natgillin/translations-raw huggingface dataset:
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.
Za izhodna zunanja dokumentirana plačila, denominirana v GBP, SEK in EUR, je bil uporabljen indeks ICE BofAML.
The Hankook Group also alleged that the Commission had not deducted interest paid after the investigation period which was due for the investigation period.
Dejansko so bile obrestne mere LIBOR za posojila, denominirana v EUR, GBP in SEK, pogosto negativne, zaradi česar se je zanje štelo, da niso primerne kot izhodišče za konstruiranje referenčne vrednosti.
The Commission reviewed its calculations and found that it had correctly done so and rejected the claim.
Po drugi strani je indeks ICE BofAML košarica obveznic z visokim donosom, tj. obveznic pod naložbenim razredom, denominiranih v EUR.
Furthermore, the Hankook Group argued that its outward documentary billings could not be qualified as financing.
To ustreza bonitetni oceni, za katero je Komisija menila, da velja za skupino Hankook Group.
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.
Zato je Komisija vztrajala pri svojem stališču v zvezi z zunanjimi dokumentiranimi plačili skupine Hankook Group.
First, the Commission disagreed with the Hankook Group that outward documentary billings cannot be qualified as financing.
Skupina Hankook Group je po dokončnem razkritju nadalje trdila, da evrski indeks visokega donosa ICE BofAML ni bil pomemben za določitev referenčne obrestne mere na podlagi obrestne mere LIBOR in premije ter da bi morala Komisija prilagoditi premijo za tveganje, kot je to storila za bančna posojila.
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.
Kot je pojasnjeno v uvodni izjavi 262, je evrski indeks visokega donosa ICE BofAML košarica obveznic z bonitetno oceno, ki ustreza bonitetni oceni BB, ki je ocena za skupino Hankook Group.
Consequently, this is a short-term financing arrangement to the benefit of the Hankook Group.
Tako ustreza obrestni meri, ki bi jo po pričakovanjih morala plačati družba z bonitetno oceno BB za sredstva, denominirana v EUR.
Second, concerning the benchmark rates used, the Commission could not find any indices for ‘BB’ rated loans denominated in CAD, AUD and JPY.
V zvezi s posojili, denominiranimi v CAD, AUD in JPY, je skupina Hankook Group ponovila pripombe, navedene v okviru informativnega dokumenta.
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.
Navedla je, da Komisija nosi breme določitve referenčne vrednosti, ki čim bolj ustreza dejanskemu stanju na trgu.
The ICE BofAML index was used for the outward documentary billings denominated in GBP, SEK and EUR.
Komisija je menila, da to že počne, saj ni javno dostopnih podatkov za CAD, AUD in JPY na ravni družb z bonitetno oceno „BB“, ki bi omogočili konstruiranje referenčne vrednosti na podlagi ustreznih obrestnih mer LIBOR.
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.
Poleg tega je Britansko združenje bankirjev (zdaj imenovano Skupina za medcelinske menjave ali ICE) leta 2013 prenehalo določati obrestno mero LIBOR za več valut, vključno s CAD in AUD.
The ICE BofAML index on the other hand is a basket of high-yield bonds, i.e. bonds below investment grade, denominated in EUR.
Poleg tega so tržne razmere na navedenih trgih podobne razmeram na finančnem trgu ZDA.
This corresponds to the credit rating which the Commission considered to be applicable to the Hankook Group.
Zato je Komisija vztrajala pri svojem stališču, da je bila uporaba evrskega indeksa visokega donosa ustrezna metoda.
The Commission thus maintained its position on the outward documentary billings of the Hankook Group.
Tudi skupina Giti Group je bila glede na svoja finančna poročila na splošno v dobičkonosnem finančnem položaju.
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.
Vendar ima skupina tudi visoko stopnjo zadolženosti z rastočim trendom v obdobju preiskave.
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.
Finančni položaj proizvajalcev izvoznikov skupine Giti Group se zelo razlikuje.
It thus corresponds to the interest rate which a BB rated company would be expected to pay for funds denominated in EUR.
Trije proizvajalci izvozniki so bili v obravnavanem obdobju dobičkonosni.
Concerning loans denominated in CAD, AUD & JPY, the Hankook Group reiterated the comments provided in the context of the Information Document.
Poleg tega iz drugih finančnih kazalnikov, kot je stopnja zadolženosti ali stopnja kritja dolga, niso bile razvidne večje strukturne težave v zvezi s sposobnostjo odplačevanja dolga teh družb.
It stated that it is the Commission's burden to establish a benchmark as close to the reality of the market as possible.
Vendar sta dva druga proizvajalca v celotnem obravnavanem obdobju stalno poslovala z izgubo.
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.
