commiss decis septemb authoris subject condit aid grant itali italstrad spa notifi document number italian text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof notic parti concern submit comment accord aforement provis italstrad spa quot italstrad quot compani oper engin civil infrastructur construct road railwai previous wholli control iritecna spa quot iritecna quot wholli own subsidiari iri spa quot iri quot wholli control italian treasuri iri decid context restructur engin construct put iritecna liquid total cost itl billion ecu billion set subhold compani fintecna spa quot fintecna quot privatis iritecna profit busi italstrad heavi loss record period initi transfer iritecna dispos subsequ consid potenti attract privat investor larg size order book main item order book deriv membership iricav iricav consortia contractor rome napl verona venic stretch project italian high speed rail network entir share capit compani transfer fintecna view privatis period compani record loss total itl billion ecu million gross profit margin fell turnov turnov period iritecna interven frequent financi support capit inject write debt amount itl billion ecu million restructur undertaken compani reduct work forc write work hand prospect gener resumpt work high speed rail network led fintecna compani quickli privatis restructur plan submit commiss made express provis place busi construct sector includ italstrad market earli end advisor appoint sound market potenti buyer decis ec commiss declar aid grant iritecna fintecna connect iritecna liquid compat common market authoris iritecna cover italstrad loss decemb amount itl billion ecu million articl decis requir complianc restructur plan approv commiss thing call privatis fintecna subsidiari includ italstrad reason time limit state aid decis adopt italian govern inform commiss sale compani suspend order time assess legal implic guarante iri connect high speed rail network assess complet procedur sale compani set motion novemb object sell minor hold capit sold iri discharg guarante work high speed rail network meantim italstrad continu record substanti loss itl billion ecu million includ revalu itl billion itl billion ecu million order replenish italstrad share capit erod loss fintecna oblig provid fresh fund total itl billion ecu million period june respons request commiss italian author inform measur replenish italstrad share capit report negoti sale compani resum italian author view fintecna fund italstrad consid duti atto dovuto mean civil code italstrad put liquid final march fintecna sold capit italstrad privat investor astaldi spa quot astaldi quot contract sale includ claus astaldi fintecna option bui remain share predetermin price option valid januari month expiri iri guarante work high speed rail network event earli discharg iri june sell price base valuat italstrad amount itl billion ecu million fintecna replenish italstrad share capit bring itl billion time transfer april august order compli claus requir replenish italstrad share capit fintecna provid fund itl billion ecu million commiss decid initi procedur pursuant articl treati respect fresh capit contribut year unsatisfactori restructur measur term privatis compani appear conflict condit laid decis inform italian govern decis initi proceed letter august italian govern submit formal observ letter octob member state interest parti submit observ time allow letter januari commiss request inform italian author inform suppli letter march lastli commiss receiv copi compani balanc sheet industri plan period inform furnish italian author show decemb fintecna provid italstrad capit inject amount itl billion adjust purchas fall italstrad asset inject total fund provid fintecna italstrad brought itl billion ecu million ii observ present initi procedur italian govern argu decis make provis inject fresh capit italstrad ii fintecna provid fresh capit resourc act privat investor fund constitut state aid iii infring condit impos decis italian govern argu measur refer consid state aid event declar compat common market pursuant articl treati point govern contend time decis commiss awar fund compani order privatis place inform good time recapitalis oper italstrad progress sale compani restructur plan approv decis provid sound busi return sound foot transfer fintecna view privatis govern argu decis allow financ measur restructur construct industri industri italstrad oper decis govern contend fintecna parent iri commiss regularli inform progress privatis process meet rome june iri fintecna suppli inform need assess fact issu present articl proceed point ii govern argu fintecna help italstrad resourc gener fintecna activ contribut part state fintecna act accord privat investor principl action consid state aid govern state fintecna compar cost put italstrad liquid cost recapitalis privatis forese cost liquid exce recapitalis sale compani govern argu state aid caught articl govern state fintecna estim cost put italstrad liquid itl billion compani wound