natgillin/translations-raw huggingface dataset:
Both factors, however, impose a floor on the size of company that can effectively access the main markets that serve in the United Kingdom — namely the official list of the London Stock Exchange and the AIM […] Typically an IPO on either market will cost in the region of GBP 500,000; with such costs, it is uneconomic to raise relatively small sums of capital.’
Vendar pa oba dejavnika določata najnižjo velikost gospodarske družbe, ki ima še lahko učinkovit dostop do glavnih trgov v Združenem kraljestvu – to sta uradna kotacija londonske borze in alternativni investicijski trg. […] Praviloma IPO na obeh trgih stane približno 500000 GBP; pri takih stroških ni gospodarno zbirati razmeroma majhnih zneskov kapitala.“
The Deloitte report ‘Improving Access to Finance for Small and Medium Sized Enterprises’, found from stakeholder interviews that the general knowledge and awareness of finance options by SMEs is poor.
Družba Deloitte je v svojem poročilu z naslovom „Izboljšanje dostopa do finančnih sredstev za mala in srednja podjetja“ na podlagi pogovorov z interesnimi skupinami ugotovila, da sta splošno poznavanje in ozaveščenost MSP-jev o možnostih financiranja slaba.
The interviews revealed that poor investment readiness was the main barrier to accessing finance across the West Midlands region.
Pogovori so pokazali, da je majhna pripravljenost za investiranje glavna ovira za dostop do finančnih sredstev v regiji West Midlands.
Investment readiness encompasses business attitude to finance, the quality of business documents and the general investability of a project.
Pripravljenost za investiranje zajema odnos gospodarskih družb do financiranja, kakovost poslovne dokumentacije in splošno naložbeno upravičenost projekta.
This has both demand and supply implications: it may deter businesses from applying for finance due to the expectation of being turned down, and may restrict supply as a potential investor faces an increased level of risk if it considers an insufficient level of investment readiness.6.3.1.2.
To ima posledice za povpraševanje in za ponudbo, saj lahko podjetja odvrne od iskanja finančnih sredstev, ker pričakujejo, da bodo zavrnjena, in omeji povpraševanje, ker se morebitni vlagatelj glede na nezadostno raven pripravljenosti za investiranje srečuje z večjo stopnjo tveganja.6.3.1.2.
The market failure in the West Midlands
Tržna pomanjkljivost v regiji West Midlands
While the information presented above regards a UK-level analysis, the subject of the Commission assessment is whether there is a market failure in the target region of Investbx — the West Midlands.
Medtem ko so predstavljene informacije zadevale analizo na ravni Združenega kraljestva, je Komisija ocenjevala, ali obstaja tržna pomanjkljivost v ciljni regiji Investbxa, tj. v regiji West Midlands.
In this context, in addition to the above elements, further aspects of the supply and demand of investment at regional level were taken into account.
Zato so bili poleg navedenih elementov upoštevani dodatni vidiki ponudbe in povpraševanja po naložbah na regionalni ravni.
Most of the third-party comments supported the existence of the market failure in the West Midlands region.
Večina tretjih strank je v svojih pripombah podprla obstoj tržne pomanjkljivosti v regiji West Midlands.
Moreover, in their reply to the third party comments, the UK authorities submitted evidence, based on an estimate made by regionally based venture capitalists supporting the existence of the market failure between GBP 0,5 and 2 million and claiming that of the 500 to 750 propositions received by them a year, less than 1 % receives funding, even though most of the companies rejected have viable business plans and could receive funding if there were a mechanism like the one proposed by Investbx.
V odgovoru na pripombe tretjih strank so organi Združenega kraljestva predložili tudi dokaze, ki temeljijo na oceni, ki so jo opravili regionalni imetniki tveganega kapitala, ter ki potrjujejo obstoj tržne pomanjkljivosti v razponu od 0,5 do 2 milijonov GBP in navajajo, da finančna sredstva prejme manj kot 1 % od 500 do 750 ponudb, ki jih prejmejo na leto, čeprav ima večina zavrnjenih gospodarskih družb izvedljive poslovne načrte in bi lahko prejele finančna sredstva, če bi obstajali mehanizmi, kot je ta, ki ga predlaga Investbx.
