natgillin/translations-raw huggingface dataset:
On the contrary, the available information indicated Hynix would not have obtained the relevant funds in the market.
Glede na podatke, ki so na voljo, pa Hynix ustreznih sredstev na trgu ne bi mogel dobiti.
As noted in recital 103 of the definitive Regulation, in October 2001 Hynix's credit rating from Standard & Poor’s was ‘SD’ (selective default).
Kot je navedeno v uvodni izjavi 103 dokončne uredbe je bila ocena, ki jo je oktobra 2001 Hynixu dala bonitetna agencija Standard & Poor’s, „SD“ (selective default – podjetje, ki plačuje le nekatere obveznosti).
Hynix went into default of interest payments on the syndicated loan in May 2001 and several creditor banks raised their loan-loss provisions as regards Hynix already in May 2001 and again in October 2001, before the measures under consideration were put in place.
Hynix je zamujal s plačilom obresti posojila bančnega konzorcija v maju 2001 in nekatere banke so povišale svoje rezervacije za izgube pri posojilih v zvezi s Hynixom že maja 2001, potem pa spet oktobra 2001, preden so bili sprejeti obravnavani ukrepi.
The six banks concerned by the October 2001 measures rated Hynix internally from ‘precautionary’ to ‘doubtful’ and the Option 2 banks involved in the debt-to-equity swap were given very little choice: they either took the shares or they effectively wrote off Hynix’s debts completely.
Šest bank, ki so jih zadevali ukrepih iz oktobra 2001, je notranje ocenilo stanje družbe Hynix kot „negotovo“ do „dvomljivo“ in banke, ki izbrale možnost 2 in se odločile za zamenjavo terjatev v lastniške deleže, so imele zelo malo izbire: sprejeti delnice ali pa terjatve do Hynixa odpisati v celoti.
The GOK suggestion that the difference between the swap price paid and the market price should serve as the amount of benefit ignores the realities of Hynix’s abysmal financial situation; no-one would invest in a company with an SD rating.
Predlog KV, da bi višino ugodnosti izračunali iz razlike med plačano ceno zamenjave in tržno ceno, ne upošteva realnosti izjemno slabega finančnega stanja Hynixa, saj v družbo z oceno „SD“ ne bi nihče vlagal.
The conclusions set out in recitals 101 to 112 of the definitive Regulation supporting the finding that no comparable equity financing that might serve as a benchmark was available to Hynix on the commercial market are hereby confirmed.
To potrjuje sklepne ugotovitve iz uvodnih izjav 101 do 112 dokončne uredbe, ki podpirajo ugotovitev, da Hynixu po tržnih pogojih ni bilo na voljo primerljivega financiranja lastniškega kapitala, ki bi ga lahko uporabili za primerjavo.
Accordingly, under these circumstances, the Commission finds that the amount of the benefit to Hynix could not exceed the full amount of the funds obtained by Hynix as a result of the operation of the debt to equity swap in the October 2001 restructuring programme.
Glede na to Komisija ugotavlja, da višina ugodnosti, dodeljena Hynixu, ni mogla preseči skupnega zneska sredstev, ki jih je Hynix prejel v okviru zamenjave terjatev v lastniške deleže v programu prestrukturiranja iz oktobra 2001.
However, mindful of the WTO Panel's reasoning, the Commission has also considered whether or not, even without any relevant benchmarks, there is any other method by which the amount of the benefit might be adjusted to take into account the particular circumstances of this case.
Glede na argumente preiskovalnega odbora STO je Komisija preučila možnosti, če kljub pomanjkanju ustrezne primerjave, vseeno obstaja metoda, s katero bi lahko znesek ugodnosti tako prilagodili, da bi upoštevali specifične okoliščine tega primera.
The Commission considers that the uncreditworthy analysis conducted with respect to debt cannot provide an appropriate basis for comparison, precisely because this particular financial contribution is concerned with equity, which is a fundamentally different type of measure from debt.