orderli fashion itl billion wound free fall fintecna conclud prefer recapitalis italstrad oper pend privatis end view fintecna behav privat investor fund inject italstrad constitut state aid thirdli point iii govern maintain compli condit impos decis refer total cost restructur commit restructur group privatis italstrad total cost plan approv commiss govern point decis authoris total itl billion aid itl billion monei subsidiari includ italstrad period itl billion estim cost put iritecna liquid deduct itl billion proce sale fintecna thing stand present italian author expect final cost maximum mention lower return sale italstrad decis compli turn restructur oper provid decis govern argu action realiti compli plan approv commiss reduct workforc indirectli product capac forecast figur commiss cite decis initi proceed refer activ workforc open end contract figur annual report includ staff fix term contract laid cassa integrazion guadagni wage compens scheme govern argu declin italstrad perform compar forecast plan net profit itl billion itl billion due worsen market condit failur restructur compani govern contend result obtain italstrad compar directli restructur plan commiss approv decis failur achiev turnov call plan caus reduct itl billion italstrad gross margin year number oper item amount itl billion ad neg effect item forese time plan drawn restructur effort provid exceed oblig privatis laid decis govern point question pend court instanc european commun event fintecna compli condit sold italstrad quot reason time limit quot requir decis decis initi procedur commiss argu basi inform dispos sale italstrad consid genuin privatis share possess fintecna sold remain govern argu privatis italstrad consid genuin definit sale link specif contractu claus make sale remain inevit decis sell compani instal due presenc contractu claus agreement high speed rail compani tav spa quot tav quot iricav consortium italstrad member consortium won contract award tav build rome napl stretch high speed rail network claus requir iri preserv quot major particip quot consortium work complet govern claus cancel agreement iricav consortium tav event contract sale italstrad entitl fintecna sell remaind hold support claim sale italstrad consid definit govern cite point fact italian competit author autorità garant della concorrenza del mercato found inquiri sale relat capit directli transfer manageri respons purchas fact auditor certifi italstrad account intend exclud compani result fintecna consolid account ground effect control decis requir privatis italstrad carri aid govern maintain financ fintecna gave italstrad amount itl billion ecu million consid state aid mean articl ground explain refer point ii altern aid consid compat common market fund provid connect restructur plan aim restor compani profit confirm privatis fund limit strictli ensur italstrad return market viabil iii light determin measur infring condit laid decis question compat aid italstrad approv decis reconsid order determin condit laid articl decis compli establish fund italstrad constitut state aid caught articl treati state aid fact grant measur compat common market explain decis found aid grant italstrad itl billion ecu million compat common market subject seri condit includ italstrad carri measur call restructur plan approv commiss ii fintecna subsidiari includ italstrad privatis accord time scale submit commiss case reason time limit iii incom sale compani assist compani difficulti sold iv state aid grant connect privatis oblig carri restructur measur call plan decis initi procedur commiss argu reorganis italstrad call restructur plan complet observ number employe open end contract figur reduc exceed total construct sector laid restructur plan increas staff coincid unfavour econom situat compani incur loss itl billion itl billion observ italian govern contend figur commiss includ worker compani payrol work laid cassa integrazion guadagni scheme govern compar compar figur pictur gt tabl gt italian govern figur show effici object plan achiev make proper comparison figur look averag number employe year estim basi arithmet averag end year figur success year gt tabl gt real averag figur line restructur plan subsequ easili exceed figur plan time partli consequ italstrad financi result heavili neg contrast provid plan plan anticip net profit itl billion fact net loss itl billion net profit itl billion fact net loss itl billion compani gener net profit itl billion fact account extraordinari item incom form fund amount itl billion larg inject fintecna suffici italian govern worsen situat due unforese declin market plan provid begin intern restructur measur enabl italstrad achiev gross industri margin structur cost equal turnov theori margin allow compani gener profit itl billion itl billion fall revenu place industri margin commiss view pessimist forecast market prove justifi compani maintain substanti econom balanc resort capit inject italstrad industri margin neg made net loss excess corpor