natgillin/translations-raw huggingface dataset:
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.
Kako je vidljivo iz uvodnih izjava od 175. do 187. predmeta o toplovaljanim plosnatim proizvodima od čelika, Komisija je odbacila te argumente zbog sljedećih razloga.
Indeed, the domestic RMB loan market is essentially a closed market, in which the GOC, as shown above, can exert a certain influence.
Prvo, iako je Komisija priznala da poslovne banke obično upotrebljavaju uvećanje izraženo u apsolutnom smislu, utvrdila je da se čini da se ta praksa uglavnom temelji na praktičnim razlozima jer je kamatna stopa u konačnici apsolutni broj.
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.
Međutim, taj apsolutni broj prikaz je procjene rizika koja se temelji na relativnoj ocjeni.
The fact that the benchmark used by the Commission yields no benefit in most cases is thus not so surprising.
Rizik neplaćanja za društva s rejtingom BB X % je veći od rizika neplaćanja za vladu ili društvo bez rizika.
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.
Riječ je o relativnoj ocjeni.
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.
Drugo, kamatne stope ne odražavaju samo profil rizičnosti društva nego i rizike povezane sa zemljom i valutom.
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.
Relativni raspon odražava promjene temeljnih tržišnih uvjeta, što nije slučaj pri upotrebi logike apsolutnog raspona.
The Commission disagreed with this view, since the PBOC benchmark rate is used as a starting point for the calculation.
Rizik povezan sa zemljom i valutom često se, kao u ovom slučaju, mijenja s vremenom, a promjene se razlikuju od zemlje do zemlje.
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.
Stoga se nerizične kamatne stope s vremenom znatno mijenjaju i ponekad su niže u SAD-u, a ponekad u Kini.
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.
Te su razlike povezane s čimbenicima kao što su utvrđeni i očekivani rast BDP-a, gospodarsko raspoloženje i razine inflacije.
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.
Budući da se nerizična kamatna stopa mijenja s vremenom, isti nominalni apsolutni raspon može značiti vrlo različitu procjenu rizika.
The Hankook Group also alleged that the Commission had not deducted interest paid after the investigation period which was due for the investigation period.
Na primjer, ako banka procijeni da je rizik od neplaćanja povezan s društvom viši od nerizične kamatne stope za 10 % (relativna procjena), posljedični apsolutni raspon može biti između 0,1 % (pri nerizičnoj kamatnoj stopi od 1 %) i 1 % (pri nerizičnoj stopi od 10 %).
The Commission reviewed its calculations and found that it had correctly done so and rejected the claim.
Stoga je iz perspektive ulagatelja relativni raspon bolji mjerni instrument jer odražava opseg raspona prihoda i način na koji na njega utječe osnovna kamatna stopa.
Furthermore, the Hankook Group argued that its outward documentary billings could not be qualified as financing.
Treće, relativni raspon neutralan je prema svim zemljama.
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.
Na primjer, ako je nerizična kamatna stopa u SAD-u niža od nerizične kamatne stope u Kini, primjenom te metode dobit će se više apsolutne vrijednosti uvećanja.
First, the Commission disagreed with the Hankook Group that outward documentary billings cannot be qualified as financing.
S druge strane ako je nerizična kamatna stopa u Kini niža od nerizične kamatne stope u SAD-u, primjenom te metode dobit će se niže apsolutne vrijednosti uvećanja.
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.
To je potvrdila i Grupa Giti u tablici 3. svojeg podneska koji sadržava simulaciju utjecaja različitih stopa NBK-a.
Consequently, this is a short-term financing arrangement to the benefit of the Hankook Group.
Pri primjeni podataka Grupe Giti na povijesne stope NBK-a utvrđeno je da se u određenim godinama upotrebom relativne metode dobiva niža referentna vrijednost nego primjenom apsolutnog raspona.
Second, concerning the benchmark rates used, the Commission could not find any indices for ‘BB’ rated loans denominated in CAD, AUD and JPY.
U pogledu treće točke Komisija je činjenice koje je dostavila Grupa Giti protumačila drukčije.
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.
Grupa Giti primijetila je da apsolutni raspon nije tako stabilan kao što se tvrdi, nego da se mijenja s vremenom od 1 % do 4,5 %.
The ICE BofAML index was used for the outward documentary billings denominated in GBP, SEK and EUR.
Osim toga, kretanja relativnog i apsolutnog raspona tijekom protekle 23 godine jednaka su, odnosno ako relativni raspon raste, raste i apsolutni i obrnuto.
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.
Kada je riječ o navodnoj nestabilnosti relativnog raspona, raspon promjena sličan je, odnosno razlika između najniže i najviše vrijednosti iznosi 530 % za relativni raspon i 450 % za apsolutni.
