natgillin/translations-raw huggingface dataset:
On the demand side, the enterprise must understand the benefits and risks associated with external equity investment to pursue the venture and to prepare sound business plans to secure the necessary resources and mentoring.
Kar zadeva povpraševanje, mora podjetje razumeti prednosti in tveganja, ki so povezana z zunanjo naložbo lastniškega kapitala, pri lastnem razvoju ter pri pripravi zdravih poslovnih načrtov, ki zagotavljajo potrebna sredstva in mentorstvo.
Owing to a lack of internal capital or the collateral needed to obtain debt funding and/or a solid credit history, the enterprise may face very tight funding constraints.
Zaradi pomanjkanja notranjega kapitala ali zavarovanja, potrebnega za pridobitev posojila, in/ali trdne kreditne zgodovine, se lahko podjetje srečuje z zelo omejenim financiranjem.
In addition, the enterprise must share control with an outside investor, who usually has an influence over company decisions in addition to a portion of the equity.
Poleg tega mora podjetje deliti nadzor z zunanjim investitorjem, ki po navadi poleg deleža lastniškega kapitala dobi tudi pravico do sodelovanja pri odločitvah podjetja.
As a result, the matching of supply and demand of risk capital may be inefficient so that the level of risk capital provided in the market is too restricted, and enterprises do not obtain funding despite having a valuable business model and growth prospects.
Posledično je usklajenost ponudbe in povpraševanja po rizičnem kapitalu lahko nezadostna, tako da je stopnja predvidenega rizičnega kapitala na trgu preveč omejena, podjetja pa kljub dobremu poslovnemu načrtu in možnostim za rast ne dobijo finančne podpore.
The Authority considers that the main source of market failure relevant to risk capital markets, which particularly affects access to capital by SMEs and companies at the early stages of their development and which may justify public intervention, relates to imperfect or asymmetric information.
Nadzorni organ meni, da se glavni vir tržne nepopolnosti, pomemben za trge rizičnega kapitala, ki še posebej vpliva na dostop do kapitala za MSP in podjetja na zgodnjih stopnjah njihovega razvoja ter ki lahko upraviči javno intervencijo, nanaša na nepopolne ali asimetrične informacije.
Imperfect or asymmetric information may result notably in:
Nepopolne ali asimetrične informacije lahko povzročijo predvsem:
Transaction and agency costs: potential investors face more difficulties in gathering reliable information on the business prospects of an SME or a new company and subsequently in monitoring and supporting the enterprise's development.
Transakcijske in agencijske stroške: potencialni investitorji se srečujejo z več težavami pri zbiranju zanesljivih podatkov o možnostih za uspešno poslovanje MSP ali novih podjetij ter posledično pri spremljanju in podpiranju razvoja podjetja.
This is in particular the case for highly innovative projects or risky projects.
To se dogaja zlasti pri zelo inovativnih ali tveganih projektih.
Furthermore, small deals are less attractive to investment funds due to relatively high costs for investment appraisal and other transaction costs.
Poleg tega so majhni posli manj privlačni za investicijske sklade zaradi razmeroma visokih stroškov pri oceni rentabilnosti investicije in drugih stroškov transakcije.
Risk aversion: investors may become more reluctant to provide risk capital to SMEs, the more the provision of risk capital is subject to imperfect of asymmetric information.
Strah pred tveganjem: bolj je zagotavljanje rizičnega kapitala predmet nepopolne ali asimetrične informacije, bolj lahko investitorji postanejo zadržani do zagotavljanja rizičnega kapitala MSP.
In other words, imperfect or asymmetric information tends to exacerbate risk aversion.
Drugače povedano, nepopolna ali asimetrična informacija povzroča stopnjevanje strahu pred tveganjem.
Appropriateness of the instrument
Primernost instrumenta
The Authority considers that State aid to risk capital measures may constitute an appropriate instrument within the limits and conditions set out in these guidelines.
