commiss decis octob measur state aid implement spain santana motor notifi document number spanish text 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 procedur learn press report public guarante cover bank loan grant santana motor sa hereinaft santana region govern andalusia commiss spain request addit inform juli octob decemb letter spain date august novemb februari enabl commiss establish guarante question grant june case regist unnotifi aid number nn meet held april repres spanish author santana commiss meet number document hand commiss includ compani medium term strateg plan refer plan invest aid capit inject public bodi complianc market economi investor principl demonstr commiss rais question view gain understand santana object identifi public financ involv visit made linar provinc jaén andalusia meet held brussel juli chiefli discuss question relat region aid letter date juli juli novemb januari spanish author suppli partial repli question rais commiss request addit inform march spanish author respond request april meet held brussel spain address letter commiss amend initi notif letter date juli regist juli spain inform commiss intent implement aid measur favour santana accord articl council regul ec commiss decid august initi proceed pursuant articl treati decis open formal investig procedur found doubt compat measur common market commiss fax spanish perman represent date inform decis initi proceed text decis commun spain letter date august regist spanish author august spain submit comment initi proceed septemb octob spain brought court justic action annul commiss decis initi proceed claim time limit work dai commiss decis respect letter date novemb commiss ask spain comment press report capit inject carri repli decemb spain confirm commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment aid comment receiv ii detail descript aid plan aid grant publicli own santana group santana group activ motor vehicl industri compani abovement santana motor sa subsidiari santana motor andalucía sl gener turnov esp billion esp billion eur million santana group sold vehicl suzuki model swift baleno import sold european market vehicl produc linar plant samurai vitara wheel drive model santana achiev sale spain major outlet franc itali unit kingdom figur compani develop strateg plan period main object enabl santana match industri competit standard draw product sale product programm link coher invest financ plan diversifi compani activ order increas independ achiev profit find partner view privatis aim safeguard job set strateg plan present spain provid commerci launch vehicl includ restyl produc diesel engin suzuki wheel drive model produc model design yr jimni project independ suzuki envisag develop ps wheel drive vehicl descend santana land rover model licenc chatenet manufactur light cabin quadricycl call stella activ compon supplier develop product mould di specialis workshop close cooper suzuki continu import distribut model swift alto wagon baleno number invest plan gener framework largest refer quot plan quot involv invest total esp million spread period broken gt tabl gt addit plan spain state extra esp million invest restyl model period invest involv increas capac financ compani strateg plan measur plan spanish author capit inject made soprea subsidiari instituto de fomento de andalucía ifa compani sole sharehold region invest aid capit inject provid santana strateg plan total esp billion grant equal instal capit provid soprea region aid plan grant santana quot régimen de ayuda la inversión la investigación desarrollo quot invest amp aid scheme approv commiss march initi request aid made april juli respect invest project plan jimni project develop ps product chatenet stella letter spain state aid amount esp million individu public guarante grant santana region govern andalusia cover credit line purchas equip produc jimni credit line grant santana june consortium bank borrow esp million gener term draw credit line life loan year amortis year year grace period interest rate mibor rate date loan tranch drawn spain consid market condit hand price charg santana public guarante quarter spanish author estim market price guarante year due regard santana financi situat region aid esp million grant santana relat public guarante cover credit line total nomin amount aid esp million present esp million iii comment spain septemb spanish author comment initi proceed comment account commiss comment spanish author assert decis initi proceed lengthi preliminari phase caus delai invest schedul lead postpon ps project implement invest aim increas share compon purchas europ delai advers evolut yen euro exchang rate held respons santana underperform respect target set strateg plan regard capit inject spanish author state commiss assess content strateg plan decid initi proceed confin observ consequ yen euro exchang rate posteriori factor extern plan control author ps project spanish author affirm preliminari phase procedur commiss refer aid element capit inject consid aid ps project compat aid chatenet stella project spanish author point quadricycl fall commun framework state aid motor vehicl industri hereinaft quot motor vehicl framework quot characterist correspond motorcycl shown technic descript contain strateg plan regard invest spanish author point letter amend initi notif includ invest relat tool di workshop exclud remain invest iv assess aid assess alleg aid measur consid capit inject subsequ region measur capit inject assess transact member state public undertak constitut normal commerci transact consist wholli partli state aid commiss follow market economi investor principl accord principl capit inject involv state aid made circumst accept market economi investor oper normal market condit court justic state judgment march case itali commiss quot conduct privat investor intervent public investor pursu econom polici aim compar conduct ordinari investor lai capit view realis profit short term conduct privat hold compani privat group undertak pursu structur polici gener sector guid prospect profit longer term quot commiss strateg plan present santana lead long term profit compani measur envisag strateg plan induc market economi investor provid capit implement commiss