natgillin/translations-raw huggingface dataset:
The Commission reviewed its calculations and found that it had correctly done so and rejected the claim.
Komisija je preispitala svoje izračune, utvrdila da su ispravni te odbacila tvrdnju.
Furthermore, the Hankook Group argued that its outward documentary billings could not be qualified as financing.
Nadalje, Grupa Hankook tvrdila je da se vanjske dokumentarne mjenice ne mogu smatrati financiranjem.
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.
Osim toga, čak i da se smatraju financijskim instrumentima, Grupa je osporavala referentnu stopu koju je Komisija primijenila u izračunu koristi u kojem su navodno zanemarene kamatne stope koje primjenjuju banke (na temelju stope LIBOR povezane sa zemljom) u odgovarajućim valutama.
First, the Commission disagreed with the Hankook Group that outward documentary billings cannot be qualified as financing.
Prvo, Komisija se nije složila s Grupom Hankook da se vanjske dokumentarne mjenice ne mogu smatrati financiranjem.
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.
Upravo zbog tih financijskih instrumenata Grupa Hankook uspjela je unaprijed prikupiti novčana sredstva i tako smanjiti svoj valutni rizik pri izdavanju mjenica u valutama koje nisu CNY.
Consequently, this is a short-term financing arrangement to the benefit of the Hankook Group.
Stoga je riječ o kratkoročnom aranžmanu financiranja u korist Grupe Hankook.
Second, concerning the benchmark rates used, the Commission could not find any indices for ‘BB’ rated loans denominated in CAD, AUD and JPY.
Drugo, kad je riječ o upotrijebljenim referentnim stopama, Komisija nije uspjela pronaći indekse za zajmove u valutama CAD, AUD i JPY s rejtingom BB.
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.
Budući da je gospodarski razvoj tih zemalja sličan gospodarskom razvoju SAD-a, Komisija je upotrijebila prosječne stope LIBOR u SAD-u uvećane za premiju rizika za društva s rejtingom BB u SAD-u kao zamjenu za te valute.
The ICE BofAML index was used for the outward documentary billings denominated in GBP, SEK and EUR.
Indeks ICE BofAML upotrijebljen je za vanjske dokumentarne mjenice u valutama GBP, SEK, i EUR.
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.
Stope LIBOR za zajmove u valutama EUR, GBP i SEK često su negativne i stoga se smatralo da ih nije prikladno upotrijebiti kao početnu točno za utvrđivanje referentne vrijednosti.
The ICE BofAML index on the other hand is a basket of high-yield bonds, i.e. bonds below investment grade, denominated in EUR.
Nasuprot tomu, indeks ICE BofAML jest skup obveznica s visokom prinosom u valuti EUR, odnosno obveznica kategorije niže od „investicijskog rejtinga”.
This corresponds to the credit rating which the Commission considered to be applicable to the Hankook Group.
To odgovara kreditnom rejtingu koji je Komisija smatrala primjenjivim na Grupu Hankook.
The Commission thus maintained its position on the outward documentary billings of the Hankook Group.
Komisija je stoga zadržala svoje stajalište o vanjskim dokumentarnim mjenicama Grupe Hankook.
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.
Nakon konačne objave Grupa Hankook tvrdila je i da je indeks ICE BofAML Euro High Yield nevažan za utvrđivanje referentne kamatne stope na temelju LIBOR-a uvećanog za premiju i da je Komisija trebala prilagoditi premiju rizika kao što je učinila za bankovne zajmove.
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.
Kako je objašnjeno u prethodnoj uvodnoj izjavi 262., indeks ICE BofAML Euro High Yield skup je obveznica s kreditnim rejtingom BB, a taj se rejting primjenjuje na Grupu Hankook.
It thus corresponds to the interest rate which a BB rated company would be expected to pay for funds denominated in EUR.
Stoga odgovara kamatnoj stopi koju bi trgovačko društvo s rejtingom BB platilo za sredstva u valuti EUR.
Concerning loans denominated in CAD, AUD & JPY, the Hankook Group reiterated the comments provided in the context of the Information Document.
