natgillin/translations-raw huggingface dataset:
In its view, the Commission had conducted an erroneous counterfactual analysis by examining whether the SRF's equity investment was consistent with the usual investment practice of private investors making debt investments.
Drugič, razmeroma dolgo obdobje vezanosti za sklad SRF kaže to, da gre za naložbo sklada SRF, ki temelji na javni politiki.
It also recalled the multiple steps in the SRF investment, arguing that it was fully consistent with the usual investment practice as a classical leveraged buyout.
Tržni vlagatelj bi vztrajal pri precej krajšem obdobju, da bi povečal donosnost, dejstvo, da so drugi manjšinski delničarji sprejeli enake pogoje, pa ni relevantno, saj eden od njih sploh ni finančni vlagatelj, drugi pa deluje kot dolgoročni naložbeni sklad.
In particular, the lock-up period for the exit of SRF was not unusually long.
Dogodki po naložbi, tj. predčasna prekinitev dogovora o vezanosti zaradi ponovnega vstopa družbe Pirelli pred rokom, dokazujejo enako: da dogovorjeno obdobje vezanosti ni bilo skladno s standardnimi tržnimi pogoji za finančnega vlagatelja s tako velikim finančnim vzvodom za družbo CNRC, kot je pojasnjeno zgoraj.
It had been terminated ahead of schedule and was the same as for other minority shareholders.
Tretjič, predkupne pravice družbe CNRC za nakup preostalih delnic po koncu obdobja vezanosti za pridobitev popolnega nadzora nad družbo niso tržno zasnovane.
Finally, for CNRC, broad policy statements are insufficient to demonstrate the benefit conferred by financial contribution.
Pridobitno usmerjen tržni vlagatelj bi ohranil prožnost za doseganje višje cene delnic, če bi zanje obstajali konkurenčni ponudniki, in ne bi pristal na take predkupne pravice.
The Commission rejected this claim.
Njihov obstoj ponovno dokazuje, da je bila naložba sklada SRF skladna s ciljem javne politike, da se zagotovi pomoč družbi CNRC kot podjetju v državni lasti pri prevzemu družbe Pirelli pod ugodnimi pogoji.
The benefit for CNRC as the recipient of the SRF investment was multi-faceted.
Zaradi vsega tega je Komisija vztrajala pri svojem stališču, da je naložba sklada SRF zagotovila ugodnost družbi CNRC.
A market-investor considering an equity participation of the kind operated by the SRF would have had to evaluate the risks associated with the transaction.
Kar zadeva družbo Cinda, je bil okvir za določitev ugodnosti drugačen, ker so bila sredstva dejansko plačana družbi CNRC in ker je Komisija ugotovila, da kapitalska udeležba ni temeljila na ceni, ki bi bila usklajena s trgom, kot je navedeno v uvodni izjavi 355.
Its industrial partner, the CNRC, did not have at the time sufficient funds to become the majority owner of Pirelli and was dependent on finding a financial investor at its side.
Družbi CNRC in Pirelli sta v odziv na informativni dokument predložili poročilo o vrednotenju sredstev, da bi dokazali, da je bila naložba izvedena pod tržnimi pogoji.
As stated in recital (363) CNRC was only able to receive additional loans from other banks because of an improved overall debt ratio.
Po preverjanju je Komisija ugotovila, da podatki, navedeni v poročilu o vrednotenju, niso skladni s podatki, ki jih je imela na voljo.
Handing over the key to CNRC for becoming not only the majority shareholder in Pirelli, but also for securing additional loans, the SRF investment was an essential part of an operation of the GOC to add Pirelli to the CNRC's portfolio.
Dejansko se poročilo o vrednotenju ni nanašalo na naložbo družbe Cinda, ampak je bilo pripravljeno v okviru druge transakcije z lastniškim kapitalom v okviru skupine CNRC.
A market-investor would have leveraged this position and would have provided funds on substantially different terms.
Ta transakcija je vključevala tudi družbo Pirelli Industrial Srl., vendar se je nanašala na drugega kupca in drugo obdobje, tj. eno leto pred kapitalsko udeležbo družbe Cinda.
