commiss decis juli aid franc intend grant restructur société national maritim cors méditerrané sncm notifi document number french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof invit interest parti submit comment accord articl regard comment procedur procedur overview letter februari french govern notifi plan grant aid restructur société national maritim cors méditerrané sncm case regist notif supplement letter french author date juli august commiss decid initi formal investig procedur provid articl council regul ec march lai detail rule applic articl treati case regist fax septemb french author ask correct number factual error decis august letter septemb regist tren french author ask extra time submit comment decis august letter septemb commiss grant franc addit month prepar repli letter octob octob annex regist sg french author submit commiss observ decis august open procedur stress progress implement restructur plan letter octob regist sg french author emphasis matter urgenc decis open formal investig procedur publish offici journal european commun fax novemb french author transmit copi cash advanc agreement sncm compagni générale maritim financièr cgmf proof refund advanc cgmf sncm bank transfer june novemb commiss adopt decis amend decis august transmit perman represent franc european union letter novemb commiss decis initi formal investig procedur case publish decemb offici journal european commun interest parti invit submit observ date plan provid aid french author request held work meet commiss octob decemb commiss receiv observ compani corsica ferri stef tfe group local author letter januari februari transmit observ franc comment letter januari commiss request addit inform accord provis articl regul ec letter februari french author transmit commiss argument intend show plan provid aid fulli compli commun guidelin state aid rescu restructur firm hereinaft refer quot guidelin quot descript commit number staff level wage control intermedi consumpt sncm fare polici letter februari french author transmit commiss comment observ submit corsica ferri stef tfe letter februari french author repli addit question contain commiss letter februari fax februari french author transmit copi sharehold agreement link sncm stef tfe group request commiss februari request french author work meet held commiss repres french administr electron mail french author transmit commiss provision version sncm report activ fax french author transmit commiss comment document corsica ferri submit commiss februari commiss forward french author letter februari titl aid aid question entitl quot aid restructur sncm quot regist commiss decis august initi formal investig procedur regard plan aid recipi aid recipi aid société national maritim cors méditerrané sncm compris subsidiari maritim sector purpos aid main purpos restructur aid enabl sncm complet restructur process ensur group long term viabil detail descript aid compat aid judg knowledg beneficiari aid background competit context develop financi difficulti detail restructur plan sncm main subsidiari sncm sncm ship compani oper regular servic corsica nice toulon marseil maghreb tunisia algeria franc season servic sardinia april septemb sncm merger compagni générale transatlantiqu compagni de navig mixt establish time call compagni générale transméditerranéenn renam société national maritim cors méditerrané société national de chemin de fer sncf acquir share capit compani chosen french govern implement principl territori continu corsica bring maritim transport fare line sncf fare rail transport basi agreement conclud march period year french govern assign respons compagni générale transatlantiqu oper servic corsica earlier agreement decemb addit oper public servic sncm oper regular cross algeria tunisia season april septemb sardinia sncm subsidiari corsica marittima provid passeng transport servic corsica itali sncm sharehold sncm share held cgmf share compagni générale transatlantiqu sncf french state direct share cgmf sncm subsidiari cgmf take compagni générale maritim cgm subsequ restructur recapitalis privatis establish word cgmf object authoris oper maritim transport outfit charter ship acquisit share commerci industri oper directli indirectli connect object todai cgmf plai role behalf state hold share sncm remain own sncf held french state guarantor social secur oblig includ pension health insur fund personnel subsidiari cgm assum respons leas agreement financ build time conclud cgm activ sncm sncm carri passeng car lorri link marseil port corsica bastia ajaccio daili wai porto vecchio balagna propriano time week includ cmn round trip addit cross peak period nice bastia sncm run continu servic low season return trip week frequent servic end march octob marseil sardinia porto torr bastia sardinia porto torr ship ship compagni maritim de navig cmn marseil tuni round trip week ship marseil algier time week high season île de beauté fleet sncm fleet corsica compris ship car ferri napoléon bonapart capac passeng car power mw speed knot larg luxuri car ferri daniel casanova deliv capac passeng car power mw speed knot larg luxuri car ferri île de beauté capac passeng car power mw speed knot servic rebuilt méditerrané capac passeng car power mw speed knot cors capac passeng car power mw speed knot passeng cargo vessel freight passeng paglia orba capac passeng linear metr freight car power mw speed knot mont oro capac passeng metr freight car power mw speed knot mont cinto capac passeng metr freight power mw speed knot pascal paoli capac passeng metr freight car power mw speed knot high speed vessel oper nice liamon capac passeng car power mw speed knot oper cross toulon aliso capac passeng car power mw speed knot fleet serv maghreb consist car ferri méditerrané june marseil tuni entri servic vessel mark qualit quantit improv ship servic tunisian capit comfort fast ship total capac passeng car compar passeng car car ferri liberté repres signific increas number place passeng time offer space freight transport market likewis grow consider public servic deleg contract regular ship servic port mainland franc corsica oper public servic sncm cmn concessionair servic end framework agreement initi conclud year french act juli transfer manag territori continu corsica assembl contractu framework french state subsequ act statu corsica territori collect grant full respons assembl servic island corsica territori collect replac french state grant concess public servic oblig commun legisl maritim cabotag make incumb member state open nation cabotag market regard public servic impos oblig member state compli prinicipl discrimin commun ship compani transit period provid respect exist public servic contract maintain forc expir accord commun rule forc territori collect corsica issu european tender order select oper januari year contract implement public servic oblig cross island return financi compens collect view develop competit toulon nice servic oper marseil subject strict public servic oblig sncm cmn jointli award contract period corsica ferri eventu decid put bid oblig regard frequenc servic impos oper servic island toulon nice benefit categori passeng receiv social welfar grant alloc sncm quot territori continu quot rose eur million eur million time cover link port mainland franc nice toulon marseil current contract oblig run servic predetermin frequenc obligatori servic qualiti maximum fare season mandatori reduct categori passeng contract lai financi compens refer refer compens year case sncm decreas eur million eur million compens adjust line differ actual revenu refer revenu laid contract refer compens refer revenu ratio decreas year public servic deleg contract financi compens amount eur million decreas compar previou year account fact servic marseil corsica benefit grant comparison grant marseil corsica line amount eur million net revenu eur million eur million passeng cater eur million freight car linear metr sncm main subsidiari compagni méridional de navig sncm major share cmn oper passeng cargo ship corsica marseil girolata kallist scandola public servic deleg contract serv sardinia porto torr marseil propriano cmn set remain famili ship line end compagni générale transatlantiqu acquir share enabl branch found famili withdraw meantim cgm share larg compani interven manag cmn remain fulli hand rousset rastit famili cmn agreement link compagni générale transatlantiqu sncm predecessor servic corsica cmn grant concess servic corsica freight sncm obtain concess carriag freight passeng corsica cmn deleg sncm carri passeng purchas passeng cargo ship quid pro quo sncm cmn gener agent passeng transport cgm face substanti cashflow difficulti unsuccessfulli sell share cmn parti attempt success cgm ask sncm subsidiari share held cmn tier sharehold creat order shift major interest sncm enabl privat sharehold retain effect control cmn hold rousset rastit famili seiz opportun reduc share benefit société de travaux industriel maritim orbigni stim orbigni subsequ incorpor stef tfe group merger cgm sncm contempl time strong link compani retent privat investor cmn sharehold retain control compani doubt put brake move merger compani effect control cmn hand stef tfe group own compagni méridional de particip cmp act concert rousset rastit famili hold share cmp gt pic file quot en tif quot gt compagni générale de tourism hôtelleri compagni générale de tourism hôtelleri cgth hold compani fulli own sncm subsidiari hold cmp main sharehold cmn comptoir du sud run shop board sncm ship société civil immobilièr schuman movabl asset sold sold société méditerranéenn investiss de particip smip asset ship southern trader oper time charter sud cargo sud cargo french good transport ship compani base marseil specialis run servic maghreb equal subsidiari larg transport group sncm delma oper roll roll cargo vessel contain ship eur million turnov carri tonn teu trailer subsidiari employe sud cargo built develop strategi principl proxim custom facil main port mediterranean versatil fleet diversifi ship carri type good global network contain commerci area worldwid overland transport tranship facil transport overland sea contain world main french marseil italian genoa spanish valencia barcelona load port date cargo inform sara société aubagnais de restaur approvisionn sara suppli sncm ship turnov eur million sncm make eur million profit ferrytour ferrytour partnership tour oper own sncm turnov eur million make modest profit eur million organis trip sea corsica sardinia tunisia flight destin addit main line busi organis mini cruis offer busi travel servic comptoir du sud comptoir du sud subsidiari set own sncm manag shop onboard ship compani turnov fluctuat eur million net busi result eur million sale made maghreb rout sotramat société transmondial mer air terr voyag sotramat subsidiari sncm travel agent manag agenc franc sold total eur million servic sncm ticket repres sncm sale sotramat made eur million profit eur million commiss relev market sncm oper market term passeng transport good transport servic corsica servic maghreb franc subsidiarili itali spain servic corsica sncm oper servic corsica maghreb mainland franc basi market research studi provid french author refer quot market survei quot accur descript market question market characterist air travel make passeng transport million million cross direct transport sea recent year shown upward trend improv suppli maritim transport servic passeng transport sea mainland europ corsica featur highli season traffic month juli august tradition account annual traffic strong fluctuat school holidai period weekend season variat accentu asymmetri traffic peak period cross direct begin end week suppli structur reason exce demand occup term monthli averag fluctuat winter slack period peak summer holidai weekend sncm declin sea transport servic market corsica mainland europ market share term number passeng decreas relat main competitor corsica ferri share rest market share mobi line cmn happi line slight increas year sea link steadili import compar air traffic structur low occup averag year sncm corsica ferri cmn period oper passeng cargo ship definit higher occup rate passeng averag occup rate ship appar low account characterist featur market corsica ferri start oper servic corsica mainland franc shown tabl tabl