Kada je riječ o zajmovima u valutama CAD, AUD i JPY, Grupa Hankook ponovila je primjedbe navedene u kontekstu dokumenta s informacijama.
It stated that it is the Commission's burden to establish a benchmark as close to the reality of the market as possible.
Izjavila je da bi Komisija trebala utvrditi referentnu vrijednost koja je što bliža tržišnoj realnosti.
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.
Komisija je smatrala da je to već učinila jer ne postoje javno dostupni podaci za valute CAD, AUD, JPY na razini društava s rejtingom BB, što bi omogućilo utvrđivanje referentne vrijednosti na temelju odgovarajućih kamatnih stopa LIBOR-a.
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.
Osim toga, Britansko udruženje banaka (danas poznato pod nazivom Intercontinental Exchange Group Exchange ili ICE) obustavilo je 2013. utvrđivanje LIBOR-a za niz valuta, uključujući CAD i AUD.
Furthermore, the market conditions on those markets are similar to the conditions on the US financial market.
Nadalje, tržišni uvjeti na tim tržištima slični su uvjetima na financijskom tržištu SAD-a.
Therefore, the Commission maintained its position that using the ICE BofAML Euro High Yield Index was an appropriate method.
Stoga je Komisija zadržala svoje stajalište da je upotreba indeksa ICE BofAML Euro High Yield bila prikladna metoda.
The Giti Group also presented itself in a generally profitable financial situation according to its own financial accounts.
Na temelju vlastitih financijskih izvještaja Grupa Giti općenito je ostvarivala dobit.
However, the group also has a high debt to assets ratio, with an increasing trend during the investigation period.
No grupa ima i visok omjer duga u odnosu na imovinu, koji se povećavao tijekom razdoblja ispitnog postupka.
The exporting producers of the Giti Group have a very diverse financial situation.
Financijsko stanje proizvođača izvoznika Grupe Giti vrlo je različito.
Three of them were profitable during the period considered.
Troje je ostvarilo dobit u razmatranom razdoblju.
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.
Nadalje, ostali financijski pokazatelji, na primjer omjer duga u odnosu na imovinu ili omjer pokrivenosti kamata, nisu upućivali na znatne strukturne probleme povezane sa sposobnošću tih društava da otplate dug.
However, the two other producers were continuously loss-making during the entire period considered.
No druga dva proizvođača neprekidno su bilježila gubitke tijekom cijelog razmatranog razdoblja.
However, they had no loans outstanding from unrelated banks and are in fact fully financed by a long outstanding debt from the parent company.
Međutim, nisu imali nepodmirenih zajmova nepovezanih banaka i zapravo su u potpunosti financirani iz starog nepodmirenog zajma matičnog društva.
The Commission noted that the Giti Group was awarded an A+ rating by a Chinese credit rating agency.
Komisija je primijetila da je kineska agencija za kreditni rejting Grupi Giti dodijelila rejting A+.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (237) to (242) above, the Commission concluded that this rating is not reliable.
Uzevši u obzir činjenicu da je kineski kreditni rejting općenito iskrivljen, kako je prethodno navedeno u uvodnim izjavama od 237. do 242., Komisija je zaključila da taj rejting nije pouzdan.
The Commission therefore considered that it is appropriate to use the BB benchmark as set out in recitals (251) to (253) above at the level of the group activities to calculate the overall benefit conferred upon tyres derived from the absence of a proper risk assessment.
Komisija je stoga smatrala da je na razini aktivnosti grupe za izračun opće koristi za gume zbog nedostatka odgovarajuće procjene rizika primjereno upotrijebiti referentnu vrijednost BB, kako je navedeno u uvodnim izjavama od 251. do 253.
Following the disclosure of the Information Document, the Giti Group contested the BB credit rating applied to the companies of the Giti Group.
Nakon objave dokumenta s informacijama Grupa Giti osporavala je kreditni rejting BB primijenjen na društva Grupe Giti.
The company alleged that the Commission had used a BB rating across the board for all companies in China, instead of examining the individual situation of the sampled companies.
