The objectives may include avoiding market distortion and the pursuit of profitability, expressed in the form of specific targets, such as rate-of-return and dividend policy.

Moreover, the Community financing rate should be differentiated according to the extent to which the project's economic benefits exceed its financial profitability.

The Commission notes that whilst consumption fell to its lowest level for the period under consideration in 2000/01, that was also the year in which the Community producers achieved their highest level of profitability (6,8 %).

National regulatory authorities shall take into account the investment made by the operator and allow him a reasonable rate of return on adequate capital employed, taking into account the risks involved.

Where an operator has an obligation regarding the cost orientation of its prices, the burden of proof that charges are derived from costs including a reasonable rate of return on investment shall lie with the operator concerned.

In this case, it was found that a profit margin of 6,5 % could be regarded as an appropriate minimum, calculated as an average of the level of profitability obtained by the Community industry in the years 1999 and 2000.

The assets referred to in point 2 are to be invested in such a way as to ensure that funds are available as and when needed, while still generating the highest return available, consistent with maintaining a high degree of security and stability over the long-term.

Taking into account the level of profitability obtained by the Community industry in the years 1999 and 2000, it was found that a profit margin of 6,5 % of turnover could be regarded as an appropriate minimum which the Community industry could have expected to obtain in the absence of injurious dumping.

Articles 12.2 and 12.2.2 of the ADA: failure to make directly discernible, from the published provisional or definitive determinations, that the European Communities addressed, or explained the lack of significance, of the following injury factors listed in Article 3.4 of the ADA: wages, productivity, return on investments, cash flow, ability to raise capital and magnitude of the actual margin of dumping.

The Commission noted that, having ensured the effects of other factors are not attributed to increased imports, that there is a genuine and substantial causal link between the decline in the Community producers' sales volume, sales prices and profitability and the increase in imports, which not only increased at a much faster rate than the increase in consumption between 2000/01 and 2001/02, but increased whilst consumption fell from 1998/99 to 2000/01 and in 2002/03.

The Reports conclude that the Community acted inconsistently with Articles 12.2 and 12.2.2 of the ADA by failing to make directly discernible from the published provisional or definitive determinations that the European Community addressed or explained the lack of significance of the following injury factors listed in Article 3.4 of the ADA: wages, productivity, return on investments, cash flow, ability to raise capital and magnitude of the actual margin of dumping.

The High-Level Group on the trans-European transport network chaired by Mr Karel Van Miert expressed concern that the delays in the cross-border sections of the priority projects on the trans-European transport network (TEN) were having an adverse effect on the profitability of the investments made by the Member States in the sections in their own country, denying them the benefit of economies of scale, and recommended that the rate of Community financing should be differentiated, according to the benefits to other countries, in particular the neighbouring countries, stressing that such modulation should in the first instance benefit the cross-border projects used by long-distance transport services.

'(5) The standard rate of yield to be applied is based on the number of eggs used per kg of pasta produced, using the following formula:

At this time the profitability rate was below 3 %.

Until the day of maturity, the rate on the deposit with agreed maturity shall be captured as well as the guaranteed minimum return on the deposit containing the embedded derivative.

Article 51 shall not apply when there is a difference between the rate of yield declared and the rate of yield obtained after processing."

Indicate the rate of yield or the means by which the supervising customs office is to establish such rate.

Hence, only the guaranteed minimum return of 0 % should be captured.

Profitability became negative in 1998 and the level of losses increased significantly in the IP.

The applicant submitted that a profit margin of 15 % return on capital employed would be appropriate.

"However where the difference between the sum due and the sum paid in advance is due to a difference between the rate of yield declared in the payment declaration and the rate of yield obtained after processing, the increase of 15 % referred to in the second subparagraph shall not apply if the difference between the rates of yield is lower than 2 %.

Further evidence of the impact of the euro-effect is apparent from the profitability rate of the Community industry in 1996 (i.e. before the euro-effect had an impact).

However, the Community industry considers a yearly profit rate of 10 % as necessary to maintain their activities.

Conversion according to the rates of yield fixed in Annex 77 to Commissio Regulation (EEC) No 2454/93 (OJ L 253, 11.10.1993, p.

Conversion according to the rates of yield fixed in Annex 69 to Commission Regulation (EEC) No 2454/93 (OJ L253, 11.10.1993, p. 1).

At the beginning of the analysis period, the return on turnover was consistently below the rate considered necessary for the viability of the industry.

It argued that this level of return was necessary to reinvest for the long term and to achieve an adequate return on equity for shareholders.

Hydro-cracking and full conversion technology have matured and combine high sulphur retention with improved yield of light products.