Nadzorni organ meni, da lahko državna pomoč za ukrepe v zvezi z rizičnim kapitalom pomeni ustrezen instrument v okviru omejitev in pogojev, določenih v teh smernicah.
However, it must be borne in mind that risk capital provision is essentially a commercial activity involving commercial decisions.
Vendar se je treba zavedati, da je zagotavljanje rizičnega kapitala predvsem tržna dejavnost, ki vključuje tržne odločitve.
In this context, more general structural measures not constituting State aid may also contribute to an increase in the provision of risk capital, such as promoting a culture of entrepreneurship, introducing a more neutral taxation of the different forms of SME financing (for example new equity, retained earnings and debt), fostering market integration, and easing regulatory constraints, including limitations on investments by certain types of financial institutions (for example, pension funds) and administrative procedures for setting up companies.
V tem okviru lahko k povečanju zagotavljanja rizičnega kapitala prispevajo tudi bolj splošni strukturni ukrepi, ki ne pomenijo državne pomoči, kot so spodbujanje podjetniške kulture, uvajanje bolj nevtralnega obdavčevanja različnih oblik financiranja MSP (na primer nov kapital, zadržani dobički in dolg), spodbujanje povezovanja trga ter zmanjševanje regulativnih omejitev, vključno z omejitvami za naložbe nekaterih vrst finančnih institucij (npr. pokojninskih skladov) in upravnimi postopki za ustanavljanje podjetij.
Incentive effect and necessity
Spodbujevalni učinek in potrebnost
State aid for risk capital must result in a net increase in the availability of risk capital to SMEs, in particular by leveraging investments by private investors.
Državna pomoč za rizični kapital mora imeti za posledico neto povečanje razpoložljivosti rizičnega kapitala MSP, zlasti s spodbujanjem naložb zasebnih investitorjev.
The risk of “dead weight”, or lack of incentive effect, means that some enterprises funded through publicly supported measures would have obtained finance on the same terms even in the absence of State aid (crowding out).
Tveganje ‚mrtve teže‘ ali pomanjkanje spodbude pomeni, da bi lahko nekatera podjetja, ki se financirajo z javno podprtimi ukrepi, pridobila sredstva pod enakimi pogoji, tudi ob odsotnosti državne pomoči (izrivanje).
There is evidence of this happening, although such evidence is inevitably anecdotal.
Obstajajo dokazi, da se to dogaja, pa čeprav neizogibno le na ravni anekdot.
In those circumstances public resources are ineffective.
V navedenih okoliščinah so javna sredstva neučinkovita.
The Authority considers that aid in the form of risk capital satisfying the conditions laid down in these guidelines ensures the presence of an incentive effect.
Nadzorni organ zato meni, da pomoč v obliki rizičnega kapitala, ki ustreza pogojem, določenim v teh smernicah, zagotavlja obstoj spodbujevalnega učinka.
The need to provide incentives depends on the size of the market failure related to the different types of measures and beneficiaries.
Potreba po zagotavljanju spodbud je odvisna od obsega tržne nepopolnosti, povezane z različnimi vrstami ukrepov in prejemnikov.
Therefore different criteria are expressed in terms of size of investment tranches per target enterprise, degree of involvement of private investors, and consideration of notably the size of the company and the business stage financed.
Zato so različna merila izražena v smislu obsega tranš razpoložljivega kapitala na ciljno podjetje, stopnje vključenosti zasebnih investitorjev ter upoštevanja zlasti velikosti podjetja in financirane stopnje poslovanja.
The need to provide incentives depends on the size of the market failure related to the different types of measures, beneficiaries and development stage of the SMEs.
Potreba po zagotavljanju spodbud je odvisna od obsega tržne nepopolnosti, povezane z različnimi vrstami ukrepov, prejemniki in razvojno stopnjo MSP.
A risk capital measure is well designed if the aid is necessary in all its elements to create the incentives to provide equity to SMEs in their seed, start-up and early stages.
