natgillin/translations-raw huggingface dataset:
Inden for rammerne af den nuværende undersøgelse bestod Jinhua Vision-gruppen af to eksporterende producenter, hvoraf én indstillede sine aktiviteter i UP og én virksomhed, der leverede inputmaterialer til de eksporterende producenter.
The other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding these company's debt repayment abilities.
Gruppens hovedsæde er beliggende i Jinhua, Kina.
The Giant Group had loans nominated in RMB, USD, EUR and JPY granted by Chinese financial institutions.
De to eksporterende producenter i Jinhua Vision-gruppen fremlagde forskellige fortjeneste-situationer.
It also secured necessary funds from three banks through bank acceptances.
Begge Jinhua Vision-gruppens eksporterende producenter havde lån i RMB, der var ydet af kinesiske finansielle institutioner.
The credit ratings the exporting producer of the Giant Group presented to the Commission were not from any recognised credit rating agencies but had been obtained only from Chinese state-owned financial institutions.
Kommissionen bemærkede, at Jinhua Vision Co., Ltd. har fået tildelt kreditvurderingen A af begge de finansielle institutioner, der yder lån til dem (hvoraf en er statsejet).
These ratings varied between AA+ and BBB+ during the investigation period.
Derudover har Yongkang Hulong Electric Vehicle Co., Ltd. fået tildelt kreditvurderingen BBB+ af en af de statsejede finansielle institutioner, som yder lån til Jinua Vision Co., Ltd., og kreditvurderingen A af en anden finansiel institution.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above and in absence of ratings from any credit rating agencies, the Commission concluded that these ratings were not reliable.
I lyset af de kinesiske kreditvurderingers generelle fordrejninger, som omhandlet i betragtning 238-243, samt den specifikke rentabilitet, der er omhandlet i betragtning 257, konkluderede Kommissionen, at disse kreditvurderinger ikke var pålidelige.
As mentioned in section 3.5.1 above, the Chinese lending financial institutions did not provide any creditworthiness assessment.
Kommissionen vurderede derfor, at gruppens overordnede finansielle situation begrundede anvendelsen af det almindelige benchmark, hvorved der tildeles den højeste vurdering, der kan opnås for obligationer i den kategori, der ligger under dét, der betegnes som »investment grade«, som forklaret i betragtning 248-252.
Hence, in order to establish the benefit, the Commission had to assess whether the interest rates for the loans accorded to the Giant Group were at market level.
Efter fremlæggelsen af oplysninger anfægtede Jinhua Vision-gruppen samt CCCME (sidstnævnte på et generelt plan) anvendelsen af BB-ratingen som benchmark for virksomhedens finansielle situation.
In absence of reliable and coherent credit ratings for the Giant group, and the specific profitability situation discussed in recital (246), 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’.
Virksomheden hævdede, at det er urimeligt at anvende BB-ratede virksomhedsobligationer til at fastsætte et egnet benchmark uden behørig hensyntagen til virksomhedens finansielle situation.
‘Investment grade’ means that bonds issued by the company are judged by the credit rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
Dette argument blev derfor afvist af de samme grunde som dem, der blev anført i betragtning 254-255.
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.
Inden for rammerne af den nuværende undersøgelse bestod Yadea-gruppen i Kina af to producenter (Yadea Group Co., Ltd. og Tianjin Yadea Co., Ltd.), én eksporterende forhandler (Wuxi Yadea Export-Import Co., Ltd.) og to virksomheder, der leverede inputmaterialer til en af producenterne (Jiangsu Yadea Technology Development Co., Ltd og Wuxi Xingwei Vehicle Fittings Co., Ltd.).
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.
Gruppens hovedsæde er beliggende i Wuxi, Kina.
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.
Yadea-gruppens to producenter præsenterede sig i deres årsregnskaber som værende i en generelt rentabel finansiel situation.
This was done individually for each loan provided to the company.
Selv om Yadea-gruppen blev anmodet herom, fremlagde den ingen oplysninger om dens kreditvurdering.
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.
Selv om ingen af de virksomheder i Yadea-gruppen, der fremstillede den pågældende vare, havde lån i løbet af undersøgelsesperioden, sikrede gruppen de nødvendige midler fra fire private og statsejede banker via bankveksler.
Therefore, as found before, BB rated corporate bonds in relevant denominations issued during the investigation period were used to determine an appropriate benchmark.