trend averag occup rate sncm ship gt tabl gt traffic trend marseil corsica weakest link corsica mainland franc shown tabl tabl trend port mainland franc corsica gt tabl gt sncm competitor sncm face competitor time servic corsica mainland franc corsica ferri start sail nice bastia calvi high season march servic run weekli round trip april sncm face competit servic toulon bastia ajaccio sncm main competitor passeng transport corsica corsica ferri oper link corsica toulon nice franc savona livorno itali market share steadili risen reach consider increas compar increas connect fact high speed ferri enter servic toulon corsica line increas traffic mainland franc reduct transport servic run compani itali corsica ferri market leader link corsica activ equal divid corsica sardinia carri passeng year french mainland corsica itali corsica sardinia italian mainland compani seamen sail italian flag compani head offic bastia offic savona ship order sncm competitor sail corsica cmn competitor partner sncm public servic concess cmn oper link marseil market share mobi line oper genoa livorno piombino market share sail corsica drop due ag fleet happi line oper car ferri place genoa la spezia livorno market share tri car ferri place line lauro car ferri place focu cross sardinia oper occasion link corsica market share neglig cmn freight transport italian competitor optimis servic oper triangular link european mainland corsica sardinia number passeng carri sail margin corsica sardinia sncm cmn de facto monopoli gener cargo transport unaccompani public servic deleg contract firm oper frequent sail marseil corsican port accompani trailer load ferri account gener cargo transport measur linear metr competit passeng transport oper sncm cmn main share market accompani transport oper corsica ferri share market market trend regard demand passeng transport sea corsica market survei estim growth sustain million passeng expect compar million increas ship expens aviat lead share ship suppli side continu qualit improv suppli main actor marginalis italian oper ag fleet mobi line begin renew fleet sncm market share passeng transport corsica market share steadili diminish benefit corsica ferri entri servic mega express ship corsica ferri market survei oper sncm cmn capabl regard carriag unaccompani gener cargo meet public servic constraint oper profit concess alloc market survei consid sncm cmn partnership continu sncm long term interest market survei continu public servic contract enabl sncm cmn regard gener cargo transport marseil corsica captur growth traffic linear metr profit activ ensur effici manag rang ferri passeng cargo ship oper compani optimis passeng freight transport price competit price control framework public servic concess market survei estim depend strength mobi line commerci polici link itali corsica itali share transport drop mobi line activ make invest sncm top rang frequent cross vari destin secondari corsican port corsica ferri sncm set object retain market share balanc suppli demand improv sncm ferri withdrawn passeng cargo ship modernis corsica ferri balanc suppli demand brought achiev ambiti forecast growth activ doubl figur market survei posteriori justifi current suppli price term continu fierc competit corsica ferri oblig sncm improv product servic maghreb maghreb compris micro nich market close market survei sncm appear challeng servic algeria market survei air transport account passeng transport eu algeria unlik corsica specif growth maritim passeng transport algeria maritim ship sncm sole competitor entrepris national de transport maritim de voyageur entmv algerian public undertak virtual monopoli market sncm market share passeng transport algeria consider reduc sncm posit explain cessat sncm servic administr constraint year absenc polit reinstat link competitor arriv market short term sncm continu gener agent entmv countri origin vice versa entmv develop network franc european countri sncm develop network algeria light econom polit trend algeria market expand consider maritim passeng transport passeng market survei entmv fleet renew author market survei order ship entmv run financi difficulti sail maghreb sncm strengthen posit entri servic ferri île de beauté withdrawn link corsica competit entmv ag fleet market survei success link ensur control oper cost enabl sncm offer attract fare recov part market market survei stress import sncm involv oper servic oran market segment plai role survei sncm recov initi market share servic morocco market share aviat share distinctli lower algeria connect import short haul sea transport virtual road transport strait gibraltar southern spain market competit highli fragment growth rate year servic morocco europ spain main market share comarit transmediterranea comanav euroferri ferrimaroc moroccan spanish compani involv short distanc ship link comanav comarit euroferri ferri maroc limadet transméditeranea market share competit fierc term fare ship amortis long distanc servic oper comanav sète tangier nador market link repres maritim transport emphasis market survei sncm involv maritim passeng transport morocco import sncm gain foothold long distanc traffic market franc morocco seek captur small part virtual road transport pass southern spain take passeng comanav sncm doubl passeng transport sea franc remain margin compar sail strait gibraltar servic tunisia aviat retain domin posit passeng transport market rel import tourist traffic tunisia explain share higher algeria tourist exclus plane member state run ship servic tunisia franc marseil toulon itali livorno genoa sicili princip actor market grow year compagni tunisienn de navig ctn market share sncm ctn modern fleet make optim link franc itali competitor line lauro tirrenia ustica line oper sail sicili competit sea link vari member state ctn fare itali lower franc cross time ctn sncm ident fare franc sncm market share passeng transport sea tunisia share transport increas cater ctn link franc tunisia sncm market share sncm increas market share start run servic tunisia itali provid fare competit market survei sea transport tunisia continu grow reach passeng sncm servic itali enabl increas market share market survei consid market share realist target sncm balanc suppli demand quick gross figur suppli demand lead conclud excess capac link studi market survei thing simpl fine tune maritim transport suppli demand corsica minimum unit passeng cargo ship place passeng maghreb link virtual ferri place suppli benchmark regular servic place week substanti season variat monthli daili peak volum reach time lowest peak month oblig oper run fleet suffici capac absorb peak traffic half turnov gener achiev juli august imbal travel direct peak period instanc earli juli cross mainland corsica reach peak return sail mainland run virtual empti phenomenon revers end august weekend summer holidai weekend combin fleet ship compani oper servic corsica insuffici absorb peak passeng traffic servic corsica corsica secondari port necessit island weak transport infrastructur public servic constraint fact creat excess suppli place relat demand low season oper practis quot exclus quot sale cabin place strongli reduc appar occup coeffici ship corsica ferri embark aggress polici conquer larger share market strategi offer overcapac year attract custom market survei conclud structur excess capac link mainland europ corsica maghreb appar surplu place intrins link natur characterist peculiar busi restructur plan restructur plan hand oper compon cover sale ship closur subsidiari staff cut reduct servic corsica increas servic maghreb hand financi compon cover refund recapitalis part debt born sncm initi notif sncm restructur plan present french author consist set document refer section transmit commiss open procedur content set document detail present section observ made commiss decis august french author letter januari provid descript improv made restructur plan point commit detail wage polici plan reduc cost intermedi purchas commit sncm initi fare war competitor oper servic corsica analysi factor led compani financi difficulti french author mention factor explain compani financi difficulti sncm face competit corsica french mainland public compani face past led chronic oper deficit result rigid public servic agreement period sncm constrain public servic oblig cope extern shock suspens sealink algeria strong drop servic corsica sncm quot face heavi social demand conflict harm econom slow growth quot growth reportedli disrupt complic proceed french administr court connect alloc public servic deleg contract commiss note french author unabl quantifi extent factor contribut compani oper loss investig cost analysi explain main sourc compani loss respons argument adduc decis august ship acquisit polici impact sncm account led difficulti french state transmit observ commiss letter octob french author take step renew fleet sncm act line gener trend modernis mediterranean fleet ensur continu oper link market excess risk marginalis french author emphasis fleet major mediterranean ship compani improv qualiti corsica ferri grimaldi tirrenia mobi line trasm ctn acquir continu acquir medium high capac fast ship car ferri increasingli equip french author argu renew ship sncm pursu clear strateg object requir offer high qualiti servic marseil accord distinct featur link expect corsica author alloc public servic high speed shuttl servic nice french author commerci result obtain ship convinc nice sncm high speed ship quot corsica express quot corsica ferri significantli increas traffic nice corsica link passeng high speed ship napoléon bonapart occup rate summer bear excess arriv corsica ferri toulon qualiti level offer ship fact enabl sncm consolid improv passeng revenu segment extrem competit market mark downward trend price french author quot increas competit concomit fleet renew quot brought sncm financi difficulti compani altern option reduct capac restructur plan sncm make provis lai sell vessel napoléon liberté mont rotondo high speed ship asco ship sold asco dispos ad dispos progress southern trader ship leas smip sncm subsidiari time charter expect proce dispos eur million repres cash inject net proce dispos eur million take account residu refund mont rotondo napoléon dispos eur million net proce eur million appreci liberté southern trader dispos net proce appreci eur million total net proce dispos vessel eur million excess sum expect high speed ship asco expect yield eur million net proce eur million appreci dispos dispos partli offset entri servic june car ferri daniel casanova leas financ passeng cargo vessel paglia orba convert duti deliv passeng cargo vessel pascal paoli order januari likewis leas financ deliv time compani restructur plan intend dispos movabl asset present subsidiari marseil offic dispos eur million eur million appreci reorganis servic reduct effect public servic activ increas competit led sncm substanti limit servic suppli restructur plan reduct number cross sncm corsica marittima decreas servic adapt servic oper marseil corsica requir specif laid public servic contract withdraw toulon corsica link run occasion cross depend avail napoléon bonapart daniel casanova transit period deal delai rotat marseil corsica reduct servic nice corsica closur livorno bastia line dedic equip expans servic algeria tunisia méditerrané il de beauté cors suspens servic genoa tuni shown tabl restructur plan seek reduc number cross place reduct servic corsica increas servic maghreb tabl trend sncm servic gt tabl gt redeploy servic maghreb gener eur million addit cost compani eur million technic adapt daniel casanova île de beauté eur million cost promot servic closur subsidiari restructur plan sncm intend close subsidiari januari redund reorganis servic compagni maritim toulonnais oper overland servic toulon corsica marittima compani oper link corsica itali limit rang remain activ compani run sncm reduct staff cost restructur plan seek reduc staff basi measur reduct size fleet cut full time job increas crew product cut job effect chang hour week increas job develop quot tourist quot activ increas job reduct onshor personnel natur wastag earli retir mobil leav reduct job staff reduc natur wastag earli retir basi ag criteria earli cessat work mobil leav replac temporari contract sncm entail estim cost eur