Društvo je tvrdilo da je Komisija upotrijebila rejting BB za sva društva u Kini umjesto da zasebno preispita stanje svakog društva u uzorku.
In this respect, the company pointed towards the fact that the group did not have any revolving loans, and that the profits of the various companies within the group varied widely.
U tom je pogledu društvo uputilo na činjenicu da grupa nije imala nikakvih revolving zajmova i da je postojala velika razlika među dobiti različitih društava unutar grupe.
The Commission disagreed with the assessment of the Giti Goup.
Komisija se ne slaže s procjenom Grupe Giti.
As shown in sections 3.4.4.3 to 3.4.4.6 the Commission has made an individual assessment of each group of sampled companies, and has examined the individual situation of each of the companies within these groups.
Kako je prikazano u odjeljcima od 3.4.4.3. do 3.4.4.6., Komisija je provela posebnu procjenu za svaku grupu društava u uzorku i zasebno je preispitala stanje svakog društva unutar tih grupa.
In the specific case of the Giti Group, there were indeed no revolving loans and the financial situation of the exporting producers varied widely, with three profitable exporting producers and two exporting producers with heavy, long-lasting losses.
Kad je riječ o Grupi Giti, doista nije bilo nijednog revolving zajma, a financijsko stanje proizvođača izvoznika bilo je iznimno različito, odnosno tri proizvođača izvoznika ostvarivala su dobit, a dva proizvođača izvoznika ostvarivala su velike, dugotrajne gubitke.
The Commission could thus have assigned different credit ratings to each of these exporting producers.
Komisija je stoga svakom od tih proizvođača izvoznika mogla dodijeliti drukčiji kreditni rejting.
However, in view of the interconnections between the companies, and more particularly the fact that the debt burden of the loss-making producers was actually transferred to and supported by the profit-making entities of the group via intercompany transactions, the Commission decided to attribute a single credit rating to the group.
No, s obzirom na međusobnu povezanost društava i posebno činjenicu da su transakcijama među društvima subjekti grupe koji su ostvarivali dobit zapravo preuzeli i snosili opterećenje nastalo dugovima proizvođača koji su bilježili gubitke, Komisija je odlučila dodijeliti jedinstveni kreditni rejting cijeloj grupi.
This claim was thus rejected.
Stoga je ta tvrdnja odbačena.
The Giti Group also mentioned some minor calculation errors, which were accepted by the Commission and corrected accordingly.
Grupa Giti navela je i neke manje pogreške u izračunu koje je Komisija prihvatila i u skladu s njima ispravila izračun.
The four exporting producers of the China National Tire Group have diverse financial situations.
Financijsko stanje četiriju proizvođača izvoznika Grupe China National Tire različito je.
Two of them made constant profits during the period 2014-2016, and had quite healthy financial indicators.
Dva su bilježila stalnu dobit u razdoblju od 2014. do 2016. i imala prilično zdrave financijske pokazatelje.
Nevertheless, one of these two producers started making losses in the first half of 2017, and a revolving loan was found in this producer, indicating that the company may be in a more fragile financial situation than what the financial statements would suggest at first sight.
Unatoč tomu, jedan od tih proizvođača počeo je ostvarivati gubitke u prvoj polovini 2017., a utvrđeno je da taj proizvođač ima i revolving zajam, što ukazuje na to da bi društvo moglo biti u znatno osjetljivijem financijskom stanju od onoga što se na prvi pogled moglo zaključiti na temelju njegovih financijskih izvještaja.
For the third and fourth producers, however, the financial statements as well as evidence found during the verification visit showed that these company continued receiving loans at attractive rates despite consecutive years of losses, high debt to assets ratios, low interest coverage, worsening financial indicators, idle production, going concern issues raised by the auditors and an uncertain outlook for the future.
No financijski izvještaji trećeg i četvrtog proizvođača i dokazi pronađeni tijekom posjeta radi provjere dokazali su da su ta društva i dalje primala zajmove po povoljnim stopama unatoč ostvarenim gubicima u više uzastopnih godina, visokom omjeru duga u odnosu na imovinu, niskom pokriću kamata, financijskim pokazateljima koji se pogoršavaju, neiskorištenosti proizvodnog kapaciteta, pitanjima povezanima s trajnošću poslovanja na koja su upozorili revizori te nesigurnim izgledima za budućnost.