Komisija meni, da analiza zadolženosti kreditno nesposobnih podjetij ni ustrezna osnova za primerjavo, ker gre pri tem finančnem prispevku za lastniški kapital, kar je nekaj popolnoma drugega kot dolg.
The Commission has taken into consideration the possibility that, in the particular circumstances of the present reassessment, the cost to the recipient of receiving the financial contribution should be taken into account.
Komisija je upoštevala možnosti, da je treba v posebnih okoliščinah te ponovne preučitve upoštevati strošek, ki ga je imel prejemnik finančnega prispevka s tem prejemom.
The Commission notes that, in order to examine the cost, if any, of the swap from the point of view of the recipient, the obligations imposed on a company when issuing new equity would have to be considered.
Komisija opozarja, da je treba pri preučitvi morebitnega stroška, ki bi za prejemnika nastal ob zamenjavi, upoštevati obveznosti, ki jih je družba dobila ob izdaji novih lastniških deležev.
The Commission notes in this respect that injections of ordinary share capital do not generally impose particular obligations on a company, as there is neither a fixed rate of return which the company must achieve nor, in fact, do any payments need to be made.
S tem v zvezi Komisija opozarja, da vložek običajnega delniškega kapitala na splošno ne pomeni posebnih obveznosti za družbo, saj ne gre niti za fiksno stopnjo donosa, ki bi ga morala družba doseči, niti niso potrebna nikakršna plačila.
However, the company has at least a theoretical obligation to distribute its profits or part thereof to its shareholders; the return on equity ratio (ROE) could provide some indication of the level of return the company is expected to provide to its shareholders and could be used in the calculation of the amount of the benefit to Hynix.
Vendar pa ima družba vsaj teoretično obveznost delitve dobička ali dela dobička svojim delničarjem; stopnja donosnosti delniškega kapitala (ROE) bi lahko bila podlaga za stopnjo donosnosti, ki jo delničarji pričakujejo od družbe, in bi se lahko uporabila za izračun višine ugodnosti, dodeljene Hynixu.
However, the ROE of Hynix for 2001 was minus 96,75 %, as calculated by reference to its financial statements for the year.
Vendar pa je ROE za Hynix za leto 2001 znašala minus 96,75 %, izračunana na podlagi njegovih računovodskih izkazov za to leto.
Therefore, on the basis of an objective evaluation of Hynix's financial standing at the time of the debt-to-equity swap, it is unreasonable to expect that Hynix would be in a position to distribute any sort of return to its shareholders for the relevant year.
Zato je na podlagi objektivnega vrednotenja finančnega stanja Hyninxa v času zamenjave terjatev v lastniške deleže nerazumno pričakovati, da bi bil Hynix v zadevnem letu sposoben svojim delničarjem razdeliti kakršen koli dobiček.
Hence, using the ROE as a benchmark, it would still be concluded that the entire amount of the debt-to-equity swap is a countervailable subsidy.
Tudi če ROE uporabimo za primerjavo, ugotovimo, da je bil celoten znesek zamenjave terjatev v lastniške deleže znesek subvencije, proti kateri se lahko se lahko sprejmejo izravnalni ukrepi.
The Commission has also examined whether there are costs to Hynix associated with having to surrender ownership shares as a result of the swap or the cost to Hynix from potential dilution of the share price resulting from the issuance of new shares [66].
Komisija je tudi preverila, če je imel Hynix kakšne stroške v zvezi z odstopom lastniških deležev zaradi zamenjave ali zaradi možne razvodenitve cene delnic zaradi izdajanja novih delnic [66].
Based on its review of the record evidence, the Commission does not believe that the net benefit to Hynix of the full debt-to-equity swap is diminished as a result of the issuance of new shares.
Na podlagi pregleda razpoložljivih dokazov Komisija meni, da se neto ugodnost Hynixa, dodeljena na podlagi celotne zamenjave v lastniške deleže zaradi izdajanja novih delnic ni zmanjšala.
In this regard, the Commission believes it is essential to recognise the impact that the debt-to-equity swap had on Hynix’s financial situation.
