proizvodnje in prodaje ter prodaja v smislu vrednosti in količine izrazito pozitivna.
Profitability, cash flow, investments, return on investments and ability to raise capital
Poleg tega so trdile, da se je „zmogljivost“ industrije Unije znatno povečala ter da so se v obravnavanem obdobju zvišale tudi dobičkonosnost in cene.
Profitability, cash flow, investments and return on investments of the four sampled Union producers developed over the period considered as follows:
Navedene zainteresirane strani so dodale, da se v obravnavanem obdobju v nasprotju z navedbami iz uvodnih izjav 684 in 685 kazalniki uspešnosti, zlasti dobičkonosnost, niso poslabšali.
Table 22
Nazadnje, trdile so, da je nizka stopnja dobička leta 2014 lahko le poslovna napaka samih proizvajalcev Unije, saj je pritožnik sam priznal, da uvoz iz LRK do leta 2016 ni rasel in ni bil konkurenčen.
Profitability, cash flow, investments and return on investments
Podobno je združenje CEIEB trdilo, da so pozitivni trendi v proizvodnji, prodaji, proizvodni zmogljivosti in zaposlovanju izravnali izgubo tržnega deleža ter pritisk na cene in dobičkonosnost.
Cash flow (EUR)
Komisija opozarja, da je namen njene analize škode oceniti stopnjo škode, ki jo je utrpela industrija Unije.
Cash flow (% of sales turnover)
Zajema oceno pomena posameznih kazalnikov uspešnosti, njihovih razmerij in razvoja v obravnavanem obdobju.
Investments (EUR)
Preprosta primerjava končnih točk posameznih ločeno obravnavanih kazalnikov ne more odražati gospodarskih trendov v industriji Unije.
Return on investments
V zvezi s tem je bila ugotovitev glede kazalnika rasti pojasnjena v uvodnih izjavah 647 do 680, oprta pa je bila na precejšnje in vse večje razhajanje med razvojem potrošnje in razvojem prodaje industrije Unije, kar je vodilo v veliko izgubo tržnega deleža.
The Commission established the profitability of the four sampled Union producers by expressing the pre-tax net profit of the sales of the like product to unrelated customers in the Union as a percentage of the turnover of those sales.
Kakor je pojasnjeno v uvodnih izjavah 681 do 683, se je vpliv tega razhajanja sčasoma razširil na proizvodnjo, zaloge, zmogljivost, izkoriščenost zmogljivosti in raven zaposlenosti.
Starting from a low base of 2,7 % in 2014, profits margins eroded from 4,3 % in 2015 to 3,4 % in the investigation period.
Poleg tega je stopnja dobička, kakor je pojasnjeno v uvodni izjavi 684, v vseh letih, razen enem, ostala na resda nizki ravni in kazala padajoč trend.
The net cash flow is the ability of the Union producers to self-finance their activities.
Ker je panoga električnih koles denarno intenzivna in se opira na bančno financiranje, je treba pri analizi finančnega položaja upoštevati preoblikovanje dobička v denarne tokove iz poslovanja, ki niso bili zadostni, poleg tega pa so bili precej pod stopnjami dobička.
The cash flow decreased by 4 % over the period considered and turned negative in 2015.
Komisija je zato v splošnem potrdila, da so bili trendi, navedeni zgoraj v tej uvodni izjavi, značilni za slab in negativen položaj, ter potrdila svoj sklep, da je industrija Unije utrpela znatno škodo.
It did not cover the investments incurred during the period considered.
Po razkritju so nekateri proizvajalci izvozniki trdili, da je razvoj nezaupnih indeksiranih kazalnikov vzorčenih proizvajalcev Unije pretežno izpodbil sklep Komisije, da je industrija Unije utrpela znatno škodo.
The comparison of the profit margin in percentage of the turnover with the operating cash flow expressed on the same basis shows a very poor conversion of profit to cash flows due to the variation of stocks.
Glede na standardno prakso Komisije in kakor je navedeno v uvodni izjavi 628, je Komisija mikroekonomske kazalnike škode obravnavala z uporabo preverjenih podatkov vzorčenih proizvajalcev Unije.
Investments increased by 77 % during the period considered while representing no more than 2 % of sales.
Navedeni kazalniki so pripomogli k ugotovitvi znatne škode, vendar jih ni mogoče razumeti, kot da sami sestavljajo celotno ugotovitev znatne škode (ali da v zvezi s tem nadomeščajo celotno določitev škode, ki jo je opravila Komisija).
The ratio of return of investment increased by 103 % over the period considered.
Kar zadeva makroekonomske kazalnike škode, so bili ti ugotovljeni za celotno industrijo Unije.
However, while the electric bicycle industry is structurally a cash-intensive business, it requires little assets to operate and those generally already exist from the production of conventional bicycles.
Ker drugih pripomb ni bilo, je Komisija potrdila svoj sklep o škodi iz uvodnih izjav 680 do 685 zgoraj.
