Judgment_paragraph 86 · Sarrió SA v Commission of the European Communities (C-291/98 P)

86Second, when the size and economic strength of an undertaking at the time of the infringement are being assessed, it is necessary to refer to the turnover achieved at that time and thus to use the exchange rates at that time and not those applicable at the time when the decision imposing the fine was adopted. In the contrary case, the respective size of the undertakings which took part in the infringement would be distorted by account being taken of extrinsic and uncertain factors, such as the changes in the value of national currencies during the subsequent period (see Case C-49/92 P Commission v Anic Partecipazioni [1999] I-4125, paragraph 165).