commiss decis octob alleg state aid grant franc sfmi chronopost notifi document number french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement establish european econom area articl thereof accord provis abovement articl notic parti concern submit comment regard comment fact background franc express deliveri servic activ open unrestrict competit unlik ordinari postal servic subject monopoli french post offic french post offic belong french public administr end januari pursuant provis law juli autonom corpor subject french public law free oper sector open competit pursu public sector activ end begin post offic entrust manag express deliveri servic oper postadex privat compani call société français de messageri international sfmi set purpos sfmi incorpor share capit frf million held sofipost hold compani wholli own post offic tat express subsidiari airlin transport aérien transrégion tat sfmi provid express deliveri servic em chronopost condit oper market express deliveri servic set order august french ministri post telecommun order servic oper sfmi resourc post offic supplement tat arrang order includ requir post offic provid sfmi logist commerci assist contractu relat post offic sfmi chronopost regul agreement enter parti agreement conclud forc replac agreement enter forc januari structur express deliveri busi chang sofipost tat set compani chronopost sa chronopost respect hold chronopost domest activ sfmi remain respons intern busi sfmi acquir gdew franc french subsidiari intern common oper gdew particip australian compani tnt german canadian french netherland swedish post offic worth rememb gdew concentr joint ventur authoris commiss decis decemb structur chronopost act servic provid agent behalf sfmi gdew handl intern dispatch franc chronopost compet sfmi exclus agent januari chronopost grant date exclus access post offic network decis refer made sfmi chronopost compani involv sfmi chronopost econom perform sfmi chronopost start oper intern express deliveri servic franc market domin compani dhl market share post offic intern turnov product postadex frf million approxim market market constantli grown entri sfmi chronopost total sale grew frf million frf billion sfmi chronopost success busi conquer market share consolid market posit constantli profit make sfmi chronopost increas market share distribut dividend year reason profit lie rapid growth express deliveri market franc sfmi chronopost access parent compani network choic sound commerci strategi signific advertis invest made earli year oper sfmi chronopost subcontract activ post offic incur limit start cost fix cost explain compani provid limit equiti capit frf million sfmi chronopost unlik competitor activ intern market decid enter intern domest french market permit sfmi chronopost oper market characteris competit benefit synergi stem combin oper intern domest market em chronopost product sophist product offer competitor dhl product unlik em chronopost target casual custom characterist sfmi chronopost product enabl charg price lower competitor sfmi chronopost collect occasion custom dispatch postal offic competitor collect dispatch home sfmi chronopost guarante deliveri deadlin whilst dhl geograp coverag limit dhl countri compar countri dhl ancillari servic informat servic give perman control servic provid advanc competitor sfmi chronopost enjoi increas autonomi post offic share busi subcontract decreas time collect decreas distribut decreas sfmi chronopost emploi peopl offic transit centr intern exchang centr vehicl sfmi chronopost dealt subcontractor post offic market activ sfmi chronopost salesmen quarter sale made post offic complaint procedur decemb syndicat françai de express intern sfei consortium compani provid express deliveri servic competit sfmi chronopost lodg complaint commiss ground logist commerci assist provid post offic sfmi chronopost involv state aid articl ec treati aid allegedli enabl sfmi chronopost charg lower price competitor econom studi braxton consult firm appoint sfei attach complaint studi quantifi amount alleg aid receiv sfmi chronopost period letter march commiss inform complain file shelv sfei number sfmi chronopost competitor brought action court justic annul letter commiss withdrew letter order obtain inform commiss request franc provid inform letter januari fax compet govern depart letter june sfei member undertak brought action pari commerci court june sfmi chronopost french post offic studi consult braxton attach applic studi updat valuat aid carri previou end januari pari commerci court basi articl treati put question relat interpret articl treati court justic commiss present comment matter french govern interven attach comment studi firm ernst amp young