commiss decis april aid grant itali istituto poligrafico zecca dello stato subsidiari 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 call interest parti submit comment pursuant provis cite regard comment procedur letter date august commiss inform itali decis initi procedur laid articl ec treati respect aid grant istituto poligrafico zecca dello stato hereinaft quot poligrafico quot compani control commiss decis initi procedur publish offici journal european commun commiss call interest parti submit comment aid question commiss receiv comment interest parti forward itali opportun react italian author submit observ letter februari commiss request addit inform letter februari august italian author provid request inform letter march august novemb letter march meet held italian author occas detail inform provid meet held rome januari procedur commiss inform aid measur grant itali context larger restructur plan decid extend procedur aid measur decis commun itali letter juli commiss decis extend procedur publish offici journal european commun commiss call interest parti submit comment aid question commiss receiv comment parti italian author submit observ letter august ii descript measur poligrafico set law order bring singl bodi product banknot paper normal paper destin state defin articl law ent pubblico economico public undertak control ministri financ law redefin natur financi structur transfer control ministri financ ministri treasuri object set product paper normal banknot public offici document state public cultur literari work nation interest manag paper product plant financi point view poligrafico entrust ownership properti plant good previou undertak receiv itl billion capit rent oblig pai state asset abolish time requir transfer annual profit state dividend law assign addit object poligrafico mint coin serv legal tender itali abroad mint artist collector coin poligrafico authoris acquir major sharehold cartier miliani di fabriano spa hereinaft quot cmf quot larg pulp paper produc firm lastli law confirm poligrafico ent pubblico economico public undertak control ministri treasuri enjoi financi autonomi vi vi state manag appoint italian govern time procedur initi poligrafico group head istituto poligrafico zecca dello stato oper commerci compani financi hold control directli cmf verr spa hereinaft quot verr quot editalia spa hereinaft quot editalia quot editalia film srl addit held minor share istituto enciclopedia italiana treccani spa meccano spa group compris control compani affili compani time procedur initi cmf turn control undertak includ cellulosa calabra spa hereinaft quot cellulosa calabra quot naco intern spa hereinaft quot naco quot nwt spa hereinaft quot nwt quot fad spa structur poligrafico group time procedur initi shown figur figur poligrafico group main compani decemb gt pic file quot en tif quot gt civil code law poligrafico oblig prepar consolid balanc sheet request ministri treasuri undertak prepar consolid account june figur poligrafico gener turnov suppli product servic state provid law law requir suppli normal paper secur paper public administr publish offici gazett offici collect legal act italian republ mint coin state manufactur mark state item characterist safeguard public confid poligrafico consolid turnov gt tabl gt poligrafico consolid profit loss account shown figur figur poligrafico consolid profit loss account gt tabl gt cmf poligrafico largest subsidiari term turnov product produc normal paper secur paper kei econom financi data shown figur figur consolid profit loss account cmf gt tabl gt decis initi procedur commiss refer aid measur grant state poligrafico subsidiari includ capit increas itl billion eur million itl billion eur million grant poligrafico cmf overpay state poligrafico product servic procedur initi italian govern adopt decre law april requir poligrafico undertak broad restructur programm aim chang public undertak ent pubblico economico joint stock compani società azioni decemb end poligrafico requir carri year restructur plan object restor group profit financi sound part procedur italian govern inform commiss law gave poligrafico yearli grant itl billion eur million twenti year repai princip interest loan poligrafico financ restructur plan italian author gave detail financi resourc grant cmf poligrafico capit increas itl billion eur million transfer debt itl billion eur million capit contribut itl billion eur million capit contribut itl billion eur million resourc cmf transfer itl billion cellulosa calabra itl billion nwt itl billion naco addit italian author inform commiss poligrafico grant capit contribut editalia net amount itl billion eur million reconstitut share capit erod loss sum grant poligrafico subsidiari recov poligrafico mean yearli grant state purpos procedur aid measur assess grant poligrafico law itl billion twenti year iii comment parti franc submit comment effect quot direct de monnai médaill quot particip call tender mint servic india algeria mention commiss decis initi procedur franc affirm verr activ foreign market limit part call tender quot direct de monnai médaill quot particip iv comment itali repli italian govern argu capit increas grant poligrafico cmf concern constitut state aid provid econom benefit recipi ii poligrafico act privat investor market economi iii event aid compat common market articl alleg commerci advantag grant poligrafico concern constitut state aid state overpaid poligrafico product servic point italian author maintain fund grant poligrafico cmf caught articl provid econom benefit recipi argu capit increas transfer entireti cmf subsidiari cellulosa calabra naco nwt financ restructur fund transfer cellulosa calabra naco nwt cmf italian author deriv econom benefit fund act intermediari italian govern maintain resourc grant cmf