natgillin/translations-raw huggingface dataset:
Hvis f.eks. den risikofrie rente i USA er lavere end den risikofrie rente i Kina, vil metoden føre til højere absolutte tillæg.
After further analysis, the Commission accepted Hankook's claims on the nature of these loans, and adapted its calculations accordingly, using the interest rate at the time of withdrawal of the funds.
På den anden siden hvis den risikofrie rente i Kina er lavere end i USA, vil metoden føre til et lavere absolut tillæg.
As mentioned in section 3.4.1 above, the Chinese lending financial institutions did not provide any creditworthiness assessment.
Dette anerkendes også af Giti-gruppen i tabel 3 i dets bemærkninger, hvor virkningen af forskellige PBOC-satser simuleres.
Hence, in order to establish the benefit, the Commission had to assess whether the interest rates for the loans accorded to the Hankook Group were at market level.
I praksis fremgår det, når man anvender de oplysninger, som Giti-gruppen har givet, på de historiske PBOC-satser, at den relative metode i nogle år rent faktisk medfører et lavere benchmark end det absolutte spread.
The Commission considered that the overall financial situation of the group corresponds to a BB rating, which is the highest rating that does no longer qualify as ‘investment grade’.
Vedrørende det tredje punkt har Kommissionen fortolket de faktiske omstændigheder fremlagt af Giti-gruppen på en anden måde.
‘Investment grade’ means that bonds issued by the company are judged by the rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
Giti-gruppen har selv bemærket, at det absolutte spread ikke er så stabilt som påstået, men i stedet varierer med tiden fra 1 % til 4,5 %.
The premium expected on bonds issued by firms with this rating (BB) was then applied to the standard lending rate of the PBOC in order to determine the market rate.
Desuden følger det relative spread nøje den samme tendens som det absolutte spread over de sidste 23 år, dvs. når det relative spread øges, øges også det absolutte spread og omvendt.
That mark-up was determined by calculating the relative spread between the indices of US AA rated corporate bonds to US BB rated corporate bonds based on Bloomberg data for industrial segments.
For så vidt angår de påståede udsving i det relative spread, er omfanget af ændringerne tilsvarende — forskellen mellem de højeste og laveste tal er 530 % for det relative spread og 450 % for det absolutte spread.
The relative spread thus calculated was then added to the benchmark interest rates as published by the PBOC at the date when the loan was granted, and for the same duration as the loan in question.
Endelig hvad angår det fjerde punkt, var Kommissionen ikke enig i Giti-gruppens vurdering af, at den manglende fordel ved anvendelsen af Kommissionens beregningsmetode for lån i fremmed valuta viser, at anvendelsen af det relative spread er forkert.
This was done individually for each loan provided to the company.
Markedet for indenlandske RMB-lån er nemlig stort set et lukket marked, hvor den kinesiske regering som anført ovenfor kan udøve en vis indflydelse.
As for loans denominated in foreign currencies in the PRC, the same situation in respect of market distortions and the absence of valid credit ratings applies, because these loans are granted by the same Chinese financial institutions.
På den anden side er lånemarkedet i hård valuta, bl.a. som følge af valutarestriktioner i Kina, i mindre omfang genstand for den kinesiske regerings nationale politiske valg og fungerer i højere grad på markedsvilkår.
Therefore, as found before, BB rated corporate bonds in relevant denominations issued during the investigation period were used to determine an appropriate benchmark.
Det forhold, at det benchmark, der anvendes af Kommissionen, i de fleste tilfælde ikke giver nogen fordel, er derfor ikke så overraskende.
Following the disclosure of the Information Document and after final disclosure, both the GOC and three out of the four sampled companies contested the Commission's methodology using a relative spread between US AA rated and US BB rated corporate bonds to calculate the benefit on preferential loans.
Tværtimod mener Kommissionen, at dette viser, at de kinesiske banker, når de opererer på det internationale marked, yder lån, der er i overensstemmelse med markedsbaserede betingelser for BB-ratede virksomheder, hvilket ikke er tilfældet, når de yder lån på hjemmemarkedet.
All of them alleged that the Commission should have used an absolute instead of a relative spread between the US AA rated bonds and the US BB rated bonds.
Det beviser også, at Kommissionens metode giver resultater, der er i overensstemmelse med markedsvilkårene for virksomheder med BB-rating på det internationale marked.
