natgillin/translations-raw huggingface dataset:
The Commission considered that during the IP the relative spread better captured the underlying market conditions affecting company-specific credit risks than using an absolute spread approach.
Poleg tega iz drugih finančnih kazalnikov, kot sta razmerje med dolgom in sredstvi ali stopnja kritja dolga, niso bile razvidne večje strukturne težave v zvezi z zmožnostjo družb, da odplačajo dolg.
On the fourth point, the Commission interpreted the facts presented by the GOC in a different manner.
Vendar je Komisija na kraju samem ugotovila, da je bilo 80 % preverjenih vzorčenih posojil, ki so jih prejele te družbe, posojil revolving, ki so obsegala precejšnje zneske, kar kaže na bolj negotov položaj glede likvidnosti, kot bi se lahko sklepalo na podlagi računovodskih izkazov.
Using the set of data provided by the GOC, it can be seen that the absolute spread is not as stable as alleged by the GOC, but instead varies over time, from 1 % to 4,5 %.
Komisija je ugotovila, da je kitajska bonitetna agencija, podružnica Kitajske kmetijske banke v Hangangu, skupini Hesteel Group podelila bonitetno oceno AAA–.
In addition, the relative spread follows exactly the same trend as the absolute spread over the past 23 years, i.e. when the relative spread increases the absolute spread also increases and vice versa.
Komisija je iz enakih razlogov, kot so navedeni v uvodnih izjavah od (159) do (161), sklenila, da ta ocena ni zanesljiva.
As for the alleged volatility of the relative spread, the magnitude of the changes are similar — the difference between the highest and the lowest figures is 530 % for the relative spread and 450 % for the absolute spread.
Poleg tega je obstoj posojil revolving dodatno potrdil presojo Komisije, da kitajske bonitetne ocene AAA– skupine Hesteel Group ne upošteva.
Finally, when applying the data provided by the GOC to the historical PBoC rates, it shows that in some years the relative methodology produces a lower benchmark than the absolute spread.
Komisija je zato menila, da je na ravni dejavnosti skupine za izračun splošne ugodnosti za vroče valjane ploščate izdelke zaradi neobstoja ustrezne ocene tveganja primerno uporabiti referenčno oceno BB, kot je navedeno v uvodnih izjavah od (166) do (168).
Based on the additional information document, the GOC claimed that the years 2002 and 2008 to 2010 should be taken out from the analysis because they were ‘abnormal’ years.
Da bi se upoštevalo tveganje, ki so ga še povečala posojila revolving na ravni posameznih družb, ki sodelujejo pri proizvodnji vroče valjanih ploščatih izdelkov, in ker so bili pogoji in zapadlost teh posojil v bistvu primerljivi s posojilom z visoko obrestno mero iz uvodne izjave (162), je bilo po mnenju Komisije primerno tudi, da se za vsa posojila z zapadlostjo dveh let ali manj, zagotovljena na ravni proizvodnih družb, ki so izkoristila posojila revolving, uporabi referenčna vrednost, kakor je določena v navedeni uvodni izjavi.
The Commission fails to see why changes in the business cycle should be disregarded.
Ker se posojila revolving običajno sklenejo za kratka obdobja, je malo verjetno, da bi bila zapadlost takega posojila daljša od dveh let, to ugotovitev pa potrjujejo konkretni dokazi o posojilih, ki so bili preverjeni v vzorčenih družbah.
Recessions are part of the economic life cycle and an analysis of the data should take into account all facets of this life cycle, not only the good years.
Trditve in argumenti, ki so jih predložile kitajska vlada in nekatere vzorčene družbe v zvezi s splošno metodologijo za izračun relativnega razmika ter uporabo približka referenčne vrednosti, veljajo enakovredno za skupino Hesteel Group.
This holds true also for extraordinary strong recessions, such as the economic and financial crisis 2008 to 2010.
Komisija je te točke zavrnila že v uvodnih izjavah od (175) do (195).
