natgillin/translations-raw huggingface dataset:
However, these ratings follow Chinese rating scales and are thus not exactly comparable with international ratings, as explained above.
Poleg tega sta nekaj kratkoročnih posojil zavarovala tudi s prodajo svojih izvoznih terjatev kitajskim bankam.
In view of the situation described in recitals (237) to (241) above, the Commission concluded that Chinese credit ratings do not provide a reliable estimation of the credit risk of the underlying asset.
Finančni položaj proizvajalcev izvoznikov skupine Hankook Group se zelo razlikuje.
On this basis, even if some sampled companies were awarded a good credit rating by a Chinese rating agency, the Commission concluded that such ratings are not reliable.
Eden od njiju je zrelo podjetje, ki je v obdobju 2014–2016 stalno poslovalo z dobičkom, drugo pa je bilo ustanovljeno šele pred kratkim in je od začetka svojega delovanja nakopičilo veliko izgubo, čeprav je v letu 2017 prvič poslovalo z dobičkom.
Revolving loans
Stopnja zadolženosti je v enem primeru precej nizka, v drugem pa zelo visoka.
Following the findings described in section 3.4.4 of the anti-subsidy investigation on hot rolled flat steel products originating in the PRC, revolving loans are loans which allow a company to replace the capital repaid on loans at the maturity date by fresh capital from new loans.
Vendar je bila skupaj in s primerjavo v daljšem obdobju skupna dobičkonosnost družb v obravnavanem obdobju pozitivna, čeprav šibka, kar nakazuje, da bi lahko bila skupina zaradi manjših sprememb v notranjem ali zunanjem poslovnem okolju izpostavljena izgubam.
Revolving loans are usually a sign of short term liquidity problems of the borrower, and involve a greater risk exposure for the banks granting them.
Ta ocena je bila potrjena med preveritvenim obiskom.
The existence of revolving loans in a given company was therefore considered an indication that the company is in a worse financial situation than what the financial statements would suggest at first sight, and that there is an additional risk related to short-term liquidity problems.
Komisija je ugotovila, da so kitajske finančne institucije v državni lasti družbi Jiangsu Hankook Tire Co., Ltd. (v nadaljnjem besedilu: JHT) dodelile bonitetne ocene od BBB+ do AA+, medtem ko so iste finančne institucije v državni lasti družbi Chongqing Hankook Tire Co. Ltd. (v nadaljnjem besedilu: CHT) dodelile bonitetne ocene od BBB– do A+.
For the purpose of the current investigation, the Hankook Group in China consists of two exporting producers, two companies providing inputs to the exporting producer, and one sales company.
Komisija je zato ob upoštevanju splošnega izkrivljanja kitajskih bonitetnih ocen, navedenega v uvodnih izjavah od 237 do 242, sklenila, da te bonitetne ocene niso zanesljive.
The headquarters of the Group are located outside China, in Korea, and there is no holding company within China exercising control over all the companies operating in the PRC.
Ob upoštevanju stanja proizvajalca, ki posluje z izgubo, lahko obstajajo dvomi glede tega, ali imajo družbe sposobnost odplačevanja dolgov.
During the investigation period, the exporting producers mainly secured necessary funds from international banks located outside of China, as well as the Korean mother company, and an intercompany cash pool agreement.
Vendar je pri veliki večini posojil šlo za posojila med družbama, ki jih je dodelila korejska matična družba.
However, they also secured some short-term loans by selling their export receivables to Chinese banks.
Družba je imela le omejen znesek kratkoročnih posojil kitajskih bank.
The two exporting producers of the Hankook Group have a very different financial situation.
Komisija je ugotovila, da so bila ta kratkoročna posojila, ki jih je zagotovila kitajska finančna institucija, dejansko posojila revolving.
One of them is a mature business with constant profits during the period 2014-2016, the other one has been more recently set up and has accumulated heavy losses since its start up, although it had been making profits for the first time in 2017.
Po razkritju informativnega dokumenta je skupina Hankook Group navedla, da so bila ta posojila zaporedni dvigi kapitala v okviru širšega okvirnega sporazuma.
The debt to assets ratio is quite low in one case and very high in the other case.
Po nadaljnji analizi je Komisija sprejela trditve skupine Hankook Group o naravi teh posojil in ustrezno prilagodila svoje izračune z uporabo obrestne mere v času dviga sredstev.
When taken together and compared over a longer period, the combined profitability of the companies was positive though fragile over the period considered, indicating that minor changes in the internal or external business environment could expose the group to a loss-making situation.
Kot je navedeno v oddelku 3.4.1, kitajske finančne institucije, ki so zagotavljale posojila, niso predložile nobene ocene kreditne sposobnosti.