In this context, the return on investments is of limited relevance.
VZROČNA ZVEZA
The poor financial performance of the Union Industry in terms of profits and cash flow during the investigation period limited its ability to raise capital.
Komisija je v skladu s členom 8(5) osnovne uredbe proučila, ali je subvencionirani uvoz iz LRK povzročil znatno škodo industriji Unije.
Following disclosure, some exporting producers claimed that the level of the profit margin of the Union industry during the IP and its evolution over the period considered did not characterize a situation of material injury.
V skladu s členom 8(6) osnovne uredbe je proučila tudi druge znane dejavnike, ki bi lahko hkrati povzročali škodo industriji Unije.
Whilst the investigation established the existence of a significant volume of imports at subsidised and undercutting prices, it also established the strength in demand in the electric bicycle market which somewhat limited the negative effects on the profit margin of the Union Industry.
Komisija je zagotovila, da se morebitna škoda, ki so jo povzročili drugi dejavniki, in ne subvencionirani uvoz iz LRK, ni pripisala temu subvencioniranemu uvozu.
This observation includes the period between 2016 and the IP where the sharp increase in imports from the PRC coincided with a relatively small decline in sales of the Union industry due to the continued strength in consumption.
Ti dejavniki so: uvoz iz drugih tretjih držav, izvoz proizvajalcev Unije ter domnevni učinek naložb in povečanje zmogljivosti.
Nevertheless, the Commission observed that the profit margin of the Union industry declined in all years but one and was overall at depressed levels.
Učinki subvencioniranega uvoza
Furthermore, the conclusion of material injury is not based on a single indicator.
Cene subvencioniranega uvoza iz LRK so v obdobju preiskave občutno nelojalno nižale prodajne cene industrije Unije, saj so stopnje nelojalnega nižanja prodajnih cen znašale od 16,2 do 43,2 %.
Other indicators, of which some of financial nature such as cash flow, were analysed together with the evolution of the profit margin to conclude to a situation of material injury.
V obravnavanem obdobju se je tržni delež industrije Unije na trgu, ki je zrasel za 74 %, zmanjšal za 24 odstotnih točk, medtem ko je uvoz iz LRK narasel za 250 % ter povečal tržni delež za 17 odstotnih točk, in sicer z 18 % na 35 %.
The claim had therefore to be rejected.
Zaradi pritiska subvencioniranega uvoza iz LRK so bili dobiček in denarni tokovi na nizkih ravneh.
Following disclosure, the CEIEB assessed that the target profit margin of 4,3 % was not significantly higher than the profit margin during the investigation period of 3,4 % and submitted that the level of profitability of the Union's industry during the investigation period was not evidence of injury.
Učinki drugih dejavnikov
As stated in recital (670), the electric bicycle industry is a structurally cash-intensive business.
Uvoz iz tretjih držav
It is therefore important to see whether the profitability achieved can generate a sufficient cash-flow to sustain the operations of the Union industry.
Obseg uvoza iz drugih tretjih držav se je v obravnavanem obdobju gibal, kot sledi:
As demonstrated in Table 22, the cash flow of the Union industry was weak during the investigation period, accounting for a mere 0,6 % of sales turnover.
Preglednica 23
Therefore, when assessing the financial performance of the Union industry as a whole, and not looking at the profitability in isolation, the finding concerning the poor financial performance of the Union is maintained.
Vir: Eurostat.
As regards investments, that comment was analysed in section 5.2.3 of this regulation, notably under recitals (705) to (707) where the Commission explained that capital expenditure did not have a material impact on the profitability of the Union Industry.
Tajvan
As regards employment, the CCCME argued that the huge capacity increase was closely reflected in a substantial employee growth.
Obseg (v kosih)
It is however also clear that the increase in employment was also driven by a significant increase in production.
Povprečna cena
The Commission found that, in particular between 2014 and 2016, the employment mirrored the production much more closely than the production capacity.
Švica
During the investigation period, where the Union sales and production developed negatively despite a growing Union consumption, the Union industry was not able to decrease employment, leading to a decreasing productivity per employee.
Japonska
Such a decreasing productivity and the consequent negative impact on the profitability of the Union industry is however directly linked to the increasing quantities of subsidized imports of Chinese electric bicycles during the period considered.
Vse tretje države skupaj, razen LRK
Conclusion on injury
Obseg uvoza iz drugih tretjih držav razen LRK se je močno razvil, saj se je njegov tržni delež s 7 % leta 2014 (77000 kosov) povečal na 12 % (240000 kosov v obdobju preiskave).
Confronted with an accelerating flow of subsidized imports from China, the Union Industry was not able to capitalise on the growth of the electric bicycle market.
Vendar pa se je povečevanje upočasnilo, ko so kitajski proizvajalci izvozniki okrepili svojo dejavnost po letu 2015.
Sales grew by 20 % in the period considered while consumption increased by 74 %.
Ta uvoz je bil skoraj izključno iz Tajvana in Vietnama.
