natgillin/translations-raw huggingface dataset:
This is the case where the motivation to effect the investment is based on the prospects of a significant profit potential and constant assistance to target companies for this purpose.
Tako je v primeru, ko temelji spodbuda za izvedbo naložbe na izgledih znatnega možnega dobička in na nenehni pomoči ciljnim podjetjem v ta namen.
This criterion is considered to be met if all the following conditions are fulfilled:
Šteje se, da je to merilo izpolnjeno, če so izpolnjeni vsi naslednji pogoji:
the measures have significant involvement of private investors as described in section 10B.4.3.4, providing investments on a commercial basis (that is, only for profit) directly or indirectly in the equity of the target enterprises; and
ukrepi, ki ob znatni vključenosti zasebnih investitorjev, kakor je opisano v oddelku 10B.4.3.4, zagotavljajo, da so naložbe izvedene na podlagi tržnih zakonitosti (tj. le za dobiček) posredno ali neposredno v lastniški kapital ciljnih podjetij;
a business plan exists for each investment containing details of product, sales and profitability development and establishing the ex ante viability of the project; and
obstaja poslovni načrt, ki vsebuje podrobne podatke o proizvodu, prodaji in razvoju donosnosti, ter predhodno določa izvedljivost projekta za vsako naložbo; in
a clear and realistic exit strategy exists for each investment.
za vsako naložbo obstaja jasna in realistična strategija izstopa.
Commercial management
Poslovno upravljanje
The management of a risk capital measure or fund must be effected on a commercial basis.
Upravljanje ukrepov v zvezi z rizičnim kapitalom ali skladom rizičnega kapitala se mora izvršiti na podlagi tržnih zakonitosti.
The management team must behave as managers in the private sector, seeking to optimise the return for their investors.
Ekipa upravljavcev se mora obnašati kot direktorji v zasebnem sektorju, ki skušajo optimizirati dobiček za svoje investitorje.
This criterion is considered to be present where all the following conditions are fulfilled:
Šteje se, da je to merilo prisotno, če so izpolnjeni vsi naslednji pogoji:
there is an agreement between a professional fund manager or a management company and participants in the fund, providing that the manager's remuneration is linked to performance and setting out the objectives of the fund and proposed timing of investments; and
obstaja sporazum med poklicnim upravljavcem sklada ali družbo za upravljanje in udeleženci v skladu, ki določa, da je plačilo upravljavca povezano z uspešnostjo in opredelitvijo ciljev sklada ter predvidenim časovnim razporedom naložb;
private market investors are represented in decision-making, such as through an investors’ or advisory committee; and
zasebni tržni investitorji so zastopani pri sprejemanju odločitev, na primer v odboru investitorjev ali svetovalnem odboru; in
best practices and regulatory supervision apply to the management of funds.
pri upravljanju sredstev se uporabljajo najboljše prakse in regulativni nadzor.
Sectoral focus
Sektorski cilj
To the extent that many private sector funds focus on specific innovative technologies or even sectors (such as health, information technology, biotechnology) the Authority may accept a sectoral focus for risk capital measures, provided the measure falls within the scope of these guidelines as set out in section 10B.2.1.
Če se mnogo skladov iz zasebnega sektorja osredotoči na posebne inovacijske tehnologije ali celo sektorje (kot so zdravstvo, informacijska tehnologija, biotehnologija), lahko Nadzorni organ sprejme sektorski cilj za ukrepe v zvezi z rizičnim kapitalom, pod pogojem, da spadajo ukrepi v področje teh smernic, kakor je opredeljeno v oddelku 10B.2.1.
COMPATIBILITY OF RISK CAPITAL AID MEASURES SUBJECT TO A DETAILED ASSESSMENT
ZDRUŽLJIVOST UKREPOV POMOČI V ZVEZI Z RIZIČNIM KAPITALOM NA PODLAGI PODROBNEJŠE PRESOJE
This section applies to risk capital measures which do not satisfy all the conditions laid down in section 10B.4.