Glede na to Komisija meni, da je bistvenega pomena priznati učinek, ki ga je imela zamenjava terjatev v lastniške deleže na finančno stanje Hynixa.
As a threshold matter, it is key to recognise that this was not a straight equity infusion.
Bistveno je, da se zavedamo, da ni šlo za neposreden vložek lastniškega kapitala.
The fundamental benefit to Hynix resulted from the massive amount of debt that was extinguished as a result of the swap, namely KRW 2,483 billion.
Temeljna ugodnost, ki je bila dodeljena Hynixu, je izbris ogromnega zneska dolga, do katerega je prišlo na podlagi te zamenjave, namreč 2483 milijard KRW.
This effectively absolved Hynix from having to repay any of this principal amount and from having to pay interest.
S tem je bil Hynix odvezan vseh odplačil tega osnovnega zneska in plačil obresti.
Instead, this massive amount of debt was replaced with equity shares issued to the Option 1 creditor banks.
Namesto tega so ogromen znesek dolga nadomestile lastniške delnice, izdane za banke upnice, ki so se odločile za možnost 1.
However, there was no real quantifiable cost to Hynix of issuing the new shares.
Vendar pa v zvezi z izdajo teh novih delnic Hynix ni imel realnih merljivih stroškov.
While the existing share values were diluted as a result of the issuance, this had absolutely no balance sheet impact on Hynix.
Zaradi izdajanja novih delnic je sicer prišlo do razvodenitve obstoječih delnic, vendar to ni imelo nikakršnega vpliva na bilanco družbe Hynix.
It did not result in any cash outlays (apart from the expense associated with the issuance of the new shares) and did not obligate Hynix to any sort of cash payments in the future, as would have been the case with debt instruments.
Ni povzročilo nikakršnih gotovinskih odhodkov (razen stroškov, povezanih z izdajanjem novih delnic) in Hynixa ni obvezalo kakršnih koli gotovinskih plačil v prihodnosti, do česar bi sicer prišlo v primeru dolžniških instrumentov.
Consequently, in light of all these considerations and since Hynix did not report any costs associated with the issuance of equity, the appropriate approach to measuring the benefit from the debt-to-equity swap is to take the full amount of the swap.
Ob upoštevanju vseh teh dejstev ter glede na to, da Hynix ni poročal o kakršnih koli stroških v zvezi z izdajanjem lastniških deležev, je upoštevanje celotnega zneska zamenjave pri določanju višine ugodnosti v okviru zamenjave terjatev v lastniške deleže pravilen pristop.
This results in an overall benefit to Hynix of KRW 358,2 billion and a countervailable subsidy allocated on turnover of 9,6 %.
Tako znaša skupni znesek ugodnosti, dodeljene Hynixu, 358,2 milijard KRW, subvencija, proti kateri se lahko uvede izravnalni ukrep, razporejena na skupni promet, pa 9,6 %.
Debt roll-over and new loan
Obnavljanje dolga in novo posojilo
The Commission considers that the debt roll-over and new loan in the October 2001 restructuring programme may be considered in the light of Article 6(b) of the basic Regulation (which generally corresponds to Article 14(b) of the SCM Agreement), which refers to the amount which the firm would pay on a comparable commercial loan that the firm could actually obtain on the market.
Komisija meni, da obnavljanje dolga in novo posojilo v okviru programa prestrukturiranja iz oktobra 2001 lahko obravnavamo glede na člen 6(b) osnovne uredbe (ki na splošno ustreza členu 14(b) Sporazuma SIU), ki se nanaša na znesek, ki bi ga podjetje plačalo za primerljivo komercialno posojilo, ki bi ga podjetje dejansko lahko dobilo na trgu.
It has looked for verified evidence about a comparable commercial loan that Hynix or another firm in a situation comparable to Hynix concluded at the relevant time.
Iskala je preverjene dokaze o primerljivem komercialnem posojilu, ki bi ga Hynix ali drugo podjetje v primerljivem položaju sklenilo v zadevnem obdobju.
A comparable commercial loan ideally would be one of approximately the same size, would relate to the same or a similar sector of economic activity, would involve a comparable type of activity, and would have been concluded at approximately the same time.