cellulosa calabra naco nwt constitut state aid compani activ market posit distort competit trade member state case cellulosa calabra naco sold privat investor nwt wound point ii italian author argu poligrafico grant fund question act privat investor provid fund restructur subsidiari safeguard invest point iii italian author argu commiss measur state aid qualifi derog articl aim restructur firm difficulti alleg commerci advantag grant poligrafico form overpay product servic italian author disput exist measur explain price product servic sold state fix commiss set govern stationeri offic provveditorato general dello stato respons suppli public administr offic italian author price set commiss take account hand price similar product servic market hand product cost incur poligrafico itali claim overpay favour poligrafico fund alloc poligrafico law includ decis initi procedur italian govern argu part extens restructur plan poligrafico group constitut aid compat mean articl final fund grant poligrafico editalia italian govern claim aim restructur compani regard aid compat common market mean articl ec treati argument adduc italian author respect extens procedur assess aid case assess establish fund grant poligrafico subsidiari alleg commerci advantag grant state state resourc capabl distort competit favour undertak product good affect trade member state constitut aid mean articl state resourc fund grant law poligrafico stem directli state budget constitut state resourc mean articl favour undertak commiss take view financi measur grant state undertak form mitig charg includ account undertak consid state aid mean articl fund provid law poligrafico itl billion twenti year compani repai princip interest due loan financ restructur practic poligrafico posit obtain loan pai back princip interest amount loan poligrafico obtain ensur repay estim itl billion eur million loan form financ life compani financ run cost invest extraordinari transact acquisit fact compani repai princip market interest rate loan forc requir higher return invest order repai loan secur suffici return sharehold case poligrafico receiv loan repai state repai twenti year clear measur question reduc charg poligrafico incur normal commerci undertak state support fund provid law poligrafico favour undertak vi vi competitor benefit measur econom benefit mean articl treati italian author argu poligrafico part loan repai debt incur order provid financi resourc cmf itl billion eur million editalia itl billion eur million cmf turn fund receiv inject capit subsidiari cellulosa calabra itl billion naco itl billion nwt itl billion italian author resourc grant poligrafico constitut state aid simpli transfer cmf turn transfer cellulosa calabra naco nwt compani limit turnov distort competit detect commiss concur poligrafico oper integr group produc directli subsidiari result cmf separ entiti poligrafico form part group consid purpos procedur part singl econom group oper fact subhold poligrafico sharehold fifteen compani integr product compani measur grant poligrafico regard intend group benefit product servic provid poligrafico directli cmf subsidiari assess measur examin provid econom benefit recipi mean articl commiss appli market economi investor test fund grant state poligrafico compris grant poligrafico subsidiari financ restructur connect examin fund receiv poligrafico grant principl privat investor oper normal market economi condit market economi investor principl case measur produc econom benefit recipi recipi fact resourc financ expenditur invest need obtain loan financi institut provid adequ return resourc receiv market economi investor principl financi transact state public undertak involv aid carri privat investor oper normal market economi condit state aid presum quot financi posit compani volum debt normal return dividend capit gain expect reason time capit invest quot figur poligrafico cmf difficult econom situat time receiv fund respect sharehold poligrafico figur show compani face downturn econom situat oper margin neg worsen appreci leav outright write off oper margin liken econom perform quot industri quot activ neg tune itl billion signific improv oper viabil compani remain neg poligrafico neg equiti normal condit compani neg equiti oper reason appli mutati mutandi cmf shown figur compani suffer sudden downturn turnov oper margin neg period incur heavi loss complet wipe share capit capit contribut receiv poligrafico compani remain oper clear basi past perform compani financi structur econom prospect poligrafico expect return invest accept privat investor circumst state expect normal market return invest undertak provis financi resourc poligrafico regard confer econom benefit recipi mean articl constitut state aid mean articl ec treati affect trade member state effect commun trade condit met state measur caught articl real potenti effect trade member state case question assess effect intra commun trade commiss point decis initi procedur poligrafico subsidiari oper sector pulp paper product mint publish open competit intra commun trade signific initi procedur commiss state abovement sector actual potenti trade member state exist refer mint servic provis paper administr publish servic effect trade commiss reiter view state aid measur grant poligrafico subsidiari distort threaten distort trade member state addit commiss point court justic state measur caught articl direct impact actual trade member state suffici measur strengthen posit recipi compar undertak competitor intra commun trade case poligrafico competitor compani oper mint publish print sector conclud measur examin meet criterion spelt paragraph constitut state aid mean articl compat common market confirm measur question constitut state aid mean articl commiss assess declar compat common market relev provis ec treati