Furthermore they were dependent on revolving loans and one of them was unable to repay some of its debts.
Osim toga, ta su društva bila ovisna o revolving zajmovima i jedno od njih nije bilo sposobno otplatiti neke svoje dugove.
In fact, these companies stopped receiving external loans during the investigation period.
Ta su društva zapravo prestala dobivati vanjske zajmove tijekom razdoblja ispitnog postupka.
However, they continued to receive financial support in the form of loans taken out on their behalf by their parent company.
No i dalje su primala financijsku potporu u obliku zajmova koje je u njihovo ime uzimalo njihovo matično društvo.
The terms of these loan agreements referred to the ailing subsidiary in the purpose of the loan.
U uvjetima tih ugovora o zajmovima kao svrha zajma navedeno je društvo kći u poteškoćama.
In addition the exporting producers in question had to repay these loans in full to the parent company according to an intercompany agreement.
Predmetni proizvođači izvoznici usto su morali u potpunosti otplatiti te zajmove matičnom društvu u skladu s ugovorom između povezanih društava.
The intermediate parent company, CNRC, was profitable during the period 2015-2016 and the investigation period, even though profitability was weak, and the company was highly leveraged.
Matično društvo posrednik, CNRC, ostvarivalo je dobit, iako nisku, od 2015. do 2016. i tijekom razdoblja ispitnog postupka te je bilo vrlo zaduženo.
Furthermore, the Commission established that more than half of the loans provided at the level of CNRC were revolving loans.
Komisija je utvrdila i da je većina zajmova odobrenih na razini CNRC-a bila revolving zajmovi.
A similar picture emerges from the analysis of the ultimate parent company, Chemchina Group, where low profitability was combined with high leverage and a certain dependency on revolving loans.
Slično stanje utvrđeno je analizom krajnjeg matičnog društva, Grupe Chemchina, u kojem se niska profitabilnost pojavljuje u kombinaciji s visokom razinom zaduženošću i određenoj ovisnosti o revolving zajmova.
In addition, at the level of the Chemchina Group, the Commission found that bonds were used to repay outstanding loans.
Osim toga, Komisija je na razini Grupe Chemchina utvrdila da su se obveznicama otplaćivali nepodmireni zajmovi.
No credit ratings have been provided for CNRC or its subsidiaries.
CNRC-u i njegovim društvima kćerima nisu dodijeljeni kreditni rejtinzi.
However, the Chemchina Group was repeatedly awarded AAA credit rating by a Chinese credit rating agency.
No kineska agencija za kreditni rejting uzastopno je Grupi Chemchina dodjeljivala kreditni rejting AAA.
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 Chemchina Group.
Uzevši u obzir činjenicu da je kineski kreditni rejting općenito iskrivljen, kako je prethodno navedeno u uvodnim izjavama od 237. do 242., i dokaze utvrđene tijekom provjere Komisija je zanemarila kineski rejting Grupe Chemchina.
In view of the above general situation, the Commission found it necessary to find an appropriate benchmark for the various companies in the group.
S obzirom na prethodno opisanu opću situaciju Komisija je smatrala da je potrebno utvrditi odgovarajuću referentnu vrijednost za različita društva unutar grupe.
In order to take into account the increased risk exposure of the banks highlighted by the existence of revolving loans in some of the group companies, the Commission moved down one notch in the risk rating scale and adapted the relative spread calculation for such loans, by making a comparison between US AA corporate bonds and US B (instead of BB) corporate bonds with the same duration.
Kako bi se uzela u obzir povećana izloženost banaka rizicima, koju dodatno naglašava postojanje revolving zajmova u nekim društvima grupe, Komisija je primijenila nižu razinu na ljestvici procjene rizika i za te zajmove prilagodila izračun relativnog raspona usporedivši korporativne obveznice s rejtingom AA i korporativne obveznice s rejtingom B (umjesto BB) u SAD-u unutar istog razdoblja.
