196It must in any event be observed in that regard that, although the applicant criticises the Commission for having undervalued SNCM's assets in adopting a strictly accounting approach, based on the net value of the assets and disregarding their market value and the possibility of using some of them as security, it fails to indicate how taking the market value of those assets into consideration could lead to a materially different conclusion from that reached in the contested decision, namely that, contrary to what was held in that decision, SNCM did not lose half of its capital and that a quarter of that capital disappeared during the final year. On the contrary, in its observations on the statements in intervention, the applicant itself acknowledges that a quarter of the share capital had disappeared during the final 12 months. Similarly, although, as has already been mentioned above, the applicant maintains that some ships are available to be used as security for a bank loan, it fails to put forward any figures or concrete evidence in support of its contention, apart from material put forward by SNCM itself, which, as stated in paragraph 193 above, does not alter the analysis set out in the contested decision on the matter.
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