note santana depend import japan attent paid impact forese exchang rate fluctuat target set strateg plan measur counterbal fluctuat assess commiss account relev inform market economi investor time decis capit inject spanish author notifi intent carri capit inject meet held april provid document date januari capit inject part strateg plan base fact commiss conclud relev time decis capit inject begin commiss note capit inject formal approv santana sharehold decemb commiss date relev date assess decemb vote ratifi decis santana sole sharehold soprea addition actual date formal ratif capit inject influenc notifi measur commiss repres time privat investor decid invest compani annual account show net profit esp million esp million posit result deriv extraordinari profit offset oper loss esp million esp million strateg plan forecast higher oper loss esp million sharp improv loss esp million return oper profit reach esp million factor lead improv profit mention made sharp increas sale vehicl year onward diversif rang thing product jimni ps stella model depend suzuki increas share compon purchas europ product ps stella model increas product volum achiev jimni model unit year ps unit year onward stella unit year onward addit product santana import distribut vehicl year baleno gran vitara model produc suzuki commiss consult independ automot expert consid sale forecast strateg plan accept lead satisfactori profit medium term expert regard yen euro exchang rate main risk factor strateg plan commiss note degre independ suzuki achiev product ps stella model compani highli depend compon finish product suppli suzuki impli profit highli depend import price fluctuat japanes yen commiss note santana make financi instrument order reduc risk connect fluctuat exchang rate euro japanes yen commiss consult independ financi expert order assess signific santana currenc exposur quantifi potenti cost hedg exposur independ financi expert consid santana expos foreign exchang risk compani similar santana term currenc exposur locat size financi expertis hedg conclud forward foreign exchang contract currenc option contract standard call put type cost financi contract larg compar size transact secur cost forward contract low cost option contract depend chosen strike price independ financi expert stress financi instrument reduc elimin currenc risk short term year elimin long term currenc risk santana busi financi expert consid compani hedg currenc posit long period assess size currenc exposur light expect profit invest opportun investor undertak riskier invest profit prospect suffici high basi forego consider commiss analys santana profit prospect high compens foreign exchang risk face profit figur januari strateg plan commiss calcul santana expect return capit invest higher compani automot industri set target profit prospect suffici compens higher risk face compani commiss analys santana return capit invest stricter estim profit firstli revis profit figur commun letter profit reduc account addit invest model commiss exclud profit calcul financi item accru certainti compani natur similar extraordinari item result normal oper return invest result calcul higher compani automot industri set target assess santana exposur foreign exchang risk commiss look manag provis compani provis gener risk decreas sum transfer profit loss account extraordinari profit commiss assess manag provis weaken santana posit manag foreign exchang risk commiss conclud commend point view prudent manag decreas provis weaken santana posit regard foreign exchang risk provis elimin reduc foreign exchang risk anticip estim financi loss compani book high provis risk limit amount reason replac currenc hedg tool manag foreign exchang risk light forego consider report independ automot financi expert commiss conclud market economi investor requir sounder short term manag currenc risk forward foreign exchang currenc option contract market economi investor ask chang hedg polici implement cost compani time commiss conclud market economi investor agre part capit inject profit prospect santana strateg plan suffici posit compens long term risk connect compani currenc exposur time invest decis earli santana offer good chanc return profit long term basi plausibl forecast evolut yen euro exchang rate commiss take view soprea make capit inject favour subsidiari santana basi compani strateg plan behav market economi investor capit inject examin compli market economi investor principl constitut state aid mean articl event occur point capit inject made commiss note half exchang rate remain stabl level compat target set strateg plan half euro depreci significantli respect main intern currenc includ japanes yen number measur decid santana begin order offset neg effect depreci euro commun commiss letter date advers effect santana depreci euro capit inject decid strong compani fail achiev target set strateg plan volatil intern currenc market fluctuat euro expect partli consequ creation common currenc extent depreci place forecast time strateg plan drawn implement account determin market economi investor principl compli capit inject santana made region aid measur measur form invest aid public guarante grant santana constitut state aid mean articl treati financ state state resourc repres signific proport project fund distort competit commun give advantag santana compani receiv aid final santana activ motor vehicl industri market motor vehicl characteris extens trade member state clear measur constitut individu applic approv scheme notifi pursuant articl treati accord procedur rule state aid field articl treati list type aid compat common market view natur purpos aid geograph locat firm subparagraph applic plan question articl specifi form aid regard compat common market commiss note project locat region andalusia qualifi assist articl maximum region ceil net grant equival nge determin propos measur compat common market exempt provid articl treati commiss check complianc condit motor vehicl framework commiss note public guarante grant cover bank loan financ invest link product jimni model conclud public guarante examin region invest aid conjunct invest grant commiss establish foremost region aid grant end consid investor chosen altern site project demonstr