This assessment was confirmed during the verification visit.
Da bi Komisija lahko določila ugodnost, je morala oceniti, ali so bile obrestne mere za posojila, dodeljena skupini Hankook Group, na tržni ravni.
The Commission noted that Jiangsu Hankook Tire Co. Ltd (‘JHT’) has been awarded credit ratings ranging from BBB+ to AA+ by Chinese state-owned financial institutions, whereas Chongqing Hankook Tire Co. Ltd (‘CHT’) has been awarded credit ratings ranging from BBB- to A+ by the same state-owned financial institutions.
Menila je, da splošni finančni položaj skupine ustreza bonitetni oceni BB, tj. najvišji oceni, ki se ne šteje več za „naložbeni razred“.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (237) to (242) above, the Commission concluded that this rating was not reliable.
„Naložbeni razred“ pomeni, da bodo obveznice, ki jih izda družba, po presoji bonitetne agencije dovolj verjetno izpolnile plačilne obveznosti, da lahko banke vlagajo vanje.
Looking at the situation of the loss-making producer, there could be doubts about the companies' debt repayment abilities.
Premija, ki se pričakuje za obveznice, ki jih izdajo podjetja s to oceno (BB), se je nato uporabila za običajno posojilno obrestno mero Ljudske banke Kitajske, da bi se določila tržna obrestna mera.
However, the vast majority of loans granted to the company were intercompany loans from the Korean mother company.
Navedeni pribitek se je določil z izračunom relativnega razmika med indeksi podjetniških obveznic z bonitetno oceno AA in podjetniškimi obveznicami z bonitetno oceno BB v ZDA na podlagi podatkov družbe Bloomberg za industrijske segmente.
The company only had a limited amount of short-term loans from Chinese banks.
Tako izračunani relativni razmik se je nato prištel k referenčni obrestni meri, kot jo je Ljudska banka Kitajske objavila na datum dodelitve posojila, in za tako dolgo obdobje, kot traja zadevno posojilo.
The Commission found that these short-term loans provided by a Chinese financial institution were actually revolving loans.
To se je izvedlo za vsako posojilo, zagotovljeno družbi.
Following the disclosure of the Information Document, the Hankook Group submitted that these loans were successive withdrawals of capital within the context of a wider framework agreement.
Enake razmere v zvezi z izkrivljanjem trga in neobstojem veljavnih bonitetnih ocen veljajo za posojila, izražena v tujih valutah v LRK, ker tudi ta posojila dodeljujejo iste kitajske finančne institucije.
After further analysis, the Commission accepted Hankook's claims on the nature of these loans, and adapted its calculations accordingly, using the interest rate at the time of withdrawal of the funds.
Zato so se za določitev ustrezne referenčne vrednosti, kot je bilo ugotovljeno, uporabile podjetniške obveznice z bonitetno oceno BB, izražene v ustreznih valutah in izdane v obdobju preiskave.
As mentioned in section 3.4.1 above, the Chinese lending financial institutions did not provide any creditworthiness assessment.
Po razkritju informativnega dokumenta in dokončnem razkritju so kitajska vlada in tri od štirih vzorčenih družb nasprotovale metodologiji Komisije, s katero se je za izračun ugodnosti od preferenčnih posojil uporabil relativni razmik med podjetniškimi delnicami z bonitetno oceno AA in podjetniškimi obveznicami z bonitetno oceno BB v ZDA.
Hence, in order to establish the benefit, the Commission had to assess whether the interest rates for the loans accorded to the Hankook Group were at market level.
Vse so trdile, da bi morala Komisija uporabiti absolutni razmik namesto relativnega razmika med podjetniškimi delnicami z bonitetno oceno AA in podjetniškimi obveznicami z bonitetno oceno BB v ZDA.
The Commission considered that the overall financial situation of the group corresponds to a BB rating, which is the highest rating that does no longer qualify as ‘investment grade’.
Navedle so naslednje razloge:
‘Investment grade’ means that bonds issued by the company are judged by the rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
raven relativnega razmika se spreminja glede na raven izhodiščne obrestne mere v ZDA: nižja je raven obrestne mere, višji bo posledični pribitek;
The premium expected on bonds issued by firms with this rating (BB) was then applied to the standard lending rate of the PBOC in order to determine the market rate.
raven posledične referenčne vrednosti se spreminja glede na raven referenčne obrestne mere Ljudske banke Kitajske, za katero se uporablja.
That mark-up was determined by calculating the relative spread between the indices of US AA rated corporate bonds to US BB rated corporate bonds based on Bloomberg data for industrial segments.