On the fifth point, the use of the relative spread observed during the IP indeed provided results diverging from the absolute spread when it was applied more precisely at the level of different maturities instead of as an average for all loan durations.
Po razkritju je pritožnika zanimalo, ali je Komisija upoštevala veliko kapitalsko injekcijo v višini približno 1 milijardo EUR, ki jo je družba Hesteel prejela leta 2010 in ji je v OP še vedno zagotavljala ugodnosti.
However, these diverging results were not due to the fact that the relative spread as such was erroneous, but due to the fact that there were major differences in the time structure of risk between the US and the PRC interest rates.
Komisija je ugotovila, da je bila ta domnevna kapitalska injekcija aprila 2017 predmet vprašanja, ki so ga Združene države in EU naslovile na LRK v okviru odbora STO za subvencije in izravnalne ukrepe.
Indeed, in the US, the difference in interest rate between a 1-year and a 10-year bond was much wider (ranging from 2,5 % to 3,7 %) than the difference between the 1-year and above 5-year interest rates of the PBoC (0,8 % difference).
Komisija med to preiskavo ni našla nobenega dokaza, da bi domnevna kapitalska injekcija skupini Hesteel Group prinesla kakršne koli ugodnosti v OP.
The divergence thus stemmed from the starting point on which the relative spread was applied.
Skupina Hesteel Group je bila glede na svoja finančne poročila na splošno v težkem finančnem položaju.
If the PRC would have had a similar time structure of risk as a starting point, then the resulting benchmark rates would have again followed a logical trend across all loan durations.
Poleg tega je bilo med preverjanjem na kraju samem ugotovljenih 25 posojil revolving na ravni matične družbe.
For example, assuming a 3 % difference between short-term and long-term PBoC interest rates would have resulted in a benchmark rate of 15,81 % for long-term loans, which is higher than the 14,22 % benchmark for short-term loans.
Poleg tega je bilo v preglednicah s posojili precej dodatnih kratkoročnih posojil ob njihovem izteku nadomeščenih z novimi posojili v enakem znesku.
The Commission recognized this issue from the outset.
Na ravni družb, ki sodelujejo pri proizvodnji vroče valjanih ploščatih izdelkov, je bilo iz računovodskih izkazov in dokazov, najdenih v zvezi s posebnimi posojili, ter poročil o vrednotenju sredstev in izvedljivosti razvidno, da so te družbe kljub več zaporednim letom izgub ali majhnega dobička, visokemu razmerju med dolgom in sredstvi, nizki obrestni pokritosti, vse slabšim finančnim kazalnikom in negotovim obetom za prihodnost nadaljevale poslovanje kot delujoča podjetja.
In order to minimize the impact of differences in time structure of risk between the two countries, the Commission decided to use the average relative spread for all loan durations, thus bringing the international benchmark closer to Chinese conditions and avoiding penalization of Chinese companies having a high proportion of short-term loans.
Te družbe več zaporednih let v obdobju 2012–2015 niso ustvarile dovolj dobička iz poslovanja, da bi lahko plačale svoje odhodke za obresti.
On the sixth point, the Commission disagreed with the GOC's claims.
Komisija je med preverjanjem našla tudi primere prestrukturiranja dolga zaradi težav s plačevanjem.
The claim that the Commission only used the relative spread for long-term loans is factually incorrect.
Poleg tega so bila vsa kratkoročna posojila, ki so bila v OP dodeljena eni od proizvodnih družb, posojila revolving.
The methodology of the relative spread was used for both long-term and short-term loans.
Kljub tem okoliščinam je kitajska bonitetna agencija Dagong International skupini Shougang Group podelila bonitetno oceno AAA.
Using a single average relative spread for loans with different maturities did not assign too much weight to short-term maturities, as the Commission in practice applied this spread to loans with various maturities.
