natgillin/translations-raw huggingface dataset:
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.
Pri izračunu ugodnosti take transakcije Komisija ni primerjala obrestnih mer, temveč je kot izhodišče uporabila neporavnani kapitalski znesek posojila.
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.
Komisija je nadalje navedla, da pri izračunu ugodnosti ni upoštevala celotnega zneska posojila, kot je pojasnjeno v spodnji uvodni izjavi.
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.
Ugodnost je bila določena na podlagi neporavnanega zneska posojila, zmanjšanega za obresti, plačane v obdobju preiskave.
After final disclosure, the China National Tire Group argued that the intercompany loans taken out by the parent company on behalf of its subsidiary should not be treated as grants since the loan agreements were signed between the parent company and the banks.
Kapitalski znesek posojila je bil prilagojen z amortizacijo glede na temeljni namen posojila.
Therefore, these loans could not be treated as loans of the subsidiaries for the calculation of the benefit of the subsidy.
Če je bilo posojilo namenjeno za likvidnost / obratna sredstva, je bil uporabljen celotni znesek.
The Commission disagreed with this assessment since the loan agreements signed with the banks clearly stipulated that the purpose of the loans was to provide financing to the ailing subsidiaries.
Če je bilo posojilo očitno povezano z dolgoročno naložbo, je bil kapitalski znesek amortiziran skozi celotno obdobje trajanja posojila, pri čemer je bil upoštevan le znesek, dodeljen za obdobje preiskave.
In addition, specific agreements were signed between the parent company and the subsidiaries making clear references to the precise loan agreements with the banks and stipulating that the subsidiaries had to repay the loans with their own funds.
Poleg tega je bil znesek ugodnosti dodatno prilagojen, da bi izražal le število dni v obdobju preiskave, ko je posojilo trajalo.
The China National Tire Group also claimed in general that loans provided to the two exporting producers did not correspond to grants, since these loans were not forgiven or defaulted on.
Na koncu je skupina China National Tire Group po dokončnem razkritju poudarila, da se je ugodnost posojil med družbama, pridobljenih od družbe Chemchina Finance, štela dvakrat, saj so se posojila upoštevala na ravni posameznih upravičencev v skupini, čeprav je Komisija že izračunala ugodnost subvencije medbančnih posojil, ki jih je družba ChemChina Finance pridobila od bank.
In this respect, the Commission clarified that it had not considered the loans provided to the sampled companies to equate to grants as such.
Komisija je to trditev sprejela in ustrezno prilagodila izračun ugodnosti za preferenčna posojila.
The Commission acknowledged that the loans provided to the companies had payment obligations attached to them.
Skupina Xingyuan Group je bila glede na svoja finančna poročila na splošno v težkem finančnem položaju.
When calculating the benefit of such transaction, the Commission did not make a comparison of interest rates, but took instead the outstanding capital amount of the loan as a starting point.
Med preveritvenim obiskom je Komisija med vzorčenimi posojili našla tudi več posojil revolving in ugotovila, da je imela družba težave pri odplačevanju obresti in glavnice posojila.
The benefit conferred was determined based on the outstanding capital amount of the loan minus the interest paid during the investigation period.
Poleg tega je poročilo Ljudske banke Kitajske o podjetniških kreditih družbe pokazalo, da je imela družba precej zunajbilančnih obveznosti, saj je zagotavljala jamstva za posojila, ki so se zagotavljala nepovezanim tretjim osebam v industriji pnevmatik v regiji.
The capital amount of the loan was adjusted by depreciating it according to the underlying purpose of the loan.
V poročilu o podjetniških kreditih je bilo 31 % neodplačanih posojil razvrščenih v „zadevno“ kategorijo.
If the purpose of the loan was labelled as liquidity/working capital, the full amount was taken.
Nazadnje je Komisija ugotovila, da je imela družba težave pri plačevanju svojemu dobavitelju glavne surovine in da je imela precejšen neporavnan znesek, ki je bil pri tem dobavitelju opredeljen kot „posojilo“.
If the loan was clearly linked to a long-term investment, the capital amount was depreciated over the duration of the loan, and only the amount allocated to the investigation period was taken into consideration.
Po drugi strani pa je povezani izvozni trgovec v obravnavanem obdobju posloval z majhnim dobičkom.
Finally, the amount of the benefit was further adjusted to reflect only the number of days in the investigation period in which the loan was running.
