commiss decis june alitalia industri restructur plan notifi document number italian version authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur octob itali notifi commiss alitalia industri restructur plan plan recapitalis compani invest state hold compani fintecna spa intend make groundhandl servic commiss request octob addit inform itali transmit inform commiss letter decemb meet held octob novemb decemb letter januari sg commiss inform itali decis initi procedur provid articl treati measur commiss initi procedur decis januari hereinaft refer quot decis initi procedur quot publish offici journal european union februari commiss call interest parti submit comment measur question month date public march commiss receiv comment interest parti march confirm comment confidenti materi transmit comment includ receiv deadlin itali letter march give itali opportun respond comment period month order ensur greatest transpar procedur commiss decid account comment receiv interest parti deadlin transmit march italian author comment receiv interest parti deadlin commiss receiv itali respons comment interest parti decis initi procedur letter date april meet italian author held april meet dispatch letter april addit inform request commiss inform includ request commiss april suppli letter april june ii background ii situat juli notif ii alitalia financi posit recent year alitalia control italian state financi situat worsen consider balanc sheet show loss tax financi except charg total million compar loss million turnov drop compar strong impact airport tax enter account net result expect loss million result fourth quarter million tax except charg million background decis juli commiss approv rescu aid hereinaft refer quot decis approv rescu aid quot maximum million consist state guarante liquid loan bear interest annum repay twelv month disburs fund report alitalia director state compani account june loan intend cover compani financi march italian author undertak framework commiss decis juli alitalia assur commiss rout open summer season involv increas capac compar invest agre decemb rout econom confirm practis predatori price rout futur italian author provid commiss framework analysi recapitalis plan inform show undertak honour italian author gave written undertak juli state share alitalia stock minor twelv month implement rescu aid octob ii restructur measur notifi septemb alitalia board director adopt plan quot industri plan quot address compani econom difficulti includ comprehens set measur intend ensur compani econom viabil increas product work hour cost control fleet plan separ alitalia activ air transport az fly retain compani present legal form support subsidiari az servizi set cover mainten groundhandl inform technolog share servic plan includ shed staff itali scheme provid purpos quot cassa integrazion quot extend cover aviat industri order limit social repercuss measur alitalia restructur involv recapitalis az fly support state privat investor contribut billion earli approv account sharehold annual gener meet plan june az servizi assign alitalia mainten groundhandl inform technolog share servic activ involv approxim million state own hold compani fintecna propos transfer alitalia activ privat partner possibl separ sector recapitalis form subscript ordinari share prefer share ensur prefer dividend ii recapitalis az fly recapitalis state contribut term privat sector itali declar willing give undertak similar earlier occas notif made advanc bank letter intent announc willing guarante success conclus oper term involv privat investor time notif detail oper reduc capit prior recapitalis cover past loss work affect share state underwrit honour undertak privatis alitalia ii recapitalis az servizi parti alitalia fintecna sign letter intent agre aid respect consult scheme yield profit approxim fund invest fintecna aspect oper negoti parti ii commiss initi assess decis initi procedur inform possess commiss rule possibl recapitalis constitut state aid ground compli principl privat investor oper market economi alitalia receiv restructur aid authoris confirm paid quot time time quot principl receiv aid regard billion recapitalis az fly commiss wish receiv definit guarante privat sector involv undertak privatis compani itali juli honour regard takeov az servizi state hold compani fintecna commiss wish ascertain aid independ expert oper profit implement detail finalis includ futur contractu relationship compani take account exist prefer share commiss decid initi formal investig procedur order check compani overstretch cashflow situat recapitalis propos compat common market commiss wish give interest parti opportun comment aspect alitalia restructur recapitalis plan believ brought attent recapitalis measur cover present decis consid state aid commun rule subject appli order determin compat restructur aid infring quot time time quot principl alitalia receiv state aid past requisit ten year period end restructur plan elaps commiss note condit restructur aid authoris aid type paid alitalia final similar undertak italian author present recapitalis rescu aid authoris juli decis initi procedur commiss state extent recapitalis advantag grant alitalia consid constitut state aid mean articl treati doubt aid compat common market derog provid articl treati iii comment interest parti iii preliminari remark comment interest parti commiss note interest parti number airlin associ repres number airlin criticis plan financi support part recapitalis az fly takeov az servizi fintecna respect investig procedur initi decis januari alitalia rescu aid compani develop regard rout oper fare polici account cover comment submit commiss pain distinguish aspect commiss recal order ensur greatest transpar decis make process event aspect recapitalis consid aid evalu interest parti opportun submit comment rescu aid procedur initi address point iii comment submit interest parti iii comment submit jointli european compani march airlin austrian airlin british airwai finnair hapag lloyd flug iberia lufthansa scandinavian airlin tap hereinaft refer quot compani quot opinion express joint letter march condit grant rescu aid met alitalia restructur plan entail aid combin fact produc signific spill effect iii comment recapitalis compani view commiss focus reduct state share alitalia compat az fly recapitalis takeov az servizi public support measur question opinion privat investor principl compli alitalia unabl guarante suffici return invest annex compani note undertak connect rescu aid point decis approv rescu aid privatis alitalia twelv month maintain separ az fly az servizi render principl applic az fly activ az servizi benefit aid point decis initi procedur plan submit alitalia inappropri quot quot plan submit june evalu profit submit fintecna inappropri call quot finmeccanica quot letter incorrect compani opinion part capit az servizi held az fly account calcul state share az fly capit calcul hurdl rate review presenc condit subject itali oblig privatis az fly point decis initi procedur accept opinion state maximum share oper million immedi reduc account possibl quot unforese unfavour market condit quot recal iberia case commiss accept request spanish author defer compani privatis problem connect privatis south american interest decis initi procedur silent element state aid extens social support scheme worker made redund point appear element notifi constitut unlaw aid recov compani recal iberia case cite spanish compani bear restructur cost resourc procedur appli alitalia cost reduc staff set restructur plan compani point fact present suffici detail instanc point decis initi procedur clear acquisit option mention decid permiss exercis option basi aid grant rescu compani iii comment commerci develop rescu aid compani crucial point alitalia techniqu increas capac open rout found run loss alitalia aggress price polici view rout open eastern europ theoret closur exist rout actual fact oper partner air franc alitalia express alitalia sell seat unrestrictedli cash proce unrestrict code share agreement compani argu open rout skopj zagreb timisoara budapest sarajevo saint petersburg novemb make econom sens strongli link quot ethnic quot traffic flow summer month alitalia pursu fare polici open rout phase fill seat aircraft caus rout loss make compani conclud continu aid provid az fly maintain unsatisfactori statu quo effect delai decis consolid definit reduc activ meantim pass compani difficulti effici competitor commiss adopt measur remedi situat annex letter march compani provid comparison develop alitalia servic week june june domest traffic destin serv case frequenc increas seat offer intra european traffic destin ad birmingham manchest lyon krakow skopj zagreb timisoara budapest sarajevo saint petersburg frequenc increas seat offer traffic europ destin ad delhi shanghai accra discontinu frequenc increas seat offer compani annex tabl letter support argument point compens az reduc capac rome milan pari partner air franc milan london subsidiari alitalia express strong rise frequenc central eastern europ week june plan june alleg alitalia price leadership destin central eastern europ alleg acquisit market share alitalia octob decemb destin central eastern europ stagnat declin alleg acquisit market share alitalia destin central eastern europ period septemb januari compar period alleg loss make oper milan malpensa saint petersburg rout final annex letter compani contest rescu aid ground aid thing intend cover neg cash flow point decis initi procedur actual fact pai salari make increas price fuel point decis aid octob decemb compani conclud aid fourth quarter quarter doubl amount provid aid unlaw examin light rescu restructur guidelin refund paid twelv month june case compani restructur plan notifi month case rise initi procedur rule compris state aid element iii addit letter british airwai ba march iii comment recapitalis letter commiss march ba draw attent aid previous receiv alitalia authoris commiss argu current situat plan recapitalis compli principl privat investor oper market economi constitut incompat aid ba regret data provid decis initi procedur insuffici ask time submit comment document regard compani mention condit loan grant alitalia transfer debt az servizi iii comment commerci develop rescu aid ba confirm comment formul jointli airlin take view alitalia rescu aid develop activ permit market share ba feel affect itali delhi rout italian market small concern british market ba rais aspect point concern transport right milan technic reason ba put foreign airlin disadvantag oblig oper malpensa alitalia continu oper linat ba alleg similarli az express enjoi preferenti treatment fourth daili flight linat london competitor oper ba claim alitalia benefit domin share million reduct navig charg link domest flight final ba argu italian author prevent price leader long haul flight itali london attempt avert british author approach counterpart matter iii addit letter austrian airlin march letter addit inform commiss march austrian airlin os reiter argument adduc airlin put forward ba regard alitalia conduct market rescu aid os emphasis alitalia conduct impact market posit os oper market