However, the financial statements of Valencia CF for the 3 fiscal years preceding the granting of the State guarantee (fiscal years ending June 2007, June 2008 and June 2009) show that the company had negative total equity in June 2007 and in June 2009 due to substantial losses in the respective years.
Pour les raisons exposées ci-dessus, la Commission parvient à la conclusion que les mesures 1, 2, 3 et 4 supposent l'octroi d'une aide d'État au Valencia CF (mesures 1 et 4), au Hércules CF (mesure 2) et au Elche CF (mesure 3).