million figur suppli french author show expect trend product tabl expect trend product sncm gt tabl gt staff product appear compani remedi advers effect initi drop activ weaker coverag fix cost gener decis august french author provid letter februari addit detail manag staff expenditur gener increas onboard personnel averag wage risen year averag wage onboard personnel sncm eur year averag earn record french ship compani onshor personnel averag earn increas year basic result progress senior technic qualif gener increas limit staff cost drop eur million eur million staff number trend drop full time equival measur refer recit make reduc cost eur million eur million averag onshor staff cost move eur million eur million period reduct purchas cost intermedi consumpt letter februari french author enhanc restructur plan make firmer commit regard manag intermedi consumpt framework sncm undertaken specif action specialis consult action call quot bui quot intend manag purchas cost control purchas oper train staff involv redefin renegoti supplier gain expect eur million total eur million purchas end septemb gain year eur million action call quot consum quot intend limit consumpt board ship factor purchas perform activ remain constant includ ship crew perform mainten duti previous outsourc monitor seventeen expenditur head consumpt reduct monitor committe involv staff concern gain expect year eur million note end septemb gain eur attain eur invest return invest month action combin fleet reduct led reduct mainten expenditur eur million fare polici letter februari french author gave formal commit accord commiss expect decis august sncm initi fare war term price leader corsica french author made comment commit french author state quot sncm make commit reserv consid fare war line strateg posit interest lead drop revenu usual practic savoir fair quot french author nautic resourc sncm built reflect polici offer high qualiti servic move upmarket choic larg dictat requir success specif maritim public servic corsica mainland franc expect custom island compat low fare polici sncm continu implement busi polici focus socio profession categori averag level oper price line qualiti servic inconsist sncm compet low fare market expenditur requir high qualiti servic custom survei confirm import fare criterion custom intermod intramod choic survei corsica ferri custom chose compani fare sncm awar rel import criterion endeavour highlight criteria involv choos ship compani comfort eas access avail french author sncm attitud recent year respond corsica ferri fare attack order safeguard market share sncm fare season transmit commiss show averag fare charg sncm higher corsica ferri french author chronolog sequenc decis show sncm fare polici confin respond servic offer corsica ferri launch corsica ferri price offer januari announc sncm price offer februari regard freight charg level number detail requir public servic deleg specif appli equal sncm partner cmn french author price leadership statu judg light averag unit revenu sncm respond corsica ferri fare attack introduc special fare determin accord abovement method averag unit revenu passeng marseil toulon increas eur eur frontal competit sncm corsica ferri nice cover similar product high speed vessel supplement dai night ferri french author sncm choic approxim fare charg competitor highlight specif attract servic offer determin amount recapitalis french author intend inject eur million sncm rais capit subscrib cgmf compani french state share share sncm cash inject intend fund oper restructur measur reduc excess high level debt compani settl resourc account futur financi compens provid public servic deleg contract french author present method calcul sncm cash requir adopt lowest figur determin method method base cost born sncm method consist aggreg cost restructur measur lead eur million financ requir base accumul debt total eur million drop resourc except depreci period total eur million appreci dispos gener restructur eur million deduct financ requir cumul effect restructur cost total eur million broken social plan restructur programm eur million lai cost vessel sold eur million cost redeploi activ maghreb eur million depreci high speed vessel liamon eur million method base capit requir financ exist fleet method consist determin amount capit requir bank entir fleet financ purchas ship bank gener requir capit ship basi total sum eur million repres past cost ship acquir fleet french author calcul capit requir eur million deduct exist capit end method lead recapitalis requir eur million method base comparison level capitalis similar ship compani method consist calcul financ requir basi averag capit debt ratio record european ship compani balanc sheet compani show substanti dispar averag adopt french author french author maintain financi model lead averag period dividend capit reach eur million french author point fact level capit attain eur million recapitalis success measur provid restructur plan letter juli french author ad firm panel ship compani result averag capit debt ratio figur eur million lowest produc method adopt french author determin amount recapitalis result expect restructur aid french author examin result expect restructur plan scenario consequ reduct public servic oblig expect result restructur plan french author studi trend sncm financi posit scenario sum tabl case wors case intermedi scenario restructur plan adopt case scenario servic corsica scenario assum improv island attract invest commun polici corsica remain favourit tourist destin ship compon increas compar air transport longer stai famili car french sea transport benefit frequenc varieti servic offer result good price traffic volum perform gener higher net revenu expect increas nice corsica link limit reduct capac undertaken sncm servic maghreb scenario envisag major disrupt growth trend maghreb market qualit quantit improv suppli combin expand market enabl sncm expect higher net revenu forecast restructur plan high season capac offer peak period limit possibl growth restructur plan sncm envisag sale half capac offer case sncm market third link grow reput kei market mini cruis busi travel benefici effect entri servic ship sizeabl capac enabl sncm reach target previous reach case scenario improv current result averag rise eur million eur million compani capit end period question rise eur million eur million worst case scenario scenario assum downturn econom social situat franc trade corsica maghreb stagnat traffic lower expect scenario sncm market link top neg trend traffic increas price fuel scenario lead deterior current result averag drop eur million eur million compani capit end financi year drop eur million eur million scenario sncm replac il de beauté hand vessel replac cors lengthen period remain servic examin scenario case worst case scenario similar point stress hand assumpt traffic make meet object restructur plan alter programm servic fleet greater decreas increas traffic exce limit necessit combin servic composit fleet led econom disrupt public servic deleg safeguard claus laid public servic deleg contract activ lead redefinit servic hand servic corsica maghreb follow criteria trend converg diverg instanc corsican market depend situat island disturb immedi impact growth trade algeria tunisian market stabl competit fierc market show trend direct assumpt present situat repres develop profit budget worst case scenario drawn suppli remain constant order highlight effect econom trend stai gener framework adopt ship mainten link oper compani fine tune suppli demand order retain balanc case worst case scenario nice corsica maghreb line number measur increas june septemb small high speed vessel replac liamon improv result eur million reduct number vessel oper week winter improv result eur million cross algeria reduct number trip low season week improv result eur million tabl hypothes scenario gt tabl gt scenario lead simul french author transmit commiss simul show sncm profit scenario tabl trend main financi indic sncm gt tabl gt expect trend sncm financi situat scenario adopt restructur plan french author includ detail financi model period base intermedi scenario adopt conserv assumpt forecast growth gross intern product borrow rate rate invest incom rate short term debt model present tabl present forecast profit loss account balanc sheet year show return profit tabl financi model gt tabl gt figur sncm annual report result provision account transmit sncm scenario turnov relat activ maghreb rise eur million eur million current result network maintain level eur million period turnov nice corsica network competit strongest eur million ad eur million public compens social assist high qualiti level proportion high purchas price main vessel servic high speed vessel liamon proce oper link cover amortis cost vessel includ leas paid produc current result eur million except eur million depreci vessel includ restructur plan annual account adjust compani offset futur leas annuiti eur million balanc nice corsica servic compani altern solut dispos liamon closer examin favour market situat loss earli termin leas compani tradit activ line marseil record toulon corsica expect turnov eur million vari eur million year note turnov servic corsica expect drop eur million compar account confirm expect drop eur million passeng revenu result sncm market share diminish percentag point benefit competitor point increas servic marseil cover public servic deleg expect subsidi limit eur million drop eur million period cover plan repres notabl decreas compar eur million obtain current result network dedic public servic neg rise eur million eur million final eur million current result attain compani reportedli eur million line lower figur restructur plan variat head profit loss account current result explain absenc refund maritim profession tax eur million abat sourc partial refund employ assed contribut unemploy insur contribut famili allow eur million shortfal french author eur million cash inject turnaround profit expect make rais compani capit current level eur million eur million short term eur million end period cover plan lead reduct indebted current level eur million level eur million year plan increas indebted forecast compani renew fulli own vessel scenario restructur plan import compani competit posit end current public servic deleg contract viabl compani fact difficult todai forese content futur public servic deleg contract sncm compar current situat oper cargo passeng ship car ferri situat instanc longer need gener revenu loss eur million eur million subsidi reduc labour cost oper cost capit cost amortis financi charg make limit drop result eur million profit plan end period financi viewpoint cost restructur estim eur million employe compens sale vessel concern dispos gener eur million cash eur million depreci tax french author devis extrem scenario cargo passeng ship resourc marseil corsica line continu cover public servic deleg contract car ferri oper competit basi social assist case expect revenu loss eur million eur million subsidi total revenu marseil corsica servic reduct labour cost oper cost capit cost amortis financi charg insuffici guarante posit result eur million plan sncm suffer limit loss eur million restructur cost estim eur million employe compens sale vessel dispos gener eur million cash eur million depreci tax french author studi auster scenario scenario lead reduct sncm activ call question object compani french author stress plan make prevent extrem situat swiftli make compani competit enabl acquir part futur public servic oblig contract aid sncm sncm past receiv individu aid oper grant compens public servic oblig amount eur million period aid approv commiss octob period rescu aid form refund advanc eur million approv commiss juli meantim fulli refund sncm sncm receiv financi compens perform public servic oblig line marseil corsica period contract total sum reach eur million entir period past receiv futur receiv fund aid scheme open ship compani indirect aid individu social assist scheme ship servic corsica intend categori passeng scheme approv commiss busi tax refund scheme ship compani ground initi procedur doubt relev restructur plan decis august commiss express doubt restructur plan provid analysi compani loss commiss rais question point