geograph nearbi greatli affect form competit consid quot normal quot involv state aid felt presenc low cost airlin airlin base central europ czech airlin os enclos letter copi intern mail intent show alitalia oper posit price leader market date os enclos number tabl flight brussel compar alitalia os twenti rout period march iii comment elfaa march elfaa european low fare airlin associ march compris ten airlin norwegian transavia hapag lloyd express air berlin flybe sterl sky europ wizzair sverig flyg ryanair submit comment commiss letter fax march procedur elfaa wish access dossier interest parti ask consult final decis regret commiss postpon initi procedur receiv final inform itali note fact combin absenc word quot doubt quot decis initi procedur commiss genuin appli rule state aid case iii comment recapitalis regard substanc decis initi procedur elfaa strongli oppos measur plan itali cite transfer billion debt alitalia fly az servizi state support amount million social plan plan recapitalis az fly italian state amount million iii comment commerci develop rescu aid elfaa alleg alitalia violat condit laid rescu aid announc intent expand fleet acquir compet compani open rout elfaa mention airport structur az exclus cost pertain thereto fulli includ cost invoic compani invok public servic oblig justif council regul eec juli access commun aid carrier intra commun air rout connect elfaa cite recent case rout sardinia mainland iv comment submit itali comment receiv interest parti itali comment distinguish relat aspect investig procedur initi word plan recapitalis az fly fintecna sharehold az servizi hand comment relat verif rescu aid authoris commiss invit observ interest parti itali expans servic alitalia conduct market fund guarante rescu aid final itali comment relat point rais interest parti cover aspect itali state comment submit elfaa date march inadmiss submit deadlin month public decis initi procedur itali respond comment italian author commiss note stress swift posit decis commiss point gener meet alitalia sharehold approv account plan june deadlin dai requir law closur financi year point meet board director approv draft balanc sheet set absenc commiss authoris recapitalis indic regard alitalia rule possibl view accumul loss balanc sheet drawn view liquid continu compani iv comment submit connect decis initi procedur iv comment recapitalis az fly point itali note alitalia approach foreign italian bank obtain declar intent guarante success execut plan recapitalis spirit letter intent obtain time recapitalis complianc commiss request itali state obtain undertak effect deutsch bank cover current share held italian state respect subscrib recapitalis meet commit reduc final share alitalia capit itali wider scope commit compar demonstr actual feasibl privatis argu content letter remov doubt amount exact condit state particip recapitalis commiss receiv copi letter intent date april deutsch bank alitalia deutsch bank accept conclud contract underwrit underwritten success recapitalis oper maximum amount billion maximum risk million event amount enabl reduct italian state share compani stock deutsch bank az fly agre price price rang issu share determin jointli repres reduct quot market price take account subscript right itali provid commiss analysi carri deutsch bank circumst az fly recapitalis comparison similar oper carri european market bank explain background recapitalis past unfavour result compani manag focus reduc cost face difficult competit situat involv pressur competitor domest market sharp rise fuel price recent month factor advers affect compani account success industri restructur plan import persuad investor subscrib capit increas view substanti reduct share current major hold current structur alitalia capit consist small privat sharehold involv invest fund specialis air transport combin cyclic volatil natur sector make involv specialis investor oper specif orient ad gener attract demand mean offer share suffici attract subscript price analysi thirti recapitalis effect european stock market april detail provid amount averag million previou capitalis show differ subscript price theoret price terp averag restructur compani case alitalia plan capit increas repres current capitalis approxim million repres dai exchang secur stock market recent period price differ similar case regard criterion heidelberg cement exceed itali point differ appli share issu receiv request deutsch bank specif condit subscript share underwritten agreement type exist deutsch bank ministri economi guarante manag fee fix underwritten deutsch bank consortium ad commit fee point itali transmit analysi carri deutsch bank show total fee amount guarante conform normal practic similar oper effect end bank reiter observ made regard sector tight alitalia secur market maximis demand measur incent bank subscrib capit basi thirti recapitalis oper effect novemb european stock market detail inform suppli larg coincid list refer averag fee oper compar alitalia term size market capitalis number dai stock market trade averag instanc case million capit increas fastweb spa februari risk profil fee case rhodia compani compar alitalia term number dai stock exchang impact capitalis differ terp order fulli guarante subscript fact privat sector condit italian author formal undertak commiss april quot italian author undertak effect subscript part plan increas alitalia capit market condit offer privat investor regard issu price right connect share issu level bring share compani capit end oper italian author cognis letter deutsch bank alitalia april forward represent undertak interven capit increas oper suspens condit commit made deutsch bank aforement letter met bank respons subscript formal commit reserv regard usual condit connect forc majeur act war terror similar guarante quot success outcom quot recapitalis oper italian author undertak transmit commiss immedi conclus prior subscript ministri economi financ capit increas final contract conclud bank mention formal uncondit subscript commit italian author transmit report explain level actual subscript aforement capit increas oper complet quot itali disput view privatis az fly contrari undertak contain decis approv rescu aid regard itali refer text decis initi procedur privat manag approach az servizi oper appli fintecna acquisit hold az servizi final object transfer relev activ parti regard impact unforese unfavour market condit oper itali contest refer interest parti made iberia case case commiss exclud possibl aid compani posit itali argu commiss consid undertak privatis subject market condit unfavour unforese april itali transmit commiss updat alitalia industri plan adopt board director april revis plan base approach initi plan distinguish stage improv stage relaunch stage stage involv increas compani servic introduct aircraft initi stage aim guarante continu oper maximis exist capac restor product revis plan note rise price fuel compar previou plan annual cost increas million set cautiou expect standard revenu short medium haul flight arriv compet low cost airlin domest market revis plan maintain envisag level profit assert cost control lead addit annual save approxim million compani manag sound develop initi break point reach end oper cost measur catk unit cost tonn kilometr diminish envisag octob approxim period cover plan slightli favour base margin calcul ebitdar rise initi plan envisag valu iv comment recapitalis az servizi fintecna regard itali recal commiss decid seek assist ernst amp young italia ascertain oper compat submit addit comment confirm negoti alitalia fintecna progress transfer groundhandl activ alitalia az servizi preliminari recapitalis plan end april implement regard prefer share itali note wide practis europ articl associ volkswagen ag unilev point import type capit compani hugo boss henkel porsch account share lesser extent compani aberti bmw man rwe opinion italian author az fly share az servizi includ calcul hurdl rate compani part increas az servizi capit contrari gradual reduc share respons alleg alitalia transfer debt az servizi italian author recal financi liabil amount billion consist convert bond debt secur fleet fulli remain az fly itali arrang made fintecna alitalia futur distribut return invest az servizi provid letter intent octob sign parti agre alitalia present futur particip negoti transfer az servizi activ willing facilit includ contractu arrang extent entail worsen contractu posit regard servic price offset compens pure mathemat share az servizi profit fintecna alitalia agre share profit obtain fintecna exceed intern rate return irr provid industri plan paid back alitalia rate amount sum evalu carri basi transfer complet decemb basi flow obtain fintecna evalu econom capit az servizi held fintecna evalu carri method adopt current industri plan submit commiss basi report independ expert regard futur contractu relat az fly az servizi itali specifi fare charg servic remain market rang negoti lead fare higher initi propos alitalia led reduct discount mainten servic az fly benefit maximum discount obtain market compani entrust mainten fleet singl servic provid period year similarli bonu negoti fintecna invoic groundhandl servic tariff market rang june meet alitalia board director itali transmit commiss final contract sign alitalia fintecna intend govern fintecna take particip az servizi itali provis negoti parti word return az fly part profit maximum amount invoic million year plan notifi correspond compens valu current busi plan az fly az servizi consist regard price servic invoic paid futur potenti fare az servizi return az fly updat industri plan approv april itali assur commiss plan materi impact az servizi affect valoris compani yield invest plan fintecna reli document drawn mediobanca itali state final remain envisag initi az servizi million expect million fintecna contribut million expect million intern rate return irr remain statu natur independ fintecna compani itali confirm addit inform provid point decis initi procedur fintecna benefit derog board director appoint sharehold state answer manag choic compani parti framework law bankruptci compani statu compani privat law longer gener specif statutori guarante italian state fintecna compani met public requir obviat singl sharehold liabil provid articl italian civil code commiss request itali explain natur link fintecna iri iri wound june state reorganis transfer hold alitalia share held iri transfer treasuri decre decemb provision itl approxim million correct transfer part secur held evalu consult treasuri requir transfer accompani payment grant iri treasuri interest free credit amount recapitalis alitalia authoris commiss june part reserv treasuri incorpor capit tranch restructur aid receiv sharehold exclud option establish share certifi accord articl civil code deloitt touch auditor alitalia establish final transfer iri treasuri provid decre june amount approxim million decre provid interest free loan credit due latest date iri account approv final decre april establish fintecna iri decemb revis condit settlement loan credit urgent date settlement reimburs treasuri postpon time transfer treasuri hold latest approv fintecna