Čeprav družba ni imela izgub, so bile stopnje dobičkonosnosti na splošno nizke, zaradi česar je izpostavljena negativnim spremembam poslovnih, finančnih ali gospodarskih razmer.
Finally, after final disclosure, the China National Tire Group highlighted that the benefit on the intercompany loans obtained from ChemChina Finance had been double counted, since they were taken into consideration at the level of the individual beneficiaries within the group, even though the Commission had already calculated the subsidy benefit of the inter-bank loans obtained by ChemChina Finance from the banks.
Družba je imela visoko razmerje med dolgom in sredstvi, vendar ni imela posojil revolving.
The Commission accepted this claim, and adapted the benefit calculation for preferential lending accordingly.
Kljub tem okoliščinam je kitajska bonitetna agencija skupini Xingyuan Group v obdobju preiskave dodelila domačo bonitetno oceno AA.
The Xingyuan Group presented itself in a generally difficult financial situation according to its own financial accounts.
Komisija zato zaradi splošnega izkrivljanja kitajskih bonitetnih ocen iz uvodnih izjav od 237 do 242 in dokazov, najdenih med preverjanjem, ni upoštevala kitajske bonitetne ocene skupine Xingyuan Group.
The main company in the group, which is also the main exporting producer, was loss-making during the entire period 2014-2016.
Komisija je sklenila, da je na ravni proizvajalca izvoznika položaj takšen, da ta družba v obdobju preiskave brez državne podpore ne bi imela dostopa do dodatnih posojil.
At the end of 2016, the company had a negative equity, because its debt to assets ratio exceeded 100 % and its accumulated losses were higher than its paid-in capital.
Zato je prejeta ugodnost za te družbe presegala običajni pribitek obrestne mere.
During the verification visit, the Commission also found several revolving loans among the sampled loans, and noted that the company had difficulties to repay interest and capital on loans.
V zvezi s tem je Komisija ugotovila, da je bila skupina Xingyuan Group v izvedbenem načrtu za preoblikovanje in posodobitev industrije pnevmatik v provinci Shandong navedena kot eno od sedmih ključnih regionalnih podjetij za proizvodnjo pnevmatik.
Several loans had been repaid late, and some loans which expired during the investigation period had not been repaid after several months.
Na podlagi razpoložljivih informacij je izravnalne ukrepe uvedla le za posojila, dodeljena v obdobju preiskave.
Furthermore, the PBOC's enterprise credit report of the company showed that the company had significant off-balance sheet liabilities, as it had provided guarantees for loans provided to unrelated third parties in the tire business in the region.
Za posojila proizvajalca izvoznika, dodeljena pred obdobjem preiskave, in ob upoštevanju obstoja posojil revolving na ravni te družbe je Komisija uporabila referenčno vrednost, določeno v uvodni izjavi 275, za vsa posojila z rokom zapadlosti dve leti ali manj.
In addition, 31 % of its outstanding loans were classified in the ‘concerned’ category in the enterprise credit report.
Za preostala posojila z rokom zapadlosti dve leti ali več je uporabila splošno referenčno vrednost, s katero se obveznicam dodeli najvišja ocena špekulativnega razreda, kot je pojasnjeno v uvodni izjavi 251.
Finally, the Commission found that the company had difficulties paying its main raw material supplier, and that it had an important outstanding amount qualified as ‘loan’ with this supplier.
Za ostale družbe v skupini Xingyuan Group je Komisija sklenila, da bi na podlagi razpoložljivih informacij lahko uporabila splošno referenčno vrednost, s katero se obveznicam dodeli najvišja ocena špekulativnega razreda, kot je pojasnjeno v uvodni izjavi 251.
The related exporting trader on the other hand was slightly profitable during the period considered.
Kreditne linije
Although it was not loss-making, profitability levels were generally weak, which exposes the company to adverse changes in business, financial, or economic conditions.
Preiskava je pokazala, da so kitajske finančne institucije zagotavljale tudi kreditne linije v povezavi z zagotavljanjem posameznih posojil vsaki od vzorčenih družb.
The company had a high debt to asset ratio, but did not have any revolving loans.
Te kreditne linije so vključevale okvirne sporazume, v skladu s katerimi bi banka vzorčenim družbam dovolila, da dvignejo določen najvišji znesek v obliki različnih dolžniških instrumentov (posojila, dokumentarne menice, financiranje trgovanja itd.).
