natgillin/translations-raw huggingface dataset:
Indeed, revolving loans are usually concluded for short durations.
Komisjon ei nõustunud selle hinnanguga, kuna pankadega sõlmitud laenulepingutes oli selgelt sätestatud, et laenu eesmärk oli rahastada raskustes tütarettevõtjaid.
It is highly unlikely that a revolving loan would be found with a maturity of more than two years, and the evidence of the loans verified in the sampled companies supported this conclusion.
Peale selle olid emaettevõtja ja tütarettevõtjad allkirjastanud üksikasjalikud lepingud, milles olid selged viited konkreetsetele laenulepingutele pankadega ning oli sätestatud, et tütarettevõtjad maksavad laenud tagasi oma vahenditega.
For the remaining loans with a maturity of 2 years and above and for companies that did not have revolving loans, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
The China National Tire kontsern väitis ka üldiselt, et kõnealusele kahele eksportivale tootjale antud laenud ei olnud toetused, kuna neid laene ei kustutatud või ei jäetud tasumata.
Finally, the Commission concluded that at the level of two of the companies involved in the production of tyres, the companies were in a poor financial situation in 2015-2016, and during the investigation period.
Komisjon selgitas, et ta ei olnud käsitanud valimisse kuuluvatele äriühingutele antud laene võrdsena toetuste kui sellistega.
They would not have had access to further loans during the investigation period absent State support.
Komisjon tunnistas, et äriühingutele antud laenudega kaasnesid maksekohustused.
Therefore, the received benefit for this company went beyond an ordinary mark-up of an interest rate.
Sellisest tehingust saadud kasu arvutamisel ei võrrelnud komisjon intressimäärasid, vaid võttis lähtepunktiks laenu tagasimaksmata summa suuruse.
Rather, the benefit during the investigation period derived from the award of loans which would not have been granted absent State support based on the company's overall financial situation.
Komisjon täpsustas veel, et ta ei võtnud kasu arvutamisel arvesse kogu laenusummat, nagu on selgitatud järgmises põhjenduses.
In this respect, the Commission noted that the China National Tire Group is a large State Owned Enterprise (‘SOE’) which is part of the Chemchina Group, and that the Chemchina Group was earmarked as a key enterprise in the 13th Five Year Petrochemical Plan.
Saadud kasu kindlaksmääramisel lähtuti laenu põhiosast, millest arvati maha uurimisperioodi jooksul makstud intress.
Therefore, in line with section E(b)(V) of the 1998 guidelines, the Commission decided to treat the outstanding amounts of these loans during the investigation period as a grant provided in pursuit of governmental policies.
Laenu põhiosa kohandamisel arvestati maha amortisatsioon lähtuvalt laenu eesmärgist.
Since these companies did not receive any new external loans anymore during the investigation period due to their poor financial situation, which already existed during the period 2015-2016, the Commission treated the loans outstanding during the investigation period, but which were provided during 2015 and the first half of 2016, as grants, duly adjusted as described in recital (280) below.
Kui tegemist oli likviidsus-/käibekapitalilaenuga, võeti arvesse kogu summa.
In addition, the Commission treated the intercompany loans taken out by the parent company on behalf of its subsidiary during the investigation period as grants, as they were clearly destined to and had to be paid by the subsidiary.
Kui laen oli selgelt seotud pikaajalise investeeringuga, arvutati põhisumma amortisatsioon kogu laenuperioodi suhtes ja arvesse võeti üksnes uurimisperioodiga seotud summa.
After final disclosure, the China National Tire Group argued that the intercompany loans taken out by the parent company on behalf of its subsidiary should not be treated as grants since the loan agreements were signed between the parent company and the banks.
Lõpuks kohandati saadud kasu summat veelgi, et võtta arvesse üksnes neid päevi uurimisperioodi jooksul, mis olid laenuga hõlmatud.
Therefore, these loans could not be treated as loans of the subsidiaries for the calculation of the benefit of the subsidy.