account june iv comment verif rescu aid italian author point set detail point comment submit interest parti base approxim assess inaccur inform focus alleg increas capac offer predatori price rout oper italian author comment made interest parti includ unfound quot aggress quot alleg alleg exist doubl aid assert aircraft acquir actual fact decid itali consid critic contradictori parti hand accus italian compani rescu aid enhanc capac hand aid unnecessari belat iv comment servic offer alitalia conduct market iv comment servic offer capac itali point alitalia pursu polici downsiz steadi diminut servic offer tko tonn kilometr offer decreas billion billion billion concomit reduct averag daili aircraft hour minut medium haul aircraft winter compar market averag hour minut enabl alitalia competitor conquer substanti market share expand market china eastern europ india recoveri occur billion tko billion tko expect tko reach billion develop progress winter lead strong increas daili rate aircraft line practic sector justifi increas servic offer summer summer alitalia competitor week june year model week itali provid tabl refer purpos tko trend summer summer tonn sum sum delta delta domest intern intercontinent trend due daili flight time chang period averag daili increas minut basi tko summer number hour flight figur tko mn addit daili minut aircraft dai season lead tko aircraft march million tko itali point fleet stood march aircraft maintain capac increas higher increas servic combin decreas fleet decemb fleet reduc aircraft result phase md aircraft fleet capac offer correspond entir alitalia group includ alitalia express itali confirm acquisit airbu plan option decid decemb strong increas rate made fleet redesign network rout optimis deploy resourc aircraft crew reorganis mainten procedur activ take place night aircraft march alitalia rate equal aircraft aircraft march attain rate equal aircraft itali conclud perfectli compani significantli improv servic offer remain boundari capac commit rescu aid approv addit servic offer focus market strongest growth itali direct connect situat alitalia competitor benefit eastern europ china india alitalia market shown growth rate itali eastern europ china india regard eastern europ itali draw attent fact growth alitalia market effect stimul traffic demand increas daili book exceed addit servic offer compani respect special case delhi cite ba itali deni alleg substitut effect delhi repres main passeng flow itali direct connect passeng dai direct major freight volum market show strong growth counter season characterist peak winter interest point view capac regard abandon flight frequenc rome pari itali explain connect air franc request rebalanc oper context joint ventur agreement compani joint ventur share frequenc oper air franc rout rose summer summer iv comment profit rout itali open rout intend enhanc compani profit end rout make capac increas rate aircraft present posit gross margin margin revenu exceed margin cost decreas margin profit formula averag profit rest network data suppli itali end septemb latest forecast show posit result commiss request analysi carri consult ernst amp young neg gross margin rout scandinavia end decemb itali provid addit inform note end year octob revenu tonn km ratk low drop compar octob result concern caus alitalia precari financi situat differ advanc book diminish progress septemb octob compar period neg begin octob book decemb itali standard sector effect profit rout evalu iata season order elimin effect connect open rout season trend final itali network carrier alitalia profit evalu includ addit margin gener connect flight result rout quot feeder quot data suppli show posit feeder valu rout includ scandinavian rout neg direct margin iv comment price polici respons competitor critic alitalia price leadership polici italian author explain compani base busi strategi match refer competitor price prevent competitor benefit competit price advantag vi vi price sensit custom deviat price match polici due launch rout promot campaign limit coupl week itali explain practic perfectli normal intern aviat market alitalia competitor systemat adopt strategi reason light decis grant rescu aid alitalia restrict recours promot practic compar market practic rout direct indirect period compani os comment inform provid alitalia alitalia fare higher case equal case lower competitor fare case case rout alitalia fare competitor fare case concern promot destin saint petersburg zagreb convers case concern promot rout exist summer mid april italian author submit repli point promot price leader end final regard alleg flight oper neg gross margin malpensa saint petersburg rout itali explain averag revenu passeng alitalia segment return flight claim compani januari march alitalia carri averag claim passeng flight alitalia variabl cost flight passeng word lower figur claim estim gross margin million revenu exclud feeder posit iv comment credit guarante rescu aid itali note aid fulli implement period envisag decis approv rescu aid march itali full repay theoret due march month instal loan italian author agre ensur rescu aid refund work dai recapitalis az fly event decemb italian author view expenditur criticis fuel remuner form part oper cost compani strictli disburs accord guidelin regard loan time italian author point decis approv rescu aid lai provis requir aid specif period manag period cover commiss authoris entail addit advantag beneficiari compani constitut measur point time loan compat commiss decis approv rescu aid itali put forward argument support legal recours rescu aid level thereof argument concern averag level cash asset airlin past level equal approxim week turnov current trend week due event septemb account end major airlin show held averag turnov cash equival variat alitalia case claim tantamount approxim million million cash asset held alitalia consid reason level itali refer strong shock aviat sector expos accentu mention trend weakest airlin result alitalia supplier adopt extrem quot cautiou quot attitud connect itali transmit letter number supplier confirm trend instanc attent drawn june leas compani geca agre deliv plan condit maintain guarante bond usd million initi due alitalia similarli leas back erj aircraft condit rais month deposit paid aircraft march septemb fuel supplier total shell requir payment deposit pre payment total sum approxim million number quot acquir quot institut manag credit card transact north america ask increas reserv set alitalia contract forc cover custom risk event insolv instanc april data ask increas alitalia deposit usd million amount held firm vi vi alitalia total approxim usd million worldwid final itali mention legal proceed institut court milan airport manag compani sea led seizur million current bank account effect block alitalia cash posit asset releas iv comment regard comment interest parti concern recapitalis verif rescu aid ba comment situat milan itali consid unconnect procedur inadmiss point fact complain ba oper fourth daili flight milan linat simpli due fact slot alitalia express slot destin slot itali lawfulli transfer council regul eec januari common rule alloc slot commun airport hand itali recal alitalia ten year fruitlessli seek obtain slot london heathrow similarli itali deni practis sixth freedom fare control unlik member state germani unit kingdom fact reason enac fare control measur summer basi bilater agreement forc put end discriminatori situat italian compani appli fare lower practis german british airlin market italian market commiss intervent italian author suspend practic reciproc basi member state regard comment submit elfaa itali deni exist advantag form direct financi compens alitalia note compani airport full conform nation commun rule comment public servic itali januari oper rome cagliari rout financi compens state compens initi provid call tender compani complain commiss imposit public servic oblig rout italian mainland sardinia matter investig commiss final alitalia benefit public servic compens provid call tender regul eec rome milan croton rout rout alitalia ceas oper april regard financ redund itali maintain extens social scheme aviat sector gener measur econom social polici make instrument sector metal mechan industri italian author explain recours cassa integrazion aviat sector complianc procedur past sector economi benefit advantag extens applic cassa integrazion industri worker basi law novemb clean sector basi decre law juli similar procedur effect retrospect effect case aviat sector italian airlin meridiana volar azzurra air foreign airlin swiss british airwai lodg lodg request compens personnel itali ask rectif number consid inaccuraci materi error contain text decis initi procedur result independ expert opinion request commiss announc decis initi procedur commiss decid appoint expert examin number matter rais purpos initi procedur obtain independ assess az servizi recapitalis plan profit expect fintecna take part oper comment made interest parti initi procedur line duti monitor authoris aid commiss announc intent verifi possibl assist expert itali honour busi commit made rout price time decis approv rescu aid loan guarante aid accord rescu aid decis februari commiss entrust task carri check ernst amp young italia expert consult number case involv restructur aid alitalia acquaint dossier commiss avail option open decis initi procedur fit make expert appoint jointli italian author ernst amp young italia hereinaft refer quot expert quot perform task sole supervis commiss expert submit final report commiss april main find set point born mind report constitut certif alitalia az servizi account forecast sens full audit repres gener call quot fair opinion quot inform provid alitalia fintecna respect consult mediobanca citigroup april adopt april plan revis alitalia includ part az servizi commiss ask expert verifi earlier find remain valid light revis plan expert report thereon submit april find notifi az servizi oper find relat part decis initi procedur concern plan takeov az servizi fintecna expect profit oper fintecna natur futur busi relat az fly az servizi commiss state part initi decis recapitalis az fly cover expert studi mention figur quot revis version april az servizi industri restructur plan analys carri mediobanca citigroup purpos review expert report april addit inform suppli comment discrep initi plan octob revis plan expert detail main point differ initi plan present octob april updat main purpos revis plan realign figur budget present initi plan activ forecast revis exchang rate adapt present situat rate implement econom measur readjust line achiev az servizi scope oper slightli chang remov groundhandl cairo airport legal reason transfer parti air carrier substanti differ plan activ cost offset revenu ultim gener effect slight slightli higher activ lower cost effect reduct loss ebit million year evalu ebit million million ebit ebitda rise push final figur distribut activ increas invest impact cash flow sharehold opposit effect find calcul profit fintecna connect expert check methodolog mediobanca alitalia financi advis calcul irr expect fintecna invest az servizi expert found method line