Višja je referenčna obrestna mera Ljudske banke Kitajske, višja bo posledična referenčna vrednost;
The relative spread thus calculated was then added to the benchmark interest rates as published by the PBOC at the date when the loan was granted, and for the same duration as the loan in question.
v skladu s preteklimi podatki, ki jih je predložila skupina Giti Group, je bil absolutni razmik v glavnem stabilen skozi čas, medtem ko so bila za relativni razmik značilna velika nihanja;
This was done individually for each loan provided to the company.
dejstvo, da je Komisija ugotovila ugodnost pri vseh posojilih v RBM, ne pa za večino posojil v tujih valutah, dokazuje, da je uporaba relativnega razmika napačna.
As for loans denominated in foreign currencies in the PRC, the same situation in respect of market distortions and the absence of valid credit ratings applies, because these loans are granted by the same Chinese financial institutions.
Prva tri vprašanja so bila že predstavljena v zadevi v zvezi z vroče valjanimi ploščatimi izdelki.
Therefore, as found before, BB rated corporate bonds in relevant denominations issued during the investigation period were used to determine an appropriate benchmark.
Kot je razvidno iz uvodnih izjav od 175 do 187 zadeve v zvezi z vroče valjanimi ploščatimi izdelki, je Komisija te trditve zavrnila iz naslednjih razlogov:
Following the disclosure of the Information Document and after final disclosure, both the GOC and three out of the four sampled companies contested the Commission's methodology using a relative spread between US AA rated and US BB rated corporate bonds to calculate the benefit on preferential loans.
prvič, čeprav je Komisija priznala, da poslovne banke običajno uporabljajo pribitek, izražen v absolutnem smislu, je ugotovila, da so razlogi za to prakso večinoma praktične narave, kajti obrestna mera je navsezadnje absolutno število.
All of them alleged that the Commission should have used an absolute instead of a relative spread between the US AA rated bonds and the US BB rated bonds.
Vendar absolutno število izraža oceno tveganja, ki temelji na relativnem vrednotenju.
The following reasons were provided:
Tveganje neplačila za družbo, ocenjeno z BB, je X % bolj verjetno kot plačilna nesposobnost vlade ali netvegane družbe.
The level of the relative spread fluctuates with the level of the base interest rate in the US: the lower the interest rate level is, the higher the resulting mark-up will be.
To je relativna ocena;
The level of the resulting benchmark fluctuates according to the level of the PBOC benchmark rate to which it is applied.
drugič, obrestne mere ne izražajo le profilov tveganja družb, pač pa tudi tveganja, odvisna od države in valute.
The higher the PBOC benchmark rate, the higher the resulting benchmark will be.
Relativni razmik tako zajema spremembe tržnih razmer, ki niso izražene, če se uporablja logika absolutnega razmika.
According to historical data provided by the Giti Group, the absolute spread remains roughly stable over time, whereas the relative spread shows great variations.
Pogosto, kot tudi v tej zadevi, se tveganja, odvisna od države in valute, spreminjajo skozi čas, pri čemer so tveganja od države do države različna.
The fact that the Commission found a benefit for all loans in RMB but not for most loans in foreign currencies proves that the use of the relative spread is erroneous.
Zato netvegane obrestne mere precej nihajo in so včasih nižje v ZDA, včasih pa na Kitajskem.
The first three issues were already presented in the HRF case.
Te razlike so povezane z dejavniki, kot so zabeležena in pričakovana rast BDP, zaupanje v gospodarstvo in stopnje inflacije.
As can be seen from recitals (175) to (187) in the HRF case, the Commission rejected these arguments on the following grounds:
Stopnje netveganih obrestnih mer se skozi čas spreminjajo, zato lahko iste nominalne absolutne vrednosti pomenijo zelo različne ocene tveganja.
First, while the Commission recognised that commercial banks usually use a mark-up expressed in absolute terms, it observed that this practice seems mainly based on practical considerations, because the interest rate is ultimately an absolute number.
Na primer, če banka oceni, da je za družbo specifično tveganje neplačila pri 10 % večje kot netvegana obrestna mera (relativna ocena), se lahko absolutne vrednosti razmika, ki tako nastane, gibajo med 0,1 % (pri stopnji netvegane obrestne mere 1 %) in 1 % (pri stopnji netvegane obrestne mere 10 %).
The absolute number is however the translation of a risk assessment that is based on a relative evaluation.
Z vidika vlagatelja je torej relativni razmik boljši merilni instrument, saj odraža obseg razmika donosa in način, kako nanj vpliva temeljna obrestna mera;
The risk of default of a BB-rated company is X % more likely than default of the government or a risk-free company.
tretjič, relativni razmik je tudi neodvisen od države.
