natgillin/translations-raw huggingface dataset:
Nederlandse Vereniging van Participatiemaatschappijen (NVP) fastslår, at der er et åbenlyst egenkapitalgab i den laveste ende af markedet op til 2,5 mio. EUR. Selvom dette gab kan variere medlemsstaterne imellem, vil forskellen ikke være særlig stor.
The Nederlandse Vereniging van Participatiemaatschappijen (NVP) states that there is an evident equity gap at the bottom end of the market up to EUR 2,5 million. Whereas this gap may vary from Member State to Member State, the difference will not be significant.
Confederation of Netherlands Industry and Employers VNO-NCW støtter CBI's og NVP's bemærkninger især hvad angår størrelsen af egenkapitalgabet.
The Confederation of Netherlands Industry and Employers VNO-NCW supports the observations made by the CBI and the NVP, particularly with regard to the size of the equity gap.
Det er Institute of Chartered Accountants in England and Wales' holdning, at der er et egenkapitalgab, der meget vel kan være på 5 mio. GBP (7 mio. EUR) af følgende årsager:
The Institute of Chartered Accountants in England and Wales believes that there is an equity gap that could be as high as GBP 5 million (EUR 7 million) for the following reasons:
De fleste professionelle egenkapitalinvestorer i Det Forenede Kongerige er ikke interesserede i at foretage investeringer på under 3 mio. GBP (4,3 mio. EUR).
The majority of professional private equity providers are not interested in pursuing deals which are smaller than GBP 3 million (EUR 4,3 million).
Erfaringen viser, at meget få risikokapitalfonde i Det Forenede Kongerige aktivt investerer i virksomheder med en værdi af 2 mio. GBP (2,9 mio. EUR) eller derunder.
Experience tends to suggest that few venture capital houses in the UK are actively investing in businesses at or below GBP 2 million (EUR 2,9 million).
Derfor er antallet af mindre virksomheder, der modtager investeringer på eller i nærheden af 2 mio. GBP (2,9 mio. EUR) fra disse investorer meget begrænset set over en hvilken som helst 12-måneders periode.
Therefore the volume of small companies that receive investment at or near GBP 2 million (EUR 2,9 million) from these sources is very limited in any twelve month period.
Andre kan være interesserede i denne beløbsstørrelse, men enten som led i en meget større runde på over 2 mio. GBP (2,9 mio. EUR) eller hvor de deltager i finansieringen af en management buy out eller i et ejerskifte i stedet for at deltage i virksomhedens organiske udvikling.
Others may be interested in this size range, but either as part of a much larger round above GBP 2 million (EUR 2,9 million), or where they are participating in the financing of a management buy out (MBO) or the change of ownership of a company, rather than its organic development.
Den professionelle risikokapitalbranche i Det Forenede Kongerige har etableret en dynamisk sektor for mellemstore og store investeringer, som fokuserer på at foretage større investeringer i meget udbytterige, store virksomheder, eller på at tage kontrol hermed.
The professional venture capital community in the UK has established an active medium and large scale private equity industry, whose main focus is to acquire either large stakes in, or the control of, significantly profitable and large scale businesses.
I de seneste 5-6 år har man set et fald i antallet af risikokapitalfonde med ressourcer til at investere i et større antal mindre virksomheder med et beløb på op til 2 mio. GBP (2,9 mio. EUR).
During the last 5 to 6 years, the number of venture capital houses with committed funds to invest in a reasonable volume of smaller companies with a specific range of up to GBP 2 million (EUR 2,9 million) appears to have diminished.
Instituttet mener, at den foreslåede ECF-ordning er en værdifuld kilde til finansiering for virksomheder, der søger et relativt beskedent beløb i form af egenkapital, og at den vil stimulere andre investorer til at deltage i mindre investeringsbeløb, hvor de kan følge en fond, der er dedikeret til sektoren, i stedet for at investere lejlighedsvis.
The Institute believes that the proposed ECF scheme will provide a valuable source of finance for businesses seeking a relatively modest amount of equity capital and will stimulate other investors to participate in small investment amounts where they can follow a fund that is dedicated to this sector, as opposed to investing opportunistically from time to time.