establish theori profession practic expert analys work citigroup advis chosen fintecna carri sensit analys conclud quot found indic methodolog determin irr fintecna invest az servizi correct quot expert examin greater detail invest flow envisag fintecna total million point decis initi procedur breakdown prefer ordinari share calcul carri mediobanca point decis fintecna invest made total contribut million compris million subscript ordinari share fintecna acquir share capit az servizi million prefer share fintecna hold total share capit alitalia capit increas million prefer share final contribut million subscript prefer share fintecna ultim acquir az servizi share capit continu hold ordinari capit ultim fintecna contribut million az servizi total share capit million estim return oper calcul mediobanca base year flow forecast free cash flow forese mainten invest except oper restructur cost fiscal adjust residu cash flow sharehold estim million updat final calcul million amount share sharehold fintecna az fly larg determin capit structur prefer share held fintecna repres total share capit benefit prefer dividend equal total share capit million made clear possibl prefer dividend exist outset achiev suffici net result updat dividend million remaind final million share accord total stock held sharehold million fintecna balanc million az fly final estim fintecna million relat invest million million million million amount cash liquid million end period irr fintecna expert confirm calcul method perpetu capitalis normalis flow method adopt matter hand state rate cost equiti ke consider base risk rate govern bond market premium risk index beta lever deriv compar quot firm final premium indic risk attach fact az servizi quot compani expert check calcul made citigroup purpos conclud reli basic data standard method assess final base perpetu cash flow growth compani applic market multipl calcul basi ebitda respect az servizi activ mainten groundhandl share servic inform technolog multipl drawn compar firm oper market time reduct view monopsoni enjoi relev az activ citigroup account success outcom scenario base az servizi plan rang full achiev object save made turnov parti achiev save object achiev turnov object basi scenario consid mediobanca irr fintecna market multipl appli higher mediobanca basi unoffici scenario subject caveat averag scenario give irr rang includ calcul mediobanca unfavour scenario result appreci lower irr event equival higher cost capit expert note calcul citigroup fail account final cash liquid million fintecna includ gener accept practic improv figur expert conclud citigroup studi confirm mediobanca result valid studi carri mediobanca citigroup expert made analys studi sensit irr relat final az servizi relat cost capit inflat rate fresh calcul final az servizi concern capit increas fintecna million provid revis plan give final fintecna favour million irr expert conclud final million attribut result ascrib fintecna give irr final lower plan million give irr final higher plan million produc irr risk scenario gener beta risk index cost capit ke postul scenario summaris tabl show final result fintecna exclud million cash intern rate return irr net present npv flow updat cost capit scenario born mind npv updat disburs flow capit increas underwritten fintecna revenu flow case estim final portion end period posit npv creat investor scenario beta lever liquid risk premium cost capit ke final fintecna irr npv base equiti beta ke equilibrium npv ke base scenario consider alitalia fintecna consult quot equiti beta quot scenario take account fact az servizi low forecast indebted lead mathemat undervalu beta coeffici equiti beta correspond beta coeffici firm oper market appli reduct link az servizi indebted gener half percentag point increas cost capit quot ke quot scenario correspond beta coeffici fix averag highest equiti beta coeffici sampl consid case disregard reduct az servizi low level indebted gener increas cost capit percentag point quot equilibrium npv quot scenario set npv word threshold profit oper correspond cost capit beta contrast quot ke quot scenario correspond percentag point reduct cost capit due disappear liquid risk premium signific drop beta coeffici combin final expert carri full evalu az servizi method similar appli citigroup firm regard sum valu activ valu calcul basi market multipl ebitda groundhandl staff call centr ebitda invest inform technolog reduct consider activ expert explain method market multipl reliabl financi market evolv academ writer intern practic attach grow import mainten structur activ major servic continu provid branch airlin compani contract negoti limit durat led expert adopt asset base approach base asset expert method gener compani valuat take account financi posit global final fintecna million give irr confirm mediobanca citigroup calcul expert conclud favour discrep term irr compar calcul carri plan octob primarili due deferr part fintecna invest find assumpt made letter intent sign alitalia fintecna decis initi procedur commiss claim point letter intent sign octob alitalia fintecna remain negoti signific influenc profit oper commiss ask specif examin expert treatment restructur cost expert confirm letter intent restructur cost calcul alitalia continu born alitalia exce provis creat transfer az servizi provis amount million initi plan detail check made talli fulli estim share cost cover addit staff cost consid annual liabil revis plan april provis reduc million end due cost million enter account expert confirm alitalia undertak mean impact fintecna irr treatment object restructur plan expert confirm cost includ az servizi plan calcul irr line effici object laid plan maximum annual percentag invoic amount repaid az fly object attain correspond million year period million revis plan expert state alitalia manag estim consid confirm player involv draw plan includ consult includ calcul treatment capit gain transfer asset area activ expert confirm treatment capit gain subject negoti time expert studi impact profit fintecna partial retrocess az fly place transfer plan decemb concern part irr greater calcul mediobanca fintecna estim profit parti confirm consult approach wish adopt negoti claus find prefer share fintecna benefit expert point type share exist italian law compani law reform januari prioriti payment dividend present case longer impos restrict vote right restrict appli li fact share limit condit vote case prefer share account half share capit expert put forward exampl privat quot compani fiat spa unipol assicurazioni spa istituto finanziario industrial spa issu prefer share thing prioriti distribut profit fix amount share correspond percentag nomin expert confirm found grant prefer share singl sharehold public privat contrari italian law advantag observ precis prioriti interest bear access profit dividend find advanc bill servic provid az servizi az fly market condit expert dedic larg part report present detail work carri describ bill practic appli az servizi plan plan drawn alitalia assist mckinsei suppli analysi element direct work focus firm activ mainten groundhandl servic inform technolog share servic staff call centr find set expert conclud gener found indic methodolog set price reflect market condit az servizi plan flaw note fintecna consult citigroup report az servizi total forecast turnov million break activ mainten million groundhandl servic million inform technolog million share servic staff call centr million advanc bill mainten servic price construct method essenti base sector price comparison independ studi carri aero strategi expert detail calcul method adopt aspect quot heavi quot mainten compon famili cfm jet engin mainten verifi base frequenc hourli cost number hour part detail assumpt made purpos price construct applic margin conform alitalia servic parti applic volum discount rate lower obtain az fly mainten supplier rate reduc reflect alitalia accept higher price absenc commit volum point expert ascertain test contract supplier avio offer maximum discount fact minimum volum guarante alitalia annual effect discount rate reduct equival addit ebitda az servizi rise million million advanc bill groundhandl servic price shown plan estim basi price alitalia pai compar airport offer compani receiv airport az servizi oper margin negoti fintecna ad price annual effect margin equival addit ebitda az servizi rise million million advanc bill inform technolog share servic absenc inform alitalia estim price basi offer compani interest acquir compani reduc measur discount rate offer compani expert confirm rate correspond maximum offer share servic minimum inform technolog secondari activ similar turnov estim million respect million respect exclud intern servic total million averag case lead result find complianc condit rescu aid find drawn addit check requir commiss connect alleg failur itali honour undertak gave rescu aid authoris juli undertak involv refrain invest ensur rout open profit abstain predatori price loan secur rescu aid investig find refrain invest expert examin structur fleet decemb decemb examin trend conclud aircraft embraer join fleet oper juli word commiss decid grant rescu aid alitalia board director made decis acquir aircraft june decemb find analysi profit rout open summer expert conclud basi work carri take account except found situat suggest alitalia fail undertak oper rout posit oper margin profit criterion quot gross margin quot expert check factor account give comment gross margin quot flight contribut quot defin passeng revenu gener rout commerci cost commiss distribut cost crss cost relat sale structur promot initi charg proportion revenu rout variabl oper cost fuel airport charg flight servic flight crew allow margin evalu aspect direct margin gener passeng flight margin gener quot feeder quot ad margin creat passeng flight take connect flight airlin expert point constant instal capac number aircraft aris invest decid decemb oper logic decreas margin profit extra resourc freed fleet utilis period commenc winter respect expert refer data set point decis initi procedur necessarili earmark rout profit open rout open summer expert check profit end septemb profit forecast end decemb profit forecast budget rout open winter refer made latest forecast conclus maximum case examin actual profit shown end septemb rout open summer forecast budget rout posit exception case end septemb end decemb forecast rout open summer show neg direct gross margin end decemb case detail rout neg direct econom perform end decemb scandinavia malpensa copenhagen million end decemb compar million end septemb malpensa stockholm million end decemb compar million end septemb fiumicino stockholm million end decemb compar million end septemb enter posit margin forecast million year expert relat alitalia manag comment effect rout expos heavi competit includ low cost airlin subject high variabl cost due length journei final gener rout penalis alitalia poor perform autumn term ratk revenu ton kilometr fell octob compar previou month compani precari financi situat led degre loss custom confid found signific northern european rout requir greater effort attract custom loyalti expert