27.4.1999 Official Journal of the European Communities L 109/1 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 16 September 1998 authorising, subject to condition, aid granted by Italy to Italstrade SpA (notified under document number C (1998) 2859) (Only the Italian text is authentic) (Text with EEA relevance) (1999/269/EC) THE COMMISSION OF THE COMMUNITIES, EUROPEAN Having regard to the Treaty establishing the European Community, and in particular the first subparagraph of Article 93(2) thereof, Having regard to the Agreement on the European Economic Area, and in particular Article 62(1)(a) thereof, Having given notice to the parties concerned to submit their comments(!), in accordance with the aforementioned provisions, Italstrade SpA (‘Italstrade’) is a company operating in engineering and civil infrastructure construction (roads, railways, etc.); it was previously wholly controlled by Iritecna SpA (‘Iritecna’), a wholly owned subsidiary of IRI SpA (‘IRI’), which was itself wholly Yy OJ C 328, 30.10.1997, p. 3. controlled by the Italian Treasury. In 1993 IRI decided, in the context of restructuring its engineering and constructions, — to put Iritecna into liquidation at a total cost of ITL 4 490 billion (ECU 2,3 billion, and — to set up a subholding company, Fintecna SpA (‘Fintecna’), which was to privatise Iritecna’s profitable businesses. Italstrade, despite heavy losses recorded in the period from 1992 to 1994 was initially transferred to Iritecna to be disposed of. Subsequently, it was considered potentially attractive to private investors, largely because of the size of its order book; the main items in the order book derived from its membership of the Iricav 1 and Iricav 2 consortia, the contractors for the Rome-Naples and Verona-Venice stretches of the projected Italian high-speed rail network. Accordingly the entire share capital in the company was transferred to Fintecna with a view to privatisation. In the period from 1991 to 1994, the company recorded losses totalling ITL 267 billion (ECU 137 million). Its gross profit margin fell from 9 % of turnover in 1991 to 15 % of turnover in 1994. In this