articl exclud measur social charact grant individu consum intend make good damag caus natur disast articl part articl region aid intend promot develop specif region varieti locat poligrafico group present aim promot quot execut import project common european interest quot remedi quot disturb economi member state quot mean articl natur measur question articl applic conclus aid measur question qualifi derog articl case commiss assess compat aid measur basi guidelin rescu restructur firm difficulti procedur initi respect aid grant moment guidelin commiss approv measur restructur firm difficulti condit satisfi measur restor long term viabil firm ii avoid undu distort competit iii proport cost benefit restructur iv restructur plan fulli implement implement restructur plan monitor commiss criteria met commiss declar effect aid contrari commun interest approv articl end italian author submit comprehens restructur plan poligrafico group cmf main aspect focu poligrafico quot core quot busi product servic provid public administr termin quot extern quot activ privatis liquid poligrafico subsidiari cmf cmf subsidiari reduct cost increas intern effici restructur poligrafico reckon restor sound profit satisfactori cash flow expect figur figur poligrafico restructur plan gt tabl gt result obtain drastic reduc compani oper cost staff cost carri wide rang intern reorganis measur discontinu product product servic intend market plant produc normal paper envelop dismantl term turnov repres declin itl billion eur million year complet restructur plan poligrafico concentr product product categori product servic destin public administr author impos specif qualiti secur requir term reproduc public confid categori categori includ product passport person identif document lotteri ticket govern bond offici gazett mint oper behalf central bank estim complet plan product account compani turnov clear natur competit product fairli limit product destin public administr necessit strict secur requir categori tax document vote card categori complet restructur plan product provid remain poligrafico turnov poligrafico termin product current quot commerci quot product plan closur exist plant order concentr product singl plant permit greater effici improv product qualiti separ plant mint oper addit plan sale poligrafico subsidiari verr editalia verr continu produc materi mint oper editalia import publish side busi poligrafico core busi plan possibl sell subsidiari stage restructur plan envisag signific reduct price paid public administr poligrafico product servic estim basi product figur reduc compani turnov itl billion end plan organis point view restructur plan aim bring reduct poligrafico workforc refer year product concentr singl site seek lower staff unit cost modifi legal aspect employ contract replac older expens employe young expens worker combin action staff number unit cost compani reduc staff cost itl billion eur million itl billion eur million refer year june workforc cut faster rate envisag plan plan put total cost measur itl billion eur million period figur itl billion restructur poligrafico financi situat itl billion reloc product facil singl plant itl billion cover social cost redund poligrafico contribut itl billion financ plan includ itl billion sale asset subsidiari itl billion cash flow period itl billion reduct work capit explain recit remain itl billion form loan state repai princip interest lastli poligrafico implement analyt account system make separ cost revenu relat product sold exclus public administr relat product sold market prevent risk cross subsidis busi poligrafico oper supplier public administr decid compet market main compon poligrafico restructur reduct oper cost itl billion period concern achiev redund product rationalis organis measur implement measur depend compani manag favour market develop poligrafico concern figur measur envisag restructur plan compani restor sound viabil compani reason cash flow enabl financ remain restructur measur worth note result achiev mean intern restructur measur reli favour market assumpt condit met parallel restructur poligrafico plan submit italian author radic restructur cmf view privatis cmf largest subsidiari restructur prior privatis analys cmf restructur plan base measur carri year shift product rang product higher ad banknot paper closur carbonless copi paper busi restructur current power suppli plant account larg percentag oper cost reorganis commerci market area reduct staff number plan envisag sale cmf subsidiari strateg asset regard compani sold cmf complet sale cellulosa calabra heavili loss make subsidiari mention recit italian author maintain aid grant compani naco nwt assess separ commiss reason consid compani low turnov product consid form part cmf paper pulp product activ cmf difficulti attribut primarili cellulosa calabra naco nwt cellulosa calabra receiv fund cmf subsidiari site calabria disadvantag region object product paper special process requir fewer tree capabl reduc pollut effect chlorin base product process huge invest larg workforc compani achiev signific product level limit product market test turnov half privatis itl million eur sold mean open transpar procedur group investor dismantl paper product plant industri site produc electr examin restructur plan cellulosa calabra reason appli naco nwt compani engag develop process produc paper paper product naco turnov privatis itl million eur nwt turnov itl million eur subsidiari sold mean open transpar procedur privat investor proce fund cmf subsidiari offset earlier loss cmf plan sale closur subsidiari continu addit abovement sale cellulosa calabra naco nwt cmf sold polimoor spa fad spa cargest spa cogest spa put liquid similarli cerreto castello plant own fabriano soft sold cmf carbonless copi paper product line shut addit