Ukrep v zvezi z rizičnim kapitalom je dobro oblikovan, če je pomoč potrebna v vseh svojih elementih, da ustvari spodbude za zagotavljanje lastniškega kapitala za MSP na stopnji zbiranja sredstev, na stopnji zagona in na zgodnjih stopnjah.
State aid will be inefficient if it goes beyond what is needed to induce more risk capital provision.
Državna pomoč bo neučinkovita, če presega tisto, kar je nujno za spodbujanje večjega zagotavljanja rizičnega kapitala.
In particular, to ensure that aid is limited to the minimum, it is crucial that there is significant private participation and that the investments are profit-driven and are managed on a commercial basis.
Zlasti je za zagotovitev, da je pomoč omejena na najmanjši možni znesek, bistveno, da obstaja precejšnja zasebna udeležba in da so naložbe usmerjene v ustvarjanje dobičkov ter se upravljajo na podlagi tržnih zakonitosti.
Negative effects and overall balance
Negativni učinki in splošna izravnava
The EEA Agreement requires the Authority to control State aid granted by the EFTA States.
Sporazum o EGP od Nadzornega organa zahteva nadzor nad državno pomočjo, ki jo dodelijo države Efte.
This is why the Authority has to be vigilant in order to ensure that measures are well targeted and to avoid severe distortions of competition.
Zato mora Nadzorni organ budno zagotavljati dobro usmerjenost ukrepov in preprečevati huda izkrivljanja konkurence.
When deciding whether the grant of public funds for measures designed to promote risk capital is compatible with the EEA Agreement, the Authority will seek to limit as far as possible the following categories of risk:
Pri odločanju, ali je dodeljevanje javnih sredstev za ukrepe, usmerjene k spodbujanju rizičnega kapitala, združljivo s Sporazumom o EGP, bo Nadzorni organ kolikor je mogoče omejil naslednje vrste tveganj:
the risk of “crowding out”.
tveganje ‚izrivanja‘.
The presence of publicly supported measures may discourage other potential investors from providing capital.
Obstoj javno podprtih ukrepov lahko odvrne druge morebitne investitorje od zagotavljanja kapitala.
This could, over the longer term, further discourage private investment in young SMEs and thus end up widening the equity gap, while at the same time creating the need for additional public funding;
Dolgoročno bi lahko to še naprej odvračalo zasebna vlaganja v mlada MSP in tako povzročilo povečanje vrzeli lastniškega kapitala in hkrati ustvarjalo potrebo po dodatnem javnem financiranju;
the risk that advantages to the investors and/or investment funds create an undue distortion of competition in the venture capital market relative to their competitors that do not receive the same advantages;
tveganje, da bodo ugodnosti za investitorje in/ali investicijske sklade povzročile nedopustno izkrivljanje konkurence na trgu tveganega kapitala v škodo konkurentov, ki ne prejemajo istih ugodnosti;
the risk that an oversupply of public risk capital for target enterprises not invested according to a commercial logic could help inefficient firms stay afloat and could cause an artificial inflation of their valuations, making it all the less attractive for private investors to supply risk capital to these firms.
tveganje, da bi zaradi čezmerne ponudbe javnega rizičnega kapitala za ciljna podjetja, ki ni vložen v skladu s tržno logiko, neučinkovita podjetja morda ostala na površju in bi nastala umetna inflacija njihovih vrednotenj, zaradi česar bi za zasebne investitorje postalo manj privlačno, da bi tem podjetjem ponudili rizični kapital.
APPROACH FOR STATE AID CONTROL IN THE AREA OF RISK CAPITAL
PRISTOP ZA NADZOR DRŽAVNIH POMOČI NA PODROČJU RIZIČNEGA KAPITALA
Provision of risk capital funding to enterprises cannot be linked to the traditional concept of “eligible costs” used for State aid control, which relies on certain specified costs for which aid is allowed and the setting of maximum aid intensities.
Zagotavljanje financiranja rizičnega kapitala podjetjem ne more biti povezano s tradicionalnim konceptom ‚upravičenih stroškov‘, uporabljenih za nadzor državne pomoči, ki temeljijo na nekaterih posebnih stroških, za katere je pomoč dodeljena, in določitvijo najvišje intenzivnosti pomoči.