Lõpuks, pärast lõplike järelduste teatavakstegemist rõhutas China National Tire kontsern, et ChemChina Finance äriühingutevahelistest laenudest saadud kasu oli arvestatud topelt, kuna see võeti arvesse kontserni iga kasusaaja puhul, kuigi komisjon oli juba välja arvutatud subsiidiumist saadud kasu ChemChina Finance pankadevahelistelt laenudelt.
The Commission disagreed with this assessment since the loan agreements signed with the banks clearly stipulated that the purpose of the loans was to provide financing to the ailing subsidiaries.
Komisjon nõustus selle väitega ja kohandas laenudega seotud kasu arvutamist vastavalt sooduslaenudele.
In addition, specific agreements were signed between the parent company and the subsidiaries making clear references to the precise loan agreements with the banks and stipulating that the subsidiaries had to repay the loans with their own funds.
Xingyuani kontsern oli uurimisperioodil üldiselt raskes finantsolukorras, nagu näitasid kontserni raamatupidamisaruanded.
The China National Tire Group also claimed in general that loans provided to the two exporting producers did not correspond to grants, since these loans were not forgiven or defaulted on.
Kontrollkäigu ajal leidis komisjon valimisse kuuluvate laenude seast ka mitu vaba tagasimaksega laenu ning märkis, et äriühingul oli raskuseid intressi ja laenu põhisumma tagasimaksmisega.
In this respect, the Commission clarified that it had not considered the loans provided to the sampled companies to equate to grants as such.
Mitmed laenud maksti tagasi hiljem ning mõned laenud, mille tähtaeg saabus uurimisperioodi jooksul, ei olnud pärast mitut kuud tagasi makstud.
The Commission acknowledged that the loans provided to the companies had payment obligations attached to them.
Peale selle näitas PBOC ettevõtte krediidiraport äriühingu kohta, et äriühingul olid märkimisväärsed bilansivälised kohustised, sest ta oli andnud garantiisid laenudele, mida oli antud mitteseotud kolmandatele isikutele piirkonna rehvisektoris.
When calculating the benefit of such transaction, the Commission did not make a comparison of interest rates, but took instead the outstanding capital amount of the loan as a starting point.
Lisaks liigitati 31 % tema tagasimaksmata laenudest ettevõtte krediidiraportis probleemsesse kategooriasse.
The benefit conferred was determined based on the outstanding capital amount of the loan minus the interest paid during the investigation period.
Seotud eksportiv tootja oli asjaomasel ajavahemikul seevastu veidi kasumlik.
The capital amount of the loan was adjusted by depreciating it according to the underlying purpose of the loan.
Ehkki ta ei tegutsenud kahjumiga, olid kasumlikkuse tasemed üldiselt nõrgad, mistõttu võivad äriühingut mõjutada ebasoodsad äri-, finants- või majandustingimused.
If the purpose of the loan was labelled as liquidity/working capital, the full amount was taken.
Äriühingul oli kõrge võlakordaja, aga tal ei olnud ühtegi vaba tagasimaksega laenu.
If the loan was clearly linked to a long-term investment, the capital amount was depreciated over the duration of the loan, and only the amount allocated to the investigation period was taken into consideration.
Sellest hoolimata määras Hiina reitinguagentuur Xingyuani kontsernile uurimisperioodil AA-reitingu.
Finally, the amount of the benefit was further adjusted to reflect only the number of days in the investigation period in which the loan was running.
Seepärast, võttes arvesse põhjendustes 237–242 nimetatud Hiina krediidireitingute üldist moonutatust ning kontrolli käigus tuvastatud tõendeid, jättis komisjon Xingyuani kontsernile antud Hiina reitingu arvesse võtmata.