point inform suppli alitalia posit quot feeder valu quot rout feeder extra margin contribut increment revenu passeng rout alitalia connect flight destin line compani hub strategi feeder valu million gener term oper alitalia scandinavian network remain profit rout direct margin forecast end decemb fiumicino zurich million end septemb million forecast budget characteris power competit pressur swiss oper daili connect oppos oper alitalia rout gener posit feeder million token rout direct margin forecast malpensa birmingham gener posit feeder million net posit impact compani result find price practic rout open summer expert carri number analys check rout open summer complex fare situat aviat industri aris plethora promot offer month ti minimum maximum stai rule journei date time changeabl ticket refund impact reserv date note attract promot rate appli limit number seat flight final expert conclud small number except found term price leadership evid suggest alitalia reneg undertak appli predatori price rout examin reli sourc document suppli alitalia check expert test carri expert initi galileo comput reserv system cr alitalia internet site test carri alitalia data test rout open summer onward time open rout march test involv return flight price depart itali foreign citi concern price alitalia competitor correct account surcharg cost sc intend cover extra aviat fuel insur cost vari greatli compani purpos show final price paid custom price summaris note sc surcharg cost alitalia data az competitor delta sc delta final price open summer rout zurich fiumicino price open winter rout timisoara malpensa shangai malpensa salonicco fiumicino price march winter rout malpensa zagabria timisoara malpensa shangai malpensa rout open summer entail test zurich fiumicino show alitalia fare sc includ time open rout lower competitor swiss connect alitalia argu differ price justifi differ type product lower flight frequenc competitor march rout open summer test longer found alitalia fare sc includ lower cheapest rival case zurich fiumicino final price paid alitalia custom higher swiss fare rout open winter test rout italian destin timisoara shanghai malpensa saloniki fiumicino offer alitalia fare sc includ lower competitor price time open rout timisoara malpensa price differ compar austrian airlin os austrian airlin price high compar fare charg airlin departur citi amsterdam gothenburg geneva helsinki luxembourg alitalia malpensa expert put forward alitalia manag explan carpatair romanian airlin galileo offer timisoara orio al serio milan bergamo airport return ticket cost alitalia fare shanghai malpensa differ neglig fare saloniki fiumicino compar alitalia price sc includ olymp airlin offer return observ appli departur greec alitalia flight itali expens due sc add addit alitalia flight rout open winter test fly itali timisoara shanghai malpensa malpensa zagreb link show alitalia rate sc includ lower competitor march expert alitalia manag ascrib differ limit durat promot fare link increas frequenc timisoara malpensa differ compar competitor reduc competitor alitalia tarom malev cut price net sc due abovement presenc carpatair offer orio al serio shanghai malpensa diverg increas due alitalia price reduct compar lufthansa klm flight destin time week malpensa zagreb alitalia offer price sc includ competitor croatian rout open summer malpensa kraków sarajevo test alitalia fare higher equal charg competitor test carri expert initi expert carri addit test directli galileo rout period gener test confirm data suppli previous alitalia expert consid case examin criteria gener tariff advantag case concern saint petersburg malpensa novemb januari alitalia enjoi tariff advantag csa includ air franc competitor joint ventur agreement previou data alitalia regard air franc chief competitor event expert observ price differ longer exist case concern timisoara malpensa link differ compar austrian airlin time open expert note octob novemb alitalia offer fare differ sc includ compar austrian airlin point exist septemb confirm februari return fare equival offer carpatair timisoara orio al serio rout case concern valencia fiumicino link novemb alitalia offer promot rate account expert carri examin alitalia made comparison basi fare alitalia enjoi tariff advantag sc includ month question mention differ longer exist final begin april expert carri commiss request comparison price alitalia offer march galileo basi previou test offer directli internet site case rome boston milan washington show differ price confirm alitalia manag assur compani polici oper price differ sale channel differ found slight expert conclud due differ time check find loan secur rescu aid alitalia expert analys situat loan guarante rescu aid quarter cash flow forecast end gener remark bridg loan cash asset mention rescu aid decis expert point cash flow forecast rescu aid larg extent deriv fourth quarter quarter data decis adopt compani impass industri restructur plan founder face trade union opposit measur propos led resign manag director februari replac implement plan septemb octob expert mention million loan agreement sign dresdner bank ag octob pursuanc guarante decre ministri financ octob expert recal compani board auditor made activ loan condit call meet sharehold discuss recapitalis compani meet decid maximum capit increas billion place decemb alitalia posit make bridg loan date dresdner bank hand remind alitalia letter januari loan march expert compar cash flow situat present purpos procedur publish compani monthli requir consob expert show situat present reflect fund alitalia group bank account date convers consob monthli cash flow report calcul account date compris short term financi credit includ appropri italian firm liquid sisam cover cash manag aviofin unus asset hand insur broker alinsur travel agenc cover cash manag compani locat countri libya iran nigeria system control financi transfer foreign countri altogeth item amount total million increas constitut asset asset short term financi credit submit requir consob bridg loan fourth quarter cash flow net variat demand work capit net invest oper invest cash flow hereinaft refer quot cash flow quot reach million compar million forecast juli million million improv stem improv oper manag compar financi year calcul aid million revenu tax credit state million payment due made airport supplier legal action final million receiv contribut atitech subsidiari construct hangar napl airport lower neg balanc million thereof due reduc invest addit unrealis plan invest novemb alitalia carri plan sale leas back transact md aircraft million repay due debt amount million cash million quarter met mean withdraw million bridg loan decemb bridg loan quarter quarter initi figur million decemb cash flow juli million million forecast million million improv stem continu improv oper manag forecast calcul aid figur take account favour effect lower forecast fall unit yield improv load factor million deriv continu fall invest cost includ effect md sale leas back transact plan sale piper million transfer share million million reduct invest programm total financi quarter million includ repay million due debt bridg loan activ remain million million februari million march gener million fund march cash flow forecast end short term expert alitalia forecast show slight fall cash flow million manag improv lower invest fourth md sale leas back transact continu bring benefit end forecast cash flow net impact recapitalis expect halv million expert refer justif alitalia connect loan entireti march mention dresdner bank ag resort march expert emphasis scenario adopt purpos forecast octob exchang rate price barrel brent usd scenario unrealist set current brent crude price bl forecast provid expert market player bp riskmanag shell trade macquari energi figur rang end calcul barrel price rate hold neg impact alitalia account order million end year word million april june quarter show alitalia current cash flow forecast highli expos volatil forecast put autumn alitalia prevent financi situat take step cover exchang rate oil price risk deterior fulli reflect account present coverag oper seek stabilis price put definit loss vi commiss comment alleg misus rescu aid commiss point accord decis initi procedur januari purpos present decis assess az fly az servizi recapitalis measur notifi itali regard state aid decis initi procedur silent matter view observ receiv interest parti commiss want give opportun make comment complianc undertak itali regard rescu aid procedur basi element concern transpar set section preliminari analysi question event long bridg loan repaid state guarante grant connect withdrawn alitalia remain subject condit undertak part prejudg commiss final assess matter option refer matter directli court justic articl ec treati initi procedur misus rescu aid subsequ consid ground misus commiss point princip condit accept rescu aid detriment spillov effect member state end rescu aid decis italian author undertak develop compani capac absenc predatori price rout question examin point vi comment lack invest capac commiss take note conclus expert appoint time expert report april alitalia fleet increas aircraft acquisit decid compani decemb repli comment interest parti point decis alitalia board director februari mention decis initi procedur concern arrang financ aircraft acquisit decid decemb commiss note fleet refer entir alitalia group includ alitalia express commiss consid stage encount element prompt specif undertak contain rescu aid decis compli actual content decis authoris rescu aid term capac recent confirm properli compli commiss take note clarif provid itali gener concept capac concern fleet find lack invest fleet fact reduc unit tonn kilometr offer tko lead increas frequenc seat summer summer note competitor simpli result increas product result greater daili exist fleet increas report italian author correspond order magnitud note competitor abil implement capac practic term improv result signific increas aircraft utilis rate commiss consid rescu aid decis account open rout approv precis implement basi constant capac rout larg extent oper oper monopoli basi question allow compani resourc made mean rotat exist fleet constant number seat explain increas note term tonn kilometr seat kilometr offer tko sko commiss consid light inform junctur develop note term frequenc rout open contrari rescu aid decis juli vi comment analysi profit rout open summer basi data provid expert commiss obtain confirm rout open summer profit case term individu financi contribut case feeder includ addit gross margin gener rout rest compani network commiss consid take feeder account justifi compani pursu hub strategi addit contribut exist rout question open rout includ scandinavian network make posit contribut accord rescu aid decis commiss note interest parti alleg case saint petersburg milan rout competitor consid oper loss invalid figur suppli line open winter forecast posit direct gross margin million take account feeder incom place profit line open vi comment analysi price rout open summer commiss point exist predatori price primarili characteris situat margin variabl incom make cover margin variabl