Komisija iz istih razlogov, kot so razlogi iz uvodnih izjav od (159) do (161), in dokazov, najdenih med preverjanjem, ni upoštevala kitajske bonitetne ocene skupine Shougang Group.
On the seventh point, the Commission recognized that it had used data from two different time periods, i.e. the relative spread applicable during the IP and the PBoC rate applicable at the time when the loan was granted, and that the time period considered for each loan should match.
Glede na opisani splošni položaj se ji je zdelo potrebno določiti ustrezno referenčno vrednost na ravni skupine.
However, the Commission disagreed with the GOC's conclusion that all data should have been taken from the IP instead.
Da bi se upoštevalo tveganje, ki se je še povečalo s posojili revolving, ter ker so bili pogoji in zapadlost teh posojil v bistvu primerljivi s posojilom z visoko obrestno mero iz uvodne izjave (162), je Komisija za vsa posojila z zapadlostjo dveh let ali manj uporabila referenčno vrednost, kakor je določena v navedeni uvodni izjavi.
In this respect, the Commission noted that the specific conditions attached to each loan, such as for example the variability of the interest rate, should be taken into account when determining the correct time period to be used for the spread as well as for the PBoC rate.
Komisija je za preostala posojila na ravni skupine z zapadlostjo dveh let ali več na podlagi razpoložljivih informacij uporabila splošno referenčno vrednost, s katero se obveznicam na ravni skupine dodeli najvišja ocena špekulativnega razreda, kot je pojasnjeno v uvodnih izjavah od (166) do (168).
However, in the present investigation, this information was not available to the Commission for all loans granted to the sampled companies.
Poleg tega je sklenila, da je na ravni družb, ki sodelujejo pri proizvodnji vroče valjanih ploščatih izdelkov, položaj takšen, da te družbe v OP brez državne podpore ne bi imele dostopa do dodatnih posojil.
In view of the absence of information on the specific conditions of the loans granted in the past, and upon GOC's request, the Commission decided that it would use the relative spread and the PBoC rate applicable during the IP for all loans granted to the sampled companies for this investigation.
Zato je prejeta ugodnost za ta podjetja presegala običajni pribitek obrestne mere.
The Commission adjusted downward the amount of benefit related to preferential lending accordingly.
Namesto tega ta ugodnost v OP izhaja iz dodelitve posojil, ki na podlagi splošnega finančnega položaja teh družb brez državne podpore ne bi bila dodeljena.
Finally, on the last point, the Commission agreed that the sources referred to in the additional information document referred to the use of a relative spread with regards to yields and that none of the sources stated that this difference needed to be expressed in a relative way.
V zvezi s tem je Komisija opozorila, da je skupina Shougang Group veliko podjetje v državni lasti, ki je bila v 11. petletnem načrtu in 12. petletnem načrtu za jeklarstvo navedena kot „prvak“.
The Commission pointed to the fact that the aim of the relative spread exercise was to construct a credit risk premium, to be applied to the risk-free rate in order to arrive at a benchmark interest rate.
Komisija se je zato v skladu z oddelkom E(b)(V) smernic iz leta 1998 [31] odločila, da zneske teh posojil, ki v OP niso bili poravnani, obravnava kot nepovratna sredstva, ki so bila zagotovljena pri izpolnjevanju vladnih politik.
Credit risk premiums are indeed related to how investors view securities, and what is the yield they expect to receive in return for the increased risk.
Na podlagi razpoložljivih informacij je izravnalne ukrepe uvedla le za posojila, dodeljena v OP.
Furthermore, even though not all sources were based on scholarly books, they did echo the references made in other sources.
Trditve in argumenti, ki so jih predložile kitajska vlada in nekatere vzorčene družbe v zvezi s splošno metodologijo za izračun relativnega razmika ter uporabo približka referenčne vrednosti, veljajo enakovredno za skupino Shougang Group.
For all these reasons, the Commission still viewed all of these sources as being relevant.
