The appearance of the