plan envisag measur aim reposit compani term product distribut channel rais effici level competitor measur reduc compani workforc current size measur turn compani cmf achiev oper profit itl billion eur million compar itl billion eur million loss figur show figur cmf restructur plan gt tabl gt part plan cmf privatis accord restructur plan sharehold poligrafico end sale procedur start mention recit commiss assess restructur plan submit italian author fulfil condit laid relev guidelin condit measur restor long term econom financi viabil recipi reason time scale basi realist market assumpt commiss note cmf concern restructur measur expect return compani sound profit refer year cmf estim cash flow itl billion suffici cover compani invest oper restructur made possibl larg result measur envisag cmf increas effici reduc oper cost staff cost estim fall itl billion itl billion measur larg depend compani manag extern market condit addit commiss take note italian author commit privatis cmf part poligrafico restructur plan consid presenc privat investor underpin compani profit prospect respect note poligrafico select advis sale cmf privatis procedur start commiss take note italian author commit implement full restructur plan timet submit half yearli progress report start june condit requir avoid undu distort competit gener speak aid grant state firm undu distort competit place firm favour econom situat compar competitor effect offset reduct product capac present case restructur plan show poligrafico significantli reduc product capac mention termin current product destin commerci market limit product servic public administr impli valu loss product itl billion total turnov itl billion poligrafico sell subsidiari cmf largest term product capac turnov shown figur poligrafico turnov fall itl billion itl billion importantli consolid figur itl billion year repres reduct term poligrafico term consolid group born mind verr editalia remain group reduct capac larg signific mention poligrafico close plant concentr product singl facil result signific reduct group product capac commiss note cmf significantli reduc workforc restructur product facil result significantli cut back product capac compani close rocchetta plant built potenti capac tonn cmf facil logist termin gradual scale actual product reduc potenti product capac commiss consid basi plan submit italian author poligrafico reduc substanti reduc product capac concentr product sell subsidiari cmf view aid grant poligrafico unduli distort competit provid measur restructur plan implement envisag condit ii met condit iii requir aid proport cost benefit state aid declar compat limit strict minimum need financ return econom financi viabil aggress market distort activ extent restor firm profit explain paragraph restructur plan envisag total financi cost itl billion poligrafico contribut significantli fund plan mean cash flow itl billion period gener rationalis measur sale asset subsidiari itl billion reduct work capit inform provid italian author appear fund receiv poligrafico reduc compani financi debt reconstitut net equiti financ restructur oper cover social cost redund end poligrafico neg equiti itl billion eur million result loss loss due larg inventori asset write off alloc financi resourc subsidiari cmf commiss consid amount grant state poligrafico limit strict minimum cover cost financi organis industri restructur mention poligrafico resourc grant state resourc cover social cost redund itl billion restructur product site itl billion eur million reconstitut equiti itl billion eur million end plan poligrafico sound financi structur normal level debt rel equiti commiss consid aid grant poligrafico proport restructur cost provid surplu resourc financ aggress commerci practic note respect poligrafico implement separ account system separ cost revenu relat product sold exclus public administr relat product sold privat sector custom subsequ ensur aid spill limit commerci activ remain plan implement commiss take view aid grant bring poligrafico cmf addit liquid unrel process restructur help financ aggress commerci activ invest restructur regard condit iii state recipi make signific contribut financ restructur oper poligrafico concern shown compani particip fulli restructur provid itl billion eur million intern resourc sale asset subsidiari industri plant cash flow result rationalis oper cmf concern commiss note compani restructur purpos itl billion eur million intern resourc estim futur requir itl billion eur million cmf sell subsidiari mention earlier sold sold proce financ restructur commiss consid compani make signific contribut financ respect restructur plan condit iii met lastli italian govern undertaken ensur restructur plan fulli implement submit half yearli report econom financi situat poligrafico progress compani restructur measur order enabl commiss monitor implement restructur plan submit condit iv met vi conclus commiss find itali unlawfulli implement aid measur breach articl treati consid aid grant poligrafico compat common market articl treati subject full implement restructur plan submit commiss part procedur adopt decis articl aid itali grant istituto poligrafico zecca dello stato amount itl billion year twenti year equival itl billion present compat common market subject condit set articl articl itali implement restructur plan istituto poligrafico zecca dello stato submit half yearli report progress restructur plan start juli articl itali inform commiss month notif decis measur compli articl decis address italian republ brussel april commiss mario monti member commiss oj oj articl law modifi articl legisl decre von commiss commun applic articl ec treati articl commiss direct eec public undertak manufactur sector oj section iii aforement commun paragraph case philip morri commiss ecr oj