The following reasons were provided:
Efter den endelige fremlæggelse af oplysninger gentog den kinesiske regering sine tidligere argumenter og hævdede, at det var uhensigtsmæssigt at anvende det relative spread, da benchmarket ikke foretog de nødvendige justeringer for at afspejle forholdene på det kinesiske finansmarked og ville føre til urimelige resultater.
The level of the relative spread fluctuates with the level of the base interest rate in the US: the lower the interest rate level is, the higher the resulting mark-up will be.
Kommissionen var uenig i dette synspunkt, da PBOC's referencerentesats anvendes som udgangspunkt for beregningen.
The level of the resulting benchmark fluctuates according to the level of the PBOC benchmark rate to which it is applied.
Desuden afspejler anvendelsen af det relative spread ændringer i de underliggende landespecifikke markedsforhold, som ikke er udtrykt, når man følger logikken i relation til et absolut spread som forklaret i betragtning 255.
The higher the PBOC benchmark rate, the higher the resulting benchmark will be.
Desuden bemærkede Kommissionen, at den deraf følgende rente på ca. 9 % for virksomheder med BB-rating ikke er urimelig i betragtning af, at udbyttet af virksomhedsobligationer med BB-rating på det kinesiske hjemmemarked var 20 % ved udgangen af undersøgelsesperioden.
According to historical data provided by the Giti Group, the absolute spread remains roughly stable over time, whereas the relative spread shows great variations.
Af disse grund har Kommissionen således fastholdt sin holdning om, at metoden med det relative spread i større grad afspejler den risikopræmie, som en finansiel institution ville anvende på de kinesiske eksporterende producenter på et ikkefordrejet marked, navnlig i betragtning af at basisrentesatsen i Kina og basisrentesatsen i USA har udviklet sig forskelligt over tid.
The fact that the Commission found a benefit for all loans in RMB but not for most loans in foreign currencies proves that the use of the relative spread is erroneous.
Hankook-gruppen hævdede også, at Kommissionen ikke havde fratrukket de renter, der var betalt efter undersøgelsesperioden, og som skulle betales for undersøgelsesperioden.
The first three issues were already presented in the HRF case.
Kommissionen gennemgik sine beregninger og konstaterede, at den havde gjort dette korrekt og afviste påstanden.
As can be seen from recitals (175) to (187) in the HRF case, the Commission rejected these arguments on the following grounds:
Desuden hævdede Hankook-gruppen, at deres udenlandske dokumenttratter ikke kunne betragtes som finansiering.
First, while the Commission recognised that commercial banks usually use a mark-up expressed in absolute terms, it observed that this practice seems mainly based on practical considerations, because the interest rate is ultimately an absolute number.
Selv hvis de skulle anses for at være finansieringsinstrumenter, anfægtede gruppen endvidere den referencerentesats, Kommissionen anvendte ved beregningen af fordelen, og som angiveligt ikke tog højde for bankernes rentesatsstruktur (baseret på den landespecifikke LIBOR-sats) i de tilsvarende valutaer.
The absolute number is however the translation of a risk assessment that is based on a relative evaluation.
For det første var Kommissionen ikke enig med Hankook-gruppen om, at udenlandske dokumenttratter ikke kunne betegnes som finansiering.
The risk of default of a BB-rated company is X % more likely than default of the government or a risk-free company.
Takket være disse finansielle instrumenter kunne Hankook-gruppen faktisk inddrive penge på forhånd og dermed reducere sin valutakursrisiko ved fakturering i andre valutaer end i RMB.
This is a relative evaluation.
Det er derfor en kortsigtet finansieringsordning til fordel for Hankook-gruppen.
Second, interest rates reflect not only company risk profiles, but also country- and currency specific risks.
For det andet kunne Kommissionen med hensyn til de anvendte referencerentesatser ikke finde tegn på lån med en BB-rating i CAD, AUD og JPY.
The relative spread thus captures changes in the underlying market conditions which are not expressed when following the logic of an absolute spread.
Da disse lande har et lignende økonomisk udviklingsniveau i forhold til USA, har Kommissionen derfor anvendt de gennemsnitlige USD LIBOR-satser plus den amerikanske risikopræmie for virksomheder med en BB-rating som en indikator for disse valutaer.
Often, as in the present case, the country- and currency-specific risk varies over time, and the variations are different for different countries.
ICE BofAML-indekset blev anvendt på udenlandske dokumenttratter i GBP, SEK og EUR.
As a result, the risk-free rates vary significantly over time, and are sometimes lower in the US, sometimes in China.
LIBOR-renten for lån i EUR, GBP og SEK var i realiteten ofte negativ og blev derfor anset for at være uhensigtsmæssig som udgangspunkt for etableringen af et benchmark.