Vendar pa nista imela neodplačanih posojil nepovezanih bank in se dejansko v celoti financirata z dolgoročnim neporavnanim dolgom matične družbe.
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.
Komisija je ugotovila, da je kitajska bonitetna agencija skupini Giti Group dodelila bonitetno oceno A+.
Furthermore, the market conditions on those markets are similar to the conditions on the US financial market.
Komisija je zato ob upoštevanju splošnega izkrivljanja kitajskih bonitetnih ocen iz uvodnih izjav od 237 do 242 sklenila, da ta bonitetna ocena ni zanesljiva.
Therefore, the Commission maintained its position that using the ICE BofAML Euro High Yield Index was an appropriate method.
Komisija je zato menila, da je na ravni dejavnosti skupine za izračun splošne ugodnosti za pnevmatike zaradi neobstoja ustrezne ocene tveganja primerno uporabiti referenčno bonitetno oceno BB, kot je navedeno v uvodnih izjavah od 251 do 253.
The Giti Group also presented itself in a generally profitable financial situation according to its own financial accounts.
Po razkritju informativnega dokumenta je skupina Giti Group izpodbijala bonitetno oceno BB za družbe skupine Giti Group.
However, the group also has a high debt to assets ratio, with an increasing trend during the investigation period.
Družba je trdila, da je Komisija uporabila bonitetno oceno BB za vse družbe na Kitajskem, namesto da bi proučila položaj posameznih vzorčenih družb.
The exporting producers of the Giti Group have a very diverse financial situation.
V zvezi s tem je družba opozorila na dejstvo, da skupina ni imela posojil revolving in da so se dobički različnih družb v skupini zelo razlikovali.
Three of them were profitable during the period considered.
Komisija se z oceno skupine Giti Group ni strinjala.
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.
Kot je navedeno v oddelkih 3.4.4.3 in 3.4.4.6, je Komisija posamično ocenila vse skupine vzorčenih družb in proučila položaj posameznih družb v teh skupinah.
However, the two other producers were continuously loss-making during the entire period considered.
V primeru skupine Giti Group dejansko ni bilo posojil revolving, finančni položaj proizvajalcev izvoznikov pa se je močno razlikoval, pri čemer so trije proizvajalci izvozniki poslovali z dobičkom, dva proizvajalca izvoznika pa sta že dlje časa poslovala z izgubo.
However, they had no loans outstanding from unrelated banks and are in fact fully financed by a long outstanding debt from the parent company.
Komisija je zato vsakemu od teh proizvajalcev izvoznikov dodelila različne bonitetne ocene.
The Commission noted that the Giti Group was awarded an A+ rating by a Chinese credit rating agency.
Vendar se je Komisija glede na medsebojne povezave med družbami in zlasti dejstvo, da se je zadolženost proizvajalcev, ki so poslovali z izgubo, s transakcijami znotraj družb dejansko prenesla na subjekte skupine, ki so poslovali z dobičkom, tako da so slednji podpirali proizvajalce, ki so poslovali z izgubo, odločila, da bo skupini dodelila enotno bonitetno oceno.
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.
Zato je bila ta trditev zavrnjena.
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.
Skupina Giti Group je omenila tudi nekaj manjših napak pri izračunu, ki jih je Komisija priznala in ustrezno popravila.
Following the disclosure of the Information Document, the Giti Group contested the BB credit rating applied to the companies of the Giti Group.
Finančni položaj štirih proizvajalcev izvoznikov skupine China National Tire Group se razlikuje.
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.
Dva od njih sta v obdobju 2014–2016 stalno poslovala z dobičkom in imela precej dobre finančne kazalnike.
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.
Vendar pa je eden od teh dveh proizvajalcev v prvi polovici leta 2017 začel poslovati z izgubo, poleg tega je bilo pri njem ugotovljeno posojilo revolving, kar je kazalo, da je bila družba morda v ranljivejšem finančnem položaju, kot je bilo sprva razvidno iz računovodskih izkazov.
The Commission disagreed with the assessment of the Giti Goup.
Za tretjega in četrtega proizvajalca pa so računovodski izkazi in dokazi, najdeni med preveritvenim obiskom, pokazali, da sta ti družbi kljub več zaporednim letom izgub, visoki stopnji zadolženosti, nizki stopnji kritja obresti, vse slabšim finančnim kazalnikom, neizkoriščeni proizvodni zmogljivosti, pomislekom v zvezi s predpostavko delujočega podjetja, ki so jih izpostavili revizorji, in negotovim obetom za prihodnost še naprej prejemali posojila po ugodnih obrestnih merah.
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.
Poleg tega sta bili družbi odvisni od posojil revolving, ena od njiju pa ni bila sposobna odplačati nekaterih dolgov.
