State aid - Shipbuilding - Aid granted by the Greek authorities in the form of an indemnification guarantee - Decision declaring the aid incompatible with the common market - Concept of State aid - Imputability to the State - State resources - Private investor test.

Judgment of the General Court (Seventh Chamber) of 10 November 2011 – Elliniki Nafpigokataskevastiki and Others v Commission (Case T-384/08) State aid – Shipbuilding – Aid granted by the Greek authorities in the form of an indemnification guarantee – Decision declaring aid incompatible with the common market – Concept of State aid – Imputability to the State – State resources – Private investor test 1.                     State aid – Concept – Aid granted by a public undertaking – State-controlled undertaking – Whether aid measure automatically attributable to the State – Not automatically attributable – Series of indicators to be taken into consideration (Art. 87(1) EC) (see paras 50-54, 63-69) 2.                     State aid – Concept – Guarantee given by the State – Included – State resources not immediately and certainly mobilised – Not relevant (Art. 87(1) EC) (see paras 89-90) Re: APPLICATION for annulment of Article 16 of Commission Decision 2009/610/EC of 2 July 2008 on the measures C 16/04 (ex NN 29/04, CP 71/02 and CP 133/05) implemented by Greece in favour of Hellenic Shipyards SA (OJ 2009 L 225, p. 104). Operative part The Court: 1. Dismisses the action; 2. Orders Elliniki Nafpigokataskevastiki AE Chartofylakeiou, Howaldtswerke-Deutsche Werft GmbH and ThyssenKrupp Marine Systems AG to bear their own costs and to pay those incurred by the European Commission and by Trapeza Peiraios AE.