Ta oddelek se uporablja za ukrepe v zvezi z rizičnim kapitalom, ki ne ustrezajo vsem pogojem iz oddelka 10B.4.
A more detailed compatibility assessment based on the balancing test outlined in section 10B.1.3 is necessary for these measures due to the need to ensure the targeting of the relevant market failure and due to the higher risks of potential crowding-out of private investors and of distortion of competition.
Za te ukrepe je potrebna podrobnejša presoja združljivosti, ki temelji na preskusu izravnave, opisanem v oddelku 10B.1.3, da se zagotovi usmeritev zadevne tržne nepopolnosti ter zaradi večjih tveganj glede morebitnega izrivanja zasebnih investitorjev in izkrivljanja konkurence.
The analysis of compatibility of the measures with the functioning of the EEA Agreement will be based on a number of positive and negative elements.
Ugotavljanje združljivosti ukrepov z delovanjem Sporazuma o EGP bo temeljilo na številnih pozitivnih in negativnih elementih.
No single element is determinant, nor can any set of elements be regarded as sufficient on its own to ensure compatibility.
Noben posamezen element ni odločilen, prav tako ne moremo imeti skupine teh elementov same kot zadostne za zagotovitev združljivosti.
The EFTA States will have to provide all the elements and the evidence they consider useful for the assessment of a measure.
Države Efte bodo morale predložiti vse elemente in dokaze, za katere menijo, da so uporabni pri presoji ukrepa.
The level of evidence required and the Authority assessment will depend on the features of each case and will be proportionate to the level of market failure tackled and to the risk of crowding out private investment.
Zahtevana stopnja dokazov in presoja Nadzornega organa bosta odvisni od značilnosti vsake zadeve ter sorazmerni s stopnjo obravnavane tržne nepopolnosti in tveganjem izrivanja zasebne naložbe.
AID MEASURES SUBJECT TO A DETAILED ASSESSMENT
UKREPI POMOČI NA PODLAGI PODROBNE PRESOJE
The following types of risk capital measures not complying with one or more of the conditions set out in section 10B.4 will be subject to a more detailed assessment given the less obvious evidence of a market failure and the higher potential for crowding out of private investment and/or distortion of competition.
Naslednja vrsta ukrepov v zvezi z rizičnim kapitalom, ki niso združljivi z enim ali več pogoji, opisanimi v oddelku 10B.4, bo predmet podrobnejše presoje ob upoštevanju manj očitnih dokazov tržne nepopolnosti in močnejšega morebitnega izrivanja zasebnih naložb in/ali izkrivljanja konkurence.
Measures providing for investment tranches beyond the safe-harbour threshold of EUR 1,5 million per target SME over each period of 12 months
Ukrepi za zagotavljanje tranš razpoložljivega kapitala nad varnim pragom, ki znaša 1,5 milijona EUR na ciljno MSP v vsakem dvanajstmesečnem obdobju
The Authority is aware of the constant fluctuation of the risk capital market and of the equity gap over time, as well as of the different degree by which enterprises are affected by the market failure depending on their size, on their stage of business development, and on their economic sector.
Nadzorni organ se zaveda neprestanih nihanj, ki se sčasoma pojavljajo na trgu rizičnega kapitala in pri vrzeli lastniškega kapitala, ter različnih stopenj tržnih nepopolnosti, ki prizadenejo podjetja, odvisno od njihovega obsega, od stopnje poslovnega razvoja in gospodarskega sektorja.
Therefore, the Authority is prepared to consider declaring risk capital measures providing for investment tranches exceeding the threshold of EUR 1,5 million per enterprise per year compatible with the functioning the EEA Agreement, provided the necessary evidence of the market failure is submitted.
Zato je Nadzorni organ pripravljen preučiti razglasitev ukrepov v zvezi z rizičnim kapitalom, ki določajo tranše razpoložljivega kapitala nad pragom, ki znaša 1,5 milijona EUR letno na podjetje, in so združljivi z delovanjem Sporazuma o EGP, če so predloženi potrebni dokazi o tržni nepopolnosti.