The diversity of possible models for risk capital measures devised by EFTA States also means that the Authority is not in a position to define rigid criteria by which to determine whether such measures are compatible with the functioning of the EEA Agreement.
Zaradi razlik med možnimi oblikami ukrepov v zvezi z rizičnim kapitalom, ki so jih pripravile države Efte, Nadzorni organ tudi ne more določiti togih meril, po katerih bi odločal, ali so taki ukrepi združljivi z delovanjem Sporazuma o EGP.
The assessment of risk capital therefore implies a departure from the traditional way in which State aid control is carried out.
Presoja rizičnega kapitala tako pomeni odmik od običajnega načina, na katerega se izvaja nadzor državne pomoči.
However, the Authority's guidelines on State aid and risk capital have proved to work well in practice in the area of risk capital, the Authority has decided to continue and thereby ensure continuity with the approach of the Communication and the guidelines.
Ker se je izkazalo, da Smernice Nadzornega organa o državni pomoči in rizičnem kapitalu na področju rizičnega kapitala v praksi dobro delujejo, je Nadzorni organ sprejel odločitev o nadaljevanju pristopa Sporočila in smernic ter s tem zagotovil njihovo neprekinjenost.
These guidelines only apply to risk capital schemes targeting SMEs.
Te smernice se uporabljajo le za sheme rizičnega kapitala, ki so usmerjene v MSP.
They are not intended to constitute the legal basis for declaring an ad hoc measure providing capital to an individual enterprise compatible with the functioning of the EEA Agreement.
Ne pomenijo pravne podlage za razglasitev ad hoc ukrepa, ki posameznemu podjetju zagotavlja kapital in ki je združljiv z delovanjem Sporazuma o EGP.
Nothing in these guidelines should be taken to call into question the compatibility of State aid measures which meet the criteria laid down in any other guidelines, frameworks or regulations adopted by the Authority.
V teh smernicah ne sme nič izpodbijati združljivosti ukrepov državne pomoči, ki izpolnjujejo merila iz katerih koli drugih smernic, okvirov ali uredb, ki jih je sprejel Nadzorni organ.
The Authority will pay particular attention to the need to prevent the use of these guidelines to circumvent the principles laid down in existing frameworks, guidelines and Regulations.
Nadzorni organ bo posebej pozoren na potrebo po preprečitvi uporabe teh smernic, s katero bi obšli načela, določena v obstoječih okvirih, smernicah in uredbah.
Risk capital measures must specifically exclude the provision of aid to enterprises:
Ukrepi v zvezi z rizičnim kapitalom morajo posebej izključevati zagotavljanje pomoči podjetjem:
in difficulty, within the meaning of the Authority's guidelines on aid for rescuing and restructuring firms in difficulty [7];
v težavah, v smislu Smernic Nadzornega organa o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [7];
in the shipbuilding [8], coal [9] and steel industry [10].
v ladjedelništvu [8], premogovništvu [9] in jeklarstvu [10].
These Guidelines do not apply to aid to export-related activities, namely aid directly linked to the quantities exported, to the establishment and operation of a distribution network or to other current expenditure linked to the export activity, as well as aid contingent upon the use of domestic in preference to imported goods.
Te smernice se ne uporabljajo za pomoč dejavnostim, povezanim z izvozom, namreč za pomoč, ki je neposredno povezana z izvoženimi količinami, za vzpostavitev in delovanje distribucijske mreže ali za druge tekoče odhodke, povezane z dejavnostmi izvoza, ter za pomoč, katere pogoj je, da ima uporaba domačega blaga prednost pred uporabo uvoženega blaga.