This is a relative evaluation.
Na primer, če bo netvegana obrestna mera v ZDA nižja od netvegane obrestne mere na Kitajskem, bodo z uporabo te metode absolutne vrednosti pribitkov višje.
Second, interest rates reflect not only company risk profiles, but also country- and currency specific risks.
Po drugi strani, če bo netvegana obrestna mera na Kitajskem nižja kot v ZDA, pa bodo absolutne vrednosti pribitkov nižje.
The relative spread thus captures changes in the underlying market conditions which are not expressed when following the logic of an absolute spread.
To je priznala tudi skupina Giti Group v preglednici 3 svoje predložitve, kjer so simulirane različne obrestne mere Ljudske banke Kitajske.
Often, as in the present case, the country- and currency-specific risk varies over time, and the variations are different for different countries.
V praksi je bilo pri uporabi podatkov, ki jih je predložila skupina Giti Group, za zgodovinske obrestne mere Ljudske banke Kitajske ugotovljeno, da je metodologija relativnih vrednosti privedla do nižjih referenčnih vrednosti v določenih letih kot uporaba absolutnih vrednosti;
As a result, the risk-free rates vary significantly over time, and are sometimes lower in the US, sometimes in China.
glede tretje točke je Komisija dejstva, ki jih je predložila skupina Giti Group, razlagala drugače.
These differences relate to factors such as observed and expected GDP growth, economic sentiment, and inflation levels.
Sama skupina Giti Group je ugotovila, da absolutne vrednosti razmika niso tako stabilne, kot se je domnevalo, pač pa kažejo nihanje med 1 in 4,5 %.
Because the risk-free rate varies over time, the same nominal absolute spread can signify a very different assessment of the risk.
Poleg tega so se relativne vrednosti razmika v zadnjih 23 letih gibale povsem enako kot absolutne, tj. ko se povečajo relativne vrednosti razmika, se povečajo tudi absolutne vrednosti in obratno.
For example, where the bank estimates the company-specific risk of default at 10 % higher than the risk-free rate (relative estimation), the resulting absolute spread can be between 0,1 % (at a risk-free rate of 1 %) and 1 % (at a risk-free rate of 10 %).
Glede domnevnega nihanja relativnih vrednosti razmika je razpon podoben; razlika med najvišjimi in najnižjimi vrednostmi je 530 % za relativne in 450 % za absolutne vrednosti razmika;
From an investor perspective, the relative spread is hence a better measure as it reflects the magnitude of the yield spread and the way it is affected by the base interest-rate level.
glede četrte točke se Komisija ni strinjala z oceno skupine Giti Group, da pomanjkanje ugodnosti pri uporabi metodologije izračuna Komisije za posojila v tujih valutah kaže, da je uporaba relativnega razmika napačna.
Third, the relative spread is also country–neutral.
Dejansko je domači trg posojil v RMB pravzaprav zaprt trg, na katerem lahko kitajska vlada, kot je navedeno zgoraj, izvaja določen vpliv.
For instance, where the risk-free rate in the US is lower than the risk-free rate in China, the method will lead to higher absolute mark-ups.
Po drugi strani je trg posojil v trdnih valutah, med drugim zaradi omejitev tujih valut na Kitajskem, manj odvisen od notranjepolitičnih odločitev kitajske vlade, njegovo delovanje pa je veliko bolj usklajeno s tržnimi razmerami.
On the other hand, where the risk-free rate in China is lower than in the US the method will lead to lower absolute mark-ups.
Zato ne preseneča dejstvo, da referenčna vrednost, ki jo uporablja Komisija, večinoma ne zagotavlja ugodnosti.
This is also acknowledged by the Giti Group in table 3 of its submission, where the impact of different PBOC rates is simulated.
V nasprotju s tem pa Komisija meni, da to kaže, da kitajske banke pri poslovanju na mednarodnem trgu odobrijo posojila, ki izpolnjujejo tržne pogoje za družbe z bonitetno oceno BB, kar ne velja v primeru, ko zagotavljajo posojila na domačem trgu.
In practice, when applying the data provided by the Giti Group to the historical PBOC rates, it shows that in some years the relative methodology indeed produces a lower benchmark than the absolute spread.
Dokazuje tudi, da metodologija Komisije prinaša rezultate, ki so skladni s tržnimi pogoji za družbe z bonitetno oceno BB na mednarodnem trgu.
On the third point, the Commission interpreted the facts presented by the Giti Group in a different manner.