Measures providing finance for the expansion stage for medium-sized enterprises in non-assisted areas
Ukrepi za zagotavljanje sredstev za fazo širitve za srednje velika podjetja na območjih, ki ne prejemajo pomoči
The Authority recognises that certain medium-sized enterprises in non-assisted areas may have insufficient access to risk capital even in their expansion stage despite the availability of finance to enterprises having a significant turnover and/or total balance.
Nadzorni organ se zaveda, da lahko imajo nekatera srednje velika podjetja na območjih, ki ne prejemajo pomoči, nezadosten dostop do rizičnega kapitala celo v svoji fazi širitve, kljub razpoložljivosti sredstev za podjetja, ki ustvarjajo večji promet in/ali skupno bilanco.
Therefore, the Authority is prepared to consider declaring measures partly covering the expansion stage of medium-sized enterprises compatible with the functioning of the EEA Agreement in certain cases, provided the necessary evidence is submitted.
Zato je Nadzorni organ pripravljen preučiti razglasitev ukrepov, ki delno zajemajo fazo širitve srednje velikih podjetij in so združljivi z delovanjem Sporazuma o EGP v nekaterih primerih, če so predloženi potrebni dokazi.
Measures providing for follow-on investments into target companies that already received aided capital injections to fund subsequent financing rounds even beyond the general safe-harbour thresholds and the companies’ early-growth financing
Ukrepi za zagotavljanje nadaljnjih naložb v ciljna podjetja, ki so že prejela kapitalske vložke v obliki pomoči za zagotovitev sredstev v poznejših krogih financiranja celo nad splošnimi varnimi pragovi, in financiranja podjetij, ki nastajajo
The Authority recognises the importance of follow-on investments into target companies that already received aided capital injections in their early stages to finance financing rounds even beyond the maximum safe-harbour investment tranches and the companies’ early-growth financing up to the exit of the initial investment.
Nadzorni organ se zaveda pomena nadaljnjih naložb v ciljna podjetja, ki so že prejela kapitalske vložke v obliki pomoči na svojih zgodnjih stopnjah, za zagotavljanje sredstev v krogih financiranja celo nad najvišjimi varnimi tranšami razpoložljivega kapitala in financiranja podjetij, ki nastajajo, do izstopa iz začetne naložbe.
This may be necessary to avoid dilution of the public participation in these financing rounds while ensuring continuity of financing for the target enterprises so that both public and private investors can fully benefit from the risky investments.
To bo morda potrebno, da se bo preprečilo zmanjšanje javne udeležbe pri teh krogih financiranja in hkrati zagotovilo neprekinjenost zagotavljanja sredstev za ciljna podjetja, tako da imajo lahko javni in zasebni investitorji popolne koristi od tveganih naložb.
In these circumstances and taking into account the specificities of the targeted sector and enterprises, the Authority is prepared to consider declaring follow-on investment compatible with the functioning of the EEA Agreement provided the amount of this investment is consistent with the initial investment and with the size of the fund.
Nadzorni organ je torej v teh okoliščinah in tudi ob upoštevanju posebnosti ciljnega sektorja in podjetij pripravljen preučiti razglasitev nadaljnje naložbe, ki je združljiva z delovanjem Sporazuma o EGP, če je višina te naložbe skladna z začetno naložbo in obsegom sredstev.
Measures providing for a participation by private investors below 50 % in non-assisted areas or below 30 % in assisted areas
Ukrepi za zagotavljanje udeležbe zasebnih investitorjev, in sicer pod 50 % na območjih, ki ne prejemajo pomoči, ali pod 30 % na območjih, ki prejemajo pomoč
Within the EEA the level of development of the private risk capital market varies to a significant extent in the various EEA States.
V različnih državah EGP se stopnja razvoja trga zasebnega rizičnega kapitala znotraj EGP precej razlikuje.