Despite these circumstances, the Xingyuan Group was awarded an AA domestic credit rating during the investigation period by a Chinese credit rating agency.
V normalnih tržnih razmerah bi bile take kreditne linije predmet tako imenovane pogodbene provizije ali provizije za prevzete obveznosti za kritje stroškov in tveganj banke ter provizij za podaljšanje, ki se na letni osnovi zaračunavajo za podaljšanje veljavnosti kreditnih linij.
Therefore, in light of the overall distortions of Chinese credit ratings mentioned in recitals (237) to (242) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Xingyuan Group.
Vendar je Komisija ugotovila, da so vse vzorčene družbe uživale ugodnosti kreditnih linij, ki so bile zagotovljene brezplačno.
The Commission concluded that at the level of the exporting producer, the situation was such that that this company would not have had access to further loans during the investigation period absent State support.
V skladu s členom 6(d)(ii) osnovne uredbe se tako dodeljena ugodnost za prejemnike obravnava kot razlika med zneskom, ki ga družba plača za zagotavljanje kreditnih linij s strani kitajskih finančnih institucij, in zneskom, ki bi ga družba plačala za primerljivo poslovno kreditno linijo, ki se lahko pridobi na trgu.
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Eden od vzorčenih proizvajalcev izvoznikov v skupini Hankook Group je pridobil kreditne linije od dveh bank s sedežem v finančni pristojnosti, ki ni finančna pristojnost LRK, pri čemer so bile te kreditne linije predmet provizije za prevzete obveznosti in pogodbene provizije, kar je običajna praksa na svetovnih finančnih trgih.
In this respect, the Commission noted that the Xingyuan Group was indicated as one of the seven key regional tyre producing enterprises in the Implementation Plan for Transforming and Upgrading the Tire Industry of Shandong Province.
Ker take kreditne linije, odobrene izključno družbam v industriji pnevmatik, niso bile predmet provizij za podaljšanje, se je Komisija odločila, da v tem primeru ne bo uporabila takih provizij.
Based on the information available, the Commission only countervailed the loans granted during the investigation period.
Za zadevne kreditne linije se je zato štelo, da so razumen približek referenčni vrednosti.
For the loans of the exporting producer granted before the investigation period, and in view of the existence of revolving loans at the level of this company, the Commission reverted to the benchmark established in recital (275) above for all loans with a maturity of 2 years or less.
Tako se je povprečje provizij za te kreditne linije uporabilo kot referenčna vrednost v skladu s členom 6(d)(ii) osnovne uredbe.
For any remaining loans with a maturity of 2 years and above, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Raven provizij, uporabljena kot referenčna vrednost, je bila določena sorazmerno z zneskom vsake zadevne kreditne linije, da se je pridobil znesek subvencije (brez vseh dejansko plačanih provizij).
For the other companies in the Xingyuan Group, the Commission concluded that, based on the available information, the Commission could use the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Če je kreditna linija trajala več kot eno leto, je bil celotni znesek subvencije dodeljen za čas trajanja kreditne linije, ustrezen znesek pa pripisan obdobju preiskave.
Credit lines
Po razkritju informativnega dokumenta in ob dokončnem razkritju je skupina Hankook Group trdila, da se niso zaračunavale vnaprejšnje provizije, saj so kitajske banke pri odločitvi o odprtju kreditne linije za družbo upoštevale skupne prihodke, ustvarjene z drugimi izdelki in storitvami.
The investigation showed that Chinese financial institutions also provided credit lines in connection with the provision of individual loans to each of the sampled companies.
Komisija se je strinjala, da se od vsake stranke, ki pri banki odpre kreditno linijo, pričakuje, da bo kupila druge izdelke in storitve te banke.
These consisted of framework agreements, under which the bank would allow the sampled companies to withdraw up to a certain maximum amount of funds in the form of various debt instruments (loans, documentary bills, trade financing, etc.).
Vendar se od strank običajno zahteva, da plačajo vnaprejšnjo provizijo, kot dokazuje vnaprejšnja provizija, ki sta jo dve tuji banki zaračunali skupini Hankook Group za odprtja kreditnih linij.
Under normal market circumstances, such credit lines would normally be subject to a so-called ‘arrangement’ or ‘commitment’ fee to compensate for the bank's costs and risks, as well as to renewal fees charged on an early basis for renewing the validity of the credit lines.
Dejansko morajo banke zagotoviti sredstva, da so takoj na voljo kadar koli med odprtjem kreditne linije.