England’s Regional Development Agencies fastslår, at en nylig undersøgelse, som blev foretaget af Advantage West Midlands RDA, viser at hindringerne for adgang til vækstfinansiering er mest udtalte for virksomheder, der søger mellem 250000 GBP (357000 EUR) og 2 mio. GBP (2,9 mio. EUR), hvilket bevises ved følgende:
England’s Regional Development Agencies state that a recent study by the Advantage West Midlands RDA shows that the barriers to accessing growth finance are most acute for those firms seeking between GBP 250000 (EUR 357000) to GBP 2 million (EUR 2,9 million) as demonstrated by the following facts:
Undersøgelsen viser, at egenkapitalgabet er vokset siden 1999/2000, da den formelle risikokapital er vandret i retning af større aftaler i størrelsesordenen 2-3 mio. GBP (2,9-4,2 mio. EUR).
The study shows that the equity gap has grown since 1999/2000 as formal venture capital has migrated towards larger deal sizes of GBP 2-3 million (EUR 2,9-4,2 million).
I den lavere ende af risikokapitalmarkedet har Det Forenede Kongerige en række eksisterende interventioner, der med succes har tilført små beløb af vækstkapital til SMV'er.
At the lower end of the risk capital market, the UK has a number of existing interventions that have successfully provided small amounts of growth capital to SMEs.
Nylige rapporter viser dog, at der er et større antal virksomheder, der har behov for finansiering langt over grænsen på 250000 GBP (357000 EUR).
However, recent reports indicate that there are significant numbers of businesses that require amounts well in excess of the GBP 250000 (EUR 357000) limit.
The Northwest Regional Development Agency fremsatte følgende bemærkninger:
The Northwest Regional Development Agency makes the following observations:
Kapitalbehovet i de investeringsmodtagende virksomheder, der søger den nødvendige opfølgende finansiering mellem 750000 EUR og 2,9 mio. EUR, har ikke været af interesse for de almindelige risikokapitalfonde.
The funding needs of investee companies trying to raise follow-on funding between EUR 750000 and EUR 2,9 million have been below the interest level of mainstream venture capital.
Risikokapitalsektoren i Det Forenede Kongerige hæver sine minimumsbeløb pr. investering til et beløb i størrelsesorden af 5 mio. GBP (7 mio. EUR).
The UK venture capital industry is moving its minimum thresholds per investment nearer to GBP 5 million (EUR 7 million).
Det reelle egenkapitalgab i Det Forenende Kongerige er sandsynligvis på mellem 3 mio. GBP (5,2 mio. EUR) og 5 mio. GBP (7 mio. EUR).
The real equity gap in the UK is probably at GBP 3 million (EUR 5,2 million) to GBP 5 million (EUR 7 million).
Hvis Kommissionen fastslår, at der er et markedssvigt på under 2 mio. GBP (2,9 mio. EUR), vil dette have en afgørende indflydelse på stimuleringen af virksomheder med stort vækstpotentiale i Det Forenende Kongerige.
The recognition of market failure below GBP 2 million (EUR 2,9 million) by the Commission will make a significant and crucial difference to the stimulation of high growth potential businesses in the UK.
Universitetet i Warwick, som har gennemført en række personlige samtaler med fagfolk inden for teknologioverførsel fra over 50 universiteter i Det Forenende Kongerige, fremsætter bemærkninger om markedet for risikokapitalinvesteringer i early stage-virksomheder og især om de spørgsmål, der vedrører spin-off-virksomheder i universitetssektoren, og fremhæver i den forbindelse følgende aspekter:
The University of Warwick, after having conducted face-to-face discussions with technology transfer professionals from over 50 UK universities, comments on the early stage venture capital market and particularly on the issues facing university sector spin-off companies by highlighting the following aspects:
Hvor det tilsyneladende er relativt nemt for universiteternes spin-off-virksomheder at finde den nødvendige støtte og egenkapitalfinansiering op til 500000 GBP (700000 EUR), er der kun få finansieringskilder til beløb over 500000 GBP (700000 EUR).