Finally, after final disclosure, the China National Tire Group highlighted that the benefit on the intercompany loans obtained from ChemChina Finance had been double counted, since they were taken into consideration at the level of the individual beneficiaries within the group, even though the Commission had already calculated the subsidy benefit of the inter-bank loans obtained by ChemChina Finance from the banks.
Komisjon tegi järelduse, et eksportiva tootja tasandil oli olukord selline, et see äriühing ei oleks saanud uurimisperioodil juurdepääsu lisalaenudele ilma riigi abita.
The Commission accepted this claim, and adapted the benefit calculation for preferential lending accordingly.
Seetõttu ületas nende äriühingute saadud kasu intressimäära tavapärast juurdehindlust.
The Xingyuan Group presented itself in a generally difficult financial situation according to its own financial accounts.
Seoses sellega märkis komisjon, et Xingyuani kontsern oli Shandongi provintsi rehvitööstuse teisenemise ja moderniseerimise rakenduskavas märgitud kui üks seitsmest peamisest piirkondlikust rehvitootjast.
The main company in the group, which is also the main exporting producer, was loss-making during the entire period 2014-2016.
Kättesaadavale teabele tuginedes tasakaalustas komisjon vaid uurimisperioodil antud laene.
At the end of 2016, the company had a negative equity, because its debt to assets ratio exceeded 100 % and its accumulated losses were higher than its paid-in capital.
Enne uurimisperioodi antud eksportiva tootja laenude puhul ja pidades silmas selle äriühingu tasandil vaba tagasimaksega laenude olemasolu, võttis komisjon taas kasutusele põhjenduses 275 kehtestatud võrdlusaluse kõikide laenude puhul, mille tähtaeg on kaks aastat või vähem.
During the verification visit, the Commission also found several revolving loans among the sampled loans, and noted that the company had difficulties to repay interest and capital on loans.
Ülejäänud võimalike laenude puhul, mille maksetähtaeg on pikem kui kaks aastat, tugines komisjon üldisele võrdlusalusele, mille kohaselt määratakse kõrgeim mitte-investeerimisjärgu võlakirjade investeeringuklass, nagu selgitatud põhjenduses 251.
Several loans had been repaid late, and some loans which expired during the investigation period had not been repaid after several months.
Muude Xingyuani kontserni äriühingute puhul tegi komisjon järelduse, et tuginedes olemasolevale teabele, võis komisjon kasutada üldist võrdlusalust, mis andis kõrgeima mitte-investeerimisjärgu võlakirjade investeeringuklassi, nagu selgitatud põhjenduses 251.
Furthermore, the PBOC's enterprise credit report of the company showed that the company had significant off-balance sheet liabilities, as it had provided guarantees for loans provided to unrelated third parties in the tire business in the region.
Krediidiliinid
In addition, 31 % of its outstanding loans were classified in the ‘concerned’ category in the enterprise credit report.
Uurimine näitas, et Hiina finantsasutused andsid ka krediidiliine seoses eraldi laenude andmisega igale valimisse kuuluvale äriühingule.
Finally, the Commission found that the company had difficulties paying its main raw material supplier, and that it had an important outstanding amount qualified as ‘loan’ with this supplier.
Need seisnesid raamlepingutes, mille alusel sai pank võimaldada valimisse kuuluvatel äriühingutel kasutada teatava maksimumsumma ulatuses vahendeid eri võlainstrumentide vormis (laenud, käskvekslid, kaubanduse rahastamine jne).
The related exporting trader on the other hand was slightly profitable during the period considered.
Tavapärastel turutingimustel kohaldataks nende krediidiliinide suhtes tavaliselt nii-öelda haldus- või menetlustasu, et hüvitada panga kulud ja riskid, samuti pikendustasusid, mida võetakse ettemaksena krediidiliinide kehtivuse uuendamise eest.
Although it was not loss-making, profitability levels were generally weak, which exposes the company to adverse changes in business, financial, or economic conditions.
Samas leidis komisjon, et kõik valimisse kuuluvad äriühingud said tasuta antud krediidiliinidest kasu.
