Judgment of the General Court (Seventh Chamber) of 15 March 2012 --
   Ellinika Nafpigeia v Commission

   (Case T-391/08)

   State aid -- Shipbuilding -- Aid granted by the Greek authorities to a
   shipyard -- Decision declaring the aid incompatible with the common
   market and ordering its recovery -- Misuse of aid

   1.                     EC Treaty -- General and final provisions --
   Competence of Member States to adopt measures designed to ensure
   national security -- Production and trade in armaments -- Specific
   procedural regime established by Article 298 EC -- Adverse effect on
   competition produced by a scheme of aids granted for non-military
   activities -- Not applicable (Arts 86 EC, 88 EC, 296 EC and 298 EC)
   (see paras 38, 43-44, 56-60)

   2.                     State aid -- Concept -- Private investor test --
   Assessment having regard to all relevant factors of the disputed
   operation and its context (Art. 87(1) EC) (see paras 96, 101, 105)

   3.                     State aid -- Prohibition -- Exceptions --
   Shipbuilding aid -- Directive 90/684 -- Financial restructuring of
   shipyards -- Condition of compatibility of the aid with the common
   market -- Investment and privatisation plan -- Need for actual
   completion of the plan -- Reference in the decision approving an aid
   scheme to the directive -- No express mention in that decision of the
   said condition -- Breach of the principle of legal certainty -- None
   (Art. 88(3) EC; Council Directive 90/684, Art. 10(2)) (see paras
   117-118, 128-131, 137-138)

   4.                     State aid -- Prohibition -- Exceptions --
   Shipbuilding aid -- Directive 90/684 -- Financial restructuring of
   shipyards -- Condition of compatibility of the aid with the common
   market -- Investment and privatisation plan -- Need for actual
   completion of the plan -- Actual payment by the purchasers of the price
   of the shares (Art. 88(3) EC; Council Directive 90/684, Art. 10(2))
   (see paras 148, 153-154, 158, 162)

   5.                     State aid -- Regulation No 659/1999 -- Misuse of
   aid -- Concept -- Member State not complying with conditions imposed by
   the Commission for approval of the aid -- Inclusion (Council Regulation
   No 659/1999, Arts 1(g), 16 and 23) (see paras 164-165)

   6.                     State aid -- Examination by the Commission -- No
   observations by the persons concerned -- Not relevant to the validity
   of the Commission decision -- No obligation to examine of the
   Commission's own motion matter not expressly raised (Art. 88(2) EC)
   (see para. 174)

   7.                     State aid -- Commission decision -- Judicial
   review -- Limits -- Assessment of legality by reference to information
   available at the time of adoption of the decision (Arts 88(3) EC and
   230 EC) (see para. 175)

   8.                     State aid -- Examination by the Commission --
   Administrative procedure -- Duration of the procedure between
   conditional approval of aid and the final decision declaring it
   incompatible with the common market -- Commission informed late of
   non-compliance with a condition for approval of the aid -- Breach of
   the principle of the protection of legitimate expectations -- None
   (Art. 88(2) EC) (see paras 182-187)

   9.                     State aid -- Administrative procedure --
   Obligation on the Commission to put the parties concerned on notice to
   submit their observations -- Parties excluded from defence rights (Art.
   88(2) EC) (see paras 192-194)

   10.                     State aid -- Concept -- Aid granted in the form
   of a loan -- Fixing of the interest rate enabling the amount of the aid
   to be calculated -- Article 11(3) of Regulation No 794/2004 --
   Irrelevant (Commission Regulation No 794/2004) (see para. 254)

   Re:

   APPLICATION for annulment of Article 1(2), Article 2, 3, 5 and 6,
   Article 8(2) and Articles 9, 11 to 16, 18 and 19 of Commission Decision
   2009/610/EC of 2 July 2008 concerning State aid C 16/2004 (formerly NN
   29/2004, CP 71/2002 and CP 133/2005) granted by Greece to Hellenic
   Shipyards SA (OJ 2009 L 225, p. 104).

   Operative part

   The Court:

   1.

   Dismisses the action;

   2.

   Orders Ellinika Nafpigeia AE to bear its own costs and to pay those
   incurred by the European Commission.