Primerljivo komercialno posojilo bi bilo v najboljšem primeru približno enakega obsega, nanašalo bi se na isti ali podoben sektor gospodarske dejavnosti, vključevalo bi primerljivo vrsto dejavnosti in bi bilo sklenjeno približno v istem času.
The bonds purchased as part of the May 2001 restructuring programme cannot serve as a basis for determining the commercial reasonableness of the new loan and the debt roll-over, as Hynix's financial situation deteriorated substantially between May and October 2001.
Obveznice, kupljene v okviru programa prestrukturiranja v maju 2001, ne morejo biti osnova za določanje gospodarske primernosti novega posojila in obnavljanja dolga, saj se je med majem in oktobrom 2001 finančno stanje Hynixa bistveno poslabšalo.
Therefore, the two situations cannot be considered to be comparable.
Zato se šteje, da ti dve situaciji nista primerljivi.
The loans provided to Hynix were generally either provided by the GOK or by banks that were entrusted or directed by the GOK.
Posojila so Hynixu zagotavljale bodisi KV bodisi banke, ki so dobile pooblastila ali navodila KV.
As already indicated above [67], no other comparable commercial benchmark was actually available in the market.
Kot že zgoraj navedeno [67], na trgu dejansko ni bilo na voljo druge primerjave.
On the contrary, the available information indicates Hynix could not have obtained the relevant funds in the market.
Nasprotno pa razpoložljivi podatki kažejo, da Hynix ustreznih sredstev na trgu ne bi mogel dobiti.
Accordingly, under these circumstances, the Commission finds that the amount of the benefit to Hynix could not exceed the full amount of the funds obtained by Hynix as a result of the operation of the debt roll-over and new loan in the October 2001 restructuring programme.
Glede na to Komisija ugotavlja, da višina ugodnosti, dodeljena Hynixu, ni mogla preseči skupnega zneska sredstev, ki jih je Hynix prejel v okviru obnavljanje dolga in novega posojila v programu prestrukturiranja iz oktobra 2001.
However, mindful of the WTO Panel's reasoning, the Commission has also considered whether or not, even in the absence of any relevant benchmarks, there is any other method by which the amount of the benefit might be adjusted to take into account the particular circumstances of this case.
Glede na argumente preiskovalnega odbora STO je Komisija preučila možnosti, če kljub pomanjkanju ustrezne primerjave, vseeno obstaja metoda, s katero bi lahko znesek ugodnosti tako prilagodili, da bi upoštevali specifične okoliščine tega primera.
In this respect, the same methodology as the one outlined in recitals 45 and 46 was used to calculate the amount of the benefit received by Hynix from these two measures.
V zvezi s tem je bila za izračun zneska ugodnosti, ki jih je v okviru teh dveh ukrepov prejel Hynix, uporabljena metodologija, enaki tisti, ki je bila opisana v uvodnih izjavah 45 in 46.
For the purposes of this calculation, the Commission has used as the creditworthy rate for KRW loans the average Bank of Korea interest rate on investment grade corporate bonds in 2001, which was 11,38 %.
Za ta izračun je Komisija kot obrestno mero v KRW za posojila kreditno sposobnim družbam uporabila povprečno obrestno mero Bank of Korea za dolgoročne podjetniške obveznice v letu 2001, in sicer 11,38-odstotno obrestno mero.
The default rates for both creditworthy and uncreditworthy companies for the term of the measures in question were taken from Moody's Investor Services.
V obdobju trajanja zadevnih ukrepov je kot zamudne obrestne mere za kreditno sposobne in kreditno nesposobne družbe uporabila obrestne mere Moody’s Investor Services.
The rate of default of an uncreditworthy company in 2001 within three years (the term of the new loan and of the roll-over) was 57,97 %, whereas the rate of default of a creditworthy company within three years in 2001 was 0,94 %.