Regional apportionment of investment
Regionalna porazdelitev naložb
According to the data published in the BVCA Report on investment activity in 2005, the total amount of private equity investments in the West Midlands region was 4 % of the total UK level, while the South East and London regions together had 44 % of total UK investments.
Po podatkih, objavljenih v Poročilu o naložbeni dejavnosti v letu 2005 Britanskega združenja tveganega kapitala, je skupni znesek naložb zasebnega lastniškega kapitala v regiji West Midlands znašal 4 % celotne ravni v Združenem kraljestvu, medtem ko sta zajemali jugovzhodna in londonska regija skupaj 44 % vseh naložb v Združenem kraljestvu.
As regards early-stage investments, the proportion of the West Midlands was 1 % of the total UK amount invested at early stage, while in the South East and London regions it amounted to 49 %.
Glede naložb v začetni fazi je imela regija West Midlands 1 % celotnega zneska naložb v začetni fazi v Združenem kraljestvu, medtem ko sta imeli jugovzhodna in londonska regija skupaj 49 %.
In terms of expansion stage, investment in the West Midlands represented 2 %, in South East and London 42 % of the total UK expansion investments.
Naložbe v fazi širitve so v regiji West Midlands predstavljale 2 %, v jugovzhodni in londonski regiji pa skupaj 42 % vseh naložb v fazi širitve v Združenem kraljestvu.
These data have to be seen in the context of the GDP contribution by the different regions to the total UK level, about which the latest available data from Eurostat is from 2003, which shows that the West Midlands contributed with 8 %, while the South East and London together with 34 % to the UK GDP in 2003.
Te podatke je treba obravnavati v povezavi s prispevkom različnih regij v BDP na ravni Združenega kraljestva, za katere zadnji razpoložljivi podatki Eurostata iz leta 2003 kažejo, da je regija West Midlands prispevala 8 %, medtem ko sta jugovzhodna in londonska regija skupaj prispevali 34 % v BDP Združenega kraljestva v letu 2003.
This shows that in the West Midlands the provision of equity in early and expansion-stage investments relative to economic activity is much lower than in the South East and London area.
To kaže, da je zagotavljanje lastniškega kapitala za naložbe v začetni fazi in fazi širitve glede na gospodarsko dejavnost v regiji West Midlands mnogo nižje kot v jugovzhodni in londonski regiji.
According to an analysis of the total market capitalisation of firms listed on the LSE and the AIM across regions, some of the lowest levels of total market capitalisation exist in the Midlands.
Analiza skupne tržne kapitalizacije podjetij, ki kotirajo na londonski borzi in alternativnem investicijskem trgu po vseh regijah, je pokazala, da obstajajo v regiji West Midlands nekatere najnižje ravni skupne tržne kapitalizacije.
In 2003 the regional market capitalisation as a proportion of GDP reached in the London area as high as 621 %, in the South East 139 %, for the total UK 153 %, while only 25 % in the Midlands region.
V letu 2003 je regionalna tržna kapitalizacija kot delež BDP v londonski regiji dosegla celo 621 %, v jugovzhodni regiji 139 %, za celotno Združeno kraljestvo je znašala 153 %, medtem ko je v regiji West Midlands dosegla le 25 %.
Relative to its economic performance, the Midlands region has a low level of market capitalisation among the UK regions.
Regija West Midlands ima glede na svojo gospodarsko uspešnost nizko raven tržne kapitalizacije v primerjavi z drugimi regijami Združenega kraljestva.
Demand for equity funding from SMEs in the West Midlands
Povpraševanje MSP-jev v regiji West Midlands po lastniškem financiranju
It is difficult to verify from statistical data whether unsatisfied demand of companies with viable business plans for finance exists.