cost gener loss question examin paragraph requir complex analysi compani account interest parti posit make decis initi procedur commiss view simpler comparison fare charg alitalia compar compani exist price leadership initi provid indic exist situat lead predatori price connect commiss conclud basi test carri situat price leadership fact exist small number case period limit price differ fare charg rout question predatori rout econom rout question profit forecast case saint petersburg malpensa mention malpensa zagreb high gross margin thessaloniki rome slightli posit result record rome zurich timisoara malpensa margin rome valencia commiss consid stage limit number scale durat case price leadership establish test carri reflect deliber polici respect inher structur air fare number constant updat analysi margin obtain rout situat affect alitalia profit contrari margin variabl incom rout compani higher margin variabl cost confirm lack predatori price commiss consid light element possess junctur develop note regard profit rout open fare charg contrari rescu aid decis juli vi comment relat loan guarante rescu aid basi comment interest parti itali conclus expert data present commiss note alitalia present favour cash flow situat expect rescu aid adopt situat aris essenti control oper cost success effort find altern financ arrang abovement sale leas back oper reflect contribut result compani rout produc profit margin commiss point repli interest parti purchas kerosen settlement wage form part normal charg airlin influenc cash flow oper flow determin aid principl commiss find posit compani face necess redress financi situat seek reduc financi gener benefit oper credibl vi vi investor find altern financ arrang commiss note dual effect reduct invest effort find altern long term financ arrang dispel critic relat financ fleet mean rescu aid object accord decis authoris connect commiss note late utilis rescu aid decemb fact condit impos audit board start recapitalis procedur order ensur compani indebt prospect token gradual aid sign sound manag delai loan develop rout place basi constant instal capac profit margin detriment effect compani cash flow situat compar forecast contrari help improv similarli coverag futur cost restructur oper essenti term job shed budget june gradual impact cash flow situat staff leav sum due paid liquid asset alitalia group march amount million approxim million figur septemb million commiss note expert paragraph figur reduc approxim million favour date closur procedur restructur plan present accord guidelin commiss point level liquid asset million repres annual turnov lower figur previous present compani order million end averag main european compani date repres million alitalia alitalia liquid asset remain stretch term gross figur compar main competitor commiss note thing equal take account financi effort made recent month alitalia rescu aid compani march deficit extent million approxim million rise million end commiss conclud aid compani neg liquid asset insolv end decemb commiss conduct compani regard utilis bridg loan show rescu aid misus commiss point assess aid made time decis inform time juli commiss note manag alitalia date arous deep concern state liquid asset summer commiss point earli cancel royal bank scotland guarante contract begin report expert million refer parti document provid itali show compani major supplier term leas fuel credit card sale oper requir provis addit cash reserv guarante order continu commerci relat alitalia show market neg percept alitalia time assess made manag commiss fact accept rescu aid decis million includ cover conting connect commiss note conting disappear econom forecast spring publish commiss april base assumpt oil price barrel exchang rate basi recalcul annual charg fuel approxim million repres annual addit cost approxim million million singl quarter take account present futur circumst commiss note neg liquid asset absenc loan decemb conting relat price oil consid amount grant reason light uncertainti time commiss legitim time judgment affect subsequ event amount million result analysi commiss consid rescu aid decis fulli justifi stage misus rescu aid contrari rescu aid maintain compani busi limit period cover authoris enabl implement industri econom financi plan larg accept social partner design ensur long term viabil compani commiss point itali undertak gave continu appli long rescu aid remain itali continu compli strictli commiss authoris aid ensur alitalia refrain charg predatori price rout open summer season itali remain respons provid commiss regular report provid rescu aid decis enabl assess complianc undertak repay loan guarante rescu aid commiss take note itali abovement undertak interven work dai implement recapitalis az fly event decemb commiss take view date implement correspond transfer fund compani respons alitalia aid beneficiari az fly matter air transport alitalia successor respect liabl virtual present debt commiss continu monitor proper implement rescu aid part gener state aid monitor duti commiss take view undertak give italian author state particip alitalia minor hold fact appli az fly compani retain legal person alitalia assum virtual debt bond debt secur aircraft loan guarante rescu aid undertak context ensur minor public particip year link commiss note oper notifi intend ensur complianc undertak lastli commiss take view recapitalis airlin az fly analysi compani financi prospect potenti investor inevit carri prompt compani scrupul respect industri plan present commiss point connect plan make provis recoveri phase entail guarante continu oper rapid return balanc expans run counter object result price war vii assess exist aid mean articl treati commiss point final decis concern recapitalis notifi itali respect initi formal investig procedur januari state particip recapitalis az fly maximum total billion increas capit az servizi envisag state hold compani fintecna million commiss note support measur refer paragraph decis initi procedur refer quot cassa integrazion quot quot trattamento di mobilità quot instanc pre exist measur italian law appli air transport sector assess sector activ concern notif decis initi procedur paragraph thereof relat instrument decis prejudg commiss posit regard assess measur light state aid law commiss note measur fall framework oblig incumb state public author regard oper nation social secur system complet natur capit contribut analys decis includ assess contribut pursuant articl treati articl eea agreement aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat treati eea agreement vii state resourc commiss refer analysi point decis initi procedur regard transfer state resourc alitalia analysi call question interest parti itali commiss observ detail provid itali background relat iri state impact fintecna simpli intend clarif intend disput design fund provid fintecna state resourc fact oper question attribut state vii effect intra commun trade competit interest parti itali disput commiss assess point decis initi procedur regard effect trade member state effect competit assess commiss maintain commiss point suppli air transport servic sector keen competit europ entri forc air transport liberalis packag quot packag quot januari complaint made itali time adopt final decis commiss perfectli awar involv alitalia situat keen competit air transport market requir make accur investig situat commiss itali demonstr continu oper airlin put risk decis end lastli commiss note revis plan adopt airlin board director april forward april expedit investig vii specif pursuant articl treati order regard state aid measur favour quot undertak product good quot present case commiss find measur question state hold recapitalis az fly az servizi state hold compani fintecna intend undertak vii exist advantag beneficiari undertak decis initi procedur assess relat separ oper concern separ compani oper market respect commiss find separ air transport activ az fly ground activ az servizi alitalia specif undertak present case alitalia consult bank mediobanca fact note case az fly demerg make focu investor interest aviat sector account current econom problem growth potenti make undertak decis initi procedur vari part oper cost hitherto fix conclud contract mainten handl possibl attract econom downturn similarli case az servizi demerg make mediobanca creat busi growth opportun difficult achiev compani wholli own air carrier interest industri financi oper activ continu develop activ find expos refer area activ commiss point separ activ account financi implic transpar busi plan submit investor concern aspect plan specifi alitalia debt includ repay loan subject rescu aid virtual az fly set separ activ az servizi evalu initi contribut az fly recent present alitalia websit fintecna propos particip capit procedur includ recours part prefer share commiss consid investor make inform opinion activ invest forese profit futur relat lastli commiss point decis initi procedur appli principl privat investor market economi assess absenc advantag deriv recapitalis oper note matter separ assess rescu aid intend exclus short term cash loan limit amount relat undertak short term due date usual level liquid asset compar airlin undertak balanc sheet total compris bank loan provid dresdner bank simpli back state guarante overcom short term cash crisi undertak insolv convers judgment investor bank guarante oper recapitalis oper gener perman resourc undertak concern base econom assess medium long term viabil intrins profit compani activ object futur viabil undertak result achiev depend credibl busi plan industri commerci activ manag thereof commiss note undertak italian author alitalia repai rescu aid immedi recapitalis entail earli disburs undertak asset million liquid asset question vii assess recapitalis az fly foremost doubt inject capit recapitalis oper includ state particip conjunct privat investor amount fact constitut state resourc mean treati fund concern deriv italian treasuri similarli decis particip recapitalis undertak exercis part preferenti subscript italian ministri econom financi affair vii gener treati enshrin principl neutral regard system properti ownership member state articl treati eea agreement principl equal public privat undertak pursuant principl action commiss prejudici advantag state public establish provid capit undertak commiss investig capit contribut undertak order ensur member state infring treati rule state aid order determin state aid involv commiss authoris court base judgment principl investor market economi confirm recent case law case law order examin capit inject constitut state aid account genuin possibl beneficiari undertak obtain equival financi resourc recours normal capit market state aid involv question capit contribut condit accept privat investor oper normal condit market economi conduct public investor compar hypothet conduct privat investor privat hold compani privat group undertak pursu structur global sector polici attract prospect longer term profit capit contribut order ensur surviv undertak experienc temporari difficulti implement measur posit return profit necessarili constitut aid privat investor made analysi commiss take view