asset year difficult period experienc construct industri itali italstrad won order signific fall major contract award area public procur drastic reduct profit margin italstrad undertook stringent effort plan approv order deal manifest deterior market condit cut oper cost rationalis organis structur italstrad effort includ reduc structur cost drastic assum restructur plan approv commiss tabl deterior gross margin compani cut structur cost itl billion cut envisag plan itl billion cut envisag plan dint restructur measur italstrad maintain gross margin turnov incom remain level anticip plan result restructur measur compani achiev profit albeit modest time year tabl italstrad financi result gt tabl gt fact compani net loss period result write asset line smaller margin gener work progress work complet italstrad rationalis measur made stringent central structur cost prescrib plan present commiss conclud condit impos articl decis compli view action compani contend market favour anticip restructur plan ii oblig privatis italstrad accord time scale submit case reason time limit factor felt justifi decis italian govern undertak privatis italstrad rapidli accord restructur plan basi inform submit consid decis privatis short time intent sell italstrad rapidli major factor assess aid grant iritecna thing view enorm aid iritecna construct sector time commiss accept restructur construct sector time decis light iritecna plan expect quot complet end quot allow compani sold reason articl decis expressli requir fintecna subsidiari privatis accord time scale submit commiss event reason time state aid procedur sale compani suspend shortli decis adopt set motion novemb italian govern studi legal implic contractu guarante iri work high speed rail network march contract conclud sale astaldi capit italstrad part fintecna hold initi present procedur commiss suffici inform establish sale consid genuin irrevers satisfi requir decis commiss rais doubt aspect transfer fintecna buyer power appoint manag financi implic fintecna loss italstrad term transfer remain capit possibl iri guarante respect high speed rail network contract met repli italian govern suppli suffici inform dispel doubt rais commiss transfer manageri power buyer respons appoint manag director amministrator delegato power manag compani subject authoris board director consiglio di amministrazion restrict relat act damag fintecna iri connect work high speed rail network board director made member includ manag director appoint astaldi fintecna chairman astaldi subject fintecna agreement basi inform conclud buyer take fintecna full power manag italstrad turn possibl fintecna meet futur loss italstrad contract lai sharehold meet financi liabil incur italstrad proport hold compani capit transfer residu hold own fintecna natur point astaldi undertak entir financi respons italstrad result arrang fintecna oblig inject public fund italstrad case capit increas term contract capit increas entail joint particip fintecna astaldi proport hold presenc privat sharehold ensur invest italstrad made basi return expect fund inject italstrad prospect poor privat investor provid fund prefer wind compani italstrad receiv public fund fintecna regard normal invest market condit provid signific equal contribut privat investor fund consid state aid mean articl treati capit inject provid commiss presum state aid involv public fund provid similar invest privat sharehold present case fintecna astaldi particip increas italstrad capit sole basi hold compani assum capit fintecna inject italstrad term accept privat investor oper normal market condit term transfer remain fintecna capit astaldi contract fintecna entitl transfer astaldi pre determin price januari june month discharg iri guarante high speed rail network basi inform provid italian govern manifestli legal oblig parti complet transfer italstrad fintecna entitl transfer remain capit hold exercis parti oblig complet transact fintecna conceiv refrain form exercis case transfer italstrad complet condit laid decis compli italian govern undertak fintecna transfer remain hold italstrad contractu condit refer deadlin exercis option view commit fintecna remain hold italstrad consid temporari serv protect iri respect guarante gave connect contract high speed rail network acquir failur complet fintecna continu hold italstrad condit laid articl decis compli delai sale due circumst fintecna control contractu claus respect work high speed rail network power fintecna act object privatis italstrad rapidli object achiev explain virtu claus contract sale commit italian author transfer remain hold complet claus work high speed rail network commiss note negoti take place iri tav compani award contract view remov claus requir iri continu hold absolut major capit italstrad note posit outcom negoti speed formal transfer entir capit italstrad astaldi iii prohibit proce asset sale fintecna assist compani difficulti iv prohibit grant state aid connect privatis order decid fintecna compli condit