V letu 2001 je bila zamudna obrestna mera za kreditno nesposobno družbo za obdobje treh let (obdobje, potrebno za novo posojilo in obnavljanje dolga) 57,97-odstotna, zamudna obrestna mera za kreditno sposobno družbo za obdobje treh let pa je bila v istem letu 0,94-odstotna.
This led to a total interest rate of 48,22 %.
Tako je bila skupna obrestna mera 48,22-odstotna.
In contrast, the interest rate payable by Hynix on the new loan was 7 % and on the roll-over 6,5 %, i.e., an interest rate differential of 41,2 % and 41,7 % respectively.
V nasprotju s tem je obrestna mera, ki jo je plačeval Hynix na novo posojilo, znašala 7 %, obrestna mera na obnavljanje dolga pa 6,5 %; razlika v obrestnih merah je tako bila 41,2-odstotna oziroma 41,7-odstotna.
Viewing the financial contributions as recurring subsidies, rather than as non-recurring subsidies to be allocated over time, and applying this model to the calculation of the amount of the benefit in the financial contributions under consideration, would lead to an amount of benefit of KRW 271,5 billion for the new loan and KRW 761,4 billion for the roll-over.
Če izhajamo iz dejstva, da so ti finančni prispevki ponavljajoče se subvencije, in ne enkratne subvencije, ki se jih razporedi na določeno obdobje, ter ta model uporabimo za izračun zneska ugodnosti zadevnih finančnih prispevkov, potem znesek ugodnosti znaša 271,5 milijard KRW za novo posojilo in 761,4 milijarde za obnavljanje dolga.
This would result in countervailable subsidies allocated on turnover of 6,8 % for the new loan and 19,1 % for the roll-over, compared to 3,5 % and 9,8 % respectively, as originally calculated by the Commission.
Zaradi tega bo subvencija, proti kateri se lahko uvede izravnalni ukrep, razporejena na skupni promet, znašala 6,8 % za novo posojilo in 19,1 % za obnavljanje dolga, v primerjavi s 3,5 % oziroma 6,8 %, kot jih je prvotno izračunala Komisija.
Consequently, the Commission considers that its original approach was and is reasonable in this case, as the interest rate differential would give a much higher amount of benefit than a simple allocation of the face amount of the loans over time.
Zato Komisija meni, da je v tem primeru njen prvotni pristop bil in še vedno je ustrezen, saj bi z uporabo razlike v obrestnih merah dobili znatno višji znesek kot z enostavno razporeditvijo zneska posojil v določenem obdobju.
In these circumstances, the Commission has used the more conservative of the two options in order to be sure that it has not exaggerated the amount of the subsidy and will treat the face amount of the loans as the basis for a cap on the maximum amount of the benefit.
V teh okoliščinah je Komisija uporabila konzervativnejšo možnost, s katero je hotela zagotoviti, da pri znesku subvencije ne pretiravala, in bo kot osnovo za določanje najvišjega zneska ugodnosti vzela nominalni znesek posojila.
On the basis of these considerations, the Commission had determined that the amount of the benefit to Hynix ad valorem of turnover is, for both measures, 13,3 %.
Komisija je na podlagi teh premislekov za Hynix v okviru obeh ukrepov določila 13,3-odstotni znesek ugodnosti, izražen kot znesek ad valorem skupnega prometa.
It is noted that, in relation to the debt roll-over, contrary to recital 166 of the definitive Regulation, the amount of CBs purchased by Option 1 banks has not been deducted, as the May 2001 measures are no longer countervailed.
Glede obnavljanja dolga je treba omeniti, da se v nasprotju z uvodno izjavo 166 dokončne uredbe znesek ZO, kupljenih s strani bank, ki so izbrale možnost 1, ni odštel, ker se od maja 2001 izravnalni ukrepi ne uporabljajo več.
Total subsidy of October 2001 rescue package
Celotna subvencija v okviru reševalnega paketa iz oktobra 2001
The subsidy amount thus calculated for the debt-to-equity swap, the debt roll-over and the new loan was considered to confer a large non-recurring benefit and was spread across a five-year period corresponding to the normal depreciation period of assets in the DRAMs industry.