However, the Commission found that all of sampled companies benefited from credit lines provided free of charge.
Skupina Hankook Group ni zagotovila dokazov o domnevnih razlogih za oprostitev plačila vnaprejšnjih provizij.
In accordance with Article 6(d)(ii) of the basic Regulation the benefit thus conferred on the recipients is considered to be the difference between the amount that the company pays for the provision of credit lines by Chinese financial institutions and the amount that the company would pay for a comparable commercial credit line obtainable on the market.
Poleg tega se lahko od posojilojemalcev v nekaterih primerih zahteva, da imajo pri banki minimalen znesek depozita.
One of the sampled exporting producers in the Hankook Group obtained credit lines from two banks whose headquarters are established in a financial jurisdiction other than the PRC and which were subject to commitment and arrangement fees as is the usual practice on world financial markets.
Zato je bila trditev skupine Hankook Group zavrnjena.
Since those credit lines granted specifically to companies operating in the tyre business were not subject to renewal fees, the Commission decided not to apply such fees in the case at hand.
Po razkritju informativnega dokumenta je skupina Giti Group pripomnila, da je Komisija uporabila napačno število preostalih dni za število kreditnih linij in da ni odštela nekaterih provizij, ki jih je družba plačala, od izračunane ugodnosti.
The credit lines in question were therefore considered to be a reasonable proxy for a benchmark.
Komisija je te pripombe delno sprejela in ustrezno popravila izračun ugodnosti.
As a result, the average of the fees applied to these credit lines was used as a benchmark in accordance with Article 6(d)(ii) of the basic Regulation.
Sklep o preferenčnih posojilih
The level of the fees used as a benchmark was applied prorata to the amount of each credit line in question to obtain the amount of subsidy (minus any fees actually paid).
Preiskava je pokazala, da so imele v obdobju preiskave vse vzorčene skupine proizvajalcev izvoznikov ugodnosti od preferenčnih posojil.
In cases where the duration of the credit line was more than one year, the total amount of subsidy was allocated over the duration of the credit line and an appropriate amount attributed to the investigation period.
Zaradi obstoja finančnega prispevka, ugodnosti za proizvajalce izvoznike in specifičnosti bi bilo treba ta posojila in kreditne linije šteti za subvencijo, proti kateri se lahko uvedejo izravnalni ukrepi.
Following the disclosure of the Information Document and at the final disclosure, the Hankook Group claimed that no upfront fees were charged because Chinese banks took into account the overall revenue generated on other products and services in the decision to open a credit line for a company.
Znesek subvencije, določen v zvezi s preferenčnimi posojili v obdobju preiskave za vzorčene skupine družb, je:
The Commission agreed that any customer opening a credit line at a bank is expected to buy other products and services of that particular bank.
Družba/skupina
However, it is a common practice that customers are required to pay an upfront fee, as was shown by the upfront fee charged by two overseas banks on their credit line openings to the Hankook Group.
Skupni znesek subvencije
Indeed, banks need to commit funds to make them readily available at any time during the credit line is opened.
Preferenčno financiranje in zavarovanje: obveznice
The Hankook group failed to provide any evidence on the alleged reasons for the waiver of the upfront fees.
Dve vzorčeni družbi sta imeli ugodnosti od preferenčnega financiranja v obliki obveznic.
In addition, in some cases, borrowers may also be required to keep a minimum amount on deposit at the bank.
Finančne institucije v državni lasti, ki so delovale kot javni organi
Therefore, the claim of the Hankook Group is rejected.
Na Kitajskem so akterji na trgu obveznic dejansko subjekti, ki so dejavni tudi na trgu posojil.
After the disclosure of the Information Document, the Giti Group commented that the Commission used a wrong number of outstanding days for a number of credit lines, and that it did not deduct some of the fees paid by the company from the calculated benefit.
Družbe, ki želijo izdajati obveznice, morajo uporabljati storitve finančne institucije, ki deluje kot odkupnik izdaje vrednostnih papirjev.
The Commission partially accepted these comments and revised the benefit calculation accordingly.
Zavarovatelji organizirajo izdajanje obveznic in predlagajo obrestne mere, po katerih bo obveznica ponujena vlagateljem.
Conclusion on preferential lending
Ti zavarovatelji so banke v državni lasti, ki zagotavljajo tudi preferenčna posojila, obravnavana v oddelku 3.4.