According to Standard & Poor's credit rating definitions, an obligor rated ‘B’ is more vulnerable than the obligors rated ‘BB’, but the obligor currently still has the capacity to meet its financial commitments.
Prema definicijama kreditnog rejtinga društva Standard & Poor's dužnik s rejtingom B ranjiviji je od dužnika s rejtingom BB, no i dalje je sposoban ispuniti svoje financijske obveze.
Nevertheless, adverse business, financial, or economic conditions may impair the obligor's capacity or willingness to meet its financial commitments.
Unatoč tomu, nepovoljni poslovni, financijski ili gospodarski uvjeti mogli bi smanjiti njegovu sposobnost za ili spremnost na ispunjavanje financijskih obveza.
This benchmark is therefore considered to be appropriate to reflect the additional risk derived from the use of revolving loans.
Stoga se smatra da ta referentna vrijednost prikladno odražava dodatni rizik koji proizlazi iz upotrebe revolving zajmova.
The Commission thus used this as the relevant benchmark for all loans with a maturity of 2 years or less provided to companies which were making use of revolving loans.
Zato je Komisija to upotrijebila kao odgovarajuću referentnu vrijednost za sve zajmove s dospijećem od najviše dvije godine odobrene društvima koja su koristila revolving zajmove.
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.
Revolving zajam s dospijećem dužim od dvije godine malo je vjerojatan, a taj zaključak potvrđuju dokazi o zajmovima koji su provjereni u društvima u uzorku.
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).
Za preostale zajmove s dospijećem duljim od dvije godine i za društva koja nisu imala revolving zajmove, Komisija je upotrijebila opću referentnu vrijednost i obveznicama dodijelila najvišu ocjenu u kategoriji „neinvesticijskog rejtinga”, kako je objašnjeno u uvodnoj izjavi 251.
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.
Konačno, Komisija je zaključila da je na razini dvaju društava uključenih u proizvodnju guma financijsko stanje tih društava bilo loše od 2015. do 2016. i tijekom razdoblja ispitnog postupka.
They would not have had access to further loans during the investigation period absent State support.
Tijekom razdoblja ispitnog postupka ne bi imala pristup dodatnim zajmovima bez državne potpore.
Therefore, the received benefit for this company went beyond an ordinary mark-up of an interest rate.
Stoga korist za to trgovačko društvo nadmašuje obično uvećanje kamatne stope.
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.
Umjesto toga, ta je korist tijekom razdoblja ispitnog postupka proizašla iz dodjele zajmova koji ne bi bili odobreni na temelju cjelokupnog financijskog stanja tog društva bez državne potpore.
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.
U tom je pogledu Komisija primijetila da je Grupa China National Tire veliko poduzeće u državnom vlasništvu koje je dio Grupe Chemchina te da je Grupa Chemchina navedena kao ključno poduzeće u 13. petogodišnjem planu za petrokemijsku industriju.
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.
Komisija je zato u skladu s odjeljkom E točkom (b) podtočkom V. smjernica iz 1998. odlučila s nepodmirenim iznosima tih zajmova tijekom razdoblja ispitnog postupka postupati kao s bespovratnim sredstvima osiguranim za provedbu vladinih politika.
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.
Budući da ta društva nisu dobila nikakve nove vanjske zajmove tijekom razdoblja ispitnog postupka zbog svojeg lošeg financijskog stanja, koje je već bilo zabilježeno od 2015. do 2016., Komisija je s nepodmirenim zajmovima tijekom razdoblja ispitnog postupka, koji su odobreni 2015. i u prvoj polovini 2016., postupala kao s bespovratnim sredstvima propisno prilagođenima kako je prethodno opisano u uvodnoj izjavi 280.
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.
Osim toga, Komisija je sa zajmovima između povezanih društva koje je uzelo matično društvo u ime svojeg društva kćeri tijekom razdoblja ispitnog postupka postupala kao s bespovratnim sredstvima jer je riječ o sredstvima koja su očito bila namijenjena društvu kćeri, koje je moralo otplatiti te zajmove.