First, the Commission noted the unusual agreement of SRF to relinquish its voting rights in the board in favour of CNRC.
Ker Komisija ni imela na voljo preverljivih informacij v zvezi s pravimi subjekti in obdobjem, je vztrajala pri svojem stališču glede naložbe družbe Cinda.
Second, the relatively long lock-up period for SRF underlines the public policy driven SRF investment.
Po njunem mnenju družbi CNRC ni bila zagotovljena ugodnost, saj je bila naložba družbe Cinda skladna z običajno naložbeno prakso.
A market-investor would have insisted on a much shorter period to maximise its returns – and the fact that other minority shareholders accepted the same terms is irrelevant since one of them is not a financial investor at all, and while the other operates as a long-term investment fund.
Da bi podprli svojo trditev, sta se zlasti sklicevali na isto poročilo o vrednotenju, ki ga je pripravil neodvisni ocenjevalec in je analizirano zgoraj.
Events after the investment, namely the earlier termination of the lock-up arrangement due to the re-listing of Pirelli ahead of schedule, speak to the same point: they show that the agreed lock-up period was not consistent with standard market terms for a financial investor with such a huge leverage on CNRC as explained above.
Čeprav sta priznali, da je bilo poročilo dejansko pripravljeno v okviru druge transakcije z lastniškim kapitalom, sta trdili, da na podlagi tega ni mogoče izključiti, da se poročilo ne more uporabljati kot referenca za izvajanje drugih transakcij (kot je prevzem s strani družbe Cinda).
Third, the pre-emptive rights to CNRC to buy the remaining shares after the end of the lock-up period to acquire full control over the company are not market-based.
Komisija te trditve ni sprejela iz istih razlogov, kot so pojasnjeni v uvodni izjavi 373 in kot jih je priznala družba Pirelli: poročilo o vrednotenju sredstev se nanaša na drugo transakcijo z lastniškim kapitalom in vključuje drugo obdobje, tj. eno leto pred kapitalsko udeležbo družbe Cinda.
A profit-oriented market investor would have kept flexibility to achieve a higher price for the shares if there were competing bidders for them and not agreed to such pre-emptive rights.
Družba Pirelli je v navedenem obdobju izvedla večje prestrukturiranje, ki je nedvomno vplivalo na njen finančni položaj.
Their existence again underlies that the SRF investment followed the public policy objective to help CNRC as a state-owned enterprise in completing its acquisition of Pirelli on favourable terms.
Poleg tega, kot je potrdila družba CNRC, je družba Cinda pridobila 38 % delnic družbe Pirelli Industrial Srl., ki se zdaj imenuje skupina Prometeon Tyre Group S.r.l.
For all these reasons, the Commission maintained its position that the SRF investment provided a benefit to CNRC.
(v nadaljnjem besedilu: PTG).
Concerning Cinda, the context for the determination of the benefit was different, since the funds were actually paid to CNRC, and since the Commission concluded that the equity participation was not based on a market-conform price, as mentioned in recital (355) above.
Ker je kapital navedene družbe takrat znašal 100 milijonov EUR, je bila nominalna vrednost delnic 38 milijonov EUR.
In response to the Information Document, CNRC and Pirelli submitted an asset valuation report to establish that the investment had been performed on market-based terms.
Družba Cinda je za svojo kapitalsko udeležbo plačala 266 milijonov EUR.
After verification, the Commission found that the figures indicated in the valuation report did not correspond to the figures at the disposal of the Commission.
Ob upoštevanju, da je neto vrednost sredstev družbe takrat znašala manj kot polovico tega zneska in da je družba komajda poslovala z dobičkom, niti vrednotenje na podlagi sredstev niti vrednotenje na podlagi prihodkov ne bi upravičila te visoke kapitalske udeležbe.
In fact, the valuation report did not concern the investment from Cinda, but had been drawn up in the context of another equity transaction within the CNRC group.