capit contribut public fund constitut state aid privat sharehold part oper proport share condit ident public investor final proport subscrib privat investor real econom signific approach base principl contribut consist appli court justic court instanc vii applic present case commiss take view contrari case criticis question case separ az fly az servizi dismember aim leav accumul debt public cocoon econom activ transfer privat sector contrari accord legal econom situat undertak virtual debt bond debt loan secur aircraft loan subject rescu aid remain alitalia renam az fly continu vast major current activ compani commiss note respect itali undertak regard advanc repay loan work dai recapitalis az fly transfer fund undertak event decemb regard recapitalis az fly notifi itali commiss find privat sharehold particip fact proportion number share held sharehold condit state sharehold implement undertak italian state reduc particip compani capit result deutsch bank agre possibl collabor financi institut underwrit privat investor extent maximum million approxim maximum propos recapitalis sharehold capit increas major order reduc public particip letter intent itali state purchas share determin jointli az fly deutsch bank market condit privat investor success complet oper guarante deutsch bank technic compet profession oper assess risk inher partial subscript share connect commiss receiv copi letter intent date april alitalia deutsch bank accept conclud contract underwrit underwritten success recapitalis oper practic accord commiss agre occas previou market recapitalis alitalia final guarante contract sign condit set paragraph verifi constitut final concret undertak deutsch bank suppli financi resourc oper subscrib share issu subscrib commiss take note connect detail italian author indic preliminari contract legal fulli valid respect parti subject complianc suspens condit abovement letter propos final guarante contract conclud close begin offer period standard provis undertak forc type contract accord nation intern practic deutsch bank bank respons involv financi institut guarante make establish genuin guarante consortium involv bank decis success oper result alitalia sharehold structur capit held privat sharehold fragment result present privat institut sharehold compani carri econom analysi oper give prior undertak particip state commiss acknowledg case compani fragment sharehold structur recours bank respons guarante oper ensur success complet capit increas oper capit market qualifi financi intermediari posit basi detail knowledg financi market type invest sought light detail studi carri oper question commit respect invest vi vi privat investor newli issu share concern extent oper reason attract provid fund alitalia fragment sharehold structur privat sharehold hold share remot signific particip air franc capit order present offer deutsch bank carri assess compani strategi profit prospect addit conclud final contract propos carri due dilig oper investor carri initi oper bank surround guarante secur enabl adjust offer risk note bank manag link sharehold link italian econom sector control directli indirectli member state concern condit conclus final guarante contract subject group block concern standard element direct influenc commiss assess actual implement includ absenc extraordinari event detriment success complet oper transmiss bank complet inform econom financi situat manag alitalia includ audit account updat industri plan involv bank determin procedur oper demerg az servizi duli authoris capit inject undertak hand seri condit set deutsch bank letter intent liabl affect assess oper commiss analys detail question differ share issu price rel stock market quotat commiss charg bank oper exercis italian ministri econom financi affair preferenti subscript enabl reduc particip capit letter intent specifi guarante cover proport share subject ministri econom financi affair preferenti option subscrib enabl reduc share capit az fly concern subscript price share deutsch bank az fly agre price price rang issu share defin jointli accord market practic light stock market condit prevail time launch oper differ price theoret price take account subscript italian author provid refer materi drawn bank enabl commiss ascertain differ accord market practic european compani undergo restructur carri recapitalis respect signific proport share capit term daili stock market volum trade commiss take view aspect present difficulti true provid share issu fact subscrib price investor state deutsch bank potenti investor itali fact confirm commiss singl price charg subscrib involv specif discount grant guarantor concern remuner bank commiss base proport oper subscrib market amount commit commiss manag guarante commiss order total amount guarante commiss ascertain remuner accord market principl main european stock market guarante success complet compar share placement oper note higher recapitalis consist normal level remuner acknowledg attribut natur oper share involv share bond present lower risk involv fact proport guarante major repres oper commiss conclud transact alitalia deutsch bank accord market condit type oper amount discount price paid bank share call subscrib commiss paid bank effect enabl particip oper favour condit state sharehold concern thirdli state particip commiss point formal undertak italian author subscrib share alitalia capit increas deutsch bank particip bank formal commit essenti decis element guarante exist concomit particip public privat sharehold state particip capit increas formal commit privat investor make capit contribut real econom signific oper enabl privat market subscrib signific extent repres major hold respect share newli issu alitalia condit public sharehold share price ident right attach share sharehold connect commiss consid collater implicit agreement italian state exoner bank oblig recapitalis offer insuffici subscrib commiss note undertak italian author transmit final contract bank formal uncondit subscript oblig commiss immedi conclus subscript capit increas public author undertak italian author submit report actual subscript level capit increas oper carri commiss pai utmost attent strict complianc undertak itali ascertain term present decis properli adher context commiss stress import alitalia industri plan includ revis version april present investor base futur compani initi quot recoveri quot phase prior develop deutsch bank undertaken guarante particip major privat investor recapitalis provid plan basi analysi plan commiss refer connect inform present decis initi procedur plan measur provid az fly restructur plan result increas tko tonn kilometr offer increas percentag point load factor yield fact quarter account submit tko increas load factor show increas turnov quarter show increas million compar increas cost million oper cost fallen fuel cost risen million exclud oper loss million compar million oper loss estim million profit expect month averag staf level quarter member staff fallen third ground staff implement restructur measur negoti trade union gener plan annual improv billion includ million result load factor million aspect plan signific improv brought aris save purchas commerci expens staff expens million annum case term outturn account data year compar spin az servizi small loss term pre tax result financi except factor quot oper result quot margin expect sector margin announc repres loss commiss point qualifi privat investor involv alongsid state call commiss view profit oper light undertak italian author conclud exercis sharehold preferenti subscript fact oper underwritten deutsch bank accord bank practic case recapitalis commun treat oper privat investor oper market economi show recapitalis offer genuin market prospect condit commiss decid invest notifi state maximum amount billion tantamount conduct investor oper market economi constitut aid commiss lai condit attach decis signatur uncondit formal commit deutsch bank financi institut except usual condit case forc majeur act war terror similar case due dilig check agreement price state undertak subscrib share basi right condit price rate prioriti investor prejudic implement timet propos deutsch bank guarantor bank oper accompani collater agreement implicit agreement italian state exoner bank oblig recapitalis offer insuffici subscrib grant bank specif discount issu price vii assess recapitalis az servizi concern particip envisag state hold compani fintecna million az servizi commiss observ fintecna govern ordinari law state provid specif gener guarante respect commiss note fintecna liquid asset situat favour note point decis initi procedur unconnect specif favour treatment treasuri contrari loan million made iri state confirm fintecna paid back compani month oper fact present transpar fintecna annual account commiss review report present parti involv oper mediobanca alitalia citigroup fintecna expert ernst amp young note reason doubt methodolog evalu carri mediobanca basi invest million fintecna manner envisag lead final exclud cash flow million produc irr calcul net present npv invest made fintecna take account final brought line capit cost posit tune million oper larg extent creat fintecna return highli depend million million capit brought preferenti share held fintecna commiss observ basi expert find recours instrument subject limit set italian law point exist preferenti regard profit offset limit vote right gener meet share fintecna ordinari vote right commiss note inform provid expert regard privat italian group itali case european compani show share type widespread includ signific part capit compani give rise specif object lastli commiss observ investor state hold compani fintecna particip az servizi capit increas question concomit aris commiss note expert compar method result current valuat conduct mediobanca citigroup bodi approach mediobanca global approach base capitalis cash flow citigroup approach valuat sector activ market multipl ebitda appli reduc coeffici make complementari valid undertak potenti result expect citigroup investor advisor method prove higher anticip alitalia board studi verif valuat basi method gener connect combin activ base approach citigroup ebitda multipl asset evalu basi fix asset mainten expert arriv invest notifi minimum calcul mediobanca expert carri sensit analysi show kei factor capit cost regard correct case consid commiss found abovement capit cost correspond beta lever compar refer quot compani az servizi debt forecast financi balanc cover fund low side commiss wish verifi impact beta correspond refer compani reduct account az servizi low level indebt capit cost npv fintecna posit million higher beta appli compar compani reduc account az servizi low debt capit cost final fintecna discount capit cost gener increas npv million fintecna final rigor assumpt capit cost achiev equilibrium npv stress test point forecast outgo incom payment cancel word limit profit invest cost correspond equiti beta beta lever valuat take account az servizi low rate debt beta competitor analysi carri commiss expert consid threshold fintecna invest unprofit level render risk highli improb commiss note regard matter negoti alitalia fintecna