I lyset af de kinesiske kreditvurderingers generelle fordrejninger, som omhandlet i betragtning 238-243, samt den specifikke rentabilitet, der er omhandlet i betragtning 263, vurderede Kommissionen, at gruppens overordnede finansielle situation begrundede anvendelsen af det almindelige benchmark, hvorved der tildeles den højeste vurdering, der kan opnås for obligationer i den kategori, der ligger under dét, der betegnes som »investment grade«, som forklaret i betragtning 248-252.
After disclosure, Giant Group contested the application of BB rating as the benchmark for the overall financial situation of the group.
Inden for rammerne af den nuværende undersøgelse bestod Rununion-gruppen af én eksporterende producent, Suzhou Rununion Motivity Co., Ltd., og én virksomhed, der udlejede jord til den eksporterende producent, Suzhou Kaihua Electric Appliance Plastic Factory.
It claimed that the Commission did not indicate prior to disclosure that there would be a requirement that only credit ratings issued by independent, specialised credit rating agencies such as Standard & Poor's, Moody's or Fitch would constitute acceptable evidence and never requested that such evidence should be provided.
Alle gruppens virksomheder er beliggende i Kina.
Giant also claimed that the chosen benchmark should reflect the market conditions prevailing in China and argued that a more suitable benchmark should be based on Taiwan or Hong Kong.
I undersøgelsesperioden sikrede den eksporterende producent de nødvendige midler fra to statsejede banker gennem bankveksler.
It also claimed that the Commission failed to sufficiently explain why Giant does not qualify for an investment grade credit rating despite its positive financial indicators and noted that as a global group with its mother company listed on the Taiwan stock exchange, the information on the group's creditworthiness is publicly available.
Disse bankveksler udgjorde over 25 % af dens årlige samlede balance.
As explained in the recitals (238) to (244) the investigation established that the Chinese credit ratings do not provide a reliable estimation of the credit risk of the underlying asset.
Den forretningsmæssigt forbundne virksomhed, der udlejede jorden, Suzhou Kaihua Electric Appliance Plastic Factory, sikrede de nødvendige midler gennem et lån fra en forretningsmæssigt forbundet virksomhed.
Neither could the company provide any coherent and reliable credit ratings during the investigation.
Kommissionen bemærkede, at Suzhou Rununion Motivity Co., Ltd havde fået tildelt en kreditvurdering på BBB+ af én kinesisk statsejet finansiel institution, mens Suzhou Kaihua Electric Appliance Plastic Factory ikke fremlagde nogen kreditvurdering.
Therefore, the Commission considered that it was appropriate to use the BB benchmark as explained in the recitals (245) to (252) above.
I lyset af de kinesiske kreditvurderingers generelle fordrejninger, som omhandlet i betragtning 238-243, samt den specifikke rentabilitet, der er omhandlet i betragtning 268-270, konkluderede Kommissionen, at denne kreditvurdering ikke var pålidelig.
Therefore this claim was rejected.
Kommissionen vurderede derfor, at gruppens overordnede finansielle situation begrundede anvendelsen af det almindelige benchmark, hvorved der tildeles den højeste vurdering, der kan opnås for obligationer i den kategori, der ligger under dét, der betegnes som »investment grade«, som forklaret i betragtning 236-240.
In this regard, it is also recalled that the questionnaire sent to the exporting producers indeed included the requirement to provide their credit ratings and the companies were requested to provide complete information within the set deadline, which was also clearly indicated in the questionnaire.
Efter fremlæggelsen af oplysninger anfægtede Rununion-gruppen anvendelsen af BB-ratingen som benchmark for virksomhedens samlede finansielle situation.
However, no other information of the company's creditworthiness than the one already analysed by the Commission was provided.
Virksomheden hævdede, at det er urimeligt at anvende BB-ratede virksomhedsobligationer til at fastsætte et egnet benchmark uden behørig hensyntagen til virksomhedens finansielle situation.
The claim that the Comission never requested this information to be provided was therefore also rejected.
Selv om begge virksomheder fremstod finansielt levedygtige i den betragtede periode, var Xinbao tabsgivende i 2017.
This is not correct.
I undersøgelsesperioden sikrede den eksporterende producent de nødvendige midler fra en privat kinesisk finansiel institution gennem en finansiel leasing samt fra to statsejede banker via lån og bankveksler.
