The Commission found that, since 2001 on the other hand, IFP had been taking an increasingly structured and up-front commercial approach to the creation, in the market for refining and petrochemicals technologies, of Axens and the conclusion with it of exclusive research and licensing agreements.

The Commission notes, first, that IFP financed out of its own resources, to the remunerations paid by its subsidiaries and without any financial intervention by the State, more than 50 % of the costs of its technical feasibility studies and industrial research work between 2003 and 2006.

This is because, although the aid ultimately paid to the fishermen was higher than the public funds originally received by the FPAP to the operations undertaken on the futures markets, the part of the aid exceeding the amount of the public funding advanced did not result from a State Decision.

As a result of this aid, the German producers can sell that part of the grain brandy production not covered by the distillation rights, which they have to market directly, at prices which they could not demand if, to the monopoly, they did not receive an excessive purchasing price for the remaining production delivered to DKV.

Although France 2’s viability was restored from 1992 onwards, after several years of losses, the meagre profits it registered were possible only to the additional capital injections granted by the French State in 1993 and 1994.

The balancing of the Cooperativa Agricola Moderna Scrl’s accounts was artificial, and was achieved to the cooperative members’ absorbing a substantial proportion of the losses by accepting lower rates of remuneration [8] for the production from their land and thanks to the failure to set aside the necessary depreciation fund reserves, which – although it is permitted under Italian law [9] – demonstrates that the undertaking was unable to finance the normal process of renewing production equipment from its own cash flow.

They take the view that the new routes could be opened to eastern Europe to the theoretical closure of existing routes which are in actual fact operated by partners such as Air France and Alitalia Express and on which Alitalia can sell seats unrestrictedly and cash in on the proceeds thanks to unrestricted code-sharing agreements.

to the guarantee, this economic unit would be 100 % indemnified for any aid it would have to reimburse to the State.

As regards the guarantees, the Commission considers that, as explained in the Commission notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees [45], the grant aid equivalent is equal to either the interest subsidy achieved to the guarantee (where the guarantee covers a loan granted with a lower-than-market interest rate) or to the risk factor on the guaranteed sum less the premiums paid by the beneficiary.

As a result, Poland asked for the aid included in the guarantee to be quantified on the basis of the reduction in the interest rate obtained to the guarantee.

Thus, the Commission considers that the benefit of Varvaressos through the 2007 and 2008 guarantees was not the total loans, which it could have received even without the State guarantees, but the lower interest rate, which it received to the guarantees.

Thus, the Commission considers that Karjaportti benefitted from lower interest rates, which it received to the guarantees.

to the significant reduction in risk positions, capital will be freed up, and this will be conducive to increasing the capital ratio and hence to securing the bank’s future capital market capability once institutional liability and guarantor liability have been done away with.

The unusually low fixed part of the loan could be in principle compensated by the prospect of an adequate remuneration on the participating loan to the variable part linked to the profitability of the project, but this could not be the case for the project under scrutiny (see the reasoning above about the market economy investor principle).

to the supply of slab, Duferco Clabecq and Duferco La Louvière produce coils and sheet at more competitive prices, equivalent to the European average.

to the economies of scale in production resulting from this increase in demand, the consumer price of interactive decoders has also decreased from EUR 300/EUR 350 to around EUR 150.

At the same time the Union industry should be able to achieve better financial results to the economies of scales resulting from a better utilisation of the production plants and reduced cost of production.

At the same time the Union industry should be able to achieve better financial results to the economies of scales resulting from a better utilisation of the production plants and reduced cost of production.

According to the first competitor, the situation at NMS has been critical for the last twenty years and the company is able to survive only to the constant provision of public funds.

This was possible to the constant growth of investments made by the Community industry in order to keep its ability to compete, as it belongs to the main competitors for the product under investigation.