commiss decis march state aid greec heracl gener cement compani notifi document number greek text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof notic parti concern submit comment accord provis regard comment heracl decis annul juli court instanc european commun annul commiss decis notifi greek author letter august authoris aid grant greek govern heracl gener cement compani hereinaft quot heracl quot greek cement manufactur ii background disput greek author adopt number structur measur design remedi disturb countri economi includ law organis financi reconstitut undertak hereinaft quot law quot adopt august law creat organis busi reconstruct organis organismo oikonomiki anasygrotiseo epicheiriseon oae quot bro quot purpos bro quot contribut social econom develop countri financi rejuven undertak import applic foreign technolog develop greek base technolog establish oper socialis mix economi undertak quot bro empow administ manag undertak particip capit undertak grant loan law authoris capitalis debt undertak concern issu share ministeri decre august greek govern appli law heracl balanc sheet shown substanti deficit bring public control convert capit debt greek public institut amount grd million approxim eur million law notifi commiss greek author prior adopt commiss receiv advanc notif greek govern law appli heracl august grant aid matter brought commiss attent competitor heracl commiss request greek govern telex septemb provid clarif point dai notifi applic law instanc respons request greek govern provid detail inform letter octob point view convers heracl debt share constitut aid mean articl treati octob commiss initi administr proceed respect law culmin adopt octob commiss decis eec authoris quot implement law quot articl treati ground intend remedi disturb economi member state implement law made subject number condit includ requir greek govern notifi individu case exceed threshold recit decis commiss found law oper bro fulfil condit applic part articl view protocol act access greec econom industri develop greec protocol quot applic articl eec treati account object econom expans rais standard live popul quot greek govern inform decis eec letter commiss date novemb letter date decemb greek author provid detail addit inform heracl repeat view intervent question constitut state aid decemb titan cement compani quot titan quot greek competitor heracl lodg complaint commiss oppos grant aid heracl letter date februari commiss inform greek govern decid initi administr proceed articl treati aid grant heracl note increas greek cement export heracl member state commiss found aid distort competit affect trade member state mean articl treati heracl make loss whilst engag intra commun trade point derog applic aid provid articl treati applic provis subject condit view met case heracl march titan commiss comment aid grant heracl decis open proceed articl treati commiss publish notic invit parti concern member state submit comment aid heracl month respons notic heracl competitor claim disturb caus commun cement market result intervent greek author greatli strengthen heracl competit posit meet exchang correspond place hand commiss applic commiss greek govern procedur termin commiss adopt decis approv aid decis commiss conclud aid award heracl transform part debt capit consid conform decis eec parallel procedur relat heracl commiss april initi proceed pursuant articl treati aid grant basi law halki largest greek cement produc proceed led commiss decis eec quot halki decis quot commiss found aid halki grant breach rule set articl treati incompat common market qualifi exempt articl treati regard increas halki export itali commiss conclud aid contrari quot common interest quot iii parti challeng aid court applic lodg court justic european commun march associazion italiana tecnico economica del cemento quot aitec quot italian cement produc associ brought action annul commiss decis approv aid grant heracl notifi august similarli applic lodg court justic march titan british cement associ quot bca quot bca member compani blue circl industri plc castl cement rugbi group plc princip cement manufactur unit kingdom brought action annul decis quot contest decis quot case court justic number join purpos proceed order presid court justic octob march hellen republ subsequ heracl leav interven support form order sought defend case pursuant applic lodg registri court justic august august lodg statement intervent common join case decemb juli septemb court justic refer proceed court instanc iv main find court instanc substanc case court instanc quot court quot found applic maintain essenc assess compat aid issu treati commiss simpli examin fulfil condit laid decis eec declar aid scheme establish law basi contest aid grant compat treati applic commiss carri specif examin compat aid issu common market court determin scope decis eec verifi contest decis disregard decis eec articl treati scope decis eec court instanc found commiss approv implement law ground