Kitajska vlada je po dokončnem razkritju ponovila svoje prejšnje argumente in trdila, da je bila uporaba relativnega razmika neustrezna, saj se z referenčno vrednostjo niso izvedle potrebne prilagoditve, ki bi izražale prevladujoče pogoje na kitajskem finančnem trgu, ter je vodila do nerazumnih rezultatov.
The Giti Group itself noted that the absolute spread is not as stable as alleged, but instead varies over time, from 1 % to 4,5 %.
Komisija se s tem mnenjem ni strinjala, saj se referenčna obrestna mera Ljudske banke Kitajske uporablja kot izhodišče za izračun.
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.
Poleg tega relativni razmik zajema spremembe tržnih razmer iz posamezne države, ki niso izražene, če se uporablja logika absolutnega razmika, kot je pojasnjeno v uvodni izjavi 255.
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.
Komisija je tudi opozorila, da dobljena obrestna mera v višini približno 9 % za družbe z bonitetno oceno BB ni razumna glede na dejstvo, da je bil donos podjetniških obveznic z bonitetno oceno BB na kitajskem domačem trgu ob koncu obdobja preiskave 20-odstoten.
Finally, on the fourth point, the Commission disagreed with the assessment of the Giti Group that the lack of benefit when applying the Commission's calculation methodology to loans in foreign currencies shows that the use of the relative spread is erroneous.
Komisija je zato vztrajala pri svojem stališču, da metoda relativnega razmika ustrezneje odraža premijo za tveganje, ki bi jo finančna institucija uporabila za kitajske proizvajalce izvoznike na neizkrivljenem trgu, zlasti ker sta se osnovni obrestni meri v LRK in v ZDA gibali drugače.
Indeed, the domestic RMB loan market is essentially a closed market, in which the GOC, as shown above, can exert a certain influence.
Skupina Hankook Group je tudi trdila, da Komisija ni odštela obresti, plačanih po obdobju preiskave, ki so zapadle v obdobju preiskave.
On the other hand, among others due to foreign currency restrictions in China, the hard currency loan market is less subject to the domestic policy choices of the GOC, and operates much more according to market conditions.
Komisija je pregledala svoje izračune in ugotovila, da so pravilni, zato je trditev zavrnila.
The fact that the benchmark used by the Commission yields no benefit in most cases is thus not so surprising.
Poleg tega je skupina Hankook Group trdila, da njenih zunanjih dokumentiranih plačil ni mogoče šteti za financiranje.
On the contrary, the Commission considers that this shows that the Chinese banks, when operating on the international market, grant loans which are in line with market based conditions for BB rated companies, which is not the case when they are providing loans on the domestic market.
Tudi če bi se ta plačila štela za instrument financiranja, je nasprotovala referenčni obrestni meri, ki jo je Komisija uporabila za izračun ugodnosti, pri čemer domnevno ni bila upoštevana struktura obrestne mere, ki so jo uporabile banke (na podlagi obrestne mere LIBOR za posamezne države) v ustrezni valuti.
It also proves that the methodology of the Commission yields results which are in line with market based conditions for BB rated companies on the international market.
Prvič, Komisija se ni strinjala s skupino Hankook Group, da zunanjih dokumentiranih plačil ni mogoče šteti za financiranje.
After final disclosure, the GOC reiterated its previous arguments and claimed that the use of the relative spread was inappropriate, as the benchmark did not make the necessary adjustments to reflect the prevailing conditions on the Chinese financial market, and would lead to unreasonable results.
Skupina Hankook Group je s pomočjo teh finančnih instrumentov dejansko lahko zbrala denar vnaprej ter tako zmanjšala valutno tveganje pri obračunavanju v drugih valutah in ne v RMB.
The Commission disagreed with this view, since the PBOC benchmark rate is used as a starting point for the calculation.
Zato je to kratkoročna finančna ureditev v korist skupine Hankook Group.
Furthermore, the use of the relative spread captures changes in the underlying country-specific market conditions which are not expressed when following the logic of an absolute spread, as explained in recital (255) above.
Drugič, Komisija v zvezi z uporabljenimi obrestnimi merami ni našla nobenih indeksov za posojila z bonitetno oceno „BB“, denominiranih v CAD, AUD in JPY.
In addition, the Commission noted that the resulting interest rate of around 9 % for BB rated companies is not unreasonable in view of the fact that the yield of BB rated corporate bonds on the Chinese domestic market was 20 % at the end of the investigation period.
Ker imajo te države podobno stopnjo gospodarskega razvoja kot ZDA, je Komisija za te valute uporabila povprečne obrestne mere LIBOR v USD in premijo za tveganje v USD za družbe z bonitetno oceno „BB“.