Internal rate of return shall mean a rate at which the accounting value of a security is equal to the present value of the future cash flow.

It was found that a profit margin of 10,5 % on sales would be the profitability that the Community industry could have achieved in the absence of the dumped imports.

In this respect, it should be noted that the profit margin that is to be used for the determination of the non injurious price should be understood as the profitability level that could reasonably be reached in the absence of injurious dumping.

The profitability achieved during the period considered should be compared with the level considered to be the minimum for the industry in the absence of dumped imports originating in China, i.

A profit margin of 5 % was regarded as an appropriate minimum, taking into account the need for long term investment and the return which the Community industry could reasonably expect in the absence of injurious dumping.

As shown in the analysis of its situation above, the Community industry was able at the beginning of the analysis period to improve its situation and to restore, in particular, a satisfactory level of profitability.

(55) It should be noted that the findings in recital 89 of the provisional Decision concerning the Community industry's profitability have been revised to take account of a calculation error which occurred at the provisional stage.

As evidenced by the Table below, return on net turnover was positive throughout the period but, at the beginning of the analysis period, was consistently below the rate considered necessary for the viability of the industry.

Whereas the customs tariff rates and additional import duties for raw sugar are fixed, where such sugar is intended for refining, with reference to sugars with a yield of 92 % of that of the standard quality defined by the Community;

In this respect it was found that a profit margin of 7 % on turnover could be considered to be an appropriate basis, due regard being given to a rate of return which the Community industry could reasonably expect in the absence of injurious dumping.

The Commission maintains its argument that, in respect of the relevant costs in the period covered by the investigation, it would have been unrealistic to export profit margins for the Community industry above the 10 % considered to be the minimum required to ensure the viability of that industry.

The Commission considers it essential that the complainant Community industry and these new independent Community producers be given the opportunity to attain, in conditions of fair trade undistorted by dumping, the levels of profitability needed for economic viability.

In addition to the economic factors already analysed at the provisional stage, information relating to the impact of the magnitude of the margin of dumping, return on investments, cash flow, wages and the ability to raise capital has been examined for the period between 1995 and the IP.

Profitability improved towards the end of the analysis period but, as mentioned at recital 34, this was mainly due to one-off benefits of the 'Euro effect', and profit levels are quickly expected to revert to those realised during the main part of the analysis period.

Premiums or discounts arising on issued and purchased securities shall be calculated and presented as part of interest income and shall be amortised over the remaining life of the securities, either according to the straight line method or the internal rate of return (IRR) method.

To help stabilize the export earnings from natural rubber of exporting members, and to increase their earnings based on expanding natural rubber export volumes at fair and remunerative prices, thereby helping to provide the necessary incentives for a dynamic and rising rate of production and the resources for accelerated economic growth and social development;

Indeed, the Community industry progressively concentrated its production and sales on DBM of lower grades, which are cheaper to produce and thus can be sold at lower prices, to the detriment of the higher grades, which could be more profitable, but with which the Community industry could not compete against the Chinese price pressure.

As mentioned above, without anti-dumping measures, imports of TCHs originating in Japan would likely restart and their price-depressive effect will continue to frustrate all efforts of the Community industry to regain a satisfactory margin of profitability, which is especially needed to keep up with the pace of technological development in this kind of industry.

As to the Community industry and other Community producers, in the absence of any further submissions regarding the impact of the duties on their situation, the conclusion is hereby confirmed that the imposition of measures will enable the Community industry to regain a satisfactory profitability margin, and to maintain and further develop its activities in the Community securing both employment and investment.

The precarious situation of the Community industry became apparent in the period subsequent to the year 1998. Indeed, between 1996 and 1998 the Community industry production volume increased (+ 17 %) and capacity utilisation rate was high, sales volume also increased (+ 21 %) while sales prices remained stable and the industry was still profitable (in terms of return on net turnover, return on total assets and cash flow position).

The precarious situation was of the Community industry became apparent in the period subsequent to the year 1998. Indeed, between 1996 and 1998 the Community industry production volume increased (+17 %) and capacity utilisation rate was high, sales volume also increased (+21 %) while sales prices remained stable and the industry was still profitable (in terms of return on net turnover, return on total assets and cash flow position).

Whereas, in order to strengthen the leverage effect of Community resources by favouring as far as possible recourse to private sources of financing and to take better account of the profitability of the projects, the forms of assistance available from the Structural Funds should be diversified and the rates of assistance differentiated with a view to promoting the Community interest, encouraging the use of a wide range of financial resources and limiting the contribution of the Funds by encouraging the use of appropriate forms of assistance;