The investigation showed that all sampled groups of exporting producers benefited from preferential lending during the investigation period.
Poleg tega so vlagatelji, ki kupujejo obveznice, prav tako večinoma kitajske banke (v državni lasti), saj več kot 95 % skupnega obsega trgovanja z obveznicami poteka na medbančnem trgu.
In view of the existence of a financial contribution, a benefit to the exporting producers and specificity, these loans and credit lines should be considered as a countervailable subsidy.
Kot je opisano v oddelku 3.4.1, je za te finančne institucije značilna močna prisotnost države in kitajska vlada lahko pomembno vpliva nanje.
The subsidy amount established with regard to the preferential lending during the investigation period for the sampled groups of companies amounts to:
Splošni pravni okvir, v katerem delujejo te finančne institucije in ki je opisan v oddelku 3.4, se uporablja tudi za obveznice.
Company/Group
Poleg tega se naslednji regulativni dokumenti nanašajo izrecno na obveznice:
Overall Subsidy amount
zakon Ljudske republike Kitajske o vrednostnih papirjih, ki je bil revidiran in sprejet na 18. zasedanju stalnega odbora desetega nacionalnega ljudskega kongresa Ljudske republike Kitajske 27. oktobra 2005 in je začel veljati 1. januarja 2006 (sedanja različica je bila objavljena 31. avgusta 2014) (v nadaljnjem besedilu: zakon o vrednostnih papirjih);
Preferential financing and insurance: bonds
upravni ukrepi za izdajanje podjetniških obveznic in trgovanje z njimi, odlok kitajske nadzorne komisije za vrednostne papirje, št. 113, 15. januar 2015;
Two of the sampled companies benefited from preferential financing in the form of bonds.
ukrepi za upravljanje dolžniških finančnih instrumentov nefinančnih podjetij na medbančnem trgu obveznic, ki jih izdaja Ljudska banka Kitajske, odlok Ljudske banke Kitajske (2008) št. 12, 9. april 2008;
State-owned financial institutions acted as public bodies
predpisi o upravljanju podjetniških delnic, ki jih je 18. januarja 2011 izdal državni svet.
In China, the players on the bond market are essentially the same entities as those which are active on the loan market.
V skladu z regulativnim okvirom obveznic na Kitajskem ni mogoče prosto izdajati ali z njimi prosto trgovati.
Companies that want to issue bonds need to solicit the services of a financial institution, acting as an underwriter.
Izdajo vsake obveznice morajo odobriti različni vladni organi, kot so Ljudska banka Kitajske, komisija za nacionalni razvoj in reforme ali kitajska nadzorna komisija za vrednostne papirje, odvisno od vrste obveznice in vrste izdajatelja.
Underwriters organize the issuance of bonds and propose the interest rates at which the bond will be presented to investors.
Poleg tega v skladu s predpisi o upravljanju podjetniških delnic za izdajanje podjetniških obveznic obstajajo letne kvote.
These underwriters are the same state-owned banks that also provide the preferential loans discussed in section 3.4 above.
V skladu z upravnimi ukrepi za izdajanje podjetniških obveznic in trgovanje z njimi se lahko za javno izdajanje ponujajo samo nekatere obveznice, ki izpolnjujejo stroga merila glede kakovosti, kot je na primer bonitetna ocena AAA.
Furthermore, investors buying the bonds are also mainly Chinese (state-owned) banks, since more than 95 % of the total trading volume of bonds happens on the interbank market.
Zato bodo večino obveznic zasebno izdali tako imenovani dobro poučeni vlagatelji, ki jih je odobrila kitajska nadzorna komisija za vrednostne papirje in ki so večinoma kitajski institucionalni vlagatelji.
In addition, the following regulatory documents apply specifically to bonds:
Zato je proučila splošno pravno okolje, kot je opisano v uvodnih izjavah od 307 do 315, in konkretne ugotovitve preiskave.
Law of the People's Republic of China on Securities, revised and adopted at the 18th Meeting of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on October 27, 2005, and effective as of January 1, 2006 (current version promulgated on August 31, 2014) (‘Securities Law’);
Med preveritvenimi obiski je bilo ugotovljeno, da sta dve skupini vzorčenih proizvajalcev izvoznikov izdajali obveznice po obrestnih merah, podobnih referenčnim obrestnim meram Ljudske banke Kitajske, ne glede na finančni položaj in kreditno tveganje družb.