aid special refer mobil project exist industri site group capabl receiv propos invest firm compel carri project sole plant absenc aid mobil demonstr investor basi studi carri view take final locat decis altern site necessarili locat commun commiss check plausibl option special refer relev market commiss check elig cost relat mobil aspect project check plan aid proport region problem intend overcom end carri cost benefit analysi intens plan aid lower ceil motor vehicl framework commiss assess compat region aid common market individu invest project ps project chatenet stella project remain project notabl jimni project ps motor vehicl mean motor vehicl framework examin data provid spanish author visit plant commiss conclud invest product ps independ invest includ strateg plan total cost project esp million eur million plan aid amount esp million eur million amount threshold notif compulsori approv scheme project individu notifi chatenet stella project involv invest esp million eur million concern product licenc light cabin quadricycl examin technic characterist commiss conclud stella motor vehicl fall scope motor vehicl framework consequ aid project assess region aid guidelin region aid element project eur million grant approv scheme compat common market region aid plan remain project consist firstli direct invest aid amount esp million present esp million state aid involv loan guarante enabl product equip purchas jimni assembl line accord analysi set decis initi proceed commiss conclud santana secur loan question public guarante commiss find price quarter charg santana public guarante lower market price basi inform provid spanish author commiss estim market cost guarante ident grant santana year differ cost public guarante market price ident guarante amount maximum esp million eur million durat project addit data provid spanish author letter decemb alter assess exampl relat loan contract juli septemb year public guarante obtain commiss assess aid specif condit obtain time grant aid remain project amount total esp million present aid notifi commiss articl treati public loan guarante grant santana june authoris commiss deem illeg decis initi proceed commiss analys project question mobil take account fact santana assembl plant linar situat uniqu unusu motor vehicl manufactur accord analysi set decis initi proceed commiss take view recipi aid busi group bring santana suzuki busi group altern choos suzuki plant world produc vehicl suppli commun market mean import commiss conclud jimni project mobil mobil invest involv amount esp million present esp million link invest tool di workshop amount esp million present esp million regard mobil demonstr compani subcontract activ invest includ strateg plan mobil invest relat modif model engin esp million miscellan activ esp million number measur modernis industri process product rang period esp million invest consider calcul allow aid intens spanish author letter amend notif fact includ invest comput aid intens total mobil invest jimni project tool di workshop amount esp million present total aid plan region aid bank guarante amount esp million present result intens aid gross grant equival gge proportion aid motor vehicl framework state intens plan region aid region ceil period cost benefit analysi requir commiss region map lower ceil period region map spain approv april linar locat assist area articl treati region aid allow ceil nge gge larg firm ceil nge mean threshold cost benefit analysi requir gge commiss note aid intens gge spanish author plan grant jimni project higher threshold cost benefit analysi requir spain demonstr proportion aid mean cost benefit analysi total amount region aid grant santana exce elig invest cost benefit analysi aid involv deem compat common market maximum amount aid grant esp present aid grant santana amount consid incompat conclus commiss find spain unlawfulli implement aid link public guarante cover bank loan grant santana region govern andalusia breach articl treati commiss find region aid spain plan grant santana partial compat common market articl treati reason aid amount esp million ps project individu notifi stella project relat manufactur motor vehicl mean motor vehicl framework grant approv scheme aid amount esp million compat common market aid jimni project compat exce elig invest esp million present calcul discount rate base year maximum amount aid grant esp present capit inject esp million carri accord market economi investor principl constitut aid addit state aid invest project question incompat common market view characterist project commiss call spanish author pursuant point motor vehicl framework present commiss detail report implement project adopt decis articl capit inject made soprea subsidiari instituto de fomento de andalucía ifa santana motor sa amount esp million constitut aid mean articl treati state aid spain plan implement santana motor sa linar ps stella project compat common market state aid spain plan implement santana motor sa linar jimni relat project compat common market mean articl treati maximum intens gross grant equival elig invest amount esp million present calcul discount rate base year implement aid amount esp present calcul discount rate base year authoris articl state aid addit aid refer articl spain plan grant santana motor sa jimni relat project incompat common market articl spain inform commiss month date notif decis measur compli articl spain present decemb year project complet report state progress financi implement project gener complianc condit set notif aid question articl decis address kingdom spain brussel octob commiss mario monti member commiss oj oj footnot caja de ahorro pension de barcelona argentaria caja postal banco hipotecario sa caja de ahorro mont de piedad de córdoba dexia banco local sa caja provinci de ahorro de jaén base year discount rate oj commiss commun member state applic articl eec treati articl commiss direct eec public undertak manufactur sector oj ecr threshold eur million nomin cost invest project eur million total gross aid stella specif unladen mass engin power maximum speed line technic characterist laid articl council direct eec june relat type approv wheel motor vehicl oj direct amend parliament council direct ec oj