set articl decis prohibit grant aid establish fund italstrad receiv consid invest market line constitut state aid purpos articl treati determin financi relat state public enterpris includ state aid compon caught articl commiss appli privat investor test financi flow present case mean fund italstrad public resourc invest appli privat investor test iritecna plan italstrad transfer fintecna wholli own subsidiari iri industri hold compani wholli own italian treasuri italian govern appoint board director iri turn appoint board fintecna settl case law court justic european commun judgment case itali commiss order establish aid measur consid state aid mean articl treati quot distinct drawn case aid grant directli state case grant public privat bodi establish appoint state quot fund italstrad directli state public fund affirm italian govern observ financi measur fintecna resourc gener oper busi obtain state fintecna oper cash flow unprofit purpos case italstrad reduc profit accru fintecna sharehold iri ultim state fintecna fund activ return enabl iri state obtain econom return invest smaller return iri invest fintecna ultim reflect loss profit state fund italstrad provid directli state constitut state resourc order establish caught prohibit articl studi light privat investor principl principl financi transact state public undertak state aid compon accept privat investor oper normal market economi condit presenc state aid presum quot financi posit compani structur volum debt normal return dividend capit gain expect reason time capit invest quot analysi made italstrad financi posit year increas capit shown tabl tabl iltalstrad financi result gt tabl gt figur set show italstrad profit concern fintecna provid fund fintecna provid fund italstrad result fintecna expect signific return invest suffici invok fact cost put compani liquid higher recapitalis carri privat sharehold face declin market prospect imposs return viabil put compani liquid avoid costli recapitalis substanti reduc cost liquid financi resourc fintecna italstrad constitut state aid mean articl treati condit laid articl decis compli consider compat fresh aid grant compat aid receiv italstrad approv decis itl billion assess complianc decis total volum aid approv exceed articl decis expressli provid individu privatis oper financ state aid purpos oblig reduc distort effect aid grant ensur resourc acquir result sell off devot reduc cost put iritecna fintecna group liquid addit busi attract potenti privat investor transfer fintecna primarili view sale limit view restructur decis expressli prohibit aid busi principl state own busi privatis permiss grant state aid acquir sale place market condit busi contract sale requir acquir busi carri unprofit segment discontinu investor oper market condit sale italstrad privat investor sale carri complianc relev commun rule procedur subsequ abandon procedur termin sale compani astaldi entail public bid bui busi investor initi interest sale fintecna civil engin busi submit offer short list astaldi submit bind offer admit due dilig stage procedur fintecna potenti investor equal foot sale offer chosen gave commiss reason conclud sale place market price aid astaldi acquisit italstrad contract sale claus specif oblig acquir continu loss make activ case element aid italstrad discern term sale basi aid grant italstrad constitut state aid mean articl result aid receiv compani commiss approv decis principl likewis unlaw consid grant aid compat common market iv pursuant articl treati aid consid compat common market articl treati appli measur kind consider view varieti italstrad activ locat fact aid region object exempt provid articl deal aid facilit develop econom activ natur aid case consid aid restructur firm difficulti aid commiss publish guidelin state aid rescu restructur firm difficulti practic commiss approv measur restructur firm difficulti condit satisfi measur restor long term viabil firm ii measur avoid undu distort competit iii measur proport cost benefit restructur limit strict minimum need iv restructur plan fulli implement implement restructur plan monitor verifi commiss test satisfi commiss view effect aid contrari commun interest approv aid pursuant articl condit restor viabil italian author submit restructur plan context decis intend restor italstrad profit onward aid grant italstrad itl billion held compat specif regard plan commun guidelin italstrad achiev financi result expect fall back public assist receiv itl billion explain italstrad restructur plan commiss approv decis base prudent estim futur develop compani order book decemb portfolio work amount itl billion itl billion relat contract connect high speed rail network basi work schedul laid compani award contract reason expect italstrad turnov financi result develop shown tabl tabl forecast financi result italstrad gt tabl gt difficulti italian civil engin sector prove expect contract secur high speed rail network delai reason compani control fact shown tabl italstrad turnov