Komisija je te točke zavrnila že v uvodnih izjavah od (175) do (195).
The Commission thus maintained it 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.
Kitajska vlada je po razkritju nasprotovala temu, da se posojila obravnavajo kot subvencije, ter predložila naslednje trditve:
The following comments were received:
Izravnava nekaterih zneskov posojil s subvencijami ni v skladu s členom 1.1(b), členom 14 in členom 14(b) Sporazuma o subvencijah in izravnalnih ukrepih.
The Commission classified all loans with a duration of two years and less as revolving loans without an adequate explanation or supporting evidence.
Kitajska vlada je svojo trditev utemeljila na osnovi poročila odbora v zadevi ES – dinamični bralno-pisalni pomnilniki, v katerem je bilo ugotovljeno, da je tak pristop nesorazmeren in neskladen s členom 1(1)(b) in členom 14 Sporazuma o subvencijah in izravnalnih ukrepih [32].
Not all short-term loans provided to the sampled companies were revolving loans.
Metodologija Komisije za izračun je pomenila izjemo, ki je člen 14(b) Sporazuma o subvencijah in izravnalnih ukrepih ne dovoljuje, saj je spremenila pravno naravo prispevka iz posojil v subvencije.
Revolving loans are not necessarily a sign of liquidity issues.
Odbor je v zadevi ES – dinamični bralno-pisalni pomnilniki poudaril, da se posojilo bistveno razlikuje od subvencije, saj vključuje tudi dolg, ki ga je treba še povrniti [33].
Revolving loans are part of standard business practices in Europe.
Vsa posojila so bila v računovodskih listinah knjižena kot posojila in ne nepovratna sredstva, nobeno od posojil v preglednicah s posojili ni navajalo kakršnih koli oprostitev dolga, za navedena posojila pa so bile plačane obresti.
They do not generate higher interest rates, and have been used by the EU steel industry.
Oddelek E(b)(V) smernic EU za izračun višine subvencije iz leta 1998 predpostavljajo obstoj oprostitve dolga ali neizpolnjevanje obveznosti.
More specifically, the Shougang Group claimed that the Commission identified revolving loans mainly for the companies Qian'an Coal, Xishan Coking and Shougang Corp., which were not in financial distress.
Domnevni gospodarski položaj zadevnih družb ni utemeljeval obravnave nekaterih zneskov posojil kot nepovratnih sredstev.
The proxy benchmark used by the Commission was not consistent with Article 14 of the SCM Agreement.
Zadevne družbe so bile del velike skupine družb, njihova posojila pa so zagotavljale matične družbe.
The loan which was used as a basis for the proxy benchmark was a single, exceptional loan accounting for only 2 % of the total loans provided to the Jiangsu Shagang Group, and the Commission did not provide a reasoned explanation on why this would be comparable to a commercial loan.
Poleg tega so tudi proizvajalci EU od 2012 poslovali z izgubami, vendar so kljub temu prejemali posojila in jih bili sposobni refinancirati.
In addition, the Commission did not make adjustments to approximate this loan to comparable commercial loans.
Proizvajalci izvozniki so v glavnem ponovili pripombe kitajske vlade.
On the first point, the Commission did not classify all loans with a duration of two years and less as revolving loans.
Vendar je skupina Shougang predložila nekaj dodatnih specifičnih pripomb:
The existence of revolving loans in a given company was merely considered an indication that the company was in a worse financial situation than what the financial statements would suggest at first sight, and that the additional risk was related to short-term liquidity problems.
skupina Shougang je ugotovila, da so bili nekateri zneski posojil pri treh njenih družbah prerazvrščeni kot nepovratna sredstva brez ustrezne obrazložitve ali utemeljitve.
Therefore, all short-term loans had to be given a higher risk premium, whether such loans were revolving or not.
Skupina Shougang je kot celota bila dobičkonosna v letih 2014 in 2015 in je razpolagala z visokimi ravnmi nerazdeljenih dobičkov.