These differences relate to factors such as observed and expected GDP growth, economic sentiment, and inflation levels.
ICE BofAML-indekset er på den anden side en kurv af højt forrentede obligationer, dvs. obligationer under »investment grade«, i EUR.
Because the risk-free rate varies over time, the same nominal absolute spread can signify a very different assessment of the risk.
Det svarer til den kreditvurdering, som Kommissionen anså for at være gældende for Hankook-gruppen.
For example, where the bank estimates the company-specific risk of default at 10 % higher than the risk-free rate (relative estimation), the resulting absolute spread can be between 0,1 % (at a risk-free rate of 1 %) and 1 % (at a risk-free rate of 10 %).
Kommissionen fastholdt således sin holdning til udenlandske dokumenttratter fra Hankook-gruppen.
From an investor perspective, the relative spread is hence a better measure as it reflects the magnitude of the yield spread and the way it is affected by the base interest-rate level.
Efter den endelige fremlæggelse af oplysninger hævdede Hankook-gruppen, at ICE BofAML Euro High Yield-indekset var irrelevant med henblik på fastsættelsen af en referencerentesats på basis af LIBOR plus et tillæg, og at Kommissionen burde have tilpasset risikopræmien, som den havde gjort for banklån.
Third, the relative spread is also country–neutral.
Som forklaret i betragtning 262 er ICE BofAML Euro High Yield-indekset en kurv af obligationer med en kreditvurdering svarende til en BB-kreditvurdering, som er den rating, der var gældende for Hankook-gruppen.
For instance, where the risk-free rate in the US is lower than the risk-free rate in China, the method will lead to higher absolute mark-ups.
Det svarer således til den rentesats, som en virksomhed med BB-rating forventes at betale for midler i EUR.
On the other hand, where the risk-free rate in China is lower than in the US the method will lead to lower absolute mark-ups.
For så vidt angår lån i CAD, AUD og JPY, gentog Hankook-gruppen de bemærkninger, der blev fremsat i forbindelse med oplysningsdokumentet.
This is also acknowledged by the Giti Group in table 3 of its submission, where the impact of different PBOC rates is simulated.
Den anførte, at det er Kommissionens opgave at fastsætte et benchmark så tæt på det virkelige marked som muligt.
In practice, when applying the data provided by the Giti Group to the historical PBOC rates, it shows that in some years the relative methodology indeed produces a lower benchmark than the absolute spread.
Kommissionen fandt, at dette allerede er tilfældet, da der ikke findes offentligt tilgængelige oplysninger for CAD, AUD og JPY for virksomheder med en BB-rating, som ville gøre det muligt at fastsætte et benchmark ud fra de respektive LIBOR-satser.
On the third point, the Commission interpreted the facts presented by the Giti Group in a different manner.
Hertil kommer, at British Bankers' Association (i dag kaldet Intercontinental Exchange Group eller ICE) i 2013 ophørte med at fastsætte LIBOR for en række valutaer, herunder CAD og AUD.
The Giti Group itself noted that the absolute spread is not as stable as alleged, but instead varies over time, from 1 % to 4,5 %.
Desuden ligner markedsvilkårene på disse markeder vilkårene på det amerikanske finansmarked.
In addition, the relative spread follows exactly the same trend as the absolute spread over the past 23 years, i.e. when the relative spread increases the absolute spread also increases and vice versa.
Kommissionen fastholdt derfor sin holdning om, at anvendelsen af ICE BofAML Euro High Yield Index var en passende metode.
As for the alleged volatility of the relative spread, the magnitude of the changes are similar — the difference between the highest and the lowest figures is 530 % for the relative spread and 450 % for the absolute spread.
I sine årsregnskaber præsenterede Giti-gruppen også sig selv som værende i en generelt rentabel finansiel situation.
Finally, on the fourth point, the Commission disagreed with the assessment of the Giti Group that the lack of benefit when applying the Commission's calculation methodology to loans in foreign currencies shows that the use of the relative spread is erroneous.
Forholdet mellem gæld og aktiver for gruppen er imidlertid også højt med en stigende tendens i undersøgelsesperioden.
Indeed, the domestic RMB loan market is essentially a closed market, in which the GOC, as shown above, can exert a certain influence.
De eksporterende producenter i Giti-gruppen befinder sig i en meget forskellig finansiel situation.
On the other hand, among others due to foreign currency restrictions in China, the hard currency loan market is less subject to the domestic policy choices of the GOC, and operates much more according to market conditions.