Whereas it seems relatively straightforward for university spin-offs to raise small amounts of grant and equity funding up to GBP 500000 (EUR 700000), there is a thinning of sources of capital above GBP 500000 (EUR 700000).
Den vigtigste, og ofte eneste, kilde til risikovillig egenkapital på dette niveau er teknologispecialister.
The main, and often only, source of risk equity at this stage is technology specialist venture capital.
Der er kun relativt få risikokapitalselskaber, der har specialiseret sig i dette område, og de har kun begrænsede midler til rådighed.
There are relatively few venture capital companies specialising in this area, all of them resource constrained.
Manglen på egenkapital på dette niveau har begrænset og sinket væksten i de enkelte spin-off-virksomheder.
The shortage of equity at this level has both constrained and delayed the growth of individual spin-off companies.
I referencegruppen har mindre end 1 ud af 15 spin-off-virksomheder indhentet den nødvendige egenkapital i intervallet 500000 GBP (700000 EUR) til 1 mio. GBP (1,4 mio. EUR).
From the reference group, less than 1 spin-off company in 15 has raised equity in the GBP 500000 (EUR 700000) to GBP 1 million (EUR 1,4 million) range.
De problemer, som universitetssektorens spin-off-virksomheder har, når de søger egenkapital i intervallet 1 mio. GBP (1,4 mio. EUR) til 2 mio. GBP (2,9 mio. EUR) er forbavsende ens.
The problems faced by university spin-off companies seeking to raise equity in the range GBP 1 million (EUR 1,4 million) to GBP 2 million (EUR 2,9 million) are overwhelmingly similar.
Da virksomhederne befinder sig på det samme udviklingstrin og søger finansiering under 2 mio. GBP (2,9 mio. EUR), står de over for de samme udfordringer på grund af den manglende kapital.
Because they are at the same stage of development, companies looking for less than GBP 2 million (EUR 2,9 million) will face the same challenges due to the shortage of sources.
Af de universiteter, der deltog i undersøgelsen, havde ingen investeringer i spin-off-virksomheder i en størrelsesorden af 1 mio. GBP (1,4 mio. EUR) til 2 mio. GBP (2,9 mio. EUR).
Of the universities referenced, none had investment capital for spin-off companies in the GBP 1 million (EUR 1,4 million) to GBP 2 million (EUR 2,9 million) range.
For universitetssektorens spin-off-virksomheder er der et større udbud af egenkapitalfinansiering, hvis der anmodes om mere end 2 mio. GBP (2,9 mio. EUR).
For university spin-off companies, there are more sources of equity available if more than GBP 2 million (EUR 2,9 million) is required.
Bemærkninger fra private risikokapitalselskaber
Comments from Private Venture Capital Companies
Northern Enterprise Limited (Nelfunding) anfører, at der foreligger et markedssvigt for risikokapitalinvesteringer på under 2 mio. GBP (2,9 mio. EUR) i Det Forenede Kongerige, og at dette har en negativ indflydelse på SMV'ers udvikling.
Northern Enterprise Limited (Nelfunding) believes that there is market failure for risk capital investments below GBP 2 million (EUR 2,9 million) in the UK, and that this is adversely affecting SME development as a consequence.
Stonesfield Capital Limited investerer aktivt i egenkapitalgabet mellem 500000 GBP (700000 EUR) og 2 mio. GBP (2,9 mio. EUR), som er målgruppen for iværksætterkapitalfondene, og fremsætter følgende bemærkninger:
Stonesfield Capital Limited is actively investing in the equity gap between GBP 500000 (EUR 700000) and GBP 2 million (EUR 2,9 million) targeted by the Enterprise Capital Funds and submitted the following comments:
Udbuddet af kapital i Det Forenede Kongerige til investeringer i en beløbsstørrelse på mellem 500000 GBP (700000 EUR) og 2 mio. GBP (2,9 mio. EUR) er meget begrænset.
The supply of capital available throughout the UK for investments in the size range between GBP 500000 (EUR 700000) and GBP 2 million (EUR 2,9 million) is extremely limited.