connect compani loss public servic oblig impact sncm polici ship purchas profit loss account measur plan enhanc compani product commiss point gap restructur plan absenc specif measur reduc amount intermedi consumpt absenc indic sncm futur fare polici doubt relev calcul amount aid commiss wonder relev calcul method adopt french author determin amount recapitalis hypothes adopt financi simul method adopt french author justifi amount eur million capitalis base financi simul bring underli hypothes show capit long term indebted ratio lead averag refer ratio comment interest parti comment corsica ferri letter comment letter januari law firm scapel scapel grail bonnaud observ client corsica ferri corsica ferri disput sncm firm difficulti mean guidelin point public servic deleg contract alloc public grant compani eur million averag year make total eur million year argu articl public servic deleg contract guarante sncm eur million cashflow corsica ferri stress eur million loss record sncm eur million relat depreci high speed vessel liamon corsica ferri question sncm capac profit subsidis line corsica ferri note contrari announc restructur plan servic livorno oper servic nice toulon corsica ferri express doubt sncm capac make line profit regard servic maghreb note sncm face fierc competit ctn entv subject cost reduct corsica ferri regret access compon restructur plan ask commiss question rais decis august receiv convinc answer french author corsica ferri stress ensur plan aid lead undu distort competit opinion aid serv facilit struggl competitor allow aggress suppli servic corsica ferri consid capit debt ratio adopt french author exagger relat ratio record panel ship compani ratio vari mobi line cmn grimaldi corsica ferri calcul lead amount eur million pure fictiti argu eur million correspond frf million compani lose territori continu grant period corsica ferri sncm amount dispos latent appreci fleet sell share regard sncm share corsica ferri note subsidiari ship compani activ mention specif share sud cargo ship compani share amadeu firm specialis air transport book system share cmn cgth real estat hold corsica ferri conclud plan grant aid circumv cabotag regul render invit tender marseil corsica servic meaningless suggest restructur aid grant sncm lose tender scenario genuin put public ship compani difficulti consider number document copi enclos letter januari seri comment electron mail januari director gener corsica ferri commiss copi press releas agenc franc press press file press confer held sncm chairman januari sncm scale fare meet corsica ferri commiss meet held februari commiss repres corsica ferri conven request corsica ferri transmit transpar show graph sncm potenti appreci letter februari document french author comment repres corsica ferri state oral market sail mainland franc corsica increas increas compani attack decis ec compens public servic oblig stress back past give close attent condit commiss impos present case repres corsica ferri welcom commiss effort liberalis cabotag market cabotag regul made put end agreement benefit tradit oper clear competit led tradit oper rais substanti qualiti servic corsica repres inhabit corsica suffer long poor qualiti servic onboard sncm ship firm oper cross corsica repres corsica ferri express concern sncm aid reduc fare toulon nice corsica state oral paper sncm fare corsica ferri sncm greatli increas number dai low fare period meet repres corsica ferri highlight main structur opinion sncm bear higher cost corsica ferri purchas vessel shipyard price level market price costli crew paid requir french industri agreement excess number onshor personnel equal traffic level corsica ferri allegedli time fewer employe onshor sncm argu sncm onshor activ outsourc corsica ferri meet repres corsica ferri criticis restructur plan point plan envisag real reduct staff number staff cut cautiou post cut correspond natur wastag sncm sharehold includ restructur endeavour larg number share compani dormant sncm account market book record sncm balanc sheet appreci vessel account speed amortis vessel book vessel asset ship compani lower market distort pictur balanc sheet present corsica ferri evalu sncm latent appreci ship eur million real vessel allegedli enabl sncm obtain mortgag loan leas back contract sum exceed eur million restructur aid comment stef tfe chairman letter januari chairman stef tfe group compani specialis cool logist transmit comment sncm restructur plan commiss emphasis group main sharehold cmn control compani board explain capit link sncm cmn result redistribut cgmf share stef tfe sncm share cmn analys pure financi asset letter comment stress compani cmn sncm independ competit link marseil contractor public servic deleg contract stef tfe contract structur tender specif oblig compani submit joint bid meet requir letter stef tfe group undertak quot bui back part prefer sncm share cmn quot estim eur million commiss view condit impos final decis quot transfer ensur restructur plan properli balanc quot overview past develop cmn sharehold stef tfe group annual report append letter comment repres local author letter decemb mayor citi marseil stress econom import sncm region economi explain year compani inject eur million economi emploi worker provenc alp côte azur region letter januari chairman gener council bouch du rhône emphasis econom import sncm region economi express commiss approv plan aid sncm successfulli complet restructur januari gener councillor bouch du rhône receiv commiss request meet spoke behalf author chairman highlight sncm econom weight economi marseil argu sncm run reliabl servic corsica acknowledg sncm properli manag past recent made consider progress modernis guidanc chairman felt progress made behalf polit staff marseil region express commiss give sncm chanc adapt competit framework sncm french compani oper passeng transport servic sea weigh exist favour social tax scheme member state itali flag flown vessel corsica ferri main competitor letter januari chairman provenc alp côte azur region council emphasis procedur initi commiss design ascertain propos restructur plan eventu guarante viabil compani difficulti todai recal measur provid restructur plan consid condit plan guarante viabil compani met region council sncm provid suffici servic ensur territori continu corsica chairman point sncm activ work peopl provenc alp côte azur region continu compani vital region economi letter januari chairman execut council assembl corsica transmit proceed debat assembl decemb debat assembl deliv quot favour opinion quot plan recapitalis sncm comment corsica transport offic letter januari director gener corsica transport offic otc emphasis behalf chairman tender issu public servic deleg contract led bid submit cmn sncm group otc territori collect corsica award author public servic deleg contract otc note disappear sncm quot immedi lead major reduct servic quot compani capabl meet requir contract regard passeng transport recal letter corsica long suffer inadequ ship servic implement principl quot territori continu quot servic offer gear actual wish maintain reliabl high qualiti servic territori collect corsica contract includ financi mechan compens correct link effici reliabl servic note letter territori collect corsica account trend suppli servic port mainland franc limit public servic oblig servic oper marseil final letter highlight sncm import economi corsica emphasis ship compani establish corsica quot emploi largest number corsican resid sailor onshor personnel purchas corsica compani inform eur million annual quot add quot commiss reject restructur plan propos french state grave consequ island socioeconom equilibrium quot letter date februari otc point area expect progress sncm author award public servic deleg contract otc expect improv intern social dialogu point quot abnorm high quot number industri conflict affect ship servic corsica situat improv recent year regard otc laid explicit provis public servic deleg contract financi penalti impos compani fail carri servic result come respons otc concern improv custom inform period disrupt otc add regard passeng inform sncm show wors perform transport compani gener sncm continu effort area comment franc commiss document french author comment accord articl regul ec comment corsica ferri letter januari comment stef tfe letter januari comment provenc alp côte azur region letter februari comment territori collect corsica letter januari comment gener council bouch du rhône letter januari comment citi marseil letter januari comment otc letter januari februari comment franc comment corsica ferri french author data submit corsica ferri sncm servic inaccur sncm fare polici fax french author commiss detail refut corsica ferri alleg sncm fare polici sncm servic nice corsica link show trend tabl trend servic suppli sncm gt tabl gt french author point sncm fare nice corsica link risen slightli compar part compani busi polici length period fare remain valid adjust reduc diverg fare offer corsica ferri french author trend sncm fare report corsica ferri bear relat realiti contrari alleg corsica ferri fare sncm french author corsica ferri show sncm initi aggress fare polici fix fare french author argu conclus analysi base incomplet data wrong promot fare corsica ferri basic promot fare call quot jackpot quot fix price passeng vehicl french author emphasis fare document submit corsica ferri repres signific part sale fare cover passeng travel vehicl supplement charg basic fare passeng entitl addit passeng children young peopl case vehicl person supplement paid top basic fare eur direct quot orang quot period passeng fall quot social quot categori supplement eur fare configur sncm produc dispar tabl comparison sncm corsica ferri scale fare gt tabl gt promot fare sncm corsica ferri vari yield manag method rel lack transpar fare charg computeris book system french author provid commiss number place benefit corsica ferri special fare final french author draw attent fact sncm offer quot plein soleil quot formula cross corsica ferri offer type product sail scale fare french author note sncm scale fare nice corsica systemat higher equal corsica ferri quot colour quot fare tabl correct sncm lengthen blue period april septemb partli order close fare gap separ sncm corsica ferri appli sail busi direct french author suppli tabl compar distribut voyag fare level compani nice corsica servic april septemb tabl comparison length fare period sncm corsica ferri gt tabl gt public servic deleg contract includ safeguard claus attenu effect inaccur estim addit cost carri public servic task french author contract remov risk sncm cmn corsica ferri alleg reason fluctuat revenu rang basic data give rise adjust compens adjust compens fluctuat revenu rang partial adjust restrict financi compens term contract french author note public servic contract guarante oper profit contrari contract maximum level capit yield sole object public servic grant fact offset cost result execut public servic task grant constru quot cashflow guarante quot comment french author question founded corsica ferri statement cmn europ profit ship compani argu justif claim todai averag net result compani financi year eur million averag turnov prior compens eur million compani perform larg link marseil corsica public servic deleg contract contractor public servic deleg complement sncm main contribut vessel servic corsica nice toulon french author drawn attent sncm discontinu regular servic corsica toulon sporad recours port toulon due technic consider connect servic marseil corsica number toulon corsica sail month sncm nice corsica sail greatli reduc low season combin sncm gener manag save justifi expect account nice corsica sector balanc financi model french author complet abolit sncm servic nice corsica consequ disrupt complementari relationship nice marseil imbal sncm servic corsica ferri sail corsica continent port toulon nice savona livorno disrupt complementari natur night servic marseil dai servic nice corsica ferri suppli servic establish virtual monopoli corsica ferri toulon livorno simultan sale difficult implement accept condit high speed vessel servic maghreb regard sncm activ north africa french author regard unaccept corsica ferri unfound inaccur comment quot indiffer quot sncm face shrink market share sncm lack