De conclusie van het Gerecht was dat „de Commissie niet heeft verklaard, waarom op de investering van IRI haars inziens hetzelfde minimumrendement van 30 % moest worden toegepast als zij in de Iberia-beschikking had aangehouden, terwijl in de bestreden beschikking vaststellingen worden gedaan die met name de indruk wekken, dat in het geval van Alitalia geen of in mindere mate sprake is van verschillende risicofactoren die de Commissie er in de Iberia-beschikking toe hebben gebracht, het minimumrendement op dit „zeer hoog en veel hoger [niveau] dan de percentages op de markt” vast te stellen (...)” (punt 136 van het arrest).
The Court found that ‘the Commission did not explain (...) why it considered it necessary to apply to IRI's investment the same minimum rate of 30 % as it had adopted in the Iberia decision although the findings made in the contested decision give the impression, in particular, that a number of the risk factors which led the Commission, in the Iberia decision, to fix the minimum rate at that level, which was “very high and far higher than market rates”, were not present, or were present to a lesser extent, in the Alitalia case (...)’ (point 136 of the judgment).EurLex-2 EurLex-2