Der er et alvorligt egenkapitalgab for små virksomheder, der søger mindre finansieringsbeløb, og gabet bliver konstant større.
There is a severe equity gap for small businesses looking to raise these sums of money and the gap is widening rather than closing.
I henhold til den seneste »Report on Investment Activity 2003«, som blev offentliggjort af British Venture Capital Association, har der været et fald på 32 % i det beløb, der investeres i early stage-virksomheder mellem 2001 og 2003.
According to the most recent ‘Report on Investment Activity 2003’ published by the British Venture Capital Association, there has been a 32% fall in the amount invested in early stage companies between 2001 and 2003.
Resultaterne af disse investeringer i early stage-virksomheder er også faldet markant i den samme periode.
The performance of early stage funds has also declined markedly over the same period.
Investorernes samlede årlige afkast på lang sigt for investeringer i early stage-virksomheder var på 14,1 % i 2001 og faldt til 4,7 % i 2003.
The overall long term return to investors per annum for early stage funds was 14,1% in 2001 and fell to 4,7% in 2003.
Faldet i både investeringer og resultater i denne periode har betydet, at mange selskaber, der investerer i early stage-virksomheder, har trukket sig tilbage fra markedet.
Both the decline in investment and performance over this period has led to a number of early stage venture investors pulling out of the market.
Denne markedsdynamik afspejles endvidere i det beløb, der gennemsnitligt investeres i early stage-virksomheder.
These market dynamics have also been reflected in the average size of investment in early stage opportunities.
I 2001 var den gennemsnitlige investering på ca. 1 mio. GBP (1,4 mio. EUR).
In 2001 the average deal size was approximately GBP 1 million (EUR 1,4 million).
Beløbet steg til 1,6 mio. GBP (2,3 mio. EUR) i 2003.
This has increased to GBP 1,6 million (EUR 2,3 million) by 2003.
Dette viser, at investorerne på risikokapitalmarkedet investerer typisk større beløb i et forsøg på at nedbringe risikoen, hvilket medvirker til at øge egenkapitalgabet op til 2 mio. GBP (2,9 mio. EUR).
This demonstrates that investors in the venture market are investing larger sums of money typically in an attempt to reduce risk, thereby contributing to a widening of the equity gap up to GBP 2 million (EUR 2,9 million).
Virksomheder, der søger finansiering på mellem 1 mio. GBP (1,4 mio. EUR) og 2 mio. GBP (2,9 mio. EUR), har størst vanskeligheder med at finde den nødvendige kapital.
Companies requiring between GBP 1 million (EUR 1,4 million) to GBP 2 million (EUR 2,9 million) struggle the most to raise the required funds.
Dette skyldes, at 2 mio. GBP (2,9 mio. EUR) er under de fleste risikokapitalinvestorers grænse.
This is because GBP 2 million (EUR 2,9 million) falls below the radar screen for most venture capitalists.
Beløbet af kapitaltilførslen til early stage-virksomheder er faldet med 73 % fra 2001 til 2003.
The amount of funds raised to invest in early stage venture opportunities has fallen 73% from 2001 to 2003.
I 2001 var kapitaltilførslen til early stage-virksomheder på 1,4 mia. GBP (2 mia. EUR) sammenlignet med 369 mio. GBP (517 mio. EUR) i 2003.
In 2001, GBP 1,4 billion (EUR 2 billion) was raised to invest in early stage venture capital opportunities, compared to GBP 369 million (EUR 517 million) in 2003.
Kun 1 % af den samlede kapitaltilførsel på 369 mio. GBP (517 mio. EUR) i 2003 var beregnet på investeringer under 10 mio. GBP (14 mio. EUR).
Only 1% of the GBP 369 million (EUR 517 million) raised in 2003 was targeted at deals less than GBP 10 million (EUR 14 million).
SMV'erne kan ikke forsvare en stigning i kapitalanmodninger udover 2 mio. GBP (2,9 mio. EUR), da de på grund af deres størrelse og udviklingstrin ikke er modne nok, og risikoen for udvanding ville være for stor for iværksætteren.
