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 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:
– The assessment of possible impairment losses on certain assets.
– 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 capitalised tax credits.
Given the uncertainty in the economic environment caused by Covid-19, the Group has analysed the estimates made to date where there was an indication of impairment and modified those it deemed relevant.
In spite of the fact that these estimates were carried out using the best information available at 31 December 2020 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.