102It is true that, according to the settled case-law of the Court of Justice, in determining the ‘preceding business year’, the Commission must assess, in each specific case and in the light of both its context and the objectives pursued by the scheme of penalties created by Regulation No 1/2003, the intended impact on the undertaking in question, taking into account in particular a turnover which reflects the undertaking’s real economic situation during the period in which the infringement was committed. In situations where the turnover of the undertaking concerned does not provide any useful indication as to its actual economic situation and the appropriate level of fine to impose on it, the Commission is entitled to refer to another business year in order to be able to make a correct assessment of the financial resources of that undertaking and to ensure that the fine has a sufficient and proportionate deterrent effect (see, to that effect, judgment of 15 May 2014, 1. garantovaná v Commission, C‑90/13 P, not published, EU:C:2014:326, paragraphs 15 to 17 and the case-law cited).
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