53As regards the damage resulting from the harm to NEC's image, it is certain that a fax with the content of that of 12 April 1995 may, of itself, seriously harm the image of the company, which had clearly extended its business in the context of the PHARE programme over the years before the fax at issue was sent, thereby building up a reputation. It must be noted in that regard that NEC was created exclusively for the purpose of performing PHARE projects. It follows that the Commission, by stating that it was no longer in a position to satisfy the conditions of financial reliability required to be part of the programme, harmed its image so seriously that its entire business was affected.
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