fulfil condit part articl treati read conjunct protocol intend remedi disturb greek economi commiss authoris implement law subject condit greek govern notifi individu case intervent firm made subject law emploi person case sensit branch person case sensit branch court view commiss consid intervent bro scale subject specif examin aid fulfil quot condit quot impos decis eec result undertak concern quot left stronger competit posit vi vi industri member state occur difficulti arisen place quot court conclud examin line articl treati purpos prevent aid grant member state distort competit affect intra commun trade contest decis court instanc note commiss point oblig notifi individu signific case impos quot consid point view impact intra commun trade competit quot contest decis commiss consid consequ aid greec conclud aid fulfil condit decis eec absenc increas product capac viabil undertak whilst factor consider purpos examin compat aid common market conclus reach regard decis eec requir commiss examin extent competit distort intra commun trade affect commiss undertaken examin commiss disregard scope oblig decis eec articl treati examin aid question distort competit affect intra commun trade enlarg articl proceed judgment court instanc annul commiss decis close articl proceed initi mean proceed open final decis call order compli judgment commiss decid novemb enlarg articl proceed commiss observ origin initi proceed ground aid heracl incompat decis eec proceed need broaden commiss carri full investig compat aid articl court requir infring right defenc greek govern recapitalis heracl constitut aid caught articl ec treati doubt aid consid compat common market commiss rais question aid restrict minimum enabl heracl regain profit commiss compar heracl slightli smaller profit competitor titan conclud heracl appear overcapitalis grd million approxim eur million commiss inform greek author decis enlarg articl proceed letter date novemb greek author repli letter date februari summari argument commiss announc decis enlarg proceed notic publish offici journal european commun notic invit member state parti concern submit comment respons notic inform submit nation cement associ heracl competitor interest parti comment summaris section vi observ receiv interest parti submit greek govern comment letter date june letter date juli septemb greek author request extens deadlin comment ultim submit comment letter date novemb heracl submit addit inform letter date decemb decemb answer commiss letter date januari ask greek govern provid addit inform inform submit februari seri meet commiss depart interest parti place summer autumn commiss staff met agrupación de fabricant de cemento de españa quot oficemen quot juli aitec juli sharehold heracl juli lafarg coppé sa quot lafarg quot juli repres british cement industri august titan septemb joint meet heracl greek govern place septemb august commiss ask greek author inform greek author repli letter novemb heracl competitor titan submit inform commiss letter decemb heracl address memorandum commiss letter januari greek author addit inform letter februari addit memorandum januari heracl submit inform letter april meet greek author place octob addit inform heracl novemb decemb meet heracl repres place request januari greek author final submiss commiss februari summaris discuss date inform suppli vi observ receiv articl proceed vi observ submit greek govern heracl commiss initi decis open proceed greek govern submit observ letter date april bilater meet repres greek govern heracl place june meet commiss request addit inform letter date juli repli receiv octob addit meet place greek govern submit supplementari inform letter date juli meet held decemb letter greek govern date march meet place octob novemb januari greek govern submit written inform march greek govern reject point view commiss entireti contend bro intervent limit absolut minimum compani surviv defend necess maintain fix low domest cement price deni heracl product capac increas claim addit region aid award paid aid convers debt capit grd billion higher submit inform heracl invest order show real restructur place greek govern announc commiss object met fix domest cement price abolish heracl invest programm boost acceler restructur final greek govern decid award addit region invest aid discuss focus remain problem amount aid greek govern newli announc intent privatis heracl proceed judgment court instanc formal investig initi commiss subsequ enlarg greek govern maintain convers part heracl debt share held bro govern constitut state aid mean articl greek author criticis commiss fail ascertain approv intervent greek state august intervent fact consid state aid articl simpli take view law legal basi measur question commiss approv articl octob necessarili constitut state aid specif greek govern contend privat investor test satisfi grd million invest greek govern heracl gave return grd million year compani privatis greek govern contend aid caught articl