respons braxton studi februari commiss open procedur provid articl treati respect inter alia assist provid post offic sfmi chronopost period commiss consid possibl state aid grant sfmi chronopost franc directli intermediari post offic rule assist post offic sfmi chronopost inform suggest price charg postal administr match actual cost profit margin commiss suffici inform rule possibl financi year sfmi chronopost benefit state aid commiss suffici detail inform dismiss possibl establish sfmi chronopost involv transfer resourc state form inform observ condit particip joint ventur gdew subscrib concentr authoris condit shown cross subsidi paid parti undertook offer competitor servic provid joint ventur accord principl equal treatment equival transact exclud risk transfer public resourc player express deliveri market consider appli admitt postal infrastructur oper joint ventur januari inform implement commiss recommend contain decis post offic competit activ commiss urg ensur postal administr account show subsidi public servic activ subsidi caught articl ec treati decis precis inform matter submit annual initi check situat express deliveri sector carri basi inform end commiss view seri measur except establish joint ventur gdew notifi commiss accord articl ec treati measur involv state aid articl treati articl eea agreement aid elig derog allow articl ec treati articl eea agreement franc inform open procedur letter march court justic gave rule juli proceed pari court suspend pend court judgment recommenc septemb franc note commiss set comment pursuant articl procedur sfei submit comment august draw commiss attent number addit measur regard state aid sfmi chronopost includ sfmi chronopost post offic trade imag vehicl advertis medium privileg access radio franc broadcast programm custom tax privileg conced sfmi chronopost post offic post offic invest dispatch platform sfei extend complaint decemb cover addit point sfei attach comment econom studi consult bain amp compani bain studi purpos studi evalu amount aid involv assist provid post offic sfmi period bain studi base inform contain ernst amp young report sfei figur accur previou studi braxton sfei ask commiss interim measur respect alleg aid grant sfmi chronopost complain repeat request interim measur subsequ letter novemb commiss repli complain letter octob novemb set intend interim measur posit establish state aid involv sfei comment transmit commiss franc septemb repli sfei comment franc address note commiss attach comprehens econom studi consult deloitt touch tohmatsu deloitt studi deloitt studi examin repli find bain studi commiss request inform clarif provid french author number meet place commiss french author meet place pari june complain letter commiss april inform progress examin case sfei request commiss provid detail inform franc repli open articl procedur commiss posit intent matter commiss repli complain letter april state inform provid franc commerci sensit disclos commiss suffici evid posit case letter commiss ask complain provid clarif point made previous sfei repli commiss letter measur issu measur commiss examin state aid rule logist assist consist make sfmi chronopost usag postal infrastructur collect sort transport deliveri dispatch price logist assist calcul multipli number item handl collect total weight item transport forward post offic unit price oper carri post offic perform relev servic unit price negoti year post offic sfmi chronopost base cost incur post offic margin calcul total cost assist sfmi chronopost post offic calcul direct oper cost central local offic overhead basi product rang chain elementari oper servic provid actual traffic volum central local offic overhead alloc proport oper cost servic product rang post offic analyt account system enabl calcul real cost incur provid logist assist sfmi chronopost cost calcul basi approxim servic provid sfmi chronopost divid elementari oper bee time establish cost post offic compar servic similar exist postal servic oper time valu deposit regist letter oper time valu account actual traffic volum express courier activ enabl post offic assess actual cost logist assist order determin cost logist assist accur post offic appli unit cost discount factor wage growth rate choic rate justifi fact wage repres main cost incur logist assist actual cost real product rang discount backward multipli actual traffic volum year period mean method backward project post offic arriv reliabl estim actual cost incur post offic appar comparison cost logist assist remuner paid sfmi chronopost cumul cover rate total cost period period revenu logist assist cover cost cover rate revenu cover direct cost central local offic overhead sfmi chronopost pai annual fix fee