consider algerian custom franc point drop sncm servic algeria basic result decis state complet suspend maritim relat franc algeria begin hijack air franc airbu marseil allow gradual recoveri accompani secur measur indispens extra burden line final note level activ maghreb sncm restructur plan cautiou consist conclus market survei commiss sncm cost reduct programm french author note part cost reduct programm implement number vessel reduc programm dispos asset ahead plan servic redeploi action plan reduc intermedi consumpt begin bear fruit employ compon industri plan steadili implement sncm earmark eur million financ restructur measur scheme safeguard job establish oper monitor mechan train assist eur million introduct technolog work area enhanc compani econom effici enabl job cut eur million implement measur peopl leav compani employe mobil leav switch part time work amount eur million conduct procedur negoti provis litig expens amount eur million conclus french state opinion contrari alleg corsica ferri restructur plan devis turn sncm creat condit ensur medium long term viabil calcul method determin amount recapitalis regard determin amount aid french author present comment respons corsica ferri observ confirm capit debt ratio typic balanc sheet ship compani special situat indic french author ratio lota maritim consolid corsica ferri franc sa ratio announc corsica ferri cmn incorrect fail account liquid asset balanc sheet correct cmn ratio comment franc stef tfe observ comment franc stef tfe letter januari letter februari french author present comment stef tfe observ partnership carri public servic deleg contract french author decis sncm cmn enter joint ventur jointli sever respons quot render obligatori charact consult quot contrari stef tfe observ french author tender issu territori collect corsica fulli permit bid ship line group line legitim sncm cmn submit bid part tender partnership decis set joint sncm cmn ventur result analysi made compani show bid form tradit natur partnership gave chanc term competit win tender view fact corsica ferri month made clear submit bid view possibl european oper cmn entri joint ventur result consid decis part base evalu interest oblig aris tender french author explain contrari stef tfe observ compani sncm cmn independ direct competit situat conflict principl singl public servic deleg contract signatori french author simpli question quot coordin timet quot singl timet jointli commit compani servic ajaccio bastia year period servic secondari port instanc quot basic quot servic bastia altern oper dai compani similarli simpli quot coordin gener scale fare quot fact singl scale fare partnership agreement lai procedur arriv ident scale strictli demarc margin left compani respect agreement adher spirit wit fare decis procedur work fare complet situat sncm cmn propos fix limit permit public servic contract level freight charg cmn sncm propos fix limit permit public servic contract level passeng fare procedur led establish singl scale fare compani special fare offer reduct basic passeng fare rang likewis jointli manag purpos cmn sncm quot packag quot product computeris book system final cmn sncm embark check system passeng handl corsican port marseil subject pool resourc french author emphasis compani frequent pool effort relat supplier instanc work enlarg modernis vessel sncm paglia orba cmn kallist carri shipyard produc signific save compani vessel built singl design timet workload compani commiss vessel shipyard note stef tfe cmn share passeng market increas substanti disput qualiti servic provid effort made cmn french author increas occur pure result content public servic contract commerci conquest made cmn oper increas cargo passeng ship capac passeng reduc car ferri result public servic oblig led redistribut place offer favour cmn data incorpor joint bid submit compani french author maintain sncm share cmn capit constru pure financi asset stef tfe appear alleg ground sncm cash posit enabl contribut cover cmn cash sncm share financ specif cash cmn time cover alongsid stef tfe sncm receiv cmn request counter guarante secur paid tender sncm object cmn plan offer share employe cmn extraordinari gener meet june sncm gave back joint fund worker particip receiv share employe sharehold cmn percentag vote right held enabl oppos plan note board cmn manag subsequ propos transfer share held sncm benefit cmn employe french author decid postpon oper heard stef tfe prepar contact commiss subject part formal investig procedur french author conclud descript stef tfe relat sncm cmn execut public servic contract consist realiti propos transfer sncm share cmn french author state idea disinvolv compani lack industri logic compani pursu activ ident tool term singl public servic contract potenti gain closer cooper compani estim rang eur eur million year question relat sncm cmn examin strateg angl commiss consid sncm posit current public servic contract end sncm posit depend partli level corsica marseil public servic respons french author mainten strong partnership sncm cmn give chanc success alloc public servic activ partnership import factor sncm viabil mainten essenti uniqu size fleet compani major asset enabl offer high qualiti servic corsican port cmn ship enabl sncm cmn cross critic suppli threshold ey french author decis ensur competit year competitor vessel extra asset enabl compet effect part link corsica mainland adopt measur quot enhanc econom financi independ oper quot point direct quot conduc pursuit sound competit quot undoubtedli creat condit disrupt partnership compani greatli reduc sncm chanc compet effect tender servic corsica examin account stef tfe group cmn consolid equiti method share stef tfe cmp show hypothesi exclud recomposit cmn capit sncm made main financi effort origin approach intend establish industri effect sncm cmn configur take major share sncm decid occupi posit solid partner cmn reason public imag connect polit context time sncm major sharehold redistribut minor sharehold level adopt structur end sncm subscrib cmp capit compagni méridional financièr cmf set full control cmn gave guarante bank loan cmf complet financ purchas sncm lack effect control cmn minor block vote level structur compens perman commit sharehold regard conclus partnership agreement bind compani sncm interest cmn develop involv increas passeng capac cmn passeng cargo vessel detriment sncm market share view enhanc qualiti servic suppli compani cmn interest posit todai regard passeng freight larg establish aid sncm financi strateg legal establish joint ventur function provid sale network resourc hand stef tfe initi minimum capit input involv risk control manag compani establish sector french author point sncm personnel inform matter fulli awar stake converg view issu strateg import sncm enhanc qualiti social dialogu compani strengthen viabil examin financi aspect confin evalu cash inject result transfer account revenu sncm deriv share cmn cmn compani homogen regular activ benefit public servic compens good return invest sncm share cmn start posit impact social account result clear improv cmn financi posit sncm draw dividend cmn rapidli substanti financi year exce eur million account weak distribut ratio subsidiarili note discontinu partnership depriv sncm activ cmn gener agent revenu averag cash effect amount eur million conclus franc posit sncm particip cmn strongli strateg natur opinion transfer share make sens industri tantamount major strateg error franc respons natur link cmn sncm exist sharehold pact basi inform suppli stef tfe commiss suspect exist sharehold pact stef tfe sncm control cmn letter januari commiss ask french author exist pact cmp share control hold cmn answer affirm sharehold pact transmit fax date februari french author confirm document exist transmit copi commiss emphasis confidenti natur sharehold pact conclud march chairman sncm chairman compagni de navig orbigni cno part implement sharehold structur cover mutual commit sncm cmn industri cooper group fundament level view strengthen complex configur detail reflect realiti strateg choic made decid partner quot sharehold conceiv spirit cooper quot french author point cno société de travaux industriel maritim orbigni stim orbigni mean acquir sncm share cmn explicit agreement regard stef tfe chairman suggest bui sncm share hold cmn french author state benefit sncm current situat order obtain transfer sncm share cmn case provid provis sharehold pact structur sncm sharehold cmn french author recal cgth hold compani own sncm hold share cmn cgth own cmp main sharehold cmn control cmn french author confirm action support found famili stef tfe group exercis effect control cmp cmn stress sncm minor block vote level sharehold structur right deriv sharehold pact interven manag cmn manag stef tfe group french author exact composit cmn current board manag composit base third distribut number manag case redistribut cmn share board consist manag stef tfe repres rastit famili chairman cgmf chairman sncm retir offic cmn manag board chair manag stef tfe cmn share offer repli februari french author sncm voluntarili cooper offer cmn share employe wish postpon implement propos learn stef tfe group intervent investig procedur initi intervent violat basic principl sharehold pact march point french author repli upgrad cmn studi sncm part decis offer cmn share employe french author drawn commiss attent fact propos commiss chairman stef tfe estim share held sncm meet cmp board februari chairman cmp chairman cmn inform manag decis transfer cmn share common invest fund reserv employe price upgrad cmn eur million comment franc observ submit provenc alp côte azur region french state agre content letter januari chairman provenc alp côte azur region made comment letter februari contrari alleg point letter suppli servic mainland franc corsica quot excess demand quot sncm fare polici consist commit initi fare war quot price leader quot assess aid natur measur statu public servic compens part propos financi inject inject eur million sncm constitut state aid mean articl treati recapitalis compani precari financi posit limit prospect profit treat par action inform privat investor market economi incident commiss note capit increas subscrib sncf largest sharehold sncm januari cabotag market complet open commun competit commun oper sea link commun maghreb aid restructur sncm creat distort competit affect trade member state note sncm suffer substanti deficit servic corsica subject public servic oblig commiss take view deficit marseil corsica link recognis januari oper fare servic corsica marseil amount financi compens agre public author sncm contractu basi contrari practic agreement regard period commiss approach includ calcul result tax servic corsica determin expert report drawn commiss servic corsica deduct appreci dispos vessel figur frf million eur million year agreement expert report time lack data calcul result obtain respect corsica servic analyt account commiss adopt approach abovement expert report recalcul basi analyt profit loss account suppli result tax remov provis restructur includ restructur cost notifi commiss verifi compani annual account dispos vessel year question approach criteria decis ec commiss arriv tabl tabl analyt profit loss account gt tabl gt total aggreg correct result appreci vessel sold period restructur cost eur million period agreement independ analys cash inject form restructur aid part cash inject justifi public servic compens articl treati compat common market regard french author notifi plan cash inject higher amount eur million restructur aid reason procedur articl treati initi cash inject investig entireti legal basi assess articl treati quot aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market quot articl treati form state aid compat consid compat common market commun guidelin state aid maritim transport give interpret articl treati regard maritim transport refer guidelin state aid rescu restructur firm difficulti evalu restructur aid maritim compani point guidelin quot basi aid rescu restructur firm difficulti deem compat articl provis commiss power authoris aid facilit develop econom activ aid advers affect trade condit extent contrari common interest quot compat assess basi main criteria analysi presenc restructur aid restor viabil restructur