As explained in detail in recital (251) above the relative spread, not the interest rate as such, was calculated between the indices of US AA rated corporate bonds and US BB rated corporate bonds based on Bloomberg data for industrial segments.
Der blev stillet garanti for de lån, som Bodo optog hos en statsejet kinesisk bank, af en virksomhed, der havde en lavere kreditvurdering end Bodo, og den anvendte sikkerhedsstillelse tilhørte en anden forretningsmæssigt forbundet virksomhed, hvilket sår tvivl om denne garantis robusthed.
Also, as further explained in recital (293) below, this relative spread is country neutral.
Bodo havde fået tildelt en kreditvurdering på AA af en kinesisk statsejet finansiel institution, hvorimod Xinbaos kreditvurdering var faldet fra A til BBB+ i løbet af undersøgelsesperioden.
For the purpose of the current investigation, the Jinhua Vision Group consisted of two exporting producers, one of which ceased its activities during the IP and one company providing inputs to the exporting producers.
I lyset af de kinesiske kreditvurderingers generelle fordrejninger, som omhandlet i betragtning 238-243, samt den specifikke rentabilitet, der er omhandlet i betragtning 276-278, konkluderede Kommissionen, at denne kreditvurdering ikke var pålidelig.
The headquarters of the Group are located in Jinhua, China.
I lyset af de kinesiske kreditvurderingers generelle fordrejninger, som omhandlet i betragtning 238-243, samt den specifikke rentabilitet, der er omhandlet i betragtning 276-278, vurderede Kommissionen, at gruppens overordnede finansielle situation begrundede anvendelsen af det almindelige benchmark, hvorved der tildeles den højeste vurdering, der kan opnås for obligationer i den kategori, der ligger under dét, der betegnes som »investment grade«, som forklaret i betragtning 217-221.
The two exporting producers in the Jinhua Vision Group reported different profit situations.
Efter fremlæggelsen af oplysninger anfægtede Bodo-gruppen anvendelsen af BB-ratingen som benchmark for virksomhedens samlede finansielle situation.
Jinhua Vision Co., Ltd. was generally profitable during the IP, while Yongkang Hulong Electric Vehicle Co., Ltd. presented losses in 2017 and ended its operation in 2018.
Lån
Furthermore, other financial indicators, such as the debt to assets ratio did not indicate any significant structural problems regarding these companies' debt repayment abilities.
Som nævnt i betragtning 234 er fordelen for modtagerne forskellen mellem det rentebeløb, som virksomheden betaler for statslånet, og det beløb, som virksomheden ville skulle betale for et tilsvarende lån til markedsvilkår, som den kunne opnå på markedet, jf. grundforordningens artikel 6, litra b).
Both exporting producers of the Jinhua Vision Group had loans nominated in RMB granted by Chinese financial institutions.
For lån og finansiel leasing i RMB blev det eksterne benchmark for et tilsvarende kommercielt lån fastsat ved anvendelse af de gældende rentesatser, som fastsat af People's Bank of China, justeret med den relevante forhøjelse (for at afspejle kreditvurderingen BB).
The Commission noted that Jinhua Vision Co., Ltd. has been awarded credit ratings of A by both financial institutions providing loans to them (of which one is State-owned).
Denne forhøjelse blev fastsat ved brug af et gennemsnitligt relativt spread mellem obligationer, der er udstedt af virksomheder i USA med kreditvurderingen »A« og »BB«, på grundlag af data fra Bloomberg for industrielle segmenter.
In addition, Yongkang Hulong Electric Vehicle Co., Ltd. has been awarded credit ratings of BBB+ from one of the State-owned financial institutions granting loans to Jinua Vision Co., Ltd. and a credit rating of A from another financial institution.
Der blev anvendt et specifikt spread for hver enkel periode (3 måneder, 6 måneder, 1 år osv.) som blev føjet til referencerentesatserne.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above and the specific profitability discussed in recital (257) above, the Commission concluded that these ratings were not reliable.
Dette blev gjort individuelt for hvert enkelt lån, der blev ydet til den pågældende eksporterende producent.
Consequently, the Commission considered that the overall financial situation of the group justified the application of the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recitals (248) to (252).
