The Directors of the Parent Company are responsible for the information contained in these consolidated financial statements.

Estimates made by the management of the Group and of the consolidated entities (subsequently ratified by their Directors) have been used in preparing the Group’s consolidated financial statements to quantify some of the assets, liabilities, revenue, expenses and undertakings recognised. These estimates essentially refer to:

• Losses arising from asset impairment.
• The hypotheses used in the actuarial calculation of liabilities for pensions and other undertakings made to the workforce;
• The useful life of the tangible and intangible assets.
• The valuation of consolidation goodwill.
• The market value of specific assets.
• Calculation of provisions and evaluation of contingencies.
• The recoverability of the capitalized tax carryforward losses.

In spite of the fact that these estimates were carried out using the best information available at 31 December 2018 on events analysed, it is possible that events may take place in the future which compel their amendment (upwards or downwards) in years to come. This will be done in accordance with the provisions of IAS 8, prospectively recognising the effects of the change in estimate on the consolidated profit and loss statement.