Ker ni opravila preizkusa tržnega vlagatelja, je Komisija potrdila svoje stališče, da je bila z naložbo družbe Cinda družbi CNRC zagotovljena druga ugodnost.
This transaction also involved Pirelli Industrial Srl., but concerned a different buyer and a different time period, one year before the equity participation of Cinda.
Komisija je tudi ugotovila, da so subvencije, zagotovljene v okviru tega ukrepa, specifične v smislu člena 4(2) osnovne uredbe.
The Commission noted that Pirelli Industrial Srl. had undergone a major restructuring exercise during the year 2016.
Zlasti kemična industrija in sklad SRF sta izrecno omenjena v zakonodaji kitajske vlade.
As such, its financial situation at the end of 2016, as evidenced in the audit report for 2016, was not comparable anymore to the situation presented in the asset valuation report submitted by CNRC.
Dejstvo, da so industrije široko zajete v zakonodaji in da bi lahko sklad SRF ali družba Cinda vlagala v druge industrije, ne razveljavlja teh ugotovitev.
In the absence of verifiable information relating to the correct entities and time period, the Commission therefore maintained its position regarding the investment of Cinda.
Družba CNRC je po dokončnem razkritju izpodbijala to ugotovitev.
After final disclosure, CNRC and Pirelli took issue also with this analysis.
Trdila je, da financiranje v okviru pobude „En pas, ena cesta“ ni izrecno omejeno na nekatera podjetja ali industrije.
In its view, there was no benefit for CNRC, as Cinda's investment was consistent with usual investment practice.
Zlasti je poudarila, da seznam prednostnih področij v usmerjevalnih mnenjih ni izčrpen.
In particular, in support of their claim they referred to the same valuation report made by an independent appraiser analysed in the recital above.
Komisija je opozorila na nekatere značilnosti kitajskega preferenčnega financiranja.
Although acknowledging that the report was indeed drawn up in the context of a different equity transaction, they argued that this is not sufficient to exclude that it can be used as a reference for the pursuance of other transactions (such as the acquisition made by Cinda).
Namesto da bi se izvajali jasno predpisani programi financiranja s strogimi merili upravičenosti, so na najvišji politični ravni opredeljene številne spodbujane industrije.
The Commission did not accept this claim for the same reasons as those explained in recital (373) above and as acknowledged by Pirelli: the asset valuation report concerns another equity transaction and it covers a different time period, one year before the equity participation of Cinda.
Finančni akterji, kot so strateške banke, sklad SRF ali družba Cinda, upoštevajo te usmeritve v svoji dejanski praksi.
During that period Pirelli underwent a major restructuring exercise which undoubtedly had an impact on its financial situation.
Ob upoštevanju navedenega Komisija redno izravnava subvencije za take spodbujane industrije kot specifične, saj se lahko obravnavajo kot „nekatera podjetja“ v smislu člena 4(2) osnovne uredbe.
In addition, as confirmed by CNRC, Cinda acquired 38 % shares in Pirelli Industrial Srl., which is now called Prometeon Tyre Group S.r.l.
V tej zadevi družba CNRC ni oporekala temu, da je kemična industrija del take spodbujane industrije.
(‘PTG’).
Dejstvo, da bi bilo seznam mogoče razširiti na druge industrije, te ugotovitve ne spreminja.
As the capital of that company amounted to EUR 100 million at the time, the nominal value of the shares was EUR 38 million.
Poleg tega, kot je navedeno v uvodnih izjavah 348 in 349, se zakonodaja posebej osredotoča na izvozne družbe ter se sklicuje na „pridobitev dostopa do mednarodnih trgov“.
Cinda paid EUR 266 million for its equity participation.
Glede na njegovo pogojenost z izvozom (kot bo podrobneje pojasnjeno v oddelku (f)), se za ukrep tudi šteje, da je specifičen v skladu s členom 4(4)(a) osnovne uredbe.
Considering that the net value of the company assets stood at less than half of this amount at the time and that it was barely making any profits, neither the asset-based evaluation nor the income-based evaluation would justify this high amount of equity participation.