contribut postal network unit price decreas remuner paid sfmi chronopost excess cost incur post offic advantag deriv logist assist amplifi complain fact sfmi chronopost benefit preferenti custom clearanc procedur delai payment post offic monthli invoic sfmi chronopost paid dai end month refer commerci assist consist sfmi chronopost access post offic custom enjoy goodwil connect complain maintain post offic transfer custom postadex product sfmi chronopost consider postadex replac em chronopost addit sfmi benefit promot advertis campaign undertaken post offic franc made clear price paid sfmi chronopost return logist assist cover total cost incur post offic price cover cost commerci assist deposit cash oper addit direct remuner sfmi chronopost pai fee amount depend sfmi chronopost turnov annual increas sfmi chronopost paid amount period gt tabl gt remuner structur encourag post offic promot subsidiari product end post offic launch advertis campaign regularli system remuner amend remuner consist fix part annual contribut frf million sale network variabl part premium sfmi chronopost sale addit sfmi chronopost pai contribut post offic distribut network frf million frf million post offic vehicl advertis media sfmi chronopost oper access radio franc advertis spot sfei maintain sfmi chronopost advertis product skypack radio franc preferenti condit tax custom privileg sfei claim post offic exempt tax sur le salair payrol tax octob equival aid frf million maintain post offic exempt stamp duti equival aid amount frf million year sfmi chronopost benefit advantag relat activ subcontract post offic addit sfmi chronopost enjoi privileg custom regim oppos common regim applic privat undertak sfmi chronopost benefit assist french bureau échang perform custom clearanc procedur dispatch final sfei claim sfmi chronopost benefit invest frf billion made post offic construct number dispatch platform complain argument sfei main argument summaris logist commerci assist provid post offic sfmi chronopost involv state aid total amount involv frf billion period aid differ normal price logist assist actual remuner paid sfmi post offic complain basi interpret abovement preliminari rule court la post maintain normal market price undertak oper normal market condit charg servic question account econom scale enjoi post offic virtu monopoli econom precis root distort competit bain studi quantifi aid element involv logist assist frf billion frf million intern oper period valuat base method market price method method base comparison sfmi estim cost actual cost incur group competitor method calcul cost main compon logist assist wage leas deduct actual price paid sfmi valu cost undertak incur set oper network similar post offic method refer intern activ sfmi valu aid frf million commerci assist sfei valu aid frf million frf million intern oper period amount frf million differ amount paid sfmi chronopost amount market cost incur privat undertak member sfei turnov year frf million aid free transfer postadex custom sfmi aid correspond postadex estim turnov frf million aid stem advantag condit access post offic counter point complain bain studi explain figur calcul support reason bain studi point number element suppos prove sfmi chronopost benefit state aid sfmi chronopost growth abnorm rapid period growth slow amount aid grant post offic decreas addit sfmi chronopost balanc sheet structur competitor return post offic invest sfmi chronopost high commiss examin articl measur mention credit period post offic vehicl privileg access radio franc tax custom privileg dispatch platform constitut ad hoc aid sfmi chronopost commiss sfmi chronopost post offic custom arrang post offic tax system respect payrol tax stamp duti benefit accru parent pass subsidiari benefit claim decreas post offic cost enabl offer assist lower price french author repli franc reject sfei alleg unfound gener post offic behav privat investor normal market condit set oper subsidiari sfmi chronopost year period correspond period subsidiari start oper post offic cover total cost assist invest fulli profit post offic behaviour compar hold compani group undertak pursu structur polici global sector guid long term profit aim support statement franc provid detail inform cover period inform relat inter alia remuner logist commerci assist sfmi chronopost financi perform period custom clearanc franc confirm februari sfmi carri custom clearanc oper intern centr make post offic centr contrari complain alleg specif point addit sfmi subject usual custom clearanc rule provid law date april februari post offic carri custom clearanc oper sfmi chronopost intern busi confer advantag sfmi chronopost credit period allow sfmi chronopost franc confirm aim offset