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Volvo is preparing to issue bonds for the first time as a stand-alone carmaker as the Swedish company enters the next phase of its turnround having recently developed a new manufacturing platform and launched upmarket models.
沃尔沃(Volvo)正准备首次以独立汽车制造商的身份发行债券，这家瑞典公司已步入翻身计划的下一阶段，在近期开发了一个新的制造平台，推出了高端车型。
A move into the capital markets by the Gothenburg-based company, which has been owned by Zhejiang Geely Holding of China since 2010, could be a prelude to a stock market debut, say people close to the carmaker.
这家总部位于哥德堡的公司自2010年起由中国浙江吉利控股集团(Geely Holding)所有。据知情人士透露，沃尔沃打算进入资本市场的举措可能是在股市上市的前奏。
“What’s important for us is, I think, is that we have to improve the company and run it as if it was listed,” said Hakan Samuelsson, chief executive. “That is very healthy for the company and that is what we are doing.”
“我认为，对我们来说重要的是我们必须改善我们的公司，像上市公司那样去运营，”沃尔沃首席执行官霍坎萨穆埃尔松(H欀愀渀 Samuelsson)表示，“这对公司而言非常健康，我们也正是这样做的。”
Volvo has been engaged in an ambitious and expensive overhaul that began when Ford sold the company to Geely in 2010.
福特(Ford)在2010年把沃尔沃卖给了吉利，沃尔沃自此开始了雄心勃勃和耗资巨大的彻底整改。
Mr Samuelsson told the Financial Times: “We have to be ready to go out on the bond market... part of [acting] as a listed company with all the transparency and reporting that is required. So I wouldn’t exclude that we would go out on the bond market [in 2016].”
萨穆埃尔松告诉英国《金融时报》的记者：“我们必须准备好涉足债券市场……像一家上市公司那样，达到上市公司的透明度和披露要求。因此，我不排除我们（在2016年）进入债券市场的可能性。”
The Swedish brand has built an $11bn platform for a new range of large cars, beginning with the XC90 sport utility vehicle that launched last year as the first car produced under Geely. It was followed this month by the newly unveiled S90 saloon.
沃尔沃投资110亿美元打造了一个大型车系列的制造平台，该平台生产的第一款车就是去年推出的XC90运动型多功能车(SUV)，这也是沃尔沃作为吉利旗下公司生产的首款车。跟随其后的是本月新推出的S90轿车。
By 2019, the XC90 will be the oldest car in the company’s revamped nine-model line-up and, at that stage, Volvo aims to be selling almost 800,000 cars a year — versus 466,000 in 2014.
到2019年，沃尔沃这个由9款车型组成的新系列将全部推出，XC90将成为该系列中最老的一款车。到那个阶段，沃尔沃的目标是一年销售近80万辆汽车，该公司2014年的销量是46.6万辆。
To finance its growth ambitions, Volvo relies on cash flow and several loans from the China Development Bank, including an $800m loan sealed in 2013. Earlier this year it paid $260m to take control of three Chinese factories, which was funded by loans from the parent company.
支持这一增长抱负的资金来自于现金流和几笔来自中国国家开发银行(CDB)的贷款，包括一笔在2013年敲定的8亿美元贷款。今年早些时候，沃尔沃还斥资2.6亿美元获取了3家中国工厂的控制权，资金来自于母公司贷款。
Raising money on the bond market would mark a further step towards Volvo operating in effect as an independent entity. But the underlying profitability of the business remains weak, with first-half operating margins at 2.2 per cent.
在债券市场中募集资金将标志着沃尔沃朝着实际上以独立实体运营又迈进了一步。但该公司的基础盈利能力依然较弱，上半年沃尔沃的营业利润率为2.2%。
Mr Samuelsson said the company had no issues with its existing financing and played down any suggestion that Volvo needed external sources of money to fund growth.
萨穆埃尔松表示沃尔沃目前的融资没有问题，并淡化了有关沃尔沃需要外部资金来源来支持发展的说法。
He also cautioned that any stock market flotation was a matter for the owner. Zhejiang Geely Holding said there were no “immediate” plans for Volvo to be listed or to access the bond markets.
他还提醒称，是否上市要由母公司来决定。浙江吉利控股表示，“眼下”没有让沃尔沃上市或者进入债券市场的计划。
But a person close to the company said: “The idea of a Chinese-owned premium player with high volumes and factories on three continents... a compelling story. Why behave like a listed company if you don’t want to be a listed company?”
但一名知情人士表示：“一家中国所有的高端汽车制造商，销量高，在三个大陆上都有工厂……想想都很有吸引力。如果你不想成为上市公司，为什么要像上市公司那样行事呢？”
The last time the carmaker issued a bond was as part of Volvo AB, its former Swedish parent that makes trucks, buses and construction equipment.
沃尔沃上次发行债券还是在前母公司沃尔沃集团(Volvo AB)旗下的时候。沃尔沃集团是一家生产卡车、巴士和建筑设备的瑞典集团。