Pogojenost z izvozom
Failing the market-investor test, the Commission confirmed its position that the Cinda investment conferred another benefit onto CNRC.
Komisija je nato proučila, ali so bili ukrepi dejansko pogojeni z izvozom, saj so bili odobreni za nekatera podjetja izrecno za spodbujanje naložb po svetu, tj. zunaj Kitajske.
The Commission also determined that the subsidies provided under this measure are specific under Article 4(2) of the basic Regulation.
Na splošno podpora spada v okvir pobude „En pas, ena cesta“, ki je del petletnega načrta ministrstva za trgovino za razvoj zunanje trgovine.
In particular, the chemical industry and SRF are specifically mentioned in the GOC's legislation.
V usmerjevalnih mnenjih državnega sveta o spodbujanju mednarodne proizvodne zmogljivosti in sodelovanja na področju proizvodnje opreme so izrecno navedene industrije, ki jih je treba obravnavati v okviru te strategije, med katerimi je kemična industrija prednostno področje.
The fact that the coverage of industries in the legislation is wide, and that SRF or Cinda could invest in other industries does not invalidate these findings.
V 13. petletnem načrtu za petrokemično industrijo je kot pomemben dosežek prav tako izrecno navedena pridobitev deleža v skupini Pirelli Group s strani družbe Chemchina.
After final disclosure, CNRC questioned this finding.
Ukrep je posebej usmerjen v družbe, ki izvajajo zunanje naložbe.
It argued that the funding in the BR Initiative is not explicitly limited to certain enterprises or industries.
Kot je navedeno v uvodni izjavi 349, so cilji uresničiti prehod od izvoza izdelkov do izvoza industrij ter „dejavno razvijati in prodirati na trge v razvitih državah“.
In particular, it stressed that the list of priority areas in the Guiding Opinions is not exhaustive.
Zato kitajske družbe, ki delujejo samo na domačem trgu, niso upravičene do prejema take finančne podpore.
The Commission recalled some characteristics of the Chinese preferential financing.
Zasnova ukrepa, ki temelji na pogojenosti od izvoza, je ponazorjena tudi z dejstvom, da so področja, ki jih je treba izbrati kot prednostna za zunanje naložbe, področja, na katerih obstaja mednarodno tržno povpraševanje, in področja s „posebnimi prednostmi na področju mednarodne konkurence“, tj. področja, na katerih se lahko spodbuja kitajski izvoz.
Rather than operating clearly prescribed funding programmes with strict eligibility criteria, the highest political level identifies a number of encouraged industries.
V poglavju III.3 13. petletnega načrta za razvoj zunanje trgovine je nadalje določeno, da je podpora usmerjena v zunanjetrgovinska podjetja.
Financial actors, such as the policy banks, SRF or Cinda, comply with these directions in their actual practice.
V zvezi s pridobitvijo deleža v skupini Pirelli Group je na spletišču sklada SRF navedeno naslednje: „Sklad je podpiral družbo Chemchina pri prevzemu družbe Pirelli, kar je pomagalo družbi Chemchina, da je […] dejansko pridobila dostop do mednarodnih trgov,“ in „Sklad je podpiral družbo Chemchina, da je prodrla v industrijo izdelave izdelkov visokega razreda, s čimer ji je zagotovil konkurenčno prednost na mednarodnem trgu“.
Against this background, the Commission regularly countervails subsidies for such encouraged industries as specific as they can be regarded as ‘certain enterprises’ within the meaning of Article 4(2) of the basic Regulation.
Dejansko je družba CNRC s pridobitvijo 65-odstotnega deleža v skupini Pirelli Group v praksi v obdobju preiskave povečala svoj uvoz v EU za 29 %.
In the present case, the CNRC did not contest that the chemical industry is part of such an encouraged industry.
Družba CNRC je tudi pristala na to, da bo dodatno povečala izvoz v EU z vključitvijo celotne proizvodnje pnevmatik za tovornjake družbe Pirelli v EU v dejavnosti kitajskega proizvajalca izvoznika Aeolus Tyre Co. Ltd.