Efter fremlæggelsen af oplysninger hævdede to interesserede parter, at den kinesiske finansielle institution, som ydede finansiel leasing til en virksomhed i stikprøven, er privatejet og ikke kan betragtes som et offentligt organ, jf. grundforordningens artikel 2, litra b).
After disclosure, Jinhua Vision Group and also the CCCME, (the latter on a general level) contested the application of BB rating as the benchmark for the financial situation of the company.
Den hævdede også, at finansiel leasing ikke er et lån, eftersom det ikke indebærer processen omkring udlån og tilbagebetaling med renter, da det kun består i selve leasinghandlingen.
It claimed that it is unreasonable to use BB rated corporate bonds to determine an appropriate benchmark without proper consideration of the financial situation of the company.
Den hævdede også, at fremlæggelsen af oplysninger vedrørende den opnåede månedlige ydelse og beregningen af fordel var utilstrækkelig.
The exporting producer concerned did not provide further evidence which would support a different credit rating.
Der henvises i denne forbindelse til betragtning 218-229 hvori det blev konkluderet, at alle finansielle institutioner (herunder private finansielle institutioner), der er aktive i Kina og underlagt tilsyn af CRBC, af staten er blevet overdraget eller pålagt, jf. grundforordningens artikel 3, stk. 1, litra a), nr. iv), første led, at forfølge regeringens politik og yde lån på favorable vilkår til industrien for elektriske cykler.
Therefore, this argument was rejected for the same reasons as the ones contained in recitals (254) and (255) above.
For så vidt angår kvalifikationen af en sådan type finansiel transaktion, skal det bemærkes, at den pågældende virksomhed i stikprøven selv bogførte en del af omkostningerne fra transaktionen som en renteomkostning, og at en sådan finansiel transaktion også er anerkendt af PBOC's kreditoplysningscenter (»CRCP«) som et lån.
For the purpose of the current investigation, the Yadea Group in China consisted of two producers (ie Yadea Group Co., Ltd. and Tianjin Yadea Co., Ltd.), one exporting trader (ie Wuxi Yadea Export-Import Co., Ltd.) and two companies providing inputs to one of the producers (i.e. Jiangsu Yadea Technology Development Co., Ltd and Wuxi Xingwei Vehicle Fittings Co., Ltd.).
For så vidt angår fremlæggelsen af oplysninger, fandt Kommissionen, at den afgav detaljerede forklaringer vedrørende den metode, der blev anvendt til at beregne den opnåede månedlige ydelse og også fremlagde alle de formler, der blev anvendt ved beregningen af den modtagne fordel.
The headquarters of the Group are located in Wuxi, China.
For lån i USD blev det eksterne benchmark for et tilsvarende kommercielt lån fastsat ved anvendelse af den gældende månedsspecifikke USD Libor-rentesats for 3 måneder eller 6 måneder, justeret med den relevante forhøjelse (for at afspejle kreditvurderingen BB).
The two producers of the Yadea Group presented themselves in a generally profitable financial situation according to their own financial accounts.
For lån i EUR blev det eksterne benchmark for et tilsvarende kommercielt lån fastsat ved anvendelse af den gennemsnitlige sats i løbet af undersøgelsesperioden for ICE BofAML Euro High Yield-indekset.
However, when looking at the operating profit, Yadea Group Co., Ltd. presented a negative profitability in 2017.
Indekset består af værdipapirer, som er i en kategori, der ligger under dét, der betegnes som »investment grade« (baseret på et gennemsnit af Moody's, S&P og Fitch).
Its overall profit was only driven by long-term equity investment income in 2017.
For lån i JPY blev der ikke fundet oplysninger om obligationer, der blev udstedt af virksomheder med kreditvurderingen »BB« på det japanske marked for industrielle segmenter.
Although requested to do so, Yadea Group did not provide any information on its credit rating.
Eftersom Japan har et økonomisk udviklingsniveau svarende til USA, vurderede Kommissionen derfor, at de gennemsnitlige LIBOR-rentesatser i USD var den mest hensigtsmæssige substitut for lån i JPY.
While none of the companies of the Yadea Group producing the product concerned had loans during the investigation period, the group secured necessary funds from four private and State-owned banks through bank acceptances.