Concerning the second point, the Commission disagreed with the assessment made by the GOC and the exporting producers.
V zvezi s prvo točko se Komisija ni strinjala z izjavo kitajske vlade, da Komisija ni razkrila bistvenih dejstev v zvezi z državno podporo, na katerih temeljijo njene ugotovitve.
The Chinese authorities themselves consider revolving loans to be an additional factor of credit risk.
Državna podpora iz uvodne izjave (211) je bila del splošne obrazložitve preferenčnih posojil in se je torej nanašala na iste dokaze, kot so že na široko opisani v oddelkih 3.4.1 do 3.4.3.
As stated in the CBRC's ‘Guidelines on risk-based loan classification’, revolving loans should be reported at least as a ‘concerned’ loan [29].
Poleg tega je Komisija v oddelku 3.5 predložila nekatere dodatne obrazložitve glede obstoja državne podpore nekaterim družbam v jeklarski industriji.
A loan falling under this category means that even though a borrower can pay the principal and interest of the loan now, there are some factors which may negatively affect the repayment thereof.
Ker sta skupini Shougang Group in Benxi Group veljali za nacionalna prvaka, obrazložitev v oddelku 3.5 velja tudi za njiju.
Revolving credit facilities do indeed exist in Europe and have been used by the Union steel industry, but their terms and conditions are very different from the Chinese revolving loans.
V zvezi z drugo in tretjo točko je Komisija pojasnila, da ni štela, da so posojila vzorčenim družbam enaka nepovratnim sredstvom kot takim.
Revolving credit facilities in the Union are basically credit lines, with a pre-determined maximum amount that can be withdrawn and repaid on several occasions during a pre-specified time period.
V nasprotju z izjavo kitajske vlade Komisija ni spremenila pravne narave finančnega prispevka iz posojil v nepovratna sredstva.
In addition, contrary to what the GOC claims, such credit facilities entail an additional cost, be it a contractual margin on top of the usual short-term market rates [30], or a predetermined management fee.
Komisija je v bistvu priznala, da so posojila družbam vključevala plačilne obveznosti.
Furthermore, the example of BNP Paribas provided by the GOC also foresaw a fee for unused capital over the duration of the credit facility.
Pri izračunu ugodnosti take transakcije Komisija ni primerjala obrestnih mer, temveč je kot izhodišče uporabila neporavnani kapitalski znesek posojila.
On the other hand, the revolving loans found during the verification visits at the Chinese sampled companies did not have conditions different from other short-term loans.
V zvezi s tem je Komisija nadalje navedla, da pri izračunu ugodnosti ni upoštevala celotnega zneska posojila.
They were not labeled as being a credit line or a revolving credit facility and there were no extra fees or margins attached to it.
Kot izhodišče je bil uporabljen le neporavnani del posojila, poleg tega pa je bil ta znesek naknadno večkrat prilagojen navzdol.
At first sight, they appeared to be normal short-term loans.
Prvič, ugodnost je bila določena na podlagi neporavnanega zneska posojila, zmanjšanega za obresti, plačane v OP.
However, when verifying the repayments of such loans during the verification visit, it became clear that the capital amount was actually being repaid by fresh loans received from the same bank for the same amount within a week before or after the maturity date of the initial loan.
Drugič, kapitalski znesek posojila je bil prilagojen z amortizacijo glede na temeljni namen posojila.
The Commission then extended its analysis to the other loans in the loan tables and found in most cases other instances with exactly the same characteristics.
Če je bilo posojilo namenjeno za likvidnost/obratna sredstva, je bil uporabljen celotni znesek.
The Commission disagreed on the facts of the specific claim of the Shougang Group that the Commission identified revolving loans mainly for the companies Qian'an Coal, Xishan Coking and Shougang Corp. The Commission identified revolving loans in all of the verified companies of the Shougang Group, including in the production companies Shougang Mining and Qian'an, where all of the short-term loans granted during the IP were considered to be revolving loans.