ow lack trade member state point comparison heracl titan show aid advers effect posit heracl main competitor aid minimum requir heracl remain viabl titan sale drop home abroad advers effect turnov titan pre tax profit increas debt share convers outstrip heracl profit heracl stress fulli support observ put forward greek govern heracl contend capitalis debt constitut aid approv entireti heracl argu commiss approv aid compani basi specif inform consider appli todai commiss conclus basi fact violat principl legal certainti principl sound administr time elaps commiss fail decis reason time render respons heracl maintain view principl sound administr commun institut observ exercis author proven error advers effect privat individu act good faith damag undermin interest vi observ submit interest parti reaction commiss notic publish initi decis initi proceed respect aid heracl commiss receiv observ govern member state nation associ competitor heracl sharehold heracl support commiss posit belgian dutch french german associ cement manufactur emphasis member undergon heavi restructur programm includ cut product capac substanti invest receiv special aid belgian associ ad member face disrupt market partli result cheap import greek cement dutch associ fear overcapac creat maintain greec mean state aid forc greek cement industri notabl heracl sell larg volum cement countri low price german associ ad greek cement heracl cement offer western european countri includ germani price compar product cost luxembourg associ construct materi manufactur trader point cement produc heracl found luxembourg netherland price lower charg cement industri luxembourg italian associ cement manufactur protest increas import cheap greek cement itali half heracl italian associ irish produc stress greek cement industri benefit gener aid scheme notabl export aid oper aid convers debt capit incap satisfi test articl british govern object rescu aid link sound restructur plan greek competitor heracl stress greek cement industri abolit price control cement greec govern denmark germani associ unit kingdom manufactur denmark protest aid gener term commiss submit observ greek govern letter date septemb govern comment letter date march owner heracl submit confidenti inform novemb inform submit greek govern disregard reaction commiss notic publish march reaction interest parti commiss notic announc enlarg proceed aid grant heracl summaris includ submiss competitor heracl nation cement associ sharehold heracl enlarg proceed lawyer repres french cement manufactur time submit observ aid gener interest parti argu aid unlawfulli grant heracl incompat common market recov accru interest submit aid heracl authoris articl remedi disturb greek economi contend commiss shown aid remedi disturb effect economi aid grant titan titan argu aid accord heracl princip busi rival common market caus injuri titan view commiss calcul minimum level debt capitalis ensur heracl surviv estim level aid suffici reduc financi cost heracl indebted level met cash flow titan approach commiss compar heracl financi posit titan flaw respect account viabil test heracl perfectli viabl financi posit remain weaker titan industri leader heracl carri higher financi cost perfectli natur invest heavili recent titan titan question valid data commiss make comparison respect year british cement industri british cement industri state aid enabl heracl export unit kingdom volum volum cement export heracl unit kingdom increas tonn tonn tonn year period aid permit heracl produc cement low unit cost burden financ cost set plant built modernis aid effect heracl profit enabl sustain substanti flow unprofit export unit kingdom british cement industri submit aid heracl ceas trade altogeth forc appropri restructur measur promptli includ rationalis product capac match demand notic commiss restructur necessarili led disturb greek economi state impos price control oper domest market prevent manufactur obtain commerci rate return cement sold home contribut difficulti greek cement industri gener greek govern act remedi situat reliev problem greek cement industri requir award state aid heracl liquid sooner allow greek govern benefit result unlaw aid industri rationalis rapidli british cement industri call commiss assess aid grant heracl order remedi disturb greek economi assumpt greek govern grant unlaw state aid halki permit halki liquid make restructur greek cement industri ii greek govern move earlier lift domest price control british cement industri submit comparison base figur unduli favour heracl correct analysi show excess capitalis greater parti criticis commiss ground contend capit inject need maintain heracl busi substanti exist form simpli assum order prevent disrupt greek economi aitec comment aitec refer distort competit caus increas level export heracl itali onward volum cement export heracl itali grew tonn tonn increas aitec claim heracl attain market penetr itali charg abnorm low price pursu aggress price polici quot figur