Na podlagi statističnih podatkov je težko preveriti, ali povpraševanje gospodarskih družb z izvedljivimi poslovnimi načrti ni zadovoljeno.
In order to overcome this problem, surveys proved to be the best possible means of research on the demand of companies with viable business plans for equity finance.
Izkazalo se je, da so najboljši način za to raziskave o povpraševanju gospodarskih družb z izvedljivimi poslovnimi načrti po lastniškem financiranju.
The UK authorities have carried out a number of consultations, workshops and surveys about the demand for equity capital among the West Midlands SMEs.
Organi Združenega kraljestva so opravili številna posvetovanja, delavnice in raziskave o povpraševanju MSP-jev v regiji West Midlands po lastniškem kapitalu.
In April 2003 a survey took place, where out of the 41 respondents from the regional business community 73 % felt that access to capital markets was a significant problem for SMEs and 88 % felt that established capital markets did not meet the funding needs of SMEs.
Aprila 2003 je bila opravljena raziskava, v kateri je od 41 vprašanih članov regionalne poslovne skupnosti 73 % menilo, da je dostop do kapitalskih trgov precejšnja težava za MSP-je, 88 % pa jih je menilo, da uveljavljeni kapitalski trgi ne izpolnjujejo potreb MSP-jev po financiranju.
Moreover, 68 % of respondents felt that Ofex was a little used source of capital for SMEs and 73 % of them were interested in being involved with the Investbx project.
Poleg tega je 68 % vprašanih dejalo, da je Ofex malo izrabljen vir kapitala za MSP-je, 73 % pa se jih je zanimalo za vključitev v projekt Investbx.
In November 2003 a meeting about Investbx took place in Birmingham which 81 representatives of the business community attended.
Novembra 2003 je bil v Birminghamu sestanek na temo Investbx, ki se ga je udeležilo 81 predstavnikov poslovne skupnosti.
A subsequent meeting took place in London at the Centre for Study of Financial Innovation (CSFI) at which 27 representatives of the business community were invited to attend.
Naslednji sestanek, na katerega je bilo povabljenih 27 predstavnikov poslovne skupnosti, je potekal v Londonu v Centre for Study of Financial Innovation (CSFI).
Feedback from the CSFI was almost unanimous support for the project.
Na sestanku v CSFI je bil projekt skoraj soglasno podprt.
In May 2004, 21 firms of professional advisers were approached in order to obtain their detailed input into developing the Investbx proposition and gauge how many of their clients may be suitable for joining Investbx.
Maja 2004 je bilo kontaktiranih 21 družb strokovnih svetovalcev, da bi pridobili njihove podrobne prispevke k razvoju predloga za Investbx in ocenili, koliko njihovih strank bi bilo primernih za vključitev v Investbx.
13 firms indicated that they would expect to propose between 1 and 6 clients from their portfolio to join Investbx per year.
Trinajst družb je dejalo, da bi za vključitev v Investbx vsako leto predlagale od 1 do 6 strank iz svojega portfelja.
Given that only a small proportion of firms were involved in the workshops, the UK authorities consider that equity financing for 10 SMEs per annum in the Investbx financial projections is a conservative estimate of demand.
Glede na to, da se je delavnic udeležil le majhen delež teh družb, organi Združenega kraljestva menijo, da je lastniško financiranje 10 MSP-jev na leto v finančnih predvidevanjih Investbxa zelo previdna ocena povpraševanja.
Since professional advisers are paid only if companies successfully raise capital, it is in their best interest to propose only companies with viable business plans in order that only those companies seek to join Investbx that they believe will be attractive to investors.
Ker strokovni svetovalci dobijo plačilo samo, če gospodarske družbe uspešno zberejo sredstva, je v njihovem interesu, da predlagajo le gospodarske družbe z izvedljivimi poslovnimi načrti, tako da bi se v Investbx želele vključiti le tiste gospodarske družbe, za katere menijo, da bodo zanimive za vlagatelje.