The company had a high debt to asset ratio, but did not have any revolving loans.
Seepärast käsitatakse kooskõlas alusmääruse artikli 6 punkti d alapunktiga ii saaja kasuna järgmise kahe summa vahet: summa, mille äriühing maksab Hiina finantsasutuste võimaldatud krediidiliini eest, ning summa, mis tal tuleks maksta võrreldava kommertskrediidiliini eest, mida ta võiks turul reaalselt saada.
Despite these circumstances, the Xingyuan Group was awarded an AA domestic credit rating during the investigation period by a Chinese credit rating agency.
Ühele valimisse kaasatud eksportivale tootjale Hankooki kontsernis oli võimaldanud krediidiliini kaks panka, mille peakontor on asutatud muus finantsjurisdiktsioonis kui HRV, ning seda võimaldades kohaldati maailma finantsturgudel tavapäraseid haldus- ja menetlustasusid.
Therefore, in light of the overall distortions of Chinese credit ratings mentioned in recitals (237) to (242) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Xingyuan Group.
Kuna nende eelkõige rehvisektoris tegutsevatele äriühingutele antud krediidiliinide puhul ei kohaldatud pikendamistasusid, otsustas komisjon neid tasusid käesoleva juhtumi puhul mitte rakendada.
The Commission concluded that at the level of the exporting producer, the situation was such that that this company would not have had access to further loans during the investigation period absent State support.
Kõnealuseid krediidiliine käsitatakse seega võrdlusaluse jaoks mõistliku näitajana.
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Selle tulemusena kasutati nende krediidiliinide eest võetud tasude keskmist võrdlusalusena kooskõlas alusmääruse artikli 6 punkti d alapunktiga ii.
In this respect, the Commission noted that the Xingyuan Group was indicated as one of the seven key regional tyre producing enterprises in the Implementation Plan for Transforming and Upgrading the Tire Industry of Shandong Province.
Subsiidiumisumma (millest on lahutatud tegelikult makstud tasud) arvutamiseks kohaldati võrdlusalusena kasutatud tasusid proportsionaalselt iga asjaomase krediidiliiniga.
Based on the information available, the Commission only countervailed the loans granted during the investigation period.
Kui krediidiliini kestus oli üle ühe aasta, jagati subsiidiumi kogusumma krediidiliini perioodile ja vastav summa seostati läbivaatamisega seotud uurimisperioodiga.
For the loans of the exporting producer granted before the investigation period, and in view of the existence of revolving loans at the level of this company, the Commission reverted to the benchmark established in recital (275) above for all loans with a maturity of 2 years or less.
Pärast teabedokumendi avaldamist ja lõplike järelduste avalikustamise ajal väitis Hankooki kontsern, et ettemakseid ei nõutud, sest kui Hiina pangad tegi otsuse avada äriühingule krediidiliin, võtsid nad arvesse kogutulu, mis saadi muudelt toodetelt ja teenustelt.
For any remaining loans with a maturity of 2 years and above, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Komisjon nõustus, et iga klient, kes avab pangas krediidiliini, peaks ostma ka muid selle konkreetse panga tooteid ja teenuseid.
For the other companies in the Xingyuan Group, the Commission concluded that, based on the available information, the Commission could use the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Samas on tavapärane, et kliendid peavad maksma ettemaksu, nagu näitab kahe välisriigi panga poolt nõutud ettemaks Hankooki kontsernile krediidiliinide avamisel.
Credit lines
Pangad peavad tõepoolest eraldama vahendeid, et teha need krediidiliini kehtivuse jooksul igal ajal kohe kättesaadavaks.
The investigation showed that Chinese financial institutions also provided credit lines in connection with the provision of individual loans to each of the sampled companies.
Hankooki kontsern ei esitanud ühtegi tõendit ettemaksudest loobumise väidetavate põhjuste kohta.