SMEs cannot justify an increase in capital requirements in excess of GBP 2 million (EUR 2,9 million) because their size and stage of development mean that they are not mature enough and the dilution to the entrepreneur would be too great.
Dette efterlader et betydeligt finansieringstomrum, der skal fyldes, hvis disse SMV'er skal vokse sig større.
This leaves a significant funding hole that needs to be filled if these SMEs are to grow into successful larger businesses.
Finansieringsudbuddet mellem 500000 GBP (700000 EUR) og 2 mio. GBP (2,9 mio. EUR) er afgørende for, at mange mindre virksomheder kan overleve og udvikles.
The provision of funding between GBP 500000 (EUR 700000) and GBP 2 million (EUR 2,9 million) is essential for many small businesses to survive and prosper.
YFM Group fremsatte følgende bemærkninger:
The YFM Group submitted the following observations:
De seneste statistikker fra British Venture Capital Association (BVCA) viser, at BVCA's medlemmer i 2003 investerede i alt 724 mio. GBP (1 mia. EUR) i beløb på under 2 mio. GBP (2,9 mio. EUR) i 1015 virksomheder i Det Forenede Kongerige.
The latest British Venture Capital Association (BVCA) statistics show that in 2003 BVCA members invested GBP 724 million (EUR 1 billion) in sums of less than GBP 2 million (EUR 2,9 million) in 1015 UK based companies.
Hvis man udelader investeringer på under 500000 GBP (700000 EUR) forværres billedet drastisk.
If one strips out sub GBP 500000 (EUR 700000) deals the picture changes dramatically.
I 2000 blev der investeret 482 mio. GBP (675 mio. EUR) i beløb på mellem 500000 GBP (700000 EUR) og 2 mio. GBP (2,9 mio. EUR) i 348 investeringsmodtagende virksomheder.
In 2000, GBP 482 million (EUR 675 million) was invested in sums of between GBP 500000 (EUR 700000) and GBP 2 million (EUR 2,9 million) with 348 companies benefiting.
I 2003 var det investerede beløb faldet til 286 mio. GBP (400 mio. EUR), et fald på 41 % i forhold til 2000, med 277 investeringsmodtagende virksomheder.
By 2003 the amount invested had fallen to GBP 286 million (EUR 400 million), a 41% drop on the 2000 figure, with 277 companies benefiting.
Disse tal omfatter management buy outs, management buy ins, senere ekspansionsfaser, aktieopkøb fra andre aktionærer og handler med refinansiering af bankgæld.
These figures include management buy outs (MBOs), management buy-ins (MBIs), later stage expansions, secondary purchases and deals where bank debt has been refinanced.
Hvis man udelader disse transaktioner for at fokusere på virksomheder i opstartsfasen eller nystartede virksomheder, vil tallene over de investerede beløb og antallet af investeringsmodtagende virksomheder falde yderligere.
If these transactions were to be stripped out to focus on start up and early stage deals, the figures for monies invested and companies benefiting would be discounted yet further.
Finansiering til early stage-virksomheder eller nystartede virksomheder uanset transaktionernes størrelse faldt fra et samlet beløb på 703 mio. GBP (984 mio. EUR) i 2000 til 263 mio. GBP (368 mio. EUR) i 2003, et fald på 63 %.
Funding for start up and early stage propositions, regardless of the size of the deals completed, fell from a grand total of GBP 703 million (EUR 984 million) in 2000 to GBP 263 million (EUR 368 million) in 2003, a fall of 63%.
Efter tilskyndelser fra Europa-Kommissionen og Det Forenede Kongeriges regering stiger antallet af transaktioner og værdien heraf nu i markedssegmentet under 500000 GBP (700000 EUR).
Stimulated by the European Commission and UK government efforts, the number and value of transactions in the sub GBP 500000 (EUR 700000) marketplace is expanding.
I det følgende markedssegment efterlader finansieringsselskabernes søgen efter stadig større transaktioner et finansieringsgab.
However, at the next level up, the migration of UK financial houses to larger and larger transactions is leaving a funding gap.
