2009/608/EC: Commission Decision of 24 April 2007 relating to the aid measure imp... (32009D0608)
2009/608/EC: Commission Decision of 24 April 2007 relating to the aid measure implemented by Belgium in support of Inter Ferry Boats (C 46/05 (ex NN 9/04 and ex N 55/05)) (notified under document C(2007) 1180) (Text with EEA relevance)
- COMMISSION DECISION
- of 24 April 2007
- relating to the aid measure implemented by Belgium in support of Inter Ferry Boats (C 46/05 (ex NN 9/04 and ex N 55/05))
- (notified under document C(2007) 1180)
- (Only the Dutch and French texts are authentic)
- (Text with EEA relevance)
- (2009/608/EC)
- 1.
- PROCEDURE
- 1.1.
- Cases NN 9/04 and N 55/05
- 1.2.
- Case C 46/05
- 2.
- DETAILED DESCRIPTION OF THE RESCUE AND RESTRUCTURING MEASURES
- 2.1.
- The parties to the framework agreement on the rescue and restructuring of IFB
- 2.1.1.
- IFB
- 2.1.1.1.
- Description of the company
- 2.1.1.2.
- Markets concerned and IFB’s market shares
- 2.1.2.
- SNCB
- 2.2.
- The financial difficulties encountered by IFB in 2001 and 2002
- 2.2.1.
- The financial difficulties
- Diagram 1
- Breakdown of losses in 2002
- (EUR million)
- 2.2.2.
- The response from IFB and SNCB management
- 2.3.
- The rescue and restructuring measures in the ‘framework agreement on the restructuring of IFB’ of 7 April 2003
- 2.3.1.
- Terms and conditions governing the rescue measures
- 2.3.2.
- Terms and conditions governing the restructuring measures
- 2.3.2.1.
- The divestiture of the subsidiaries operating the terminals in France
- (a)
- Net borrowing requirement
- (b)
- Acimar
- (c)
- NFTI-ou
- (d)
- IFB France
- (e)
- Dry Port Dunkerque
- (f)
- SSTD
- 2.3.2.2.
- The restructuring plan for the continuation of activities in Belgium
- (a)
- Financial results of the restructuring
- (b)
- Measures taken toward restructuring
- 2.4.
- Description of the reasons which led to the initiation of the procedure on 7 December 2005
- 3.
- BELGIUM’S COMMENTS
- 3.1.
- Belgium’s observations on the procedure
- 3.2.
- Absence of ‘State aid’ within the meaning of Article 87(1) of the Treaty
- 3.2.1.
- Absence of State resources
- 3.2.2.
- Absence of liability on the part of the Belgian State
- 3.2.3.
- Principle of a private investor in a market economy
- 3.2.3.1.
- Divestiture of French shareholdings
- Acimar — judicial administration followed by liquidation
- NFTI-ou — Handover
- IFB France (AGEP) — Cession a NFTI-ou
- Dry Port Dunkerque (DPD) — Liquidation with partial sale
- SSTD: Cession
- 3.2.3.2.
- Restructuring and continuation of IFB’s activities in Belgium
- (a)
- Net cost to SNCB if IFB had gone bankrupt in 2003
- Diagram 2
- Recovery of assets
- (EUR million)
- (b)
- Valuation of IFB in a business-as-usual scenario
- Diagram 4
- Value of ifb based on discounted cash flows — Assumptions and results
- (EUR million)
- Diagram 5
- Value of the ifb business
- (EUR million)
- Diagram 6
- Evaluation of the investment option, January 2003
- (EUR million)
- (c)
- Comparison of the two scenarios and conclusion
- 3.2.4.
- Absence of distortion of competition
- 3.3.
- Compatibility of the rescue measures with the guidelines
- 3.3.1.
- IFB is not a newly created business
- 3.3.2.
- The rescue measures are compatible with the 1999 guidelines
- 3.3.3.
- The restructuring measures are compatible with the 1999 guidelines
- 3.3.3.1.
- Applicability of the 1999 guidelines
- 3.3.3.2.
- Measures to limit the adverse effects on competition as much as possible
- 3.3.3.3.
- Limitation of the increase in capital to the minimum
- Diagram 16
- Level of solvency — sample of comparable companies, 2004
- (*)
- 3.3.3.4.
- IFB’s own contribution
- 4.
- ASSESSMENT
- 4.1.
- Evaluation of the aid character of the rescue and restructuring measures
- 4.1.1.
- Aid granted by the State or through State resources
- 4.1.1.1.
- State resources
- 4.1.1.2.
- Imputability
- (a)
- Approval by public authorities (point 56 of the
- Stardust Marine
- ruling)
- (b)
- Press articles
- (c)
- Scope, contents, conditions of the framework agreement
- (d)
- Conclusion
- 4.1.2.
- Advantage to the aid recipient applying the principle of an informed investor in a market economy
- 4.1.2.1.
- Cost of restructuring IFB
- 4.1.2.2.
- Hypothetical cost of the liquidation of IFB
- 4.1.2.3.
- Conclusion
- 4.1.3.
- Distortion of competition and effect on transactions between Member States
- 4.1.4.
- Conclusion: existence of State aid
- 4.2.
- Compatibility of the aid
- 4.2.1.
- Compatibility as rescue aid
- 4.2.2.
- Compatibility of restructuring aid
- 4.2.2.1.
- Restructuring plan restoring the economic viability of the firm
- 4.2.2.2.
- Prevention of undue distortions in competition
- (a)
- The Belgian freight transhipment market
- (b)
- The Belgian logistics market
- (c)
- Conclusion
- 4.2.2.3.
- Aid limited to a minimum
- (a)
- Limitation of aid to a minimum
- (i)
- Solvency rate not exceeding the average of competitors
- (ii)
- Divestiture of shareholdings in France at lowest cost
- (a)
- Acimar
- (b)
- NFTI-ou
- (c)
- IFB France
- (d)
- Dry Port Dunkerque
- (e)
- SSTD
- (f)
- Conclusion
- (b)
- Beneficiaries’ own contribution
- (i)
- Costs of restructuring
- (ii)
- Financing by SNCB and own shareholding in IFB
- 4.2.2.4.
- Annual report and ‘one time, last time’
- 5.
- CONCLUSIONS
- Article 1
- Article 2
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