For the purposes of these guidelines, the following definitions shall apply:
Za namene teh smernic se uporabljajo naslednje opredelitve pojmov:
“equity” means ownership interest in a company, represented by the shares issued to investors;
‚delež‘ pomeni lastniški delež v podjetju, ki ga izražajo delnice, izdane investitorjem;
“private equity” means private (as opposed to public) equity investment in companies not listed on a stock-market, including venture capital, replacement capital and buy-outs;
‚zasebni delež‘ pomeni zasebno (v nasprotju z javno) naložbo lastniškega kapitala v podjetja, ki ne kotirajo na borzi, vključno s tveganim kapitalom, zamenjavo kapitala in odkupi podjetij;
“quasi-equity investment instruments” means instruments whose return for the holder (investor/lender) is predominantly based on the profits or losses of the underlying target company, are unsecured in the event of default.
‚instrumenti navideznega lastniškega kapitala‘ pomenijo instrumente, katerih donos za imetnika (investitor/posojilodajalec) večinoma temelji na dobičku ali izgubah zadevnega ciljnega podjetja ter so nezavarovani ob neizpolnitvi obveznosti.
This definition is based on a substance-over-form approach;
Ta opredelitev izhaja iz pristopa, ki daje prednost vsebini pred obliko;
“debt investment instruments” means loans and other funding instruments which provide the lender/investor with a predominant component of fixed minimum remuneration and are at least partly secured.
‚naložbeni instrumenti z dolgom‘ pomenijo posojila ali druge instrumente financiranja, ki posojilodajalcu/investitorju zagotavljajo poglavitni del fiksnega najnižjega povračila in so vsaj deloma zavarovani.
“seed capital” means financing provided to study, assess and develop an initial concept, preceding the start-up phase;
‚semenski kapital‘ pomeni financiranje, ki se zagotovi za preučevanje, presojo in razvoj začetnega koncepta pred zagonsko fazo;
“start-up capital” means financing provided to companies, which have not sold their product or service commercially and are not yet generating a profit, for product development and initial marketing;
‚zagonski kapital‘ pomeni financiranje za razvoj proizvodov in začetno trženje, zagotovljeno podjetjem, ki še niso prodala svojih proizvodov ali storitev na trgu in še ne ustvarjajo dobička;
“early-stage capital” means seed and start-up capital;
‚začetni kapital‘ pomeni semenski in zagonski kapital;
“expansion capital” means financing provided for the growth and expansion of a company, which may or may not break even or trade profitably, for the purposes of increasing production capacity, market or product development or the provision of additional working capital;
‚kapital za širitev‘ pomeni sredstva za širitev in razvoj podjetja, s katerimi se lahko posluje ali se ne more poslovati na meji rentabilnosti oziroma se posluje z dobičkom, za namene povečanja proizvodne zmogljivosti, razvoja trga ali proizvoda ali zagotavljanja dodatnega obratnega kapitala;
“venture capital” means investment in unquoted companies by investment funds (venture capital funds) that, acting as principals, manage individual, institutional or in-house money and includes early-stage and expansion financing, but not replacement finance and buy-outs;
‚tvegani kapital‘ pomeni naložbe investicijskih skladov (skladi tveganega kapitala), ki delujejo kot naročniki, v podjetja, ki ne kotirajo na borzi, ko upravljajo denar posameznikov, institucij ali lastni denar, ter se uporablja za financiranje začetne faze in širitve, ne pa za zamenjavo sredstev in odkupe;
“replacement capital” means the purchase of existing shares in a company from another private equity investment organisation or from another shareholder or shareholders.
‚zamenjava kapitala‘ pomeni nakup obstoječih delnic v podjetju od druge zasebne organizacije za naložbe lastniškega kapitala ali drugega delničarja oziroma delničarjev.