The fact that the list could be enlarged to other industries does not change this finding.
Zato je bil dolgoročni cilj podpore prevzemu posodobiti pnevmatike za tovornjake, ki jih izdeluje družba Aeolus, s tehnologijo, pridobljeno od skupine Pirelli Group, da bi se pomaknila v višji razred, in začeti izvažati pnevmatike za tovornjake višje kakovosti, ki so na trgu EU konkurenčnejše.
Moreover, as mentioned in recitals (348) and (349) above, the legislation specifically targets exporting companies and refers to ‘obtaining access to international markets’.
Po obdobju preiskave je družba CNRC zmanjšala svojo finančno udeležbo v skupini Pirelli Group na 46 %.
Given its export contingency (as will be further detailed in section (f)) the measure shall therefore also be deemed to be specific under Article 4(4)(a) of the basic Regulation.
Družba Pirelli Tyre Co, Ltd., je prenehala proizvajati zadevni izdelek, da bi se osredotočila na pnevmatike za motorna kolesa in avtomobile, s čimer je zaključila ločevanje dejavnosti skupine Pirelli Group od zadevnega izdelka.
Export contingency
Vendar ti dogodki po obdobju preiskave ne spremenijo dejstva, da je družba CNRC pred obdobjem preiskave in med njim prejemala subvencije, proti katerim se lahko uvedejo izravnalni ukrepi.
The Commission then analysed whether the measures were in fact contingent upon export performance, because they were specifically granted to certain enterprises for ‘going out’ of China.
Dejansko ti dogodki potrjujejo, da je družba CNRC ravnala, kot je bilo obljubljeno, saj je povečala izvoz zadevnega izdelka v EU prek svojih povezanih družb.
In general, the support falls under the One Belt, one Road initiative, which is part of MOFCOMs Five Year Plan for the Development of Foreign Trade.
Zato Komisija meni, da so informacije, zbrane v zvezi s skupino Pirelli Group, reprezentativne za izračun zneska subvencije, dodeljene za zadevni izdelek v obdobju preiskave.
The Guiding Opinions of the State Council on the Promotion of International Production Capacity and Equipment Manufacturing Cooperation specifically mention the industries which are to be considered under this strategy, among which the chemical industry is a priority area.
Družbi CNRC in Pirelli sta v odziv na informativni dokument pripomnili, da subvencija ni pogojena z izvozom, pri čemer sta se sklicevali na sodno prakso pritožbenega organa v zadevi Airbus, kjer se je pojem pogojenosti z izvozom razlagal v ožjem smislu.
The acquisition of the stake in the Pirelli Group by Chemchina is even specifically mentioned in the 13th Five Year Petrochemical Plan as a major achievement.
Komisija je opozorila, da je pojem dejanske pogojenosti subvencij z izvozom opredeljen v členu 4(4)(a) osnovne uredbe, ki temelji na členu 3.1(a) in opombi 4 Sporazuma o subvencijah in izravnalnih ukrepih.
The measure is specifically targeted at companies making outward investments.
To vključuje primer, v katerem je subvencija „dejansko vezana na […] pričakovani izvoz“.
As mentioned in recital (349) above, the objectives are to realize a promotion from export of products to export of industries and ‘to actively develop and ‘tap into’ markets in developed countries’.
Dejanska pogojenost z izvozom se oceni na podlagi dejstev celotne sestave dejstev, povezanih z dodelitvijo subvencije, vključno z njeno zasnovo in delovanjem.
Therefore, Chinese companies which are only operating on the domestic market are not eligible to receive such financial support.
Komisija se je strinjala z zainteresiranimi stranmi, da bi bilo treba pojem razlagati v skladu s smernicami pritožbenega organa.
The export contingent design of the measure is also illustrated by the fact that the fields to be chosen as a priority for outward investment are those with international market demand and those with ‘remarkable advantages in international competition’, i.e. those where Chinese export performance can be promoted.
Komisija je na podlagi teh dejstev in ob upoštevanju dokazov v spisu ugotovila, da je bil ta pogoj izpolnjen.
