46In that respect, reading recitals 3, 9 and 23 of Directive 2011/7 together shows that public authorities, which make a considerable number of payments to undertakings, benefit from more secure, predictable and continuous revenue streams than undertakings, can obtain financing on more attractive conditions than undertakings and depend less on stable commercial relationships for the achievement of their aims than undertakings. In the case of those undertakings, however, late payments by the authorities in question lead to unjustified costs for them, aggravating their liquidity constraints and complicating their financial management. Those late payments are also detrimental to their competitiveness and profitability, as those undertakings have to obtain external financing because of them.
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