Tre af dem var rentable i den betragtede periode.
The fact that the benchmark used by the Commission yields no benefit in most cases is thus not so surprising.
Andre finansielle indikatorer, som f.eks. forholdet mellem gæld og aktiver eller rentedækningsraten, indikerede desuden ikke nogen betydelige strukturelle problemer med hensyn til disse virksomheders evne til at tilbagebetale deres gæld.
On the contrary, the Commission considers that this shows that the Chinese banks, when operating on the international market, grant loans which are in line with market based conditions for BB rated companies, which is not the case when they are providing loans on the domestic market.
De to andre producenter var imidlertid konstant tabsgivende i hele den betragtede periode.
It also proves that the methodology of the Commission yields results which are in line with market based conditions for BB rated companies on the international market.
De havde imidlertid ingen udestående lån fra ikke forretningsmæssigt forbundne banker og blev faktisk fuldt ud finansieret via en langsigtet udestående gæld fra modervirksomheden.
After final disclosure, the GOC reiterated its previous arguments and claimed that the use of the relative spread was inappropriate, as the benchmark did not make the necessary adjustments to reflect the prevailing conditions on the Chinese financial market, and would lead to unreasonable results.
Kommissionen bemærkede, at Giti-gruppen fik tildelt en A+-rating af et kinesisk kreditvurderingsbureau.
The Commission disagreed with this view, since the PBOC benchmark rate is used as a starting point for the calculation.
I lyset af de generelle fordrejninger gennem de kinesiske kreditvurderinger, der er omhandlet i betragtning 237-242, konkluderede Kommissionen, at denne kreditvurdering ikke var pålidelig.
Furthermore, the use of the relative spread captures changes in the underlying country-specific market conditions which are not expressed when following the logic of an absolute spread, as explained in recital (255) above.
Kommissionen fandt derfor, at det er hensigtsmæssigt at anvende BB-ratingen som fastsat i betragtning 251-253 for aktiviteter på koncernniveau til at beregne den samlede fordel, som blev tildelt dækproduktionen, som følge af manglen på en passende risikovurdering.
In addition, the Commission noted that the resulting interest rate of around 9 % for BB rated companies is not unreasonable in view of the fact that the yield of BB rated corporate bonds on the Chinese domestic market was 20 % at the end of the investigation period.
Efter fremlæggelsen af oplysningsdokumentet anfægtede Giti-gruppen BB-ratingen for virksomhederne i Giti-gruppen.
For these reasons, the Commission maintained its position that the relative spread method reflects more adequately the risk premium that a financial institution would apply to the Chinese exporting producers in a non-distorted market, in particular given that the base interest rate in the PRC and the base interest rate in the US have evolved differently over time.
Virksomheden hævdede, at Kommissionen havde anvendt en standard BB-rating for alle virksomheder i Kina i stedet for at undersøge den individuelle situation for virksomhederne i stikprøven.
The Hankook Group also alleged that the Commission had not deducted interest paid after the investigation period which was due for the investigation period.
I den forbindelse pegede virksomheden på den omstændighed, at koncernen ikke havde revolverende lån, og at overskuddet i de forskellige virksomheder i gruppen varierede betydeligt.
The Commission reviewed its calculations and found that it had correctly done so and rejected the claim.
Kommissionen var uenig i vurderingen af Giti-gruppen.
Furthermore, the Hankook Group argued that its outward documentary billings could not be qualified as financing.
Som anført i afsnit 3.4.4.3-3.4.4.6 har Kommissionen foretaget en individuel vurdering af hver gruppe af virksomheder i stikprøven og har undersøgt hver enkelt virksomheds individuelle situation i disse grupper.
Moreover, even if they were to be considered to be financing instruments, it contested the benchmark rate employed by the Commission when calculating the benefit, which allegedly disregarded the interest rate structure applied by the banks (based on the country-specific LIBOR rate) in the corresponding currencies.
I betragtning af de indbyrdes forbindelser mellem virksomhederne og navnlig det forhold, at de tabsgivende producenters gældsbyrde rent faktisk blev overført til og støttet af gruppens fortjenstorienterede enheder via koncerninterne transaktioner, besluttede Kommissionen imidlertid at tildele gruppen en samlet kreditvurdering.
First, the Commission disagreed with the Hankook Group that outward documentary billings cannot be qualified as financing.
Denne påstand blev derfor afvist.
Indeed, thanks to these financial instruments, the Hankook Group could collect money in advance and thus reduce its currency exchange risk when billing in other currencies than the RMB.