As regards raising equity finance for SMEs in the West Midlands in the area of between GBP 0,5 and 2 million — which is the primary objective of Investbx — the existing market places which offer equity financing to SMEs do not sufficiently meet the demand according to the UK authorities and thus do not resolve the market failure.
Glede zbiranja lastniških sredstev za MSP-je v regiji West Midlands v razponu od 0,5 do 2 milijonov GBP, kar je glavni cilj Investbxa, obstoječi trgi, ki ponujajo lastniško financiranje MSP-jem, po mnenju organov Združenega kraljestva ne zadovoljujejo dovolj povpraševanja in zato ne rešujejo tržne pomanjkljivosti.
Although they mediated equity investment into a number of SMEs in the West-Midlands, they do not provide a sufficient coverage in the West-Midlands region, and none of them has a regional focus on SMEs.
Čeprav so posredovali naložbe v lastniške instrumente v številne MSP-je v regiji West-Midlands, ne zagotavljajo zadostne pokritosti te regije in nobeden od njih ni regionalno osredotočen na MSP-je.
The UK authorities consider that all available evidence points to a conclusion that the market failure will not be addressed by the private sector.
Organi Združenega kraljestva menijo, da vsi razpoložljivi dokazi kažejo, da zasebni sektor ne bo odpravil tržne pomanjkljivosti.
At two separate meetings, initiated by AWM, Ofex executives were invited to share their plans for addressing the market failure in the West Midlands, but according to the UK authorities, Ofex were either unable or not interested to do so.
Na dveh ločenih sestankih, ki jih je sprožil AWM, so bili vodilni delavci Ofexa pozvani, da predstavijo svoje načrte za odpravo tržne pomanjkljivosti v regiji West Midlands, vendar po trditvah organov Združenega kraljestva tega bodisi niso mogli storiti ali pa niso bili zainteresirani, da bi to storili.
At Ofex 7 enterprises from the West Midlands are presently listed and only 5 out of them are traded.
Na Ofexu trenutno kotira 7 podjetij iz regije West Midlands, od katerih se trguje le s petimi.
The United Kingdom does not consider that Ofex has resolved the market failure, nor does it consider that Ofex covers the presently estimated demand in the region of at least 10 companies per year.
Združeno kraljestvo meni, da Ofex niti ne odpravlja tržne pomanjkljivosti niti ne pokriva trenutno ocenjenega povpraševanja v tej regiji, ki znaša najmanj 10 gospodarskih družb na leto.
At Ofex the number of newly-listed SMEs from the West Midlands was only one in 2005 and one in 2004, while Investbx is expected to list 5-12 new West Midlands companies per year.
V letu 2005 je na Ofexu na novo kotiral le en MSP iz regije West Midlands in prav tako v letu 2004, medtem ko se za Investbx pričakuje, da bo na njem vsako leto kotiralo 5 do 12 novih gospodarskih družb iz regije West Midlands.
Conclusion on market failure
Sklep o tržni pomanjkljivosti
The Commission considers that in line with 5.2.1 of the Risk Capital Guidelines, sufficient evidence based on several studies has been provided to conclude that there exists a market failure in the West Midlands region in the range of GBP 0,5 million and GBP 2 million.
Komisija meni, da so v skladu s točko 5.2.1 Smernic o rizičnem kapitalu predloženi zadostni dokazi, ki temeljijo na številnih študijah, da lahko sklene, da v regiji West Midlands obstaja tržna pomanjkljivost v razponu od 0,5 do 2 milijonov GBP.
Is the aid instrument appropriate to deliver the objective of the common interest?
Ali je instrument pomoči primeren za doseganje cilja skupnega interesa?
According to point 5.2.2 of the Risk Capital Guidelines the Commission assesses whether the measure is capable of alleviating the established market failure.
V skladu s točko 5.2.2 Smernic o rizičnem kapitalu Komisija presodi, ali lahko ukrep zmanjša ugotovljeno tržno pomanjkljivost.