These consisted of framework agreements, under which the bank would allow the sampled companies to withdraw up to a certain maximum amount of funds in the form of various debt instruments (loans, documentary bills, trade financing, etc.).
Lisaks võidakse laenuvõtjatelt nõuda mõnel juhul ka miinimumsumma hoiustamist pangas.
Under normal market circumstances, such credit lines would normally be subject to a so-called ‘arrangement’ or ‘commitment’ fee to compensate for the bank's costs and risks, as well as to renewal fees charged on an early basis for renewing the validity of the credit lines.
Seetõttu lükatakse Hankooki kontserni väide tagasi.
However, the Commission found that all of sampled companies benefited from credit lines provided free of charge.
Pärast teabedokumendi avaldamist kommenteeris Giti kontsern, et komisjon kasutas mitme krediidiliini puhul vale järelejäänud päevade arvu ega arvanud kasust maha mõnesid teenustasusid, mille äriühing oli tasunud.
In accordance with Article 6(d)(ii) of the basic Regulation the benefit thus conferred on the recipients is considered to be the difference between the amount that the company pays for the provision of credit lines by Chinese financial institutions and the amount that the company would pay for a comparable commercial credit line obtainable on the market.
Komisjon aktsepteeris osaliselt neid märkuseid ja muutis vastavalt kasu arvutamist.
One of the sampled exporting producers in the Hankook Group obtained credit lines from two banks whose headquarters are established in a financial jurisdiction other than the PRC and which were subject to commitment and arrangement fees as is the usual practice on world financial markets.
Järeldus sooduslaenude kohta
Since those credit lines granted specifically to companies operating in the tyre business were not subject to renewal fees, the Commission decided not to apply such fees in the case at hand.
Uurimine näitas, et kõik valimisse kaasatud eksportivate tootjate kontsernid said uurimisperioodil sooduslaene.
The credit lines in question were therefore considered to be a reasonable proxy for a benchmark.
Neid laene ja krediidiliine tules käsitada tasakaalustatava subsiidiumina, sest esinevad nii rahaline toetus, eksportivate tootjate kasu kui ka konkreetsus.
As a result, the average of the fees applied to these credit lines was used as a benchmark in accordance with Article 6(d)(ii) of the basic Regulation.
Valimisse kaasatud äriühingute kontsernide puhul on sooduslaenudega seoses määratud subsiidiumisumma uurimisperioodil järgmine.
The level of the fees used as a benchmark was applied prorata to the amount of each credit line in question to obtain the amount of subsidy (minus any fees actually paid).
Äriühing/kontsern
In cases where the duration of the credit line was more than one year, the total amount of subsidy was allocated over the duration of the credit line and an appropriate amount attributed to the investigation period.
Üldine subsiidiumisumma
Following the disclosure of the Information Document and at the final disclosure, the Hankook Group claimed that no upfront fees were charged because Chinese banks took into account the overall revenue generated on other products and services in the decision to open a credit line for a company.
Soodusrahastamine ja -kindlustus: võlakirjad
The Commission agreed that any customer opening a credit line at a bank is expected to buy other products and services of that particular bank.
Kaks valimisse kaasatud äriühingut said kasu võlakirjade kujul soodusrahastamisest.
However, it is a common practice that customers are required to pay an upfront fee, as was shown by the upfront fee charged by two overseas banks on their credit line openings to the Hankook Group.
Riigi omanduses olevad finantsasutused tegutsesid avalik-õiguslike asutustena.
Indeed, banks need to commit funds to make them readily available at any time during the credit line is opened.
Hiinas on võlakirjaturu osalised põhimõtteliselt samad üksused mis laenuturul tegutsevad üksused.
The Hankook group failed to provide any evidence on the alleged reasons for the waiver of the upfront fees.
Äriühingud, mis soovivad emiteerida võlakirju, peavad kasutama väärtpaberite emissiooni tagajana tegutseva finantsasutuse teenuseid.