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.
Družbi sta v obdobju preiskave dejansko prenehali prejemati zunanja posojila.
The Commission could thus have assigned different credit ratings to each of these exporting producers.
Vendar sta še naprej prejemali finančno podporo v obliki posojil, ki jih je v njunem imenu pridobila njuna matična družba.
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.
V pogojih teh posojilnih pogodb je bila v namenu posojila navedena podrejena družba v težavah.
This claim was thus rejected.
Poleg tega sta morala zadevna proizvajalca izvoznika v skladu s pogodbo med družbama ta posojila v celoti odplačati matični družbi.
The Giti Group also mentioned some minor calculation errors, which were accepted by the Commission and corrected accordingly.
Posredniška matična družba, tj. CNRC, je v obdobju 2015–2016 in obdobju preiskave poslovala z dobičkom, čeprav je bila dobičkonosnost nizka in je bila družba visoko zadolžena.
The four exporting producers of the China National Tire Group have diverse financial situations.
Poleg tega je Komisija ugotovila, da je bila več kot polovica posojil, zagotovljenih na ravni družbe CNRC, posojil revolving.
Two of them made constant profits during the period 2014-2016, and had quite healthy financial indicators.
Podobna slika izhaja iz analize končne matične družbe, tj. skupine Chemchina Group, za katero je bila ugotovljena nizka dobičkonosnost ob visoki zadolženosti in določeni odvisnosti od posojil revolving.
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.
Poleg tega je Komisija na ravni skupine Chemchina Group ugotovila, da so se obveznice uporabljale za odplačilo neodplačanih posojil.
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.
Za družbo CNRC ali njene podrejene družbe ni bilo zagotovljenih bonitetnih ocen.
Furthermore they were dependent on revolving loans and one of them was unable to repay some of its debts.
Vendar je kitajska bonitetna agencija skupini Chemchina Group vedno znova dodelila bonitetno oceno AAA.
In fact, these companies stopped receiving external loans during the investigation period.
Komisija zaradi splošnega izkrivljanja kitajskih bonitetnih ocen iz uvodnih izjav od 237 do 242 in tudi dokazov, najdenih med preverjanjem, ni upoštevala kitajske bonitetne ocene skupine Chemchina Group.
However, they continued to receive financial support in the form of loans taken out on their behalf by their parent company.
Glede na opisani splošni položaj se je Komisiji zdelo potrebno določiti ustrezno referenčno vrednost za različne družbe v skupini.
The terms of these loan agreements referred to the ailing subsidiary in the purpose of the loan.
Da bi Komisija upoštevala večjo izpostavljenost bank tveganju, ki se je še povečala z obstojem posojil revolving v nekaterih družbah skupine, je za eno stopnjo znižala oceno na lestvici ocenjevanja tveganja in prilagodila izračun relativnega razmika za taka posojila, tako da je primerjala podjetniške obveznice z bonitetno oceno AA v ZDA in obveznice z bonitetno oceno B (namesto BB) v ZDA z enakim trajanjem.
In addition the exporting producers in question had to repay these loans in full to the parent company according to an intercompany agreement.
Glede na opredelitve bonitetne ocene bonitetne agencije Standard & Poor's je dolžnik z bonitetno oceno „B“ ranljivejši od dolžnika z bonitetno oceno „BB“, vendar je dolžnik trenutno še vedno sposoben izpolnjevati svoje finančne obveznosti.
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.
Vendar lahko negativni poslovni, finančni ali gospodarski pogoji oslabijo sposobnost ali pripravljenost dolžnika, da izpolni svoje finančne obveznosti.
Furthermore, the Commission established that more than half of the loans provided at the level of CNRC were revolving loans.
Referenčna vrednost se zato šteje za ustrezno za upoštevanje dodatnega tveganja, ki izhaja iz uporabe posojil revolving.
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.
Zato je Komisija uporabila to referenčno vrednost za vsa posojila z rokom zapadlosti dve leti ali manj, zagotovljena družbam, ki so izkoristila posojila revolving.
In addition, at the level of the Chemchina Group, the Commission found that bonds were used to repay outstanding loans.
Posojila revolving se dejansko običajno sklenejo za kratka obdobja.
No credit ratings have been provided for CNRC or its subsidiaries.
Zelo malo verjetno je, da bi bil rok zapadlosti posojila revolving daljši od dveh let, to ugotovitev pa potrjujejo dokazi o posojilih, ki so bili preverjeni v vzorčenih družbah.
However, the Chemchina Group was repeatedly awarded AAA credit rating by a Chinese credit rating agency.