price greek cement averag lower itali lower price greek market aitec argu aid grant heracl gave advantag posit vi vi competitor itali enabl secur substanti share italian market fact restructur link convers debt heracl meant compani product capac stood remain unalt annual output increas fact number employe diminish consider period note period ratio invest compani turnov increas aitec consid made aid heracl receiv heracl export itali led associ claim loss total job itali oficemen oficemen note letter characterist greek cement industri output export total volum greek cement export year share export spain increas absolut term tonn volum export heracl spain increas tonn tonn figur amount approxim greek export spain year oficemen maintain great increas heracl share export year due aid receiv greek state allow sell product cost spanish cement manufactur found disadvantag posit vi vi heracl sharehold heracl sharehold heracl regard interest parti enforc increas compani effect dilut control origin sharehold observ surpris heracl overcapitalis capit increas disguis manoeuvr aim take control compani motiv pure financi consider sharehold argu aid grant unlaw mechan notifi advanc infring council direct eec amend act access austria finland sweden quot compani law direct quot aid measur found compat articl mechan aid grant infring provis commun law laid articl treati case compani law direct found compat aid authoris grant unlaw mean accord case law court justic sharehold recov origin posit control lafarg lafarg french cement manufactur criticis commiss decis enlarg proceed fail account fact aid enabl heracl loss make cement produc halki subsequ increas capac heracl control concretum sa cal nat sa lafarg refer indirectli fact heracl purchas parent concretum concretum hold halki concretum control sharehold halki own halki share lafarg contend formal constitut takeov halki heracl result econom term reinforc product capac manufactur advantag state aid lafarg argu proceed broaden suffici cover question econom unif heracl halki vii applic articl ec treati vii applic articl treati reason set commiss consid aid grant heracl caught articl treati specif grant state resourc specif undertak threaten distort competit affect trade member state decis eec law determin intervent bro constitut state aid heracl loss make end accumul loss grd million equal approxim time share capit time ministeri decre august made subject law debt convert capit heracl ow grd million public institut capitalis gave share capit time greater own govern commiss observ decid novemb enlarg articl proceed aid grant heracl distort competit affect trade member state mean articl vii distort competit effect trade member state european cement market cement tradabl good low price weight ratio make competit short distanc product site transport overland practic intern trade cement cross border small radiu seaborn larg vessel larger distanc rate activ cement industri relat rate activ construct industri directli depend econom situat cement import basic materi construct civil engin account substanti public privat invest cement product consist essenti phase manufactur semi finish product quot clinker quot obtain calcin high temperatur kiln raw materi clai limeston previous prepar past powder form depend product process wet dry manufactur cement finish product obtain homogen mixtur ground clinker calcium sulphat addit compon slag fly ash pozzolana filler depend type cement cement product requir larg quantiti energi signific advanc made recent decad reduc energi requir produc tonn cement gener accept criteria rank cement compani group turnov capac defin wai publish turnov consolid account includ cement activ exist trade affili lead quantiti cement produc distribut compani capac part own compani calcul differ subject reserv largest compani world cement interest commun consid alphabet order blue circl unit kingdom cemex mexico dyckerhoff heidelberg germani holderbank switzerland italcementi itali lafarg franc scancem ab sweden result declin build europ period total commun consumpt fell million tonn million half increas demand cement member state result spread concret road construct reinforc concret railwai network renov ag infrastructur import account small proport consumpt commun total commun import stabl million tonn total output europ decreas million tonn million tonn reflect slowdown consumpt build proport commun output export equival million tonn consumpt cement decreas period greec commun neg trend steeper case commun case greec proport total commun market account greek output rose due combin effect increas greek output decreas commun output half begin greek cement produc increas product capac million tonn meet strong demand market middl east time full expans ow higher price paid oil product greec tradition export cement countri middl east north africa export member state mid fall oil price led collaps middl eastern market combin expans local cement firm creat huge overcapac greek cement industri