Based on its financial performance and cash generation in recent years, as well as its available financial resources at 31 December 2011, the Company believes that, barring any extraordinary events, there are no significant uncertainties, such as to raise substantial doubts as to the business's ability to continue as a going concern. In this section the different risk factors are however analyzed according to the following subdivision:

• External risks

Market risks

Context risks

Strategic risks

• Internal risks

Financial risks

Legal risks

Operating risks