Giti-gruppen bemærkede også nogle mindre regnefejl, som blev godkendt af Kommissionen og korrigeret i overensstemmelse hermed.
Consequently, this is a short-term financing arrangement to the benefit of the Hankook Group.
De fire eksporterende producenter i China National Tire-gruppen har forskellige finansielle situationer.
Second, concerning the benchmark rates used, the Commission could not find any indices for ‘BB’ rated loans denominated in CAD, AUD and JPY.
To af dem havde en konstant fortjeneste i perioden 2014-2016 og havde ret sunde finansielle indikatorer.
Since these countries have a similar level of economic development as the USA, the Commission therefore used the USD average LIBOR rates plus the US risk premium for ‘BB’ rated companies as a proxy for these currencies.
En af disse to producenter begyndte dog at lide tab i første halvdel af 2017, og der blev konstateret et revolverende lån hos denne producent, hvilket tyder på, at virksomheden kan befinde sig i en mere sårbar finansiel situation end det, som årsregnskabet umiddelbart viser.
The ICE BofAML index was used for the outward documentary billings denominated in GBP, SEK and EUR.
For den tredje og fjerde producents vedkommende viste såvel årsregnskabet som det materiale, der blev fundet under kontrolbesøget dog, at disse virksomheder fortsat modtog lån til attraktive rentesatser til trods for flere på hinanden følgende år med tab, høj gæld i forhold til aktiverne, lav rentedækning, forværrede finansielle indikatorer, uudnyttet produktion, spørgsmål i relation til den fortsatte drift rejst af revisorerne og usikre fremtidsudsigter.
In fact, the LIBOR rates for loans denominated in EUR, GBP and SEK were often negative and were therefore considered to be inappropriate as a starting point for constructing a benchmark.
Desuden var de afhængige af revolverende lån, og en af dem var ikke i stand til at tilbagebetale noget af sin gæld.
The ICE BofAML index on the other hand is a basket of high-yield bonds, i.e. bonds below investment grade, denominated in EUR.
Virksomhederne ophørte faktisk med at modtage lån udefra i undersøgelsesperioden.
This corresponds to the credit rating which the Commission considered to be applicable to the Hankook Group.
De modtog dog fortsat finansiel støtte i form af lån, der blev optaget af modervirksomheden på deres vegne.
The Commission thus maintained its position on the outward documentary billings of the Hankook Group.
Vilkårene i forbindelse med disse låneaftaler henviste til den nødlidende dattervirksomhed som begrundelse for lånet.
After final disclosure, the Hankook Group claimed further that the ICE BofAML Euro High Yield Index was irrelevant for the purpose of establishing a benchmark interest rate on a LIBOR plus premium basis, and that the Commission should have adapted the risk premium as it did for bank loans.
De pågældende eksporterende producenter måtte desuden tilbagebetale disse lån fuldt ud til modervirksomheden i henhold til en koncernintern aftale.
As explained in recital (262) above, the ICE BofAML Euro High Yield Index is a basket of bonds with a credit rating corresponding to a BB credit rating, which is the rating applied to the Hankook Group.
Den mellemliggende modervirksomhed, CNRC, var rentabel i perioden 2015-2016 og i undersøgelsesperioden, selv om rentabiliteten var svag, og virksomheden var stærkt gearet.
It thus corresponds to the interest rate which a BB rated company would be expected to pay for funds denominated in EUR.
Kommissionen fastslog endvidere, at over halvdelen af de lån, som blev ydet af CNRC, var revolverende lån.
Concerning loans denominated in CAD, AUD & JPY, the Hankook Group reiterated the comments provided in the context of the Information Document.
Et lignende billede fremkommer af analysen af den endelige modervirksomhed, ChemChina-gruppen, hvor den lave rentabilitet optrådte sammen med høj gearing og en vis afhængighed af revolverende lån.
It stated that it is the Commission's burden to establish a benchmark as close to the reality of the market as possible.
Desuden fandt Kommissionen, at obligationerne blev anvendt til at tilbagebetale udestående lån for ChemChina-gruppen.
The Commission considered that this is already the case, since there are no publicly available data for CAD, AUD, JPY at the level of ‘BB’ rated companies which would allow constructing a benchmark based on the respective LIBOR ratings.
CNRC eller dens dattervirksomheder har ikke fået tildelt kreditvurderinger.
In addition, the British Bankers' Association (nowadays called the Intercontinental Exchange Group or ICE) discontinued LIBOR fixing for a number of currencies including CAD and AUD in 2013.