substanti lower forecast amount itl billion figur forecast amount itl billion figur forecast case italstrad actual turnov year crisi industri italstrad oper fall italstrad turnov period question sever downturn market face crisi market italstrad react take restructur measur stringent term plan compani produc intern restructur plan tabl view return busi stabl level profit plan provid gradual resumpt oper link partli work high speed rail network base measur structur cost provis plan approv context decis tabl italstrad industri plan gt tabl gt structur cost level fix plan order maintain suffici profit turnov appreci origin anticip italstrad gener net profit turnov period spite product level level fix iritecna plan compani make cut structur cost addit reduct headquart staff restructur oper process fact remain italstrad record loss oper term result posit sign form reduct oper loss indic compani improv competit sign confirm favour gross margin net profit result compani restructur period addit restructur plan approv commiss decis italstrad reach satisfactori level profit forecast deterior market condit mind long term profit attain crucial contribut intern rationalis reduct capac basi favour market prospect consid condit approv aid restructur satisfi commiss note compani transfer privat sharehold state contractu term made financi liabl loss italstrad incur presenc privat control sharehold part iii ii assur italstrad prospect profit condit ii aid avoid undu distort competit principl aid grant state firm undu distort free competit leav firm favour econom situat competitor effect balanc reduct product capac industri construct substanti overcapac present case restructur plan approv commiss decis provid signific cut product capac product capac construct firm term abil plan design term abil implement plan base human resourc signific reduct size italstrad human resourc base time decis relev declin product point substanti fall market share commiss held aid italstrad decemb satisfi test restructur aid italstrad receiv aid decis ask resourc affect trade member state manner contrari common interest case italstrad put posit resourc financ trade practic enabl increas market share expens competitor state aid explain italstrad reduc staff product capac period reduct provid plan commiss view develop turnov provid plan tabl affect trade extent contrari common interest turn italstrad turnov period call plan pace incom order great deal slower shown tabl tabl italstrad turnov order book gt tabl gt clear form figur result restructur italstrad compet world market pace acquisit order foreseen restructur plan approv decis larg equival turnov year cover plan level product order consid compat common market view signific restructur undertaken compani reduc turnov level anticip plan italstrad reduc order book level decemb limit competit activ refer market level significantli iritecna plan ultim competit posit affect trade extent contrari common interest condit iii aid proport cost benefit state aid declar compat limit strict minimum need financ return viabil financ aggress competit practic extent restor firm profit inform suppli italian govern conclud fund provid fintecna italstrad need cover loss due write asset cost reduc product capac staff cut delai sale italstrad fintecna financ restructur laid iritecna plan order cope unexpect worsen market prospect commiss take view aid grant bring compani addit liquid unrel process restructur help financ aggress commerci invest practic restructur oper commiss observ italstrad qualifi tax credit respect loss cover fund contribut fintecna lastli recipi make signific contribut financ restructur oper burden born owner hold compani proport hold point remain share capit transfer italian govern requir submit period report progress privatis implement restructur plan drawn italstrad adopt decis articl aid italstrad capit inject grant year total itl billion ecu million aid grant approv commiss amount total itl billion constitut state aid mean articl treati articl eea agreement aid satisfi test laid commun guidelin juli state aid rescu restructur firm difficulti declar exempt pursuant articl treati articl eea agreement prohibit impos articl treati articl eea agreement aid compat common market provid articl compli articl itali transfer remain share italstrad held fintecna privat sharehold term condit stipul contract sale time option exercis articl order secur full cooper arrang monitor decis itali provid commiss half yearli report italstrad econom financi situat commun good time main step sale fintecna remain hold italstrad report set italstrad econom financi result june reach commiss decemb articl decis address italian republ brussel septemb commiss karel van miert member commiss oj oj oj part iii point part iv point applic articl treati public author hold compani capit ec bull point ecr paragraph commiss commun member state applic articl ec treati articl commiss direct eec public undertak manufactur sector oj part iii ibid paragraph oj