prompt search market domest output consider outstrip domest consumpt greek export divert increas portion product member state greec export million tonn cement countri million member state export member state grown million tonn million tonn end begin greek produc look western europ market regard easili access unit kingdom highest cement price europ itali small associ form consum import export compani step import greek cement structur cement industri greec manufactur cement greek industri tradit sector largest compani heracl titan account greek cement market approxim largest compani halki market share fourth halyp market share cement manufactur differ consider region region greec compani larger market share area closest plant distribut centr domest cement market oligopolist market manufactur titan pure greek compani control foreign multin heracl halki italian compani realiti compani heracl halki titan account domest market market highli concentr present extern competit domest market import neglig difficult foreign compani establish greec restrict access strict environment regul permit oper european countri high transport cost strong posit compar advantag greek compani tabl show market share greec greek cement manufactur titan heracl halki halyp mid onward domest market share greek cement manufactur gt tabl gt profit financi indic greek cement industri mid note gross oper profit tonn output increas period result gain oper cost effici industri export price decreas price domest market compar low level analysi profit financi charg advers effect financi charg industri profit high financi charg incur order financ modernis industri charg grew long term debt incur connect modernis foreign currenc devalu drachma rel increas interest payment outstand debt directli affect financi structur compani drachma devalu factor dollar consolid profit greek cement industri gt tabl gt turn financi indic worth note heavi impact accumul loss financi structur compani complet erod book net worth meant net worth industri neg tabl show gear industri deterior onward long short term liabil exceed total asset meant total asset industri financ long short term debt liquid satisfactori deterior reflect acut problem cash flow industri profit term netprofit deterior period financi indic greek cement industri gt tabl gt respect profil greek produc year shown tabl gt tabl gt factor crucial develop cement industri greec time sell price domest market low comparison price domest market commun part due fact cement price greec set state greek export price declin sharpli develop advers affect similar compani commun recal high proport long term loan financ invest earli foreign currenc caus difficulti industri weak drachma comparison foreign currenc manufactur face high financi charg impact led heavi loss industri lastli energi price import factor view cost structur cement industri energi price specif price coal oil electr signific greek cement industri account total cost european averag coal main fuel industri greec commun consider costli greec onward develop heracl export pattern greek cement industri tradition consider export greek export grew strongli period million tonn million tonn proport greek cement output export greek cement industri advantag competitor enabl export effect characterist greec geographi product locat closer raw materi mine time place final product load transport sea econom method transport cement sea long distanc greek compani modern plant product cost lower product unit larger final largest greek compani cargo vessel transport cement heracl largest greek export heracl export fell grew increas similar greek cement compani export maintain level fell total greek export decreas gt tabl gt period heracl manag increas share export member state inform present conclud state aid grant heracl result surviv compani enabl export increas proport output member state reason heracl recapitalis constitut aid caught articl treati distort competit affect trade member state commiss accept greek govern content aid heracl scope articl commiss accept argument trade member state requir articl met forese time greek export direct member state court instanc found judgment time greek govern accept risk prohibit investor greek govern event fail show heracl found mean surviv capit market fail show state measur assist heracl constitut aid basi structur prospect compani reason return form dividend capit growth expect reason time greek govern claim privat investor principl satisfi contradict argu hand financi problem face heracl caus short term problem economi hand law oper bro respons econom situat develop greec fail notifi aid prior recapitalis greek govern fail compli oblig articl treati commiss approv implement law subject condit commiss notifi individu case firm brought scope law firm emploi person case sensit branch person case sensit branch decis eec aid grant unlawfulli viii assess compat aid common market articl viii exempt articl treati commiss requir assess claus articl