In addition, in some cases, borrowers may also be required to keep a minimum amount on deposit at the bank.
Väärtpaberite emissiooni tagajad korraldavad võlakirjade emiteerimist ja pakuvad välja intressimäärad, millega võlakirju investoritele pakutakse.
Therefore, the claim of the Hankook Group is rejected.
Need väärtpaberite emissiooni tagajad on samad riigi omanduses olevad pangad, mis pakuvad ka sooduslaene, mida on käsitletud eespool punktis 3.4.
After the disclosure of the Information Document, the Giti Group commented that the Commission used a wrong number of outstanding days for a number of credit lines, and that it did not deduct some of the fees paid by the company from the calculated benefit.
Peale selle on võlakirju ostvad investorid samuti peamiselt Hiina (riigi omanduses olevad) pangad, sest rohkem kui 95 % võlakirjade kogu kauplemismahust esineb pankadevahelisel turul.
The Commission partially accepted these comments and revised the benefit calculation accordingly.
Nagu punktis 3.4.1 kirjeldatud, iseloomustab neid finantsasutusi kindel esindatus riigis ning Hiina valitsusel on võimalus omada nende üle sisulist mõju.
Conclusion on preferential lending
Üldine õigusraamistik, milles need finantsasutused tegutsevad ja mida juba kirjeldati punktis 3.4, kehtib ka võlakirjade puhul.
The investigation showed that all sampled groups of exporting producers benefited from preferential lending during the investigation period.
Lisaks kohaldatakse eelkõige võlakirjade suhtes järgmisi reguleerivaid dokumente:
In view of the existence of a financial contribution, a benefit to the exporting producers and specificity, these loans and credit lines should be considered as a countervailable subsidy.
Hiina Rahvavabariigi väärtpaberiseadus, muudetud ja vastu võetud Hiina Rahvavabariigi kümnenda rahvakongressi alalise komitee 18. istungil 27. oktoobril 2005 ja kehtiv alates 1. jaanuarist 2006 (kehtiv versioon avaldatud 31. augustil 2014) (edaspidi „väärtpaberiseadus“);
The subsidy amount established with regard to the preferential lending during the investigation period for the sampled groups of companies amounts to:
äriühingu võlakirjade emiteerimise ja nendega kauplemise haldusmeetmed, Hiina väärtpaberite reguleerimisasutuse korraldus nr 113, 15. jaanuar 2015;
Company/Group
mittefinantsettevõtete laenupõhise rahastamise instrumentide haldamise meetmed pankadevahelisel võlakirjaturul, välja andnud Hiina Rahvavabariigi Pank, Hiina Rahvavabariigi Panga korraldus [2008] nr 12, 9. aprill 2008;
Overall Subsidy amount
äriühingu võlakirjade haldamise määrused, välja andnud riiginõukogu 18. jaanuaril 2011.
Preferential financing and insurance: bonds
Kooskõlas reguleeriva raamistikuga ei saa Hiinas võlakirju vabalt emiteerida või nendega kaubelda.
Two of the sampled companies benefited from preferential financing in the form of bonds.
Iga võlakirja emiteerimise peavad heaks kiitma mitmesugused valitsusasutused, nagu PBOC, NDRC või CSRC olenevalt võlakirja ja emitendi liigist.
State-owned financial institutions acted as public bodies
Lisaks on äriühingu võlakirjade haldamist käsitlevate määruste kohaselt kehtestatud iga-aastased kvoodid äriühingu võlakirjade emiteerimiseks.
In China, the players on the bond market are essentially the same entities as those which are active on the loan market.
Peale selle peaks väärtpaberiseaduse artikli 16 kohaselt vastama võlakirjade avalik emissioon järgmistele nõuetele: „kogutud rahaliste vahendite investeerimine vastab riigi tööstuspoliitikale […]“ ja „[…] kogutud rahalisi vahendeid kasutatakse kontrollitud eesmärgil“.