plan avoid distort competit proportion aid implement restructur plan analysi sncm financi difficulti restructur plan describ circumst led compani difficulti enabl evalu propos measur section commiss establish sncm financi difficulti difficulti exercis sncm analyt account sea link vessel level aid french flag compar italian flag cabotag regul permit free choic flag flag member state sncm oper french flag face competit vessel fly italian flag main reason corsica ferri undertak french law opt italian flag conveni manag fleet third traffic itali question sncm lower level aid competitor sail italian flag benefit commiss wish emphasis point aid scheme regard social charg ship firm french flag benefit substanti reduct social charg franc counterpart itali italian scheme exclus applic cabotag compani regard compani tax franc unlik itali begin year scheme standard tax rate ship compani difficult make comparison social tax burden case commiss refut argument propound repres gener council bouch du rhône registr corsica ferri italian flag enabl benefit higher level aid commiss consid aid scheme ship compani italian flag compat common market relev decis contest court justic european commun commiss stress exercis control derog tax social scheme benefit commun ship compani bring scheme closer applic commun guidelin state aid maritim transport conclus commiss accept argument sncm main competitor receiv aid fly commun flag vessel purchas polici subject impact renew appar signific number vessel short period compani result commiss note sncm purchas ship high speed aliso napoléon bonapart deliv high speed liamon deliv daniel casanova deliv pascal paoli deliv commiss wish supplement explan provid french author sncm vessel purchas polici ascertain ration compani purchas decis reason commiss wish quantifi extent immobilis vessel impact compani consolid balanc sheet cover vessel purchas leas basi includ current immobilis larg compris vessel order deliv tabl net immobilis ship gt tabl gt studi tabl commiss observ recent acquisit ship result signific increas mobilis compani consolid asset case immobilis remain level record commiss conclud sncm excess invest fleet renew recent year commiss note sncm financ ship leas basi order reduc indebted social balanc sheet fulli own ship mortgag regard remain ship sncm confirm compani found bank prepar accept mortgag guarante level compani indebted weak cash flow detail enabl servic exist debt bank act privat lender market condit inclin offer sncm addit loan risk sncm pai back instal debt signific view sum involv similar difficulti make imposs sncm recours leas back oper reduc indebted commiss experi effect seiz ship aircraft show difficult enforc practic asset servic nation region interest final alleg sncm oblig purchas ship built franc commiss note latest ship deliv renov french shipyard chronic neg trade account commiss investig aspect oper cost wage bill intermedi consumpt tabl result oper margin gt tabl gt wage bill commiss note studi commiss cost passeng ship crew higher french flag italian flag french author staff expenditur remain stabl eur million eur million point amount relat wage onshor personnel proport correspond staff ratio onshor onboard personnel year commiss calcul tabl ratio connect trend sncm wage bill tabl trend wage bill gt tabl gt figur show wage bill remain stabl recent year ratio wage relat turnov signific doubt proof ship compani outsourc secondari activ sncm reflect manag choic connect compani tradit involv public servic commiss feel open critic matter principl intermedi purchas reduc cost relat intermedi consumpt crucial success restructur plan commiss note benefit expect programm purchas control entitl quot acheton mieux quot quot bui quot suffic rebal trade account commiss opinion sncm continu effort optimis purchas restructur period commiss opinion trade account commiss consid imper sncm achiev sustain posit oper result case contrari forecast restructur plan commiss note effort made sncm rais product produc fulli effect result sncm expect problem solv revenu futur appreci ship sold invest incom public servic constraint commiss note financi compens receiv year agreement enabl sncm complet make loss highlight decis ec arriv scene competitor year agreement sign neg effect sncm result sncm lost passeng competitor nice toulon reduc revenu account fact financi compens sncm independ revenu loss part custom corsica ferri automat led deterior public compani profit verif complianc guidelin analysi case commiss find balanc hand protect compet interest view distort competit hand risk monopoli emerg servic mainland franc corsica fact disappear sncm lead financi difficulti supplier subcontractor factual monopoli corsica ferri rout commiss recal guidelin stipul restructur aid run counter commun interest quot distort competit offset benefit flow firm surviv clear firm disappear result monopoli tight oligopolist situat quot analysi commiss account point hand sncm short period ad cope sever disrupt tradit market origin monopoli posit control agreement state subsequ territori collect corsica end highli competit environ final begin lost oper grant servic toulon nice corsica hand sncm inherit oper loss connect execut public servic agreement highlight decis ec loss amount frf million inclus appreci vessel consider context natur plan aid inher contrari commun interest condit grant aid compli requir guidelin oblig commiss fit impos avert potenti distort effect aid commiss recal authoris restructur plan ship compani specif brittani ferri commiss decis ec cgm sncm subsidiari commiss decis ec statu firm difficulti order elig restructur aid firm qualifi firm difficulti mean guidelin criteria ascertain commiss decis juli rescu aid sncm decis august initi formal investig procedur recapitalis plan basi sncm annual account examin sncm meet condit time light recent annual report commiss wish point requir guidelin commun definit constitut firm difficulti commiss ascertain sncm meet test provid point guidelin establish doubt firm difficulti verifi sncm posit includ sign commonli refer ascertain firm difficulti list point guidelin disappear compani regist capit sncm capit apprais increment eur million compar balanc brought forward eur million eur million net result reserv eur million compani capit exclud regul provis call net situat french account terminolog remain neg eur million eur million level reflect disappear half compani share capit quarter disappear month notif confirm suffici obligatori condit point guidelin serv proof compani difficulti sign show sncm difficulti accord guidelin quot usual sign firm difficulti increas loss diminish turnov grow inventori declin cash flow mount debt rise interest fall nil net asset quot regard commiss establish fact sncm account includ annual account time transmit commiss formal approv sncm gener meet sharehold consid final loss increas eur million eur million current result rose eur million eur million net loss reduc sale number ship passeng turnov diminish eur million passeng transport market corsica mainland franc rose net financi debt exclud leas eur million eur million financi charg interest similar charg eur million eur million capit diminish eur million larg number sign cumul provid guidelin posit verifi commiss note worri sign sncm financi situat compani capit remain weak relat compani size financ requir eur million end eur million end appar progress result oper activ current result remain neg connect result restructur plan transfer plan gener except appreci exceed eur million year transfer provis alloc liamon point net figur eur million origin applic except fiscal depreci part past gener fiscal advantag disappear futur tantamount futur tax debt exclud reportedli defer depreci amount eur million end eur million end take account data net capit eur million end eur million end eur million capit end compar net fix asset eur million end eur million end mean virtual compani long term financ ensur debt financi debt exclud leas account eur million end eur million end fragil financi posit prevent compani find resourc market analysi compani intern financ capac eur million eur million reveal weak level cover refund commit exist debt eur million eur million intern financ capac provid secur lender french author confirm commiss bank refus lend monei compani indebted sncm propos put newest vessel unencumb mortgag servitud secur bank loan current public servic deleg contract analysi contract enabl sncm combin success restructur plan attain posit oper result fact remain acut lack capit grow indebted cost oper measur restructur plan laps time lead compani ceas payment commiss conclus sncm firm difficulti defin guidelin absenc restructur aid past ten year guidelin provid compani past benefit restructur aid receiv aid time year end restructur period form aid alloc sncm restructur aid fact sncm restructur programm incept restor viabil restructur plan durat short restor long term viabil firm reason timescal basi realist assumpt futur oper condit restructur plan provid turnaround enabl compani complet restructur cover cost includ depreci financi charg expect return capit enabl restructur firm compet market place merit similarli effect measur success plan depend market trend increas servic maghreb correspond return posit sncm mid restructur involv abandon activ remain structur loss make restructur regard servic corsica italian mainland sncm learn lesson past failur decid close italian subsidiari corsica marittima make loss incept restor profit servic marseil corsica expect short term servic maghreb profit servic nice remain uncertain rel import diminish earli depreci liamon make turn compani posit result link commiss accept argument presenc reduc nice remain compani posit market redeploy maghreb reduc compani depend tradit rout restor viabil stronger margin maghreb servic regard long term viabil term current public servic deleg contract commiss take view implement plan make compani face competit effect contract renew final note partial loss car ferri contract enabl compani maintain posit result loss contract lead higher drop compani revenu tradit market envisag scenario commiss believ bring situat restructur plan public support remedi prematur envisag stage commiss determin time frame restructur period entail number oblig incumb aid recipi restructur plan compris action essenti cover fact remain sncm quot suffici quot capit commiss set decemb end restructur period realist assumpt guidelin requir restructur plan base quot realist assumpt futur oper condit quot commiss consid market studi sound basi scenario compani develop improv viabil deriv intern measur contain restructur plan base extern factor variat price demand compani great influenc market assumpt made gener acknowledg mean compani improv concern servic maghreb achiev control product cost enhanc product restructur plan account inter alia present state futur prospect suppli demand relev product market scenario reflect case worst case intermedi assumpt firm specif strength weak restructur plan enabl firm progress structur offer prospect long term viabil enabl stand feet plan provid turnaround enabl compani complet restructur cover cost includ depreci financi charg expect return capit enabl restructur firm compet market place merit sncm longer alloc public servic deleg contract servic corsica marseil avoid undu distort competit measur mitig advers effect aid competitor aid regard contrari common interest incompat common market accord guidelin condit case discuss form limit presenc compani enjoi tradit market servic corsica face competit compani establish commun case servic maghreb commiss opinion excess capac maritim servic corsica view highli season charact signific growth traffic commiss note averag occup rate ship sncm main competitor lower public compani excess capac market mean guidelin contribut improv sale ship demolit constitut reduct capac admiss light guidelin compulsori limit reduct compani presenc relev market repres compensatori factor favour competitor factor proport distort effect aid restructur plan significantli reduc firm presenc market direct benefit competitor element closur corsica marittima subsidiari passeng respons servic itali corsica withdraw sncm group market servic itali corsica virtual withdraw servic toulon corsica market