loss earn due period need post offic credit sfmi chronopost revenu receiv behalf credit interv due account practic averag longer credit period grant sfmi chronopost averag period post offic payment dai averag credit period sfmi chronopost payment dai shorter period grant sfmi chronopost payment monthli invoic deadlin adher post offic entitl princip interest condit undertaken particip joint ventur gdew franc maintain prove absenc cross subsidi favour sfmi chronopost post offic receiv applic seek access network implement recommend commiss decis relat post offic competit activ franc state post offic improv account post offic analyt account base distinct area postal deliveri servic financi servic réseau grand public offic open public support servic overhead conseil de la concurr examin post offic account system confirm valid methodolog emploi conseil conclud analyt account put place post offic point presumpt cross subsidi commerci assist franc point sfmi chronopost carri advertis campaign separ post offic post offic vehicl medium subsidiari advertis limit sfmi chronopost post offic vehicl spare space radio franc advertis activ franc maintain sfmi chronopost paid market price advertis skypack sfmi chronopost carri advertis campaign skypack post offic sfmi chronopost consult advertis agenc contact radio station includ radio franc advertis agenc negoti conclud contract radio station behalf sfmi chronopost payrol tax stamp duti franc explain sfmi chronopost compani subject tax arrang applic privat competitor hand post offic subject special scheme favour common scheme applic privat compani post offic exempt vat articl sixth council direct vat deduct obtain reimburs vat paid purchas privat compani hand subject vat deduct amount vat paid post offic subject payrol tax fiscal substitut vat privat compani exempt tax dispatch platform concern franc inform commiss sfmi chronopost dispatch ii assess articl treati articl eea agreement provid aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market treati agreement set principl neutral regard system properti ownership member state principl equal publicli own privat undertak articl treati articl agreement accord principl commiss prejudic favour publicli own undertak examin oper light articl treati articl agreement case distinguish set measur provis post offic subcontractor sfmi chronopost logist commerci servic individu measur privileg access radio franc tax custom privileg respect set measur preliminari remark note franc show cumul remuner paid sfmi chronopost post offic logist support higher total oper cost incur period market commerci cost includ oper cost fix cost alloc proport busi carri post offic behalf subsidiari remuner paid sfmi chronopost cover market cost incur post offic fix cost apport accord scale servic provid post offic benefit subsidiari regard period commiss consid calcul cost backward project actual unit cost sound conserv approach structur product rang complex sophist costli earli year oper backward project produc figur absenc contrari indic lower cost incur post offic figur provid franc show estim cost logist assist frf billion market cost frf million made complain inaccur logist assist commiss opinion point evalu cost set novo altern network infrastructur post offic sfmi chronopost creat network exist comparison privat compani compet sfmi chronopost treat care compani cost structur unlik sfmi chronopost integr concern network made limit subcontractor commerci assist commiss consid complain overestim cost market support parent compani subsidiari frf million complain account sfmi chronopost market effort exagger cost promot activ sfmi chronopost product cost provid space displai advertis poster place leaflet post offic counter neglig signific cost proport post offic staff time spent provid inform product direct custom sfmi chronopost salesmen take account wide rang servic provid staff similar natur servic provid expens materi event figur provid franc contradict complain valuat commiss believ complain talk commerci assist refer direct market busi gener post offic trade imag trade imag worth recal complain valu aid frf million postadex frf million advantag condit access post offic network commiss opinion calcul form commerci support post offic subsidiari highli subject commerci assist includ post offic goodwil case transfer postadex custom sfmi chronopost intang asset access subsidiari parent compani custom goodwil common featur relationship group compani transfer postadex custom sfmi chronopost logic corollari creation sfmi chronopost subsidiari charg post offic express deliveri activ postadex reason commiss transfer entail cash advantag sfmi chronopost repres state aid abovement preliminari rule court