Šteje se, da na ta način izračunan znesek subvencije za zamenjavo terjatev v lastniške deleže, obnavljanje dolga in novo posojilo prinaša znatno enkratno ugodnost in je bil razporejen na obdobje petih let, kar ustreza običajni amortizacijski dobi sredstev v industriji DRAM-a.
The resulting amount was then allocated on Hynix’s turnover during the IP and interest based on the average commercial rate applicable in Korea during the IP was added.
Dobljeni znesek je bil razporejen na skupni promet Hynixa v OP, kateremu je bila dodana obrestna mera na podlagi povprečne komercialne stopnje, ki se je v OP uporabljala v Koreji.
The revised amount expressed ad valorem is 22,9 %.
Ponovno izračunan znesek, izražen kot znesek ad valorem, je znašal 22,9 %.
Total subsidy amount
Skupni znesek subvencije
In summary, the calculation of the total amount of the subsidy has thus been revised on the basis of the Panel's recommendations and is now as follows:
Če povzamemo, izračun skupnega zneska subvencije je bil tako preučen na podlagi priporočil preiskovalnega odbora in znaša:
D/A extension
Povišanje dokumentarnega akreditiva
May 2001 CB purchase, debt roll-over
Nakup ZO v maju 2001, obnavljanje dolga
October 2001 rescue package
Reševalni paket iz oktobra 2001
Injury
Škoda
This part sets out the reassessed findings based on the recommendation of the Panel report concerning the evaluation of the factor ‘wages’ as a relevant factor affecting the state of the Community industry within the meaning of Article 8(5) of the basic Regulation (which generally corresponds to Article 15.4 of the SCM Agreement).
V tem delu so navedene ponovno ocenjene ugotovitve na podlagi priporočila iz poročila preiskovalnega odbora v zvezi z oceno dejavnika „mezde“ kot pomembnega dejavnika, ki vpliva na stanje industrije Skupnosti v smislu člena 8(5) osnovne uredbe (ki na splošno ustreza členu 15.4 Sporazuma SIU).
All other findings concerning injury remain as established in the original investigation and set out in the provisional Regulation and the definitive Regulation.
Vse druge ugotovitve v zvezi s škodo ostajajo takšne, kot so bile dokazane v prvotni preiskavi ter navedene v začasni uredbi in dokončni uredbi.
In the original investigation the EC had considered and evaluated the wages factor, but found wages to be irrelevant to its injury determination.
ES je v prvotni raziskavi preučila in ocenila dejavnik „mezde“ ter ugotovila, da ta dejavnik pri določitvi škode ni pomemben.
However, the Panel found that:
Vendar pa je preiskovalni odbor ugotovil, da:
‘without a written record of the analytical process undertaken by the investigating authority to evaluate “wages”, we cannot examine whether an adequate and reasoned explanation has been provided of how the facts support the injury determination made by the EC and, consequently, whether that determination was consistent with Article 15.4.
„brez poročila o analitičnemu procesu, ki ga izvaja preiskovalni organ, ni možno preveriti, ali je bilo pri oceni dejavnika „mezde“ ustrezno in utemeljeno razloženo, v kakšni meri je določitev škode s strani ES podprta z dejstvi, in posledično, ali je bila navedena določitev v skladu s členom 15.4.
Without that written record, we would be forced to embark on post hoc speculation about the thought process by which the investigating authority arrived at its ultimate conclusions.
Brez poročila bi morali naknadno sklepati glede miselnega procesa, ki ga je preiskovalni organ uporabil za oblikovanje končnih ugotovitev.
Consequently, the Panel concluded that the EC acted inconsistently with Article 15.4 of the SCM Agreement in not evaluating the ‘wages’ factor when examining the impact of the subsidised imports on the state of the domestic industry [69].
Zato je preiskovalni odbor ugotovil, da ES ni ravnala v skladu s členom 15.4 Sporazuma SIU, ko pri ugotavljanju vpliva subvencioniranega uvoza na stanje domače industrije ni upoštevala dejavnika „mezde“ [69].