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The operative part of the contested decision is complex. Only those points that are essential to the present dispute will be reproduced below: ‘Article 1 1. The status of publicly owned industrial and commercial establishment granted by France to [IFPEN] conferred on [IFPEN], from 7 July 2006 onward, an unlimited public guarantee (‘the State guarantee’) covering the totality of its activities. 2. The cover provided by the State guarantee for the non-economic activities of [IFPEN], in particular its training activities with a view to increased, better qualified human resources, its independent [research and development] activities with a view to more extensive knowledge and better understanding, and its activities for the dissemination of research results, does not constitute State aid within the meaning of Article 107(1) TFEU. 3. The cover provided by the State guarantee for the technology transfer activities carried out by [IFPEN] in the fields provided for by the exclusive development, marketing and use agreement concluded with its subsidiary Beicip-Franlab does not constitute State aid within the meaning of Article 107(1) TFEU. 4. The cover provided by the State guarantee for the technology transfer activities carried out by [IFPEN] in the fields provided for by the exclusive agreements concluded with its subsidiaries Axens and Prosernat referred to in Article 3(1) of [Decision 2009/157] constitutes State aid within the meaning of Article 107(1) TFEU. 5. The cover provided by the State guarantee for the contract research and other services performed by [IFPEN], on behalf of both third parties and the subsidiaries, constitutes State aid within the meaning of Article 107(1) TFEU. ... Article 3 In the period between 7 July 2006 and 31 December 2009, the cover provided by the State guarantee for the economic activities referred to in Article 1(4) and (5) constituted aid compatible with the internal market. Article 4 From 1 January 2010 onward, and until the date of expiry of the exclusive agreements between [IFPEN] and its subsidiaries Axens and Prosernat referred to in Article 3(1) of [Decision 2009/157], the cover provided by the State guarantee for the economic activities referred to in Article 1(4) of this decision constitutes aid compatible with the internal market, subject to compliance with the conditions in Articles 5 and 6 of this decision. Article 5 1. The annual financial report referred to in Article 4(2) of [Decision 2009/157] shall include, in addition to the information already mentioned in Article 5(1) of that decision, the information listed in paragraphs 2, 3 and 4 of this Article. 2. The annual financial report shall include the value, interest rate and contractual terms of the loans subscribed to by [IFPEN] during the year under review, and an estimate of the gross grant equivalent of any interest rate subsidy deriving from the State guarantee, unless proof is supplied that these loan contracts are in accordance with normal market conditions, either by comparing their terms with those obtained by [IFPEN] before its change of legal form, or on the basis of a more precise methodology approved in advance by the Commission. 3. The annual financial report shall include the value of goods and services obtained by [IFPEN] from suppliers to carry out the economic activities referred to in Article 1(4) and (5), during the year under review, and a maximum estimate of the gross grant equivalent of the aid resulting from a more favourable assessment by suppliers of the risk of default of the establishment. This estimate shall be made either by applying a flat rate of 2.5% to the value of acquisitions made, or on the basis of a more precise methodology approved in advance by the Commission. 4. The annual financial report shall include the value of the economic activities referred to in Article 1(4) and (5) carried out by [IFPEN] during the year under review, and a maximum estimate of the gross grant equivalent of the aid resulting from the lack of payment of a premium corresponding to a performance bond or, at the very least a best efforts guarantee, offered to the beneficiaries of the above-mentioned economic services. This estimate shall be made either by applying a flat rate of 5% to the value of the services provided or on the basis of a more precise methodology approved in advance by the Commission. Article 6 1. The total amount of public funding allocated to the activities of [IFPEN] in the exclusive fields of activity of Axens and Prosernat, including the maximum impact of the State guarantee as estimated in Article 5(2), (3) and (4), must be lower than the maximum intensity permitted by the Community framework for State aid for research and development and innovation. 2. If the threshold referred to in paragraph 1 is exceeded, the surplus aid shall, where appropriate, be refunded by the subsidiary concerned, Axens or Prosernat, to [IFPEN]. Article 7 From 1 January 2010, the cover provided by the State guarantee for the economic activities referred to in Article 1(5) constitutes State aid which is compatible with the internal market, subject to compliance with the conditions in Article 8. Article 8 1. The contract research activities and the provision of services carried out by [IFPEN] referred to in Article 1(5) shall remain ancillary to its principal activity of independent public research. ... 3. France shall submit each year to the Commission a report on the contract research activities and provision of services carried out by [IFPEN] which specifies the ratio of their value to the budget devoted by [IFPEN] to its independent public research activities. Article 9 1. The French authorities and [IFPEN] shall include the following written statement in the financing contract for each transaction (for all instruments covered by a contract): “The issue/programme/loan does not enjoy any form of direct or indirect State guarantee. In the event of insolvency, the State would not be obliged to act as financial substitute for [IFPEN] for payment of the claim”. 2. The French authorities shall have a similar clause, ruling out State liability, included in any contract relating to contract research services or other services referred to in Article 1(5). 3. The French authorities shall have a similar clause, ruling out liability of [IFPEN] and the State, included in any contract involving a claim concluded by the public limited companies Axens, Beicip-Franlab and Prosernat. 4. [IFPEN] shall refrain from issuing any form of suretyship, endorsement, guarantee, or letter of intent or comfort in favour of the public limited companies Axens, Beicip-Franlab and Prosernat which does not comply with normal market terms. ...’