On December 31, 2018, the Council of State upheld the ICA’s infringement decision in the Cement cartel case, but significantly reduced the fine imposed on a cement manufacturer because the ICA did not take into account the turnover achieved by the undertaking concerned in the last full business year before the date of the infringement decision. In line with EU case law, the Council of State clarified that exceptions to the last-full-business- year rule apply only when (i) the annual accounts of the undertaking are not drawn up or disclosed to the ICA, or (ii) the relevant turnover is missing or artificially reduced.
 Aumento prezzi cemento (Case I793), ICA, decision of July 25, 2017.
 Council of State, judgment No. 7320/2018.
 See Britannia Alloys & Chemicals (Case C-76/06) EU:C:2007:326; and Nedri Spanstaal BV (Case T-391/10) EU:T:2015:509.