account passeng limit total number place offer number round trip made year specif servic nice corsica sale ship gulf genoa toulon sncm lower servic offer million place year compar divis benefit competitor servic show strongest growth commiss believ measur consider scope combin condit design limit distort competit specif care ensur compani devot surplu liquid asset aggress activ distort market stipul restructur period sncm financ invest cost redeploi activ maghreb incorpor restructur plan condit detail absenc invest ship replac exist prevent advers effect aid main competitor effect absolut minimum aid limit minimum amount aid limit strict minimum need enabl restructur undertaken light exist financi resourc compani sharehold busi group belong hamper chanc restor viabil case investig commiss note light point guidelin restructur plan includ signific sale essenti naval asset amount eur million sale price eur million net product debt addit dispos impos commiss section respect asset form sharehold commiss deem strateg compani activ sale suffic restor viabil sncm financi situat remain characteris signific liabil end oper decis august commiss convinc relev calcul method present french author determin amount aid notwithstand addit explan suppli franc commiss made evalu analysi calcul method propos franc commiss view approach adopt french author base capit debt ratio panel compani french author suffici repres maritim cabotag sector capit debt ratio produc panel compani fact reliabl indic compani health french author explain cover amount financi debt compani guarante data consist amount sncm indebted restructur plan french author shown capit debt ratio emerg panel compani properli account period financi model includ restructur plan regard approach propos franc show figur eur million high commiss question relev method altern method base capit financ exist fleet inappropri french author includ calcul fleet acquisit sale fact compani start fleet sncm exist todai find capit proportion purchas ship built approach fail account major asset comput book system build compani headquart commiss opinion altern method base sncm expenditur commiss revis amount eur million previou loss account result loss connect servic corsica prior commiss approach set section commiss approach commiss take view primari aim restructur aid increas compani capit simpl financi restructur compani switch monopoli posit agreement competit posit commiss retic base level aid method adopt french author difficult level sncm capit commiss wish point ad remov compani panel chosen french author averag capit debt ratio vari significantli commiss consid restructur aid cover cost action provid restructur plan oper restructur hand compani loss incur carri public servic agreement end financi restructur commiss accept part aid financ cost oper measur requir chang legal competit context compani oper action enabl compani improv level indebted rightawai commiss accept part aid repai debt result undercompens sncm suffer agreement commiss wish authoris financ public fund cost inher oper measur restructur plan draw definit line consequ inadequaci financi compens agreement view oper expens onshor cost record period sea link cover public servic oblig note financi undercompens public servic period amount eur million cost link oper restructur measur commiss adopt figur eur million commiss note compani make eur million net revenu dispos implement dispos provid restructur plan bear fact mind commiss reach conclus sum eur million complet justifi restor compani viabil short term sncm unabl obtain bank loan propos newest ship unencumb mortgag servitud mortgag guarante final commiss consid compani unabl find sourc capit financ restructur programm remaind requir amount eur million calcul provid form restructur aid revenu dispos strateg share commiss believ amount recapitalis eur million notifi french author analysi consist approach adopt subject take account revenu transfer strateg share supplement dispos provid restructur plan final commiss consid aid propos exce restor viabil basi financi situat present end detail eur million cash inject rais compani net posit thing remain equal eur million eur million similarli compani financi debt chang eur million situat end eur million cash inject eur million outflow oper restructur measur exclud except depreci liamon eur million remain equal doubl net posit lead commiss conclud obviat risk surplu cash mean guidelin extent risk condit laid present decis intend prevent distort competit account regul provis eur million discuss commiss consid part compani capit compani resourc approxim eur million remain counterbalanc virtual equival debt commiss opinion presenc net fix asset financ tune eur million end fulli justifi level capit reduct aid mortgag loan sncm automat lead increas debt disrupt adequ balanc commiss analysi leav scope compani financi restructur necess condit impos commiss accord guidelin commiss impos condit oblig consid order ensur aid distort competit extent contrari common interest case review commiss decid impos number condit dual purpos limit compani capac prevent adopt aggress fare polici harm competitor servic corsica reduct capac reduct fleet provid restructur plan balanc light ship purchas polici sncm pursu recent year acquir ship car ferri passeng cargo ship averag capac increas compani capit recapitalis give manag room manoeuvr purchas ship acquir share contrari object restructur focu intern effort turn compani bear mind commiss oblig impos addit condit ensur complianc condit reduct capac commiss guarante fleet sncm group exce current total number ship dispos ship commiss prohibit compani renew ship period reason compani control requir commiss decis commiss deem accord restructur plan notifi french author limit number round trip sea link corsica commiss consid impos drastic condit regard capac reduct compani oblig public servic deleg contract prospect traffic increas corsica north africa final risk bring situat direct competitor monopoli posit link mainland franc corsica connect recal guidelin quot relax compensatori measur reduct limit manifest deterior structur market indirect effect creat monopoli tight oligopolist situat quot view expect durat restructur plan commiss deem reason fix deadlin constraint set decemb time hope restor quot normal quot net result maritim compani sncm size reason level compani capit possibl earlier turnaround bring end period constraint maintain forward time compani contribut restructur effort accord guidelin compani difficulti quot make signific contribut restructur plan resourc includ sale asset essenti firm surviv extern financ market condit quot commiss note sncm effort form dispos asset eur million sale price eur million net proce dispos find sncm hold import portfolio share compani directli relat compani object intrins connect servic ship compani fact share includ programm dispos asset laid restructur plan commiss take view compani dispos strateg share open transpar procedur restructur plan propos franc made provis dispos commiss consid proce dispos proportion reduc requir aid view amount aid minimum determin strateg hold counterbal condit approv recapitalis commiss decid oblig compani dispos hold subsidiari amadeu franc compani develop market computeris book system sncm share compagni cors méditerrané airlin sncm share real estat compani schuman cgth share someca smip fail sncm sell smip sole asset southern trader close subsidiari regard hold commiss note french author procedur strateg import sncm surviv compagni cors méditerrané ccm busi ccm airlin aviat compani oper air servic corsica semi public limit compani capit eur main sharehold territori collect corsica air franc crédit agricol caiss de dépôt consign sncm tat ea tat sa caiss de développ de la cors du sud chambr de commerc de haut cors board consist member assembl corsica member air franc member crédit agricol member caiss de dépôt consign member sncm member commiss take view ship compani sncm hold airlin sncm hold ccm strateg import dispos condit recapitalis schuman compani cover fix asset commiss opinion hold compani strateg import sncm activ sold someca specialis transport cement corsica bulk cargo ship bulk transport synergi ro ro freight small volum cement transport corsica justifi keep share highli specialis subsidiari commiss consid hold strateg import sncm dispos smip sole activ leas southern trader activ leas ship remov sncm core activ strateg import group sncm dispos subsidiari sell sole asset southern trader close subsidiari special case cmn case cmn complex hand sncm french author maintain sncm hold cmn crucial import strateg signific ensur execut public servic deleg contract hand corsica ferri stef tfe opinion hold strateg import sncm commiss note sncm cmn competitor partner compani particip carri public servic contract compani develop synergi servic corsica requir public servic deleg contract joint computeris book system corsica marseil sardinia link joint passeng embark control system coordin timet cmn access sncm network agenc europ commiss note cooper compani back long commiss note cmn fleet complement sncm meet requir servic corsica commiss note sharehold pact bind compani cooper commiss conclud sncm sharehold cmn crucial import sncm long term develop bear fact mind commiss deem requir decis sncm dispos hold cmn appli cofremar compani joint subsidiari sncm cmn compil statist freight transport corsica strateg hold sud cargo compani offer major synergi genuin complementar sncm servic maghreb sud cargo partner undeni import sncm develop ro ro transport maghreb sud cargo contribut specif knowledg market servic north africa compani draw benefit pool onshor structur marseil maghreb achiev economi scale sncm busi structur sud cargo substanti part turnov sncm subsidiari contribut significantli activ likewis sever sncm group commiss take view dispos contempl jeopardis compani short term viabil essenti role plai group take account proce expect requir dispos commiss wish reduc amount aid order account proce dispos strateg hold inform determin amount accru requir dispos rough estim suggest eur million exclud dispos envisag restructur plan commiss deem part aid order eur million frozen pend clarif amount grant immedi dispos gener eur million compani tranch grant sncm commiss discard option reduc amount tranch aid approv order encourag sncm sell hold price requir dispos provid restructur plan gener eur million remaind paid account proce dispos payment authoris commiss condit present decis compli prevent price leadership commiss opinion inform suppli french author enabl discard alleg sncm act price leader servic corsica commiss deem crucial import monitor restructur period sncm pursu aggress fare polici reason commiss decid make grant restructur aid condit absenc fare charg sncm competitor servic corsica order avoid situat competitor abnorm rais fare cross commiss combin rule safeguard claus appli competitor advertis equival servic ident date price sncm fare refer year arriv competitor market sncm competitor unfairli increas fare sncm allow advertis lowest fare bring return accept price level end commiss choos refer year year sncm time face competit link port mainland franc corsica fare drop normal price market exce forc time futur refer price review light inflat record franc condit laid recit check dai lowest fare advertis sncm exce lowest promot fare advertis competitor destin servic commiss investig failur compli condit limit round trip corsica commiss consid import compensatori measur offer sncm competitor maintain restructur period decid make aid condit strict adher commit french author make restructur plan regard annual number round trip sealink corsica annual number round trip ship sealink corsica limit decemb threshold tabl save except reason compani control make transfer round trip port save chang public servic oblig incumb compani full implement restructur plan complianc condit impos sncm fulli implement restructur plan accept commiss carri oblig laid decis commiss failur compli plan oblig laid present decis abus aid automat lead formal investig procedur eventu risk commiss claim back aid paid final decis verif annual report commiss enabl ascertain smooth implement restructur plan regular detail report submit franc regard aid larg firm guidelin provid