In some cases, it might be difficult to find private investors, and therefore the Authority is prepared to consider declaring measures with a private participation below the thresholds set out in section 10B.4.3.4 compatible with the functioning of the EEA Agreement, if EFTA States submit the necessary evidence.
V nekaterih primerih je mogoče le s težavo najti zasebne investitorje in zato je Nadzorni organ pripravljen preučiti odobritev ukrepov z zasebno udeležbo pod pragovi, navedenimi v oddelku 10B.4.3.4, ki so združljivi z delovanjem Sporazuma o EGP, če države Efte predložijo potrebne dokaze.
This problem may be even greater for risk capital measures targeting SMEs in assisted areas.
Ta težava je lahko celo večja za ukrepe v zvezi z rizičnim kapitalom, usmerjene v MSP na območjih, ki prejemajo pomoč.
In these cases there may be an additional shortage of capital available for them given their remote location from venture capital centres, the lower population density, and the increased risk-aversion of private investors.
V teh primerih lahko za podjetja dodatno primanjkuje razpoložljivega kapitala glede na njihovo oddaljeno lokacijo od središč tveganega kapitala, manjšo gostoto prebivalstva in povečan strah pred tveganjem, ki ga imajo zasebni investitorji.
These SMEs may also be affected by demand-side issues such as the difficulty in drawing up a viable, investment-ready business proposition, a more limited equity culture, and particular reluctance to lose management control as a result of venture capital intervention.
Na ta MSP lahko vplivajo zadeve, povezane s povpraševanjem, kot so izdelava takoj izvedljivega poslovnega predloga za naložbe, bolj omejena kultura lastniškega kapitala in določena nenaklonjenost, ker bi izgubili nadzor zaradi posega tveganega kapitala.
Measures providing seed capital to small enterprises which may foresee (i) less or no private participation by private investors, and/or (ii) predominance of debt investment instruments as opposed to equity and quasi-equity
Ukrepi za zagotavljanje semenskega kapitala za mala podjetja, ki lahko predvidijo (i) manj ali nobene zasebne udeležbe zasebnih investitorjev in/ali (ii) prevladovanje dolžniških instrumentov za naložbe v nasprotju z lastniškim kapitalom in navideznim lastniškim kapitalom
The market failures affecting enterprises in their seed stage are more pronounced due to the high degree of risk involved by the potential investment and the need to closely mentor the entrepreneur in this crucial phase.
Tržne nepopolnosti, ki prizadenejo podjetja na stopnji zbiranja sredstev, so izrazitejše zaradi visoke stopnje tveganja, povezanega z morebitno naložbo, in potrebe po tesnejšem mentorstvu podjetnika v tej bistveni fazi.
This is also reflected by the reluctance and near absence of private investors to provide seed capital, which implies no or very limited risk of crowding-out.
To se kaže tudi z nenaklonjenostjo in skorajšnjo odsotnostjo zasebnih investitorjev pri zagotavljanju semenskega kapitala, ki ne vključuje ali vključuje zelo omejeno tveganje izrivanja.
Furthermore, there is reduced potential for distortion of competition due to the significant distance from the market of these small-size enterprises.
Poleg tega je morebitno izkrivljanje konkurence omejeno zaradi pomembne oddaljenosti teh malih podjetij od trga.
These reasons may justify a more favourable stance of the Authority towards measures targeting the seed stage, also in light of their potentially crucial importance to generate growth and jobs within the EEA.
Ti razlogi lahko upravičujejo večjo naklonjenost Nadzornega organa ukrepom, usmerjenim na stopnjo zbiranja sredstev, tudi glede na morebiten bistven pomen ustvarjanja rasti in delovnih mest v EGP.
Measures specifically involving an investment vehicle
Ukrepi, ki posebej vključujejo nosilce naložbe
An investment vehicle may facilitate the matching between investors and target SMEs for which it may therefore improve the access to risk capital.
Nosilec naložbe lahko olajša usklajenost med investitorji in ciljnimi MSP, za katere lahko zato izboljša dostop do rizičnega kapitala.