justic upheld view provis logist commerci assist public undertak subsidiari govern privat law carri activ open free competit normal consider return capabl constitut state aid mean articl treati court conclud provis logist commerci assist public undertak subsidiari govern privat law carri activ open free competit capabl constitut state aid mean articl ec treati remuner receiv return demand normal market condit advoc generali conclus la post state aid involv assist provid financi term favour undertak obtain compar commerci investor decid subsidi commerci investor satisfi level consider receiv assist regard factor cost provid assist size invest undertak return import activ undertak invest group condit market question period assist grant complain court rule show decid state aid commiss examin sfmi chronopost paid normal market price logist commerci servic provid post offic complain give precis definit normal market price infer reason price compar privat compani provid servic unrel compani price includ fee access postal network complain claim commiss disregard group strateg interest economi scale aris privileg access sfmi chronopost post offic network infrastructur complain consider account case post offic monopoli sfmi chronopost bear cost privat undertak incur creat network equival post offic complain reason reflect fundament flaw interpret court judgment court case law suggest commiss disregard strateg consider synergi stem fact post offic sfmi chronopost belong group contrari strateg consider penetr market plai import role invest decis make process hold compani principl appli directli case behaviour parent compani subsidiari fact transact take place undertak oper reserv market subsidiari oper competit market relev case court justic suggest determin state aid involv commiss appli approach parti transact monopoli relev question term transact post offic sfmi chronopost compar equival transact privat parent compani monopoli instanc ownership exclus right subsidiari normal market price criterion put forward complain answer question overlook fact transact take place compani group context worth rememb court la post view establish state aid involv verifi parent compani receiv normal consider return subsidiari commiss consid intern price product servic transact compani belong group involv financi advantag whatsoev full cost price total cost mark remuner equiti capit invest case payment made sfmi chronopost cover total cost year oper cover total cost central local offic overhead commiss consid situat abnorm revenu oper firm belong group compani cover variabl cost start period undertak stabilis posit market revenu gener excess variabl cost make contribut fix cost group year oper payment made sfmi chronopost cover variabl cost fix cost build vehicl franc shown remuner paid sfmi chronopost assist cover cost incur post offic contribut interest equiti capit logist commerci assist provid post offic subsidiari normal busi condit constitut state aid commiss consid post offic behaviour sharehold sfmi chronopost commerci justifi market economi investor principl test establish transact member state undertak state aid verifi undertak obtain moni privat capit market assess post offic behav market economi investor commiss return parent compani term dividend distribut capit growth state aid aris intern rate return irr invest exce cost capit compani normal rate return privat investor requir similar circumst work irr commiss account hand equiti inject post offic hand dividend distribut sfmi chronopost period compani commiss standard invest apprais techniqu calcul sfmi chronopost inflat cashflow gener compani year multipli coeffici multipli coeffici function averag growth rate expect growth rate deliveri express market franc end cashflow discount rate cost equiti formula gt num gt gt den gt cashflow cost equiti growth rate commiss basi valu sfmi chronopost frf million end reliabl figur confirm price frf million paid gdew june acquisit intern busi sfmi chronopost account approxim total busi frf frf million analysi carri commiss cover period sfmi transfer gdnew start period complain sfmi chronopost receiv largest amount state aid commiss work irr compar sfmi chronopost cost equiti year compani incorpor start oper permit verifi profit capit ventur adequ irr calcul commiss larg excess cost equiti state aid involv financi transact post offic subsidiari year conclus valid year subsequ amount dividend paid higher previou period commiss state endors complain claim sfmi chronopost pai fee access parent network goodwil take account alleg aid involv sfmi chronopost access post offic goodwil network frf million conclus relationship post offic subsidiari commerci justifi remain valid end commiss calcul