The ICE BofAML index on the other hand is a basket of high-yield bonds, i.e. bonds below investment grade, denominated in EUR.
Naposljetku, u pogledu četvrtke točke Komisija se nije složila s Grupom Giti da izostanak koristi pri primjeni metode izračuna Komisije na zajmove u stranim valutama dokazuje da je upotreba relativnog raspona pogreška.
This corresponds to the credit rating which the Commission considered to be applicable to the Hankook Group.
Domaće tržište zajmova u CNY zapravo je zatvoreno tržište na koje kineska vlada, kako je prethodno pokazano, može u određenoj mjeri utjecati.
The Commission thus maintained its position on the outward documentary billings of the Hankook Group.
S druge strane, među ostalim i zbog ograničenja stranih valuta u Kini, tržište zajmova u čvrstoj valuti manje je podložno odlukama kineske vlade u unutarnjoj politici i funkcionira u puno većoj mjeri u skladu s tržišnim uvjetima.
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.
Činjenica da referentna vrijednost koju je Komisija upotrijebila u većini slučajeva ne dovodi do koristi stoga nije toliko iznenađujuća.
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.
Nasuprot tomu, Komisija smatra da to dokazuje da su u svojem poslovanju na međunarodnom tržištu kineske banke odobravale zajmove koji su u skladu s tržišnim uvjetima za društva s rejtingom BB, što nije slučaj kada odobravaju zajmove na domaćem tržištu.
It thus corresponds to the interest rate which a BB rated company would be expected to pay for funds denominated in EUR.
Dokazuje i da se metodom Komisije dobivaju rezultati koji su u skladu s tržišnim uvjetima za društva s rejtingom BB na međunarodnom tržištu.
Concerning loans denominated in CAD, AUD & JPY, the Hankook Group reiterated the comments provided in the context of the Information Document.
Nakon konačne objave kineska vlada ponovila je svoje prethodne argumente i tvrdila da je upotreba relativnog raspona neprimjerena jer se referentnom vrijednošću nisu postigle odgovarajuće prilagodbe kojima bi se odražavali prevladavajući uvjete na kineskom financijskom tržištu, što je dovelo do neprihvatljivih rezultata.
It stated that it is the Commission's burden to establish a benchmark as close to the reality of the market as possible.
Komisija se s tim stajalištem nije složila jer se kao početna točka za izračun upotrebljava referentna stopa NBK-a.
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.
Nadalje, upotrebom relativnog raspona obuhvaćaju se promjene u temeljnim tržišnim uvjetima za pojedine zemlje, a te promjene nisu izražene kada se slijedi logika apsolutnog raspona, kako je objašnjeno u prethodnoj uvodnoj izjavi 255.
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, Komisija je napomenula da dobivena kamatna stopa od približno 9 % za društva s rejtingom BB nije nerazumna s obzirom na činjenicu da je prinos korporativnih obveznica s rejtingom BB na kineskom domaćem tržištu na kraju razdoblja ispitnog postupka iznosio 20 %.
Furthermore, the market conditions on those markets are similar to the conditions on the US financial market.
Zbog tih je razloga Komisija zadržala svoje stajalište da metoda relativnog raspona bolje odražava premiju rizika koju bi financijska institucija primijenila na kineske proizvođače izvoznike na nenarušenom tržištu, posebno s obzirom na drukčije kretanje osnovne kamatne stope u NRK-u i SAD-u tijekom vremena.
Therefore, the Commission maintained its position that using the ICE BofAML Euro High Yield Index was an appropriate method.
Grupa Hankook tvrdila je i da Komisija nije oduzela kamatu plaćenu nakon razdoblja ispitnog postupka koja je dospijevala za razdoblje ispitnog postupka.
The Giti Group also presented itself in a generally profitable financial situation according to its own financial accounts.
Komisija je preispitala svoje izračune, utvrdila da su ispravni te odbacila tvrdnju.
However, the group also has a high debt to assets ratio, with an increasing trend during the investigation period.
Nadalje, Grupa Hankook tvrdila je da se vanjske dokumentarne mjenice ne mogu smatrati financiranjem.
The exporting producers of the Giti Group have a very diverse financial situation.
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.
Three of them were profitable during the period considered.
Prvo, Komisija se nije složila s Grupom Hankook da se vanjske dokumentarne mjenice ne mogu smatrati financiranjem.
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.
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.
However, the two other producers were continuously loss-making during the entire period considered.
Stoga je riječ o kratkoročnom aranžmanu financiranja u korist Grupe Hankook.
However, they had no loans outstanding from unrelated banks and are in fact fully financed by a long outstanding debt from the parent company.