In case of market failures related to the enterprises targeted by the vehicle, the vehicle may not function efficiently without financial incentives.
Vendar pa je pri tržnih nepopolnostih, povezanih s podjetji, v katera je usmerjen nosilec, lahko nosilec brez finančnih spodbud neučinkovit.
For instance, investors may not find the type of investments targeted by the vehicle attractive compared to investments of higher tranches of investments or investments in more established enterprises or more established market places, despite a clear potential for profitability of the target enterprises.
Na primer, investitorjem se morebiti ne zdi privlačna vrsta naložb, v katero je usmerjen nosilec, v primerjavi z naložbami višjih tranš ali naložbami v bolj uveljavljena podjetja ali bolj uveljavljene trge, kljub razvidnemu potencialu za donosnost ciljnih podjetij.
Therefore, the Authority is prepared to consider declaring measures specifically involving an investment vehicle compatible with the functioning of the EEA Agreement, provided the necessary evidence for a clearly defined market failure is submitted.
Zato je Nadzorni organ pripravljen preučiti odobritev ukrepov, ki posebej vključujejo nosilca naložbe, in so združljivi z delovanjem Sporazuma o EGP, če so predloženi potrebni dokazi o jasno opredeljeni tržni nepopolnosti.
Costs linked to the first screening of companies in view of the conclusion of the investments, up to the due diligence phase (scouting costs)
Stroški, povezani s prvim pregledom družb zaradi sklenitve naložb do stopnje primernega gospodarjenja (‚stroški za poizvedbe‘)
Risk capital funds or their managers may incur “scouting costs” in identifying SMEs, prior to the due diligence phase.
Skladi rizičnega kapitala ali njihovi upravljavci lahko naletijo na ‚stroške za poizvedbe‘ pri odkrivanju MSP pred fazo primernega gospodarjenja.
Grants covering part of these scouting costs must encourage the funds or their managers to carry out more “scouting” activities than would otherwise be the case.
Donacije, ki krijejo del teh stroškov za poizvedbe, morajo spodbuditi sklade ali njihove upravljavce, da izvedejo več dejavnosti ‚poizvedovanja‘ kot sicer.
This may also be beneficial for the SMEs concerned, even if the search does not lead to an investment, since it enables those SMEs to acquire more experience with risk capital financing.
To je lahko koristno tudi za zadevne MSP, čeprav poizvedba ne povzroči naložbe, saj navedenim MSP omogoča, da pridobijo več izkušenj s financiranjem rizičnega kapitala.
These reasons may justify a more favourable stance of the Authority towards grants covering part of the scouting costs of risk capital funds or their managers, subject to the following conditions: The eligible costs must be limited to the scouting costs related to SMEs mainly in their seed or start-up stage, where such costs do not lead to investment, and the costs must exclude legal and administrative costs of the funds.
Ti razlogi lahko upravičijo bolj naklonjeno držo Nadzornega organa donacijam, ki krijejo del stroškov za poizvedbe s strani skladov rizičnega kapitala ali njihovih upravljavcev, pod naslednjimi pogoji: upravičeni stroški morajo biti omejeni na stroške za poizvedbe, povezane z MSP, ki so predvsem v fazi zbiranja sredstev ali zagona, če ti stroški ne povzročijo naložbe, ter stroški morajo izključevati pravne in upravne stroške skladov.
In addition, the grant must not exceed 50 % of the eligible costs.
Poleg tega donacija ne sme presegati 50 % upravičenih stroškov.
POSITIVE EFFECTS OF THE AID
POZITIVNI UČINKI POMOČI
Existence and evidence of market failure
Obstoj in dokazi o tržni nepopolnosti
For risk capital measures envisaging investment tranches into target enterprises beyond the conditions laid down in section 10B.4, in particular those providing for tranches above EUR 1,5 million per target SME over each period of 12 months, follow-on investments or financing of the expansion stage for medium-sized enterprises in non-assisted areas as well as for measures specifically involving an investment vehicle, the Authority will require additional evidence of the market failure being tackled at each level where aid may be present before declaring the proposed risk capital measure compatible with the functioning of the EEA Agreement.
