GREECE Law and Practice Contributed by: Anna Manda and Maria Kallidopoulou, Karatzas & Partners
• the combined aggregate worldwide turnover of all the undertakings concerned is at least EUR50 million; and • the aggregate turnover of each of at least two of the undertakings concerned in the Greek market exceeds EUR5 million. The acquisition of informative media is not allowed when it triggers the market share thresh - olds referred in Article 3 of Law 3592/2007 (see also 4.1 Substantive Test ). 2.6 Calculations of Jurisdictional Thresholds In calculating the turnover to assess whether the jurisdictional thresholds are met, the Greek Competition Act mirrors the EUMR. Turnover must correspond to the “ordinary activities” of the undertakings concerned, which is the turno - ver generated from the sale of all products and services in the normal course of their business. Moreover, sales rebates, VAT, other turnover- related taxes and intra-group sales figures, shall be excluded from the calculation. In case of an acquisition of a part or parts of an undertaking, irrespective of the legal personality and status of those parts, only the turnover of the part or parts is calculated. Furthermore, in case of a group of undertak - ings, the turnover must reflect the turnover of the entire group of each of the undertakings concerned, as explained in 2.7 Businesses/Cor- porate Entities Relevant for the Calculation of Jurisdictional Thresholds . Where a currency conversion is necessary, the HCC will use the average annual exchange rates provided by the European Central Bank.
The relevant period for calculating the turnover is the last audited financial year (adjustments must be made for any acquisitions or dispos - als of businesses subsequent to the date of the audited accounts, in order to reflect the true value of group turnover). Lastly, specific rules also apply for the calcula - tion of the turnover with respect to credit institu - tions, insurance companies and other financial companies, which mirror the equivalent EUMR provisions. 2.7 Businesses/Corporate Entities Relevant for the Calculation of Jurisdictional Thresholds As already stated in 2.6 Calculations of Juris- dictional Thresholds , turnover must reflect the turnover of the entire group of each of the undertakings concerned. In order to calculate the aggregate turnover of the undertakings concerned, it is necessary to add together the respective turnovers of: • the relevant undertaking; • all subsidiaries that are controlled directly or indirectly by the relevant undertaking; • the turnover of any person/company that control(s) the relevant undertaking; • if there are any persons/companies that control the relevant undertaking, the turnover of any persons that control those persons/ companies; and • the turnover of any joint ventures, allocated on a proportionate basis to the number of undertakings that control the joint venture. Control for these purposes means that a person/ company, either directly or indirectly: • owns more than half of the capital or busi - ness assets;
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