Poleg tega je bil znesek ugodnosti dodatno prilagojen, da bi odražal le število dni v OP, ko je posojilo trajalo.
Finally, on the third point, the Commission considered that the loan provided to the company in the Jiangsu Shagang Group was a comparable commercial loan as the conditions for granting it, described in recital (162) above, corresponded to a financial situation characterized by short-term liquidity issues.
Iz vseh teh prilagoditev je razvidno, da Komisija pri izračunu ugodnosti ni upoštevala celotnega zneska posojila.
In addition, the maturity of the proxy loan (16 months) generally corresponded to the short-term nature of the loans on which this proxy benchmark was applied for the benefit calculation.
Komisija je zato ugotovila, da obrazložitve, uporabljene v poročilu odbora ES – dinamični bralno-pisalni pomnilniki, v tej preiskavi ni bilo mogoče uporabiti.
Nevertheless, the proxy benchmark rate was adjusted to take into account interest rate differences for loans with a maturity of less than one year compared to loans with a maturity of one to two years, based on the respective differences between the two maturities in the PBoC rates.
Navedena zadeva je obravnavala vprašanje metodologije izračuna [34], pri čemer je odbor izrazil pomisleke predvsem glede dejstva, da je ES upoštevala celotni znesek posojil družbe Hynix, ne da bi upoštevala tudi vključujoče obveznosti [35].
The detailed calculation of this adjustment was provided to the companies concerned.
Ta trditev je bila zavrnjena, saj za sedanjo preiskavo to ni veljalo.
The Commission therefore rejected all claims related to the use of an interest rate between 14 % and-16 % for all loans with a maturity of 2 years or less at the level of the companies which were making use of revolving loans.
V zvezi s trditvijo kitajske vlade, da je finančni položaj skupin Shougang Group in Benxi Group ustrezal bonitetni oceni „BB“, kar bi moralo biti dovolj za pridobitev posojil na trgu, je Komisija opozorila, da je izvedla različno oceno družb, in sicer na ravni skupine in na ravni proizvodnih družb.
In addition, the Jiangsu Shagang group criticised that the Commission double counted loans borrowed by its subsidiaries from Shagang Finance and the parent company in its calculation of the benefit.
Komisija je menila, da je finančni položaj, ki je ustrezal bonitetni oceni BB, veljal le za skupino kot celoto, ne pa tudi za posamezne družbe, ki so sodelovale v dejavnostih proizvodnje.
Shagang also claimed that the Commission should have subtracted the ‘negative benefit’ i.e. the benefit on the loans for which the actual interest payments were higher than the calculated benchmark rates by the Commission.
Zato je to trditev zavrnila.
The Commission rejected both claims.
V zvezi s pripombo kitajske vlade, da so tudi proizvajalci EU ustvarjali izgube, vendar jim je še vedno uspelo refinancirati svoje dolgove, je Komisija opozorila, da je v nasprotju s stanjem v LRK refinanciranje dolgov industrije EU potekalo na ravni celotne skupine, ne pa na ravni proizvodnih družb.
Regarding the alleged double counting, the Commission noted that Shagang had mainly referred to inter-company loans between Shagang Finance and related steel producing companies.
Finančni položaj industrije EU na ravni skupine ni bil enak kot na ravni posameznih proizvodnih družb.
In this respect, it recalled that Shagang Finance had not provided any information on loans taken by itself to the Commission.
Konsolidirani računovodski izkazi družb Arcelor Mittal in Thyssen Krupp ter skupine Tata Group so na primer v OP vsi kazali dobiček.
Moreover, the Commission did not calculate any benefit at the level of Shagang Finance.
Poleg tega so bili, kot je opisano v uvodni izjavi (192), pogoji refinanciranja v EU in LRK zelo različni.
This excludes any possibility of double counting.
Zato je bila ta pripomba neutemeljena.