Nadzorni organ bo za ukrepe v zvezi z rizičnim kapitalom, ki predvidevajo tranše razpoložljivega kapitala v ciljna podjetja, razen pogojev, določenih v oddelku 10B.4, predvsem tistih o tranšah nad 1,5 milijona EUR na ciljno MSP za vsako dvanajstmesečno obdobje, nadaljnje naložbe ali financiranje faze širitve srednje velikih podjetjih na območjih, ki ne prejemajo pomoči, ter za ukrepe, ki posebej vključujejo nosilca naložbe, zahteval dodatne dokaze o tržni nepopolnosti, ki se odpravlja na vsaki ravni, na kateri je morda prisotna pomoč, preden bo razglasil, da je predlagan ukrep v zvezi z rizičnim kapitalom združljiv z delovanjem Sporazuma o EGP.
Such evidence must be based on a study showing the level of the “equity gap” with regard to the enterprises and sectors targeted by the risk capital measure.
Taki dokazi morajo temeljiti na študiji, ki kaže stopnjo ‚vrzeli lastniškega kapitala‘ glede na ukrepe v zvezi z rizičnim kapitalom, usmerjene v ciljna podjetja in sektorje.
The relevant information concerns the supply of risk capital and the fundraising capital, as well as the significance of the venture capital industry in the local economy.
Zadevni podatki se nanašajo na ponudbo rizičnega kapitala in kapital za zbiranje sredstev ter pomen industrije tveganega kapitala v lokalnem gospodarstvu.
It should ideally be provided for periods of three to five years preceding the implementation of the measure and also for the future, on the basis of reasonable projections, if available.
V idealnem primeru ga je treba zagotoviti v časovnih obdobjih od treh do petih let pred izvajanjem ukrepa in tudi v prihodnosti na podlagi razumnih napovedi, če so na voljo.
The evidence submitted could also include the following elements:
Predloženi dokazi lahko tudi vključujejo naslednje elemente:
development of the fundraising over the past five years, also in comparison with the correspondent national and/or European averages;
razvoj zbiranja sredstev v zadnjih petih letih tudi v primerjavi z ustreznim nacionalnim in/ali evropskim povprečjem;
the current overhang of money;
trenutni presežek denarja;
the share of government-aided investment programmes in the total venture capital investment over the preceding three to five years;
delež vladnih programov za naložbe, ki prejemajo pomoč, v skupni naložbi tveganega kapitala v predhodnih treh do petih letih;
the percentage of new start-ups receiving venture capital;
odstotek novih podjetij v nastajanju, ki prejemajo tvegani kapital;
the distribution of investments by categories of amount of investment;
porazdelitev naložb po kategorijah zneskov naložb;
a comparison of the number of business plans presented with the number of investments made by segment (amount of investment, sector, round of financing, etc.).
primerjavo števila predstavljenih poslovnih načrtov in števila naložb, narejenih po segmentih (znesek naložbe, sektor, krog financiranja idr.).
For measures targeting SMEs located in assisted areas, the relevant information must be supplemented by any other relevant evidence proving the regional specificities which justify the features of the measure envisaged.
Za ukrepe, usmerjene v MSP, ki so na območjih, ki prejemajo pomoč, je treba zadevne podatke dopolniti s katerim koli drugim pomembnim dokazom o regionalnih posebnostih, ki upravičujejo značilnosti predvidenega ukrepa.
specific local economic data, social and/or historic reasons for an underprovision of risk capital, in comparison with the relevant average data and/or situation at national and/or EEA level as appropriate;
posebne lokalne gospodarske podatke, socialne in/ali zgodovinske razloge za nezadostno zagotavljanje rizičnega kapitala v primerjavi z ustreznimi povprečnimi podatki in/ali po potrebi položajem na nacionalni ravni in/ali ravni EGP;