Furthermore, the Commission takes account of any impact assessment and examines the possibility to achieve the same objectives with other means.
Poleg tega Komisija upošteva vse ocene učinka in prouči možnost doseganja istih ciljev z drugimi sredstvi.
Targeting the market failure
Odpravljanje tržne pomanjkljivosti
Considering the aid at the level of Investbx, the proposed aid addresses the market failure described above by setting up an online regional electronic trading platform that will enable the SMEs to present themselves, to raise capital and to trade their shares.
Kar zadeva pomoč na ravni Investbxa, predlagana pomoč odpravlja opisano tržno pomanjkljivost z uvedbo regionalne spletne elektronske platforme za trgovanje, ki bo MSP-jem omogočila, da se predstavijo, zbirajo kapital in trgujejo s svojimi delnicami.
At the same time it will enable the investors to view directly detailed and independently certified information on the SMEs.
Hkrati bo vlagateljem omogočila, da si neposredno ogledajo podrobne in neodvisno potrjene informacije o MSP-jih.
Thereby Investbx will increase information efficiency and will enable a better perception of risk-reward relationship in SMEs by investors and will decrease the transaction costs of getting information about SMEs for investors by making research documents on all SMEs publicly available.
Investbx bo tako povečal učinkovitost informacij in vlagateljem omogočil boljše zaznavanje odnosa med tveganjem in dobičkom pri MSP-jih ter zmanjšal stroške transakcij zaradi pridobivanja informacij o MSP-jih, ker bo raziskovalna dokumentacija o vseh MSP-jih dostopna javnosti.
Investbx aims at raising equity specifically for SMEs in the West Midlands region.
Namen Investbxa je zbirati lastniški kapital posebej za MSP-je v regiji West Midlands.
In comparison with Ofex, which argues that it is also present in the West Midlands and its transaction size is similar, the following was concluded by the UK authorities in their comments to the Decision to initiate the procedure:
V primerjavi z Ofexom, ki trdi, da je tudi prisoten v regiji West Midlands in da ima podobno velikost transakcij, so organi Združenega kraljestva v svojih pripombah na odločitev o sprožitvi postopka ugotovili naslednje:
In five years since year 2000, at Ofex only GBP 43,3 million of primary funding was raised within the GBP 0,5 million to 2 million range for 39 companies in the entire United Kingdom.
V petih letih od leta 2000 je bilo prek Ofexa zbranih le za 43,3 milijona GBP sredstev za primarno financiranje v razponu od 0,5 do 2 milijonov GBP za 39 podjetij po vsem Združenem kraljestvu.
When removing secondary funding from the total funds raised, Ofex companies only raise modest amounts via primary issues (E.g. GBP 0,8 million UK-wide in 2004)
Če se od vseh zbranih sredstev odšteje sekundarno financiranje, gospodarske družbe prek Ofexa zberejo le skromne zneske v okviru primarnih izdaj (na primer 0,8 milijona GBP za vse Združeno kraljestvo v letu 2004).
When only West Midlands based companies are considered, at Ofex a total of GBP 12 million (primary and secondary) have been raised over a five year period, between 2001 and 2005.
Če se upoštevajo le gospodarske družbe s sedežem v regiji West Midlands, je bilo prek Ofexa v petletnem obdobju med letoma 2001 in 2005 skupaj zbranih 12 milijonov GBP (za primarno in sekundarno financiranje).
Only GBP 3,5 million of primary funding for 5 companies based in the West Midlands was raised at Ofex since 2000.
Od leta 2000 je bilo prek Ofexa zbranih le za 3,5 milijona GBP sredstev za primarno financiranje petih gospodarskih družb s sedežem v regiji West Midlands.
Investbx offers a regional focus with a local network of service providers and investors, which is particularly important for the equity investment into expansion SMEs.
Investbx ponuja regionalno delovanje z lokalno mrežo izvajalcev storitev in vlagateljev, kar je zlasti pomembno za naložbe v lastniške instrumente MSP-jev v fazi širitve.