respect specif ask expert carri impact assess coverag addit cost restructur az servizi az fly possibl premium az fly plan fulli success regard az servizi properli account purpos valuat gener reduct irr fintecna appli payment ad gener transfer az servizi az fly provid concern ad reduc return fintecna invest az servizi exclud liquid asset intern rate return irr connect commiss take note distribut agre parti return fintecna excess irr envisag busi plan transfer extent part exceed figur commiss consid distribut concern part return exceed target subject decis affect analysi consid capac risk capit investor fintecna object make profit fall establish rang return turn lower expect presenc prefer dividend share fintecna guarante minimum return million net annual result assign contrari return high irr excess event exce target fintecna set investor partial redistribut reduc return figur fintecna conduct case inform risk capit investor seek limit risk precis profit target inform invest decis request commiss expert check futur contractu relat az fly client az servizi supplier affect futur valuat commiss refer extens descript analys carri conclud basi verif carri reason doubt relationship henceforth base market price commiss wish clarifi analysi respect find expert number point market refer plan estim invoic mainten groundhandl activ correct discount limit addit margin case correct attribut special circumst absenc long term volum commit close link exist continu exist undertak explan suffici differ margin gener gain term ebitda million total million amount signific gain az servizi commiss note find expert itali connect addit margin cancel de facto neg term ow az servizi result ow provis relat premium paid az fly plan object achiev full provis amount million million chargeabl year valuat logic underli fold hypothesi az servizi achiev effici target set plan valuat carri fintecna correct longer addit margin reassign az fly assumpt made reflect financi term plan hand improv economi measur larg extent defin negoti current manag alitalia manag begun implement extent quot sold quot fintecna success fintecna incur addit charg az servizi account option offset reduc discount margin commiss concern arrang artifici distort valuat az servizi normal arrang sharehold sharehold call particip capit compani manag client supplier relationship give rise win win situat part stakehold consid favour commiss connect analysi made busi plan conclus basi analysi base strict complianc calcul assumpt present rate durat procedur effici premium paid az fly event success complet plan maximum rate incom reduct discount mainten addit margin handl affect result az servizi busi plan line complet withdraw fintecna capit az servizi whichev earlier commiss refer point decis initi procedur describ az servizi plan valuat base entail larg increas sale rise million million increas year suggest high return nonetheless mean reduct ebitda figur posit posit net result achiev commiss consid industri plan present albeit demand parti advisor mediobanca citigroup entail continu activ az fly main client success measur make save purchas staff cost negoti trade union organis amount million lifetim plan form basi premium due az fly event success conclus commiss analysi lead plan sound carefulli examin parti consult expert million invest fintecna az servizi tantamount action inform investor oper market economi constitut state aid commiss lai condit decis subject condit entail complianc calcul paramet contractu agre ad reassign az fly transmit propos transfer place decemb valuat carri case respect part exceed forecast intern rate return fintecna invest commiss point propos condit fintecna invest accept inform investor az fly commit deutsch bank underwrit success complet recapitalis az fly enter full knowledg gener busi plan undertak az fly az servizi fintecna abovement invest condit viii conclus commiss find propos recapitalis az fly design alitalia fintecna propos invest az servizi accord precis procedur notifi italian author analys decis constitut state aid commiss authoris procedur recapitalis subject condit set adopt decis articl share recapitalis alitalia az fly notifi italian state amount maximum approxim billion approxim million constitut state aid accord principl privat investor oper market economi oper paragraph place complianc condit recapitalis place formal uncondit commit underwrit success outcom oper sign deutsch bank financi institut except usual condit case forc majeur act war terror similar case state particip authoris subject condit subscrib share issu basi right condit price rate privat investor prejudic propos timet underwrit deutsch bank guarantor bank success complet oper accompani collater agreement implicit agreement italian state exoner bank oblig recapitalis offer insuffici subscrib grant bank special discount issu price articl invest million public compani fintecna compani az servizi notifi italian state constitut state aid accord principl privat investor oper market economi base analysi viabil busi plan submit commiss invest made condit refer paragraph compli contractu agre ad return az fly transfer compani part exceed forecast intern rate return fintecna invest propos transfer made event decemb accord valuat rate return articl itali provid commiss report document enabl verifi complianc condit refer articl particip italian state fintecna parti final contract bank report justifi subscript carri context capit increas complianc commit repai bridg loan dai recapitalis az fly event decemb articl italian state inform commiss month date notif decis measur compli articl decis address italian republ brussel june commiss jacqu barrot vice presid oj footnot european low fare airlin associ elfaa submit comment march oj commiss decis ec januari recapitalis iberia compani oj oj regul amend regul ec oj oj date meet manag board postpon part text bracket refer busi secret confidenti inform left terp theoret price weight averag refer quot market price subscript price share sharehold receiv pre emptiv theoret differ refer quot market price terp assur asset balanc oper sharehold swiss life hold ahold abb royal amp sun allianc heidelberg cement allianz exact data left replac indic fastweb rhodia hagemey sgl carbon scor letter commiss itali perman represent eu commiss point concern reduct part alitalia capit held state term quot privatis quot italian author prejudg classif undertak accord articl commiss direct eec june transpar financi relat member state public undertak oj point commiss decis ec juli increas air franc capit oj earn interest tax depreci amort rental transfer announc april alitalia websit detail net balanc sheet transfer transfer take effect indent point decis initi procedur intern rate return irr revis plan point short medium haul aircraft long haul aircraft fiumicino stockholm itali feeder million ernst amp young make rout posit differ justifi expert conclus strong increas connect flight traffic winter season itali cite austrian airlin os open vienna varna rout winter promot fare austria indic period valid competitor bulgarian date valid fix march os launch vienna turin rout april fare compar alitalia oj regul amend regul ec european parliament council oj footnot itali comment includ present text point decis initi procedur point decis initi procedur point decis initi procedur earn interest tax earn interest tax depreci amortis footnot prefer share provid articl italian civil code type share accord limit vote right extraordinari gener meet meet decid distribut annual dividend holder prioriti holder ordinari share reimburs event wind distribut dividend final calcul basi estim financi flow compani question updat appli constant growth rate line expect medium term inflat rate regard consist possibl improv effici fintecna cost equiti judg line market averag firm oper mainten field bba group plc goodrich corp singapor technolog engin hong kong aircraft engin groundhandl servic fraport ag inform technolog share servic electron data system corp comput scienc corp cap gemini sa indra sistema sa ato origin tietoen oyj note final valu higher calcul mediobanca directli compar model citigroup includ grow increas capit irr obtain final higher relat estim annual flow million standardis flow million gener final fintecna million nb commiss note expert valuat activ mainten basi fix asset entail consid equal time ebitda lower multipl appli citigroup activ point decis initi procedur point decis initi procedur prefer share present case repres share capit prefer share carri vote right extraordinari gener meet ordinari gener meet distribut dividend inform technolog share servic turnov exclud intern servic az servizi million nonetheless account case transfer parti mro market forecast initi compon mainten forecast decemb bologna palermo catania cagliari malpensa fiumicino geneva london düsseldorf brussel frankfurt athen napl million calcul disregard alitalia claim improv perform winter commission nazional le società la borsa italian secur market regulatori author cash flow million compar million forecast sourc law approv commiss region state aid scheme august number scheme expir decemb exclud transport sector atitech subsidiari alitalia compani object aeronaut mainten compani request state aid decemb approv work complet decemb payment aid request basi septemb cash flow million compar million forecast annual fuel cost rise million million point rescu aid decis point rescu aid decis situat present consob octob million minu million unavail fund identifi expert situat present consob januari decemb short term financi loan avail million deduct million unavail fund present expert paragraph cash flow million utilis tranch million bridg loan liquid asset neg point decis juli http europa eu int comm economi financ public european economi ee en pdf council regul eec juli licens air carrier oj regul eec footnot regul eec council juli fare rate air servic oj recent year bmi british midland transfer groundhandl activ ahead creat avianc tap transfer activ globalia lufthansa transfer globeground subsidiari penauil polyservic cf case franc commiss stardust ecr opinion advoc gener geelho join case italian republ sim multimedia spa commiss ecr commiss commun applic articl treati public sharehold bulletin european commun court justic european commun join case netherland leeuward papierwarenfabriek bv commiss ecr paragraph applic articl ec treati articl eea agreement state aid aviat sector op cit point judgment court justic case itali commiss quot alfa romeo quot ecr paragraph judgment court instanc case alitalia commiss ecr ii paragraph footnot addit commiss note fintecna consult citigroup analys scenario lesser degre achiev plan object involv depend method upward adjust fintecna invest amount notifi measur impact profit fintecna median scenario unfavour base scenario gener irr depend ebitda multipl notwithstand larger amount capit invest account worst case scenario forecast attain effici target target increas turnov parti custom lowest ebitda multipl rang activ result profit az servizi capit cost fintecna estim percentag point lower commiss expert note logic citigroup includ end period liquid asset calcul improv outturn