Permissions?! However - then would be another error. Does error happens on site startup or in particular area?

It happens on site startup.

Stack trace:

[InvalidOperationException: The stored procedure 'spEPiServerCommonGlobalizationGetAllTranslations' doesn't exist.]
   System.Data.SqlClient.SqlCommand.DeriveParameters() +6560038
   System.Data.SqlClient.SqlCommandBuilder.DeriveParameters(SqlCommand command) +192
   Microsoft.Practices.EnterpriseLibrary.Data.Sql.SqlDatabase.DeriveParameters(DbCommand discoveryCommand) +72
   Microsoft.Practices.EnterpriseLibrary.Data.Database.DiscoverParameters(DbCommand command) +178
   Microsoft.Practices.EnterpriseLibrary.Data.ParameterCache.SetParameters(DbCommand command, Database database) +129
   Microsoft.Practices.EnterpriseLibrary.Data.Database.GetStoredProcCommand(String storedProcedureName, Object[] parameterValues) +126
   EPiServer.Common.Data.DatabaseHandler.GetCommand(Boolean inTransaction, String sp, CommandType commandType, Object[] args) +239
   EPiServer.Common.Data.DatabaseHandler.GetReader(Boolean inTransaction, String sp, CommandType commandType, Object[] args) +32
   EPiServer.Common.Data.DatabaseHandler.GetReader(Boolean inTransaction, String sp, Object[] args) +26
   EPiServer.Common.Globalization.GlobalizationHandler.LoadGlobalization() +185

[ApplicationException: Unable to load Globalization]
   EPiServer.Common.Globalization.GlobalizationHandler.LoadGlobalization() +633
   EPiServer.Common.Settings.LoadSettings() +361
   EPiServer.Framework.Initialization.InitializationEngine.InitializeModules() +647
   EPiServer.Framework.Initialization.InitializationEngine.Initialize(HostType hostType) +115
   EPiServer.Framework.Initialization.InitializationModule.Initialize(HostType hostType) +199
   EPiServer.Framework.Initialization.InitializationModule.FrameworkInitialization(HostType hostType) +64
   EPiServer.Global..ctor() +74
   [CustomerName].Global..ctor() +40
   ASP.global_asax..ctor() in c:\Windows\Microsoft.NET\Framework64\v4.0.30319\Temporary ASP.NET Files\root\51bb5ae4\3ea1abc0\App_global.asax.tihcbwau.0.cs:0

[TargetInvocationException: Exception has been thrown by the target of an invocation.]
   System.RuntimeTypeHandle.CreateInstance(RuntimeType type, Boolean publicOnly, Boolean noCheck, Boolean& canBeCached, RuntimeMethodHandleInternal& ctor, Boolean& bNeedSecurityCheck) +0
   System.RuntimeType.CreateInstanceSlow(Boolean publicOnly, Boolean skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark) +159
   System.RuntimeType.CreateInstanceDefaultCtor(Boolean publicOnly, Boolean skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark) +256
   System.Activator.CreateInstance(Type type, Boolean nonPublic) +127
   System.RuntimeType.CreateInstanceImpl(BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes, StackCrawlMark& stackMark) +14407909
   System.Activator.CreateInstance(Type type, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes) +198
   System.Activator.CreateInstance(Type type, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture) +28
   System.Web.HttpRuntime.CreateNonPublicInstance(Type type, Object[] args) +83
   System.Web.HttpApplicationFactory.GetSpecialApplicationInstance(IntPtr appContext, HttpContext context) +312
   System.Web.Hosting.PipelineRuntime.InitializeApplication(IntPtr appContext) +475

[HttpException (0x80004005): Exception has been thrown by the target of an invocation.]
   System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +12617364
   System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +159
   System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context) +12456981

I have a similar problem, bur with in a CMS 4 installation, after database restore. Found any solution?

This was a while ago, but as far as I remember it was permissions issues that caused the problem.