At the same time 24 points of market share were lost, of which 17 went to Chinese imports having undercut Union industry's prices by 16 % to 43 % in the investigation period.
Kljub temu je Komisija ugotovila, da se je po letu 2015 povečevanje uvoza iz Vietnama upočasnilo, kar je mogoče pojasniti z veliko in naraščajočo razliko v cenah v primerjavi s kitajskim uvozom.
The pressure on sales was felt in relation to production, stocks, capacity, capacity utilisation, and employment levels.
Podobno se je uvoz iz Tajvana stalno povečeval tudi ob enako velikem zvišanju cen, kar kaže, da je bil ta uvoz morda preusmerjen v segment višjega cenovnega razreda trga.
Production increased broadly at the same rate as consumption between 2014 and 2015 (+ 18 % and + 20 % respectively).
Cene uvoza iz Tajvana in Vietnama so bile na splošno nižje od cen industrije Unije.
However, after 2015, the Union industry was forced to reassess its sales expectations.
Vendar Komisija glede na širok razpon cen električnih koles ne more skleniti, da je ta uvoz nelojalno nižal prodajne cene industrije Unije na enaki osnovi.
The trend in production then diverged markedly and increasingly from the general development of the market, with production increasing by 9 % and consumption by 45 % between 2015 and the investigation period.
Poleg tega se je njegova povprečna cena zvišala, povprečna cena uvoza iz LRK pa se je znižala.
Nevertheless, except in 2014, production was systematically higher than sales, leading to a significant increase in stocks.
Razlika med ceno uvoza iz Vietnama in ceno industrije Unije je bila kljub temu velika in ni mogoče izključiti, da je ta uvoz nekoliko prispeval k škodi.
Production capacity, which had increased in line with consumption until 2016, was reduced to stem the deterioration of the capacity utilisation rate which lost 9 percentage points between 2014 and 2016.
Vendar uvoz iz Vietnama po letu 2015 ni več pridobival tržnega deleža in njegov obseg je ostal majhen.
Between 2016 and the investigation period, overall, production declined, stocks were higher after than before the selling season, capacity was reduced, employment stalled while imports from the PRC increased by 155 percentage points.
Zato uvoz iz vseh držav razen LRK ni zmanjšal vzročne zveze med subvencioniranim uvozom iz LRK in škodo, ki jo je utrpela industrija Unije, ter ni mogel imeti več kot majhnega učinka na škodo.
The pressure on prices and the inability to seize economies of scale in a nascent market kept the profitability of the Union industry at depressed levels throughout the period considered.
Izvoz industrije Unije
This low level of profit and the variation of stocks led to low operating cash flows which were below the level of investment incurred during the period considered and created an additional element of vulnerability for this cash-intensive business strongly dependent on the liquidity provided by banks.
Obseg izvoza štirih vzorčenih proizvajalcev Unije se je v obravnavanem obdobju gibal, kot sledi:
Four producers went into bankruptcy during the investigation period.
Preglednica 24
The injury indicators for growth, market share, capacity, capacity utilisation, stocks, profit margins, cash flows, and ability to raise capital developed negatively.
Izvoz vzorčenih proizvajalcev Unije
It was only due to the strong underlying growth in demand that other indicators did not also turn negative.
Vir: Vzorčeni proizvajalci Unije.
Following disclosure, some exporting producers submitted that competition factors had not been addressed in the injury analysis.
Obseg izvoza (v kosih)
They claimed that the complaint admitted that imports from the PRC had not been a market issue until 2016, as long as they focused on the low and mid-level segments of the Union market and that the injury analysis should have focused on these specific segments.
Povprečna cena (v EUR)
Notwithstanding the fact that these claims were made on an inaccurate reading of the complaint, the Commission recalls that its conclusions were not based on the complaint but on its own investigation and findings concerning subsidisation, injury and causality.
Izvoz vzorčenih proizvajalcev Unije v države zunaj Unije je bil zanemarljiv (3 % celotnega obsega prodaje v obravnavanem obdobju).
As established in recital (746), the investigation has shown that the Union industry is active in all market segments.
Tudi ob upoštevanju znižanja povprečne cene izvoz industrije Unije ni mogel biti vzrok za škodo.
Such differentiation of the product concerned was therefore not warranted and the claim had to be rejected.Following disclosure, the CCCME argued that since the loss of market share of the Union industry mostly affected Union producers other than the complainants, as explained in recital (645), the imports from China and the production of the complainants has allegedly been in largely distinct market segments.
Naložbe in povečanje zmogljivosti
However, as already mentioned in recital (646), the injury analysis covers the Union industry as a whole, not only the complainants.
Zbornica CCCME je trdila, da so naložbe v zmogljivost leta 2016 povzročile presežek proizvodnih zmogljivosti, ki presega vsakršna realna pričakovanja glede prodaje, kar je vodilo v precejšnje zmanjšanje izkoriščenosti zmogljivosti in močno vplivalo na dobičkonosnost.