appli exempt aid gener prohibit articl except laid articl appli case natur intervent pursu object list greec regard meet definit articl quot aid promot econom develop area standard live abnorm low underemploy quot concept region develop except link base essenti provis aid invest major expans convers undertak involv larg scale invest physic natur cost recapitalis heracl consid fall scope exempt articl appli aid grant heracl design quot facilit develop econom activ econom area quot word aid region object link restructur compani question articl appli aid intend quot promot cultur heritag conserv quot part articl make provis quot aid promot execut import project common european interest quot appli aid grant heracl intend promot execut project part articl commiss authoris law ground intend remedi disturb greek economi law provid legal basi grant aid heracl individu award aid kind permit sole exempt viii applic articl state law form legal basi aid grant heracl implement law made subject number condit includ requir greek govern notifi individu case exceed threshold specif notif requir impos order enabl commiss signific individu case point view impact trade member state competit commiss wish emphasis heracl case case part programm pursu bro econom situat greec constantli deterior octob intern extern imbal creat difficult situat demand firm polici measur greek author confront extern payment pressur exchang rate septemb octob introduc econom stabilis recoveri programm programm includ measur devalu drachma introduct interest bear import deposit scheme abolit wage index major tax system tighten credit monetari polici time auster programm institut greek compani financi difficulti result previou polici wage limit make worker redund price control interest rate overvalu drachma commiss adopt decis eec authoris implement law observ regard import greek compani maximis econom perform object auster programm achiev major effort greek govern undertak revers past polici octob stabilis programm commiss conclud law oper bro integr part programm compat articl question purpos aid reorganis recapitalis heracl remedi disturb greek economi note heracl time enterpris import greek economi greek govern stress letter decemb point absenc intervent part bro exist largest cement group workforc approxim directli emploi largest export industri greec threaten grave social region consequ repercuss greek balanc payment commiss point treati aid limit minimum achiev goal grant order avoid undu distort competit commiss accept aid heracl order achiev object measur greek author remedi disturb greek economi commiss opinion aid grant limit minimum object remedi disturb greek economi distort competit affect trade member state extent contrari common market result measur respect heracl debt write brought substanti cost save pai interest debt capitalis default interest liabil overdu public institut compani liquid increas consider debt capitalis longer pai interest capit creditor enabl improv credit term offer custom domest export market export greater proport output member state compani left stronger competit posit reason increas export shift destin export member state part aid restor heracl viabil affect trade member state extent contrari common market place compani favour posit vi vi competitor compat articl treati part aid help remedi disturb greek economi affect trade state intervent enabl compani stai busi increas export member state extent contrari common market increas heracl export member state light gener shift greek export member state place onward point collaps middl eastern market tradit export market greec caus divers member state increas proport output greek export competit greek export compar european product suffici period meet increas intern consumpt order establish part aid justifi articl scope remedi disturb greek economi left compani financi situat order ensur long term viabil commiss carri analysi heracl econom develop financi situat examin method calcul econom develop financi situat heracl heracl loss make acut financi difficulti annual report disclos neg capit reserv grd million net loss grd million net loss ordinari activ grd million end accumul loss amount grd million state intervent heracl face situat equip modern product facil ow major invest programm carri earli year capit expenditur high invest programm financ larg exclus addit foreign borrow devalu drachma neg impact cost borrow sale revenu prospect hit domest price control declin demand compani tradit export market middl east hand hand oil price shock reduc capac oil export countri financ major construct programm econom financi posit compani characteris sharpli rise financi charg result borrow neg impact profit fact threaten liquid hand forward substanti improv product effici ow invest programm undergon earli ministeri decre august greek govern convert share capit grd million commerci debt ow heracl public institut order save compani insolv reliev heracl part debt financi burden pai interest