Replacement capital is also called secondary purchase;
Zamenjava kapitala je imenovana tudi sekundarni nakup;
“risk capital” means equity and quasi-equity financing to companies during their early-growth stages (seed, start-up and expansion phases), including informal investment by business angels, venture capital and alternative stock markets specialised in SMEs including high-growth companies (hereafter referred to as investment vehicles);
‚rizični kapital‘ pomeni vlaganje lastniškega kapitala in navideznega lastniškega kapitala v podjetja, ko ta šele nastajajo (stopnje zbiranja sredstev, zagona in širitve), vključno z neformalno naložbo poslovnih angelov, tveganim kapitalom in alternativnimi borzami, specializiranimi za MSP, vključno s podjetji, ki se hitro razvijajo (v nadaljevanju imenovani nosilci naložb);
“risk capital measures” means schemes to provide or promote aid in the form of risk capital;
‚ukrepi v zvezi z rizičnim kapitalom‘ so sheme za zagotavljanje ali spodbujanje pomoči v obliki rizičnega kapitala;
“Initial Public Offering” (“IPO”) means the process of launching the sale or distribution of a company's shares to the public for the first time;
‚prva javna prodaja‘ (‚PJO‘) pomeni postopek, s katerim se začnejo v javnosti prvič prodajati ali razdeljevati delnice podjetja;
“follow-on investment” means an additional investment in a company subsequent to an initial investment;
‚nadaljnja naložba‘ pomeni dodatno naložbo v podjetje, ki sledi začetni naložbi;
“buyout” means the purchase of at least a controlling percentage of a company's equity from the current shareholders to take over its assets and operations through negotiation or a tender offer;
‚odkup podjetja‘ pomeni odkup od trenutnih delničarjev vsaj kontrolnega deleža lastniškega kapitala podjetja, tako da se prevzamejo njihova sredstva in operacije s pogajanjem ali ponudbo v javnem razpisu;
“exit strategy” means a strategy for the liquidation of holdings by a venture capital or private equity fund according to a plan to achieve maximum return, including trade sale, write-offs, repayment of preference shares/loans, sale to another venture capitalist, sale to a financial institution and sale by public offering (including Initial Public Offerings);
‚strategija izstopa‘ pomeni strategijo likvidacije holdingov s skladom tveganega kapitala ali zasebnega lastniškega kapitala skladno z načrtom za dosego najvišjega donosa, vključno s prodajo deleža, odpisi, odplačili prednostnih delnic/posojil, prodajo drugemu imetniku tveganega kapitala, prodajo finančni instituciji ali prodajami z javno ponudbo (vključno s prvimi javnimi prodajami);
“small and medium-sized enterprises” (“SMEs”) means small enterprises and medium-sized enterprises within the meaning of Commission Regulation (EC) No 70/2001 of 12 January 2001 on the application of Articles 87 and 88 of the EC Treaty to State aid to small and medium-sized enterprises [11] or any Regulation replacing that Regulation;
‚mala in srednje velika podjetja‘ (‚MSP‘) pomeni mala podjetja in srednje velika podjetja v smislu Uredbe Komisije (ES) št. 70/2001 z dne 12. januarja 2001 o uporabi členov 87 in 88 Pogodbe ES pri državni pomoči za mala in srednje velika podjetja [11] ali katere koli uredbe, ki nadomešča navedeno uredbo;
“target enterprise or company” means an enterprise or company in which an investor or investment fund is considering investing;
‚ciljno podjetje ali družba‘ pomeni podjetje ali družbo, v katero investitor ali investicijski sklad namerava vlagati;
“business angels” means wealthy private individuals who invest directly in young new and growing unquoted business (seed finance) and provide them with advice, usually in return for an equity stake in the business, but may also provide other long-term finance;
‚poslovni angeli‘ so premožne fizične osebe, ki vlagajo neposredno v mlada nova in rastoča podjetja, ki ne kotirajo na borzi (semenski kapital), in jim dajejo nasvete, običajno v zameno za delež lastniškega kapitala v podjetju, a lahko zagotavljajo tudi druga dolgoročna sredstva;
“assisted areas” means regions falling within the scope of the derogations contained in Article 61(3)(a) or (c) of the EEA Agreement;
‚območja, ki prejemajo pomoč‘ pomenijo regije, ki spadajo v obseg odstopanj, ki jih vsebuje člen 61(3)(a) ali (c) Sporazuma o EGP.