Such investment often requires a close follow-up and direct relationship between the investor and the investee SME.
Take naložbe pogosto zahtevajo skrbno spremljanje in neposreden odnos med vlagateljem in MSP-jem, v katerega se vlaga.
According to theoretical and empirical studies it must be noted that the investor's proximity to the financed company is a relevant variable in investing choice.
Na podlagi teoretičnih in empiričnih študij je treba priznati, da je vlagateljeva bližina financirani gospodarski družbi pomembna spremenljivka pri izbiri naložbe.
It may even be argued that, conceivably, a local investor may be encouraged to invest into a local firm not only for a plausible informational advantage, but also as they will be able to provide to the investees a particular advantage by connecting them to their local networking, as well as to take advantage of externalities on other businesses or even because of regional patriotism.
Mogoče je celo trditi, da bi lahko lokalnega vlagatelja k naložbi v lokalno podjetje spodbudile ne le prednosti verodostojnih informacij, temveč tudi možnost, da bodo lahko subjektom, v katere se lahko vlaga, zagotavljali določeno korist, ker jih bodo vključili v svojo lokalno mrežno povezovanje, in izkoristili zunanje stroške za druga podjetja, ali celo regionalni patriotizem.
The regional focus is shown by the fact that Investbx serves SMEs from the West Midlands only, has a West Midlands based team of 6-8 people, as well as a non-executive board comprising West Midlands professionals experienced in working with SMEs.
Regionalno delovanje se izraža v dejstvu, da je Investbx namenjen le MSP-jem iz regije West Midlands ter ima skupino 6 do 8 oseb s sedežem v regiji West Midlands in zunanji izvršni odbor, ki ga sestavljajo strokovnjaki iz regije West Midlandsa, ki imajo izkušnje pri delu z MSP-ji.
Investbx will offer to the SMEs integrated services, including fund raising, marketing and independent research, as well as a connection to a network of local professionals that shall support SMEs to enter successfully the equity trade platform.
Investbx bo MSP-jem ponujal celovite storitve, vključno z zbiranjem sredstev, trženjem in neodvisnimi raziskavami, ter povezavo v mrežo lokalnih strokovnjakov, ki bodo MSP-jem pomagali, da se uspešno vključijo v platformo za trgovanje z lastniškimi instrumenti.
To join Investbx, unlike for the established market places, SMEs must provide an independent and standardised research report, which will facilitate the collection of information on SMEs relevant for investors.
Za razliko od uveljavljenih trgov morajo MSP-ji za vključitev v Investbx zagotoviti neodvisno in standardizirano poročilo o raziskavi, ki bo omogočilo zbiranje informacij o MSP-jih, pomembnih za vlagatelje.
This bundle of services together with the independent report always available to the investors will improve the chances of SMEs to effectively raise capital at Investbx.
Ta sklop storitev bo skupaj z neodvisnim poročilom, ki je vlagateljem vedno na voljo, izboljšal možnosti MSP-jev, da učinkovito zbirajo kapital prek Investbxa.
Furthermore, Investbx brings an innovative concept of secondary trading, which differs from established equity market places in many respects.
Poleg tega Investbx uvaja inovativno zamisel sekundarnega trgovanja, ki se v številnih pogledih razlikuje od uveljavljenih trgov lastniških vrednostnih papirjev.
While the LSE, the AIM and Ofex use classical market-making mechanisms through a quote-driven system, with bid and offer pricing, Investbx has no market makers, which would generate revenues based on the margin between bid and offer prices either by selling large volumes of shares or by selling at high spread.
Medtem ko londonska borza, alternativni investicijski trg in Ofex uporabljajo klasične mehanizme ustvarjanja trga s sistemom, ki temelji na kotaciji, ter z oblikovanjem ponudbene in prodajne cene, Investbx nima ustvarjalcev trga, ki bi ustvarjali prihodke na podlagi razlike med ponudbeno in prodajno ceno bodisi s prodajo velikih količin delnic ali z visokim cenovnim razponom.