Za preostala posojila z rokom zapadlosti dve leti ali več in za družbe, ki niso imele posojil revolving, je uporabila splošno referenčno vrednost, s katero se obveznicam dodeli najvišja ocena špekulativnega razreda, kot je pojasnjeno v uvodni izjavi 251.
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 je nazadnje sklenila, da sta bili dve družbi, vključeni v proizvodnjo pnevmatik, v obdobju 2015–2016 in obdobju preiskave v slabem finančnem položaju.
In view of the above general situation, the Commission found it necessary to find an appropriate benchmark for the various companies in the group.
Ti družbi v obdobju preiskave brez državne podpore ne bi imeli dostopa do dodatnih posojil.
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.
Zato je prejeta ugodnost za to družbo presegala običajni pribitek obrestne mere.
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.
Ta ugodnost v obdobju preiskave izhaja iz dodelitve posojil, ki na podlagi splošnega finančnega položaja družbe brez državne podpore ne bi bila dodeljena.
Nevertheless, adverse business, financial, or economic conditions may impair the obligor's capacity or willingness to meet its financial commitments.
V zvezi s tem je Komisija opozorila, da je skupina China National Tire Group veliko podjetje v državni lasti, ki je del skupine Chemchina Group, in da je bila skupina Chemchina Group v 13. petletnem načrtu za petrokemično industrijo navedena kot ključno podjetje.
This benchmark is therefore considered to be appropriate to reflect the additional risk derived from the use of revolving loans.
Komisija se je zato v skladu z oddelkom E(b)(V) smernic iz leta 1998 odločila, da zneske teh posojil, ki v obdobju preiskave niso bili poravnani, obravnava kot nepovratna sredstva, zagotovljena pri izpolnjevanju vladnih politik.
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.
Ker ti družbi v obdobju preiskave zaradi svojega slabega finančnega položaja, v katerem sta bili že v obdobju 2015–2016, nista več prejeli nobenega novega zunanjega posojila, je Komisija posojila, ki v obdobju preiskave niso bila odplačana, vendar so bila zagotovljena v letu 2015 in prvi polovici leta 2016, obravnavala kot nepovratna sredstva, ki so bila ustrezno prilagojena, kot je opisano v uvodni izjavi 280.
Indeed, revolving loans are usually concluded for short durations.
Poleg tega je Komisija obravnavala posojila med družbama, ki jih je matična družba v obdobju preiskave pridobila v imenu podrejene družbe kot nepovratna sredstva, saj so bila očitno namenjena podrejeni družbi, ki jih je morala tudi plačati.
It is highly unlikely that a revolving loan would be found with a maturity of more than two years, and the evidence of the loans verified in the sampled companies supported this conclusion.
Skupina China National Tire Group je po dokončnem razkritju trdila, da se posojila med družbama, ki jih je matična družba pridobila v imenu svoje podrejene družbe, ne bi smela šteti za nepovratna sredstva, saj so bile posojilna pogodbe podpisane med matično družbo in bankami.
For the remaining loans with a maturity of 2 years and above and for companies that did not have revolving loans, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Zato teh posojil ni bilo mogoče obravnavati kot posojila podrejenih družb za izračun ugodnosti subvencije.
Finally, the Commission concluded that at the level of two of the companies involved in the production of tyres, the companies were in a poor financial situation in 2015-2016, and during the investigation period.
Komisija se ni strinjala s to oceno, saj so posojilne pogodbe, podpisane z bankami, jasno določale, da je namen posojil zagotovitev finančnih sredstev podrejenim družbam v težavah.
They would not have had access to further loans during the investigation period absent State support.
Poleg tega so bile podpisane posebne pogodbe med matično družbo in podrejenimi družbami, ki so vključevale jasna sklicevanja na določene posojilne pogodbe z bankami ter določale, da morajo podrejene družbe poplačati posojila z lastnimi sredstvi.
Therefore, the received benefit for this company went beyond an ordinary mark-up of an interest rate.
Skupina China National Tire Group je na splošno trdila, da se posojila, zagotovljena zadevnima proizvajalcema izvoznikoma, niso ujemala z nepovratnimi sredstvi, saj ta posojila niso bila odpuščena niti ni prišlo do njihovega neplačevanja.
Rather, the benefit during the investigation period derived from the award of loans which would not have been granted absent State support based on the company's overall financial situation.
V zvezi s tem je Komisija pojasnila, da ni štela, da so posojila vzorčenim družbam enaka nepovratnim sredstvom kot takim.
In this respect, the Commission noted that the China National Tire Group is a large State Owned Enterprise (‘SOE’) which is part of the Chemchina Group, and that the Chemchina Group was earmarked as a key enterprise in the 13th Five Year Petrochemical Plan.
Komisija je priznala, da so posojila družbam vključevala plačilne obveznosti.