Concerning the acquisition of the Pirelli Group in particular, the SRF stated the following on its website: ‘the fund supported ChemChina in its acquisition of Pirelli, which has helped ChemChina to…effectively obtain access to international markets.’, and ‘The fund supported Chemchina to propel ChemChina into the high end of the manufacturing industry, thus giving a competitive advantage on the international market’.
Kitajski javni organi so financirali družbo CNRC, ki ni imela omejitev glede načina porabe denarja.
Indeed, by acquiring a 65 % stake in the Pirelli Group, CNRC in practice increased its overall exports to the EU by 29 % during the investigation period.
Sredstva je prejela pod natančnim pravnim pogojem, da kupi drugo družbo, tj. družbo Pirelli.
CNRC also agreed to further increase its exports to the EU by integrating Pirelli's EU truck tyre business entirely into the Chinese exporting producer Aeolus Tyre Co. Ltd Therefore, the long-term objective of the supported acquisition was to upgrade the truck tyres produced by Aeolus with the technology acquired from the Pirelli Group, in order to move upwards in the tiers, and to start exporting truck tyres of a higher quality which are more competitive on the EU market.
Ko je pristala na tako pogojeno financiranje, je družba CNRC obljubila, da bo povečala izvoz (v primerjavi s prodajo na domačem trgu) in povečala prodajo zlasti v Evropi.
After the investigation period, CNRC reduced its financial participation in the Pirelli Group to 46 %.
Prvič, dodelitev subvencije je vezana na pričakovani izvoz, saj je, med drugim, zasnova ukrepa usmerjena v zunanjetrgovinska podjetja.
Pirelli Tyre Co, Ltd stopped producing the product concerned, to focus on motorbike and automobile tyres, thus completing the segregation of the Pirelli Group activities from the product concerned.
Podpora je bila na voljo le za družbo CNRC za usmerjanje njenih dejavnosti v izvoz (v primerjavi z njeno domačo prodajo) in ne za druge kitajske družbe, ki prodajajo izključno na kitajskem domačem trgu.
However, these post investigation period events do not detract from the fact that before and during the investigation period, CNRC had received countervailable subsidies.
To je podprto z naslednjimi uradnimi vladnimi dokumenti:
In fact, these events confirm that CNRC proceeded as promised by increasing the exports of the product concerned to the EU through its related companies.
V 13. petletnem načrtu za petrokemično industrijo je pod naslovom „mednarodno sodelovanje“ kot pomemben dosežek 12. petletnega načrta izrecno naveden prevzem družbe Pirelli s strani družbe Chemchina.
Therefore, the Commission considers that the information collected regarding the Pirelli Group is representative in order to calculate the amount of subsidisation conferred upon the product concerned during the investigation period.
Poleg tega je v poglavju 10 v opisu projektov mednarodnega sodelovanja v okviru pobude „En pas, ena cesta“ navedeno, da bi moral biti v industriji pnevmatik in drugih industrijah z visokim deležem izvoza poudarek na „širitvi mednarodnega sodelovanja na področju zmogljivosti“.
In response to the Information Document, CNRC and Pirelli commented that the subsidy is not export contingent, citing case-law from the Appellate Body in the Airbus case where the notion of export contingency had been interpreted in a narrow sense.
Državni svet je v usmerjevalnih mnenjih navedel, da „je treba industrijsko prednost Kitajske in prednost v zvezi s financiranjem združiti s povpraševanjem v tujini […] za učinkovito spodbujanje mednarodne proizvodne zmogljivosti in sodelovanja na področju proizvodnje opreme“.
This includes the situation in which the subsidy is ‘in fact tied to … anticipated exportation’.
Poleg tega, kot je navedeno v uvodni izjavi 349, sta cilja usmerjevalnih mnenj „dejavno razvijati in prodirati na trge v razvitih državah“.
De facto export contingency is assessed on the basis of the total configuration of the facts surrounding the grant of the subsidy, including its design and operation.
Sklad SRF posluje le s sredstvi v tujih valutah (tj. USD in EUR).