Drugo, kad je riječ o upotrijebljenim referentnim stopama, Komisija nije uspjela pronaći indekse za zajmove u valutama CAD, AUD i JPY s rejtingom BB.
The Commission noted that the Giti Group was awarded an A+ rating by a Chinese credit rating agency.
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.
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.
Indeks ICE BofAML upotrijebljen je za vanjske dokumentarne mjenice u valutama GBP, SEK, i EUR.
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.
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.
Following the disclosure of the Information Document, the Giti Group contested the BB credit rating applied to the companies of the Giti Group.
Nasuprot tomu, indeks ICE BofAML jest skup obveznica s visokom prinosom u valuti EUR, odnosno obveznica kategorije niže od „investicijskog rejtinga”.
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.
To odgovara kreditnom rejtingu koji je Komisija smatrala primjenjivim na Grupu Hankook.
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.
Komisija je stoga zadržala svoje stajalište o vanjskim dokumentarnim mjenicama Grupe Hankook.
The Commission disagreed with the assessment of the Giti Goup.
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 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 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.
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.
Stoga odgovara kamatnoj stopi koju bi trgovačko društvo s rejtingom BB platilo za sredstva u valuti EUR.
The Commission could thus have assigned different credit ratings to each of these exporting producers.
Kada je riječ o zajmovima u valutama CAD, AUD i JPY, Grupa Hankook ponovila je primjedbe navedene u kontekstu dokumenta s informacijama.
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.
Izjavila je da bi Komisija trebala utvrditi referentnu vrijednost koja je što bliža tržišnoj realnosti.
This claim was thus rejected.
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.
The Giti Group also mentioned some minor calculation errors, which were accepted by the Commission and corrected accordingly.
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.
The four exporting producers of the China National Tire Group have diverse financial situations.
Nadalje, tržišni uvjeti na tim tržištima slični su uvjetima na financijskom tržištu SAD-a.
Two of them made constant profits during the period 2014-2016, and had quite healthy financial indicators.
Stoga je Komisija zadržala svoje stajalište da je upotreba indeksa ICE BofAML Euro High Yield bila prikladna metoda.
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.
Na temelju vlastitih financijskih izvještaja Grupa Giti općenito je ostvarivala dobit.
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 grupa ima i visok omjer duga u odnosu na imovinu, koji se povećavao tijekom razdoblja ispitnog postupka.
Furthermore they were dependent on revolving loans and one of them was unable to repay some of its debts.
Financijsko stanje proizvođača izvoznika Grupe Giti vrlo je različito.
In fact, these companies stopped receiving external loans during the investigation period.
Troje je ostvarilo dobit u razmatranom razdoblju.
However, they continued to receive financial support in the form of loans taken out on their behalf by their parent company.
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.
The terms of these loan agreements referred to the ailing subsidiary in the purpose of the loan.
No druga dva proizvođača neprekidno su bilježila gubitke tijekom cijelog razmatranog razdoblja.
In addition the exporting producers in question had to repay these loans in full to the parent company according to an intercompany agreement.
Međutim, nisu imali nepodmirenih zajmova nepovezanih banaka i zapravo su u potpunosti financirani iz starog nepodmirenog zajma matičnog društva.
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.
Komisija je primijetila da je kineska agencija za kreditni rejting Grupi Giti dodijelila rejting A+.
Furthermore, the Commission established that more than half of the loans provided at the level of CNRC were revolving loans.
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.
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.
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.
In addition, at the level of the Chemchina Group, the Commission found that bonds were used to repay outstanding loans.
Nakon objave dokumenta s informacijama Grupa Giti osporavala je kreditni rejting BB primijenjen na društva Grupe Giti.
No credit ratings have been provided for CNRC or its subsidiaries.
Društvo je tvrdilo da je Komisija upotrijebila rejting BB za sva društva u Kini umjesto da zasebno preispita stanje svakog društva u uzorku.
However, the Chemchina Group was repeatedly awarded AAA credit rating by a Chinese credit rating agency.
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.
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.
Komisija se ne slaže s procjenom Grupe Giti.
In view of the above general situation, the Commission found it necessary to find an appropriate benchmark for the various companies in the group.
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 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.
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.
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.
Komisija je stoga svakom od tih proizvođača izvoznika mogla dodijeliti drukčiji kreditni rejting.
Nevertheless, adverse business, financial, or economic conditions may impair the obligor's capacity or willingness to meet its financial commitments.
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 benchmark is therefore considered to be appropriate to reflect the additional risk derived from the use of revolving loans.
Stoga je ta tvrdnja odbačena.
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.
Grupa Giti navela je i neke manje pogreške u izračunu koje je Komisija prihvatila i u skladu s njima ispravila izračun.