Efter fremlæggelsen af oplysninger gjorde CCCME og tre ud af de fem virksomheder, der indgik i stikprøven, indsigelse mod Kommissionens metode, hvorved der anvendes et relativt spread mellem US-virksomhedsobligationer med AA-rating og US-virksomhedsobligationer med en BB-rating til beregning af fordelen ved præferencelån.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above, and the specific profitability discussed in recital (263) the Commission considered that the overall financial situation of the group justified the application of the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recitals (248) to (252).
Alle disse hævdede, at Kommissionen burde have anvendt et absolut spread i stedet for et relativt spread mellem US-virksomhedsobligationerne med AA-rating og US-virksomhedsobligationerne med BB-rating.
For the purpose of the current investigation, the Rununion Group consisted of one exporting producer; i.e. Suzhou Rununion Motivity Co., Ltd. and one company leasing the land to the exporting producer; i.e. Suzhou Kaihua Electric Appliance Plastic Factory.
Der blev givet følgende som de vigtigste begrundelser:
All group companies are located in China.
Niveauet for det relative spread varierer med basisrentesatsen i USA: jo lavere renteniveauet er, desto højere vil det deraf følgende tillæg være.
While the exporting producer appeared financially healthy as it was profitable in 2016 and 2017, the situation of its related company was different i.e. loss-making in 2016.
Disse fremlagte argumenter var allerede blevet forelagt i sagen om varmvalsede flade produkter og også i sagen om dæk.
The accumulated losses of that company were over 20 times superior to its paid-up capital.
Som det fremgår af betragtning 175-187 i sagen om varmvalsede flade produkter, afviste Kommissionen disse argumenter af følgende årsager:
During the investigation period, the exporting producer secured necessary funds from two State-owned banks through bank acceptances.
Selv om Kommissionen anerkendte, at forretningsbanker normalt anvender et tillæg udtrykt i absolutte tal, bemærkede den for det første, at denne praksis hovedsageligt synes at være baseret på praktiske overvejelser, da renten i sidste ende er et absolut tal.
Such bank acceptances accounted for over 25 % of its balance sheet total.
Det absolutte tal er dog udtryk for en risikovurdering, der bygger på en relativ vurdering.
The related company leasing the land Suzhou Kaihua Electric Appliance Plastic Factory, secured its necessary funds through a loan from a related company.
Risikoen for misligholdelse for en virksomhed med BB-rating er X % mere sandsynlig end en regerings eller en risikofri virksomheds misligholdelse.
Furthermore, other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding these companies' debt repayment abilities.
Dette er en relativ vurdering.
The Commission noted that Suzhou Rununion Motivity Co., Ltd had been awarded a credit rating of BBB+ by one Chinese State-owned financial institution, whereas Suzhou Kaihua Electric Appliance Plastic Factory did not provide any credit rating.
For det andet afspejler rentesatserne ikke blot virksomhedens risikoprofiler, men også lande- og valutaspecifikke risici.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above, and the specific profitability discussed in recitals (268) to (270), the Commission concluded that this rating was not reliable.
Det relative spread afspejler således ændringer i de underliggende markedsvilkår, som ikke udtrykkes, når man følger logikken i forbindelse med et absolut spread.
Consequently, the Commission considered that the overall financial situation of the group justified the application of the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recitals (236) to (240).
Ofte – som i det foreliggende tilfælde – varierer de lande- og valutaspecifikke risici over tid, og udsvingene er forskellige for de forskellige lande.
After disclosure, Rununion Group contested the application of BB rating as the benchmark for the financial situation of the company.
Som følge heraf varierer de risikofrie renter betydeligt over tid og er undertiden lavere i USA, undertiden i Kina.
It claimed that it is unreasonable to use the BB rated corporate bonds to determine an appropriate benchmark without proper consideration of the financial situation of the company.
Da den risikofrie rentesats varierer over tid, kan det samme nominelle absolutte spread betyde en meget anderledes vurdering af risikoen.
(‘Bodo’) and one company (Tianjin Xinbao Vehicle Industry Co., Ltd or ‘Xinbao’) which served as a guarantor for a number of loans.
For eksempel hvis banken vurderer den virksomhedsspecifikke risiko for misligholdelse til at være 10 % højere end den risikofrie sats (relativt skøn), kan det deraf følgende absolutte spread være på mellem 0,1 % (ved en risikofri sats på 1 %) og 1 % (ved en risikofri sats på 10 %).
While both companies appeared financially viable during the period considered, Xinbao was loss-making in 2017.