borrow pai dividend sharehold heracl rescu continu export proport output member state gt tabl gt gt tabl gt heracl annual report financi situat debt equiti convers precari high financi outgo due high level outstand debt result substanti loss erod compani capit critic year compani activ heracl regist posit oper result financi cost left consider poor financi result close link extrem weak situat greek economi altern method calcul part aid restrict minimum time enlarg articl proceed judgment court instanc commiss doubt aid heracl consid compat common market recal commiss doubt exempt articl appli heracl case commiss opinion aid left heracl stronger competit posit order ensur viabil commiss examin financi cost titan heracl relat turnov volum sold conclud heracl overcapitalis approxim grd billion aid limit minimum enlarg articl proceed commiss receiv comment numer interest parti includ method calcul minimum level debt convers need ensur heracl viabil behalf member bca commiss studi econom aspect aid prof georg yarrow hertford colleg report prof yarrow estim degre heracl overcapitalis analys cash flow account commiss request british cement industri ask prof yarrow provid addit observ conclus drawn report post natur factual evid subsequ ant evalu calcul base comparison financi structur prof yarrow assum heracl invest rel titan financ titan activ similar mix debt equiti similar payment charg respect debt equiti assumpt depreci asset figur heracl debt capac thing equal titan mid basi bca arriv conclus convers heracl debt excess grd billion complaint titan claim amount capitalis excess convers magnitud unnecessari disproportion relat compani size titan view minimum level debt capitalis ensur heracl viabil allow continu servic debt remain product titan proceed analys heracl expect cash flow cash flow pai debt titan calcul base financi data extract heracl annual report heracl gener cash year onward sustain grd billion debt grd billion capit repay weight year heracl order demonstr debt equiti convers overcapitalis submit commiss report drawn prof joseph hassid piraeu univers prof emmanuel sakelli panteion univers athen calcul made compar capit structur ratio heracl ratio extract larg sampl intern cement produc sampl compris viabl compani face difficulti start point report determin amount net worth heracl increas decemb order ensur compani viabil compani qualifi viabl long term capit exce fix asset financ part fix asset short term borrow leav unhealthi condit work capit includ stock readili liquid suffici cover short term liabil determin amount need convert short term liabil equiti financi inform balanc sheet sampl order estim individu group averag financi indic geometr averag sampl averag critic heracl financi structur aim converg sampl ratio calcul net worth long term liabil divid fix asset ii fix asset divid net worth iii score ratio evalu probabl bankruptci appli ratio amount long term capit heracl increas estim grd billion amount convert short term liabil long term loan equiti order achiev ratio sampl amount heracl short term liabil convert equiti august grd billion remain grd billion repres convers long term loan equiti call ratio result ratio similar commiss take view order examin extent debt convers greater need maintain compani viabil specif cement market greec compar heracl slightli smaller consist profit greek competitor titan enlarg articl proceed novemb compani oper difficult econom circumst face similar cost thing labour energi interest rate time capitalis prevail market condit greek produc differ significantli european competitor macroeconom environ input price condit nation corpor law oblig system fix price depend export market financi year chosen comparison commiss consid enlarg articl proceed proper refer year heracl normal oper year receiv aid compar figur examin made situat time state intervent place commiss believ comparison heracl titan financi structur carri basi financi ratio net financi charg divid turnov net financi charg tonn sold net financi charg tonn produc decid enlarg articl proceed novemb commiss ratio light inform exchang proceed opinion add ratio financi charg tonn produc enabl commiss carri comparison compani compens differ suppli strategi compani stock output suppli direct product basi inform receiv greek author februari enabl commiss document final conclus commiss posit refin financi method calcul heracl overcapitalis calcul base detail configur financi charg heracl titan incom particip interest deduct total amount compani financi charg appli method commiss find titan net financi charg repres turnov quotient heracl term net financi cost relat volum sold quotient grd tonn titan grd tonn heracl term net financi cost tonn produc quotient grd tonn titan grd tonn heracl commiss appli titan ratio heracl order calcul averag theoret amount net financi expenditur save heracl conclud heracl overcapitalis amount grd million approxim eur million method result smaller differenti compani financi charg smaller degre