quot report submit commiss month approv aid report subsequ commiss year fix date object restructur plan deem achiev inform commiss order monitor implement restructur programm timet payment compani financi posit observ condit oblig laid decis approv aid quot conclus conclus commiss consid restructur aid form recapitalis compat common market provid condit laid present decis compli commiss ask franc inform commiss work dai date decis receiv element believ cover oblig profession secreci provid articl regul ec inform recipi aid decis divulg element consid cover profession secreci commun recipi aid harm interest parti version transmit element deem cover profession secreci divulg commiss remind franc restructur period sncm end decemb guidelin individu aid intend encourag tangibl invest restructur period benefit sncm subsidiari aid scheme approv commiss individu notifi commiss guidelin restructur aid consid save except unforese circumst compani respons year end restructur period case decemb plan recapitalis sncm notifi commiss end restructur period french author plan compli principl privat investor market economi decid articl restructur aid franc plan grant société national maritim cors méditerrané sncm compat common market condit laid articl articl date decis notifi decemb sncm refrain acquir ship sign contract build order charter renov ship date decis notifi decemb sncm oper ship sncm possess napoléon bonapart daniel casanova île de beauté cors liamon aliso méditerrané pascal paoli paglia orba mont cinto mont oro reason control sncm replac ship decemb commiss authoris replac basi duli reason notic serv franc articl sncm group dispos direct indirect hold compani amadeu franc compagni cors méditerrané société civil immobilièr schuman société méditerranéenn investiss de particip someca dispos hold société méditerranéenn investiss de particip sncm sell compani sole asset southern trader close subsidiari dispos made choic french author public auction call express interest publish advanc provid minimum period month respons franc provid commiss proof dispos low level bid sncm receiv invok reason ahead dispos bid franc show proof public made condit laid paragraph deem compli articl respect link corsica sncm date decis notifi decemb refrain pursu fare polici respect publish fare intend offer lower fare competitor equival destin servic ident date commiss reserv initi investig procedur find condit laid decis compli condit laid paragraph condit laid paragraph compli dai lowest price advertis sncm higher lowest promot price advertis competitor equival destin servic condit laid paragraph longer appli price competitor exce sncm fare forc refer year correct inflat june year franc inform commiss element show condit duli compli preced calendar year respect cross corsica articl accord commit made french author restructur plan annual number round trip ship sea link corsica decemb limit threshold tabl decis save except reason sncm respons oblig transfer round trip port save chang made public servic oblig incumb compani articl franc authoris recapitalis sncm payment eur million date decis notifi end restructur period decemb commiss decid request french author subsequ authoris payment sncm correspond differ eur million remain proce dispos requir articl accord condit laid articl decis action requir articl carri proce dispos exce eur million condit laid articl compli prejudic commiss initi formal investig procedur failur compli condit fail instal aid paid articl month date decis notifi franc inform commiss measur compli articl decis address french republ brussel juli commiss loyola de palacio vice presid oj regist tren oj oj regist commiss sg oj regist commiss sg regist commiss tren regist commiss tren regist commiss tren servic toulon sporad servic spain maghreb run trial basi restructur plan adopt compani decemb instal aid cgm paid privatis instanc cgmf time share cgm respons measur ensu social plan set cgm privatis commiss decis ec juli aid grant compagni générale maritim context restructur plan oj ship link itali corsica exempt public servic oblig contract recit offici journal french republ abovement french act articl council regul eec decemb appli principl freedom provid servic maritim transport member state maritim cabotag oj recit decis market de facto open oper fly french flag itali french mainland sncm remain market leader servic french mainland corsica driver accompani vehicl combin cross case driver load vehicl departur driver unload arriv enter accompani transport roll roll transport oper trailer travel tractor unit correspond oper bill busi secret take hostag algier pari flight decemb subject recit substanti weekli variat demand sea transport end week peak possibl person occupi cabin intend plan refer quot industri project quot compani manag adopt decemb sncm manag board decis august commiss doubt strengthen sncm ambiti programm purchas ship renew fleet group oper result remain weak period gt tabl gt confus napoléon bonapart vessel sncm fleet southern trader subject offer sell reportedli cross compar reportedli cross compar reportedli cross passeng compar passeng corsica marittima flag salari increas result automat effect staff senior progress addit qualif acquir member staff automat salari increas grant accord industri compani agreement subject comment french author observ corsica ferri section eur million frf million figur valid commiss decis ec octob state aid paid franc société national maritim cors méditerrané oj eur million eur million restructur expens item drop eur million balanc sheet period reflect lengthen amortis period year reduc made resourc leas latest unit deliv trend confirm increas eur million passeng revenu area spite stabil fare unit revenu improv show spread fare note rental includ current result remain previou level annual carryov amortis eur million level except result order obtain effect net result recit abovement decis ec commiss decis juli case nn rescu aid sncm publish offici journal subject section decis ec commiss decis juli case scheme individu social assist ship servic corsica commiss decis decemb case refund maritim compon busi tax scheme amend regist commiss januari dg tren decis initi procedur measur laid restructur plan quot closur bastia livorno line dedic equip quot recit decis articl le marin newspap june entitl quot sncm record deficit quot item timet passeng cargo ship bastia item list sncm subsidiari compil cofacer item articl la tribun daili decemb entitl quot state grant eur million sncm quot item articl la provenc newspap februari entitl quot face competit water sncm intern quot item report activ port nice novemb item statist season corsica region transport monitor author item articl entitl quot sncm oblig cut fare quot item undat articl entitl quot sncm discuss industri plan quot item fazi report septemb sncm restructur plan articl le marin newspap june entitl quot sncm record deficit quot item articl la provenc daili decemb entitl quot sncm agre talk corsica stc quot item articl antenn newspap decemb entitl quot detail sncm stc agreement quot item undat articl unidentifi newspap entitl quot sncm receiv eur million except state aid quot item stori aol mail decemb entitl quot sncm social plan layoff quot item summari tabl show capit debt ratio ship compani item report final comment chambr régional de compt manag offic de transport de cors item articl la provenc daili saturdai decemb entitl quot head corsica ferri attack sncm quot item articl la provenc daili saturdai januari entitl quot sncm chairman attack corsica ferri quot item regist commiss januari dg tren subject section regist commiss januari dg tren regist commiss januari dg tren subject section regist commiss dg tren regist commiss januari tren regist commiss januari tren regist commiss februari tren sncm equival promot offer call quot plein soleil quot tabl detail fare period recit decis connect french author provid commiss copi letter sncm chairman cmn chairman date cargo passeng ship passeng linear metr freight term quot translat stef tfe letter januari french author enclos copi latest agreement letter februari cmp capit own cmp capit letter januari region council provenc alp côte azur quot market survei transmit commiss part notif copi stress find quot suppli servic corsica mainland franc excess demand rate occup vessel vari averag winter summer quot report refer compil bdo consult juli commiss request prepar decis ec tabl includ section decis report abovement decis ec oj corsica ferri italian flag flexibl take seamen member state french flag commiss decis april case franc refund ship compani contribut child benefit assed commiss decis august case itali scheme allevi social charg maritim cabotag sector period scheme renew reduct rate commiss decis septemb case commiss decis march case commiss decis case franc scheme impos lump sum basi tonnag benefit maritim transport compani recit fulli own leas liamon aliso pascal paoli daniel casanova méditerrané paglia orba napoléon bonapart asco sold île de beauté monté oro mont cinto cors annex commiss report implement cabotag regul final internet address http europa eu int eur lex fr rpt fr pdf section sncm oper loss eur million highest level recent year subject decis ec subject decis ec mention section repres territori collect point observ commiss sncm major impact region economi regard market survei provid french author emphasis quot maintain activ major oper link imper sound econom reason quot point commun guidelin state aid rescu restructur firm difficulti point decis ec commiss decis ec state aid implement franc favour bretagn angleterr irland compani bai brittani ferri oj decis ec mention footnot point guidelin abovement decis point guidelin quot commun definit constitut firm difficulti purpos guidelin commiss firm difficulti unabl resourc fund obtain owner sharehold creditor stem loss intervent public author condemn busi short medium term quot regul provis cost enter account pursuant french tax rule except amortis defin footnot page point guidelin quot firm event irrespect size regard difficulti purpos guidelin case limit compani half regist capit disappear quarter capit lost preced month quot point guidelin except depreci differ straight line depreci deduct asset balanc sheet diminish balanc depreci authoris tax law diminish balanc depreci enter depreci account differ cumul straight line depreci enter liabil except depreci tradition includ french account capit total depreci end account period remain system make anticip gener tax reduct year outlin annex annual account provision account note point guidelin section point guidelin point guidelin quot compensatori measur form firm oper market excess capac assess excess capac market commiss account relev data possess commun wide eea wide structur excess product capac market serv recipi restructur plan make contribut proport amount aid receiv impact market improv market condit irrevers reduc product capac capac reduct irrevers relev asset render perman incap achiev previou rate output perman convert sale capac competitor suffici case plant sold geograph market continu oper signific effect competit situat commun capac reduct requir contribut reduct recipi firm presenc market market ii hand commun wide eea wide structur excess product capac market serv recipi commiss examin compensatori measur requir compensatori measur involv reduct capac firm concern reduct achiev hive asset subsidiari commiss examin compensatori measur propos member state concern form determin suffici scope mitig potenti distort effect aid competit examin compensatori measur commiss account state market level growth extent demand met quot tabl tabl section tabl regard section section section section section french author announc eur million take account addit cost oper restructur measur eur million expect depreci liamon eur million amount reduc eur million account figur adopt eur million section section section section point guidelin stipul commiss requir member state quot measur open market commun oper ii impos oblig recipi firm refrain act price leader market iii refrain grant type aid recipi firm restructur period quot section point guidelin recit point guidelin sncm group annual report footnot inform provid french author promis sale made ship subject section point guidelin point guidelin