global irr post offic invest subsidiari element calcul commiss account hand equiti inject cost incur post offic provid assist hand dividend distribut subsidiari remuner paid assist commiss treat sum frf million free transfer postadex equiti capit inject place sum frf million fee paid access post offic network period calcul carri commiss show take account amount irr higher cost equiti custom clearanc procedur franc inform commiss februari sfmi chronopost carri custom clearanc procedur custom centr subject normal custom arrang applic privat compani date custom procedur perform post offic behalf sfmi chronopost sfmi chronopost dispatch subject special scheme period april compani start oper februari commiss verifi temporari applic special arrang involv financi advantag grant state resourc sfmi chronopost commiss hold evid show sfmi chronopost deriv econom advantag whatsoev applic special scheme month busi case special scheme applic post offic favour common regim custom clearanc procedur rapid advantag modest sfmi chronopost level activ time small year oper sfmi chronopost turnov intern activ launch octob approxim frf million tax packag taxabl packag mean approxim packag subject custom clearanc procedur taxabl packag modest exempt normal custom procedur respect point rais commiss time open articl procedur issu rais complain commiss arriv conclus condit subscrib post offic framework authoris gdew joint ventur commiss prove state aid grant sfmi chronopost franc inform commiss post offic receiv applic gain access network acknowledg sfei admit unawar applic lodg post offic sfei member undertak integr firm interest access post offic network alleg tax exempt preliminari remark commiss point sfmi chronopost normal compani subject tax system privat competitor commiss verifi case sfmi chronopost benefit direct indirect advantag relat stamp duti payrol tax respect stamp duti franc inform commiss sfmi chronopost dispatch subject tax irrespect transport post offic tax concern sfmi chronopost enjoi special treatment financi advantag competitor payrol tax complain claim post offic exempt tax octob unfound date post offic subject reduc tax rate tax charg born post offic rang frf billion frf billion ordinari tax rate forc octob tax treatment post offic dispatch sector includ express courier respect favour common tax system post offic exempt vat articl sixth vat direct post offic pai vat purchas unabl deduct appli reimburs tax paid hand post offic unlik ordinari compani subject vat subject payrol tax altern vat result tax charg born post offic heavier ordinari compani irrespect reduc rate payrol tax franc demonstr introduct normal tax rate post offic disadvantag posit compar compani subject common tax system post offic paid frf million payrol tax refund vat frf million post offic turnov dispatch sector frf billion custom subject vat subject vat calcul carri french author post offic enjoi theoret advantag respect custom subject vat advantag theoret segment dispatch market oper competitor hand post offic suffer frf million disadvantag respect custom subject vat global net disadvantag stem exempt vat payment payrol tax frf million typic year term volum activ expens post offic conclus drawn year valid year prior stamp duti post offic profit tax benefit transfer sfmi chronopost period allow payment commiss satisfi inform provid franc show absenc kind advantag sfmi chronopost utilis post offic vehicl advertis media commiss consid form part commerci assist provid post offic sfmi chronopost consider set commerci assist valid respect radio franc advertis commiss evid sfmi chronopost paid price market price advertis skypack clear inform provid franc sfmi chronopost enjoi preferenti treatment dispatch platform franc state sfmi chronopost dispatch transit sfmi chronopost benefit advantag relat invest recommend commiss decis post offic competit activ commiss satisfi gener methodolog principl underli post offic analyt account correct implement ensur transpar verif cross subsidi busi run post offic adopt decis articl logist commerci assist provid post offic subsidiari sfmi chronopost financi transact compani relationship sfmi chronopost radio franc custom arrang applic post offic sfmi chronopost system payrol tax stamp duti applic post offic invest dispatch platform constitut state aid sfmi chronopost articl decis address republ franc brussel octob commiss marcelino oreja member commiss oj oj oj case sfei la post la post ecr busi secret footnot oj la post ant paragraph la post ant paragraph advoc gener jacob conclus la post ant paragraph sourc eurostat associé en financ sourc eurostat associé en financ figur estim sfei frf billion logist assist frf million commerci assist account prove inaccur