overcapitalis heracl compar titan reason method financi charg comparison heracl titan correspond net amount make compar financi world net financi charg prefer gross financi charg analys kind provid accur figur figur grd million repres amount debt equiti convers exceed ensur heracl long term viabil overcapitalis distort effect european cement market left heracl stronger competit posit appear increas export shift destin export member state part aid restor heracl viabil scope remedi disturb greek economi unduli compani favour posit vi vi competitor compat common market articl treati order restor previou competit posit benefit compani deriv return approach enabl commiss calcul heracl overcapitalis basi inform time state intervent place make post inform base event happen debt convers time state intervent reason commiss disput approach titan order calcul heracl excess equiti base analysi compani cash flow capac servic debt commiss method determin heracl overcapitalis relat financi charg compani directli output express monetari physic valu make reject artifici assumpt bca determin heracl excess equiti capit assumpt titan heracl similar financi structur financ busi similar mix debt equiti correspond complet realiti time commiss disput approach heracl order demonstr overcapitalis base comparison heracl larg number intern cement produc point prevail market condit greek produc time capitalis differ significantli world competitor analysi base comparison financi ratio compani oper environ circumst consid accur analysi set take account doubt commiss initi formul compat aid question commiss examin distort effect aid commun context commiss assess aid grant conform decis eec law articl treati assess shown convers part heracl debt capit consid undertaken greek govern conform decis eec turn question compat articl treati examin demonstr part total aid grd million amount grd million consid compat common market articl treati ground help remedi disturb greek economi affect trade extent contrari common market unduli place compani favour posit vi vi competitor analysi show heracl overcapitalis grd million order rectifi distort effect aid market commiss requir greek govern recov sum grd million heracl sum repaid bear interest date made recipi date repaid interest calcul basi refer rate calcul grant equival region aid time aid grant court annul commiss earlier posit decis aid heracl impos duti commiss examin aid distort competit affect trade member state analysi set commiss perform duti ix conclus commiss demonstr aid unlaw part incompat common market heracl argu revers commiss decis compat aid contradict principl legitim expect sound administr heracl contend fact commiss base decis remain note judgment court instanc requir commiss assess forese effect aid implicitli place duti commiss effect fact observ year fact commiss confin relat time aid grant includ aros commiss point court justic consist held view mandatori natur supervis state aid commiss articl treati undertak aid grant principl entertain legitim expect aid law grant complianc procedur laid articl fact commiss initi approv aid heracl regard capabl caus recipi undertak heracl entertain legitim expect decis challeng due time court annul commiss error eras consequ unlaw conduct greec adopt decis articl recapitalis heracl gener cement compani amount grd million constitut aid mean articl ec treati aid section amount grd million found compat common market ground satisfi test exempt articl treati remaind aid amount grd million incompat common market articl greec measur recov recipi incompat aid refer articl grant unlawfulli secur repay sum grd million aid refer articl recoveri effect accord procedur nation law sum recov bear interest date made recipi actual recoveri interest calcul basi refer rate determin grant equival region aid time aid grant articl month notif decis greec inform commiss measur compli articl decis address hellen republ brussel march commiss karel van miert member commiss oj join case aitec commiss ecr ii oj oj oj footnot oj footnot footnot footnot footnot observ summaris submit bca member blue circl industri plc castl cement rugbi group plc parti refer collect quot british cement industri quot oj institut econom industri research competit greek industri part cement industri athen june report prepar behalf commiss dg iii inform greek cement industri section base studi institut econom industri research competit greek industri part cement industri athen june report prepar behalf commiss dg iii ii institut econom industri research cement industri athen footnot sampl troi almanac busi financi ratio compani engag cement product period juli june sampl line databas cement industri usa sampl robert morri amp associ annual statement studi compani engag product cement relat product period april march fourth sampl robert morri amp associ annual statement studi readi mix concret compani period april march judgment court justic case commiss germani ecr paragraph case spain commiss ecr paragraph