Begrænsninger i forbindelse med finansieringsudbuddet er ved at blive et stort spørgsmål.
Supply side constraints are becoming a major issue.
Virksomheder, der har modtaget investeringer i segmentet under 500000 GBP (700000 EUR) og som sandsynligvis vil få brug for større beløb til opfølgende finansiering, vil ikke kunne indhente den nødvendige kapital på grund af finansieringsgabet i segmentet 500000 GBP (700000 EUR) til 2 mio. GBP (2,9 mio. EUR).
Companies that have received investments in the sub GBP 500000 (EUR 700000) range and that are likely to need significant amounts of follow-on finance are unable to raise the monies they need because of a funding gap in the GBP 500000 (EUR 700000) to GBP 2 million (EUR 2,9 million) range.
Close Venture Management Limited fremhævede følgende punkter:
Close Venture Management Limited highlighted the following facts:
Meget tyder på, at det egenkapitalgab, der har udviklet sig med tiden, nu dækker segmentet fra 500000 GBP (700000 EUR) til 2 mio. GBP (2,9 mio. EUR).
There is strong evidence that the equity gap, which has evolved over time, now covers the GBP 500000 (EUR 700000) to GBP 2 million (EUR 2,9 million) range.
Risikokapitalinvestorerne har med tiden forladt dette segment, da de fik flere ressourcer at forvalte.
With time and increasing amounts of funds under management, venture capital investors left the sub GBP 2 million (EUR 2,9 million) segment behind.
Dette er et symptomatisk træk for en fælles og uundgåelig tendens.
This is symptomatic of a common and inevitable trend.
Når investeringsforvaltere har succes med transaktionerne, får de flere ressourcer at forvalte, hvilket giver dem mulighed for at gennemføre større transaktioner.
As investment managers establish a successful track record they raise more funds which in turn allows them to do bigger deals.
Da der er stordriftsfordele ved at investere i risikokapitalmarkedet/ genkapitalmarkedet, vil investeringsforvalterne typisk undgå de mindre transaktioner, så snart de kan.
As there are inherent scale economies in the venture/private equity industry, investment managers will typically leave the smaller deals behind as soon as they are able to do so.
Det betyder, at der er meget få professionelle eller institutionelle investorer i markedssegmentet under 2 mio. GBP (2,9 mio. EUR).
This means that there are extremely few professional or institutional investors in the sub GBP 2 million (EUR 2,9 million) segment in the UK.
På nuværende tidspunkt bliver ca. 60 % af finansieringsansøgningerne i segmentet mellem 500000 GBP (700000 EUR) og 2 mio. GBP (2,9 mio. EUR) ikke imødekommet, da der ikke er risikokapitalinvestorer at henvende sig til.
Currently, about 60% of all the deals between GBP 500000 (EUR 700000) and GBP 2 million (EUR 2,9 million) is frustrated demand with no readily available suppliers of risk capital to go to.
Enterprise Corporate Finance Limited er blevet stadig mere frustreret i sine bestræbelser på at rejse kapital for sine kunder i segmentet mellem 500000 GBP (700000 EUR) og 2 mio. GBP (2,9 mio. EUR):
Enterprise Corporate Finance Limited has become increasingly frustrated in its endeavours to raise capital in the range between GBP 500000 (EUR 700000) and GBP 2 million (EUR 2,9 million) for their client companies:
Den væsentligste grund er ikke manglende kvalitet i investeringsmulighederne, men risikokapitalinvestorernes stigende modvilje mod at investere beskedne beløb i sådanne selskaber.
The main reason is not a lack of quality in the investment opportunities themselves but the increasing reluctance of venture funding to make small investments in such ventures.
Markedet er blevet betydeligt forværret i de senere år, og anmodninger på beløb under 5 mio. GBP (7 mio. EUR) har meget ringe sandsynlighed for at modtage finansiering, uanset den investeringsmodtagende virksomheds fortrin.
The marketplace has become significantly worse over the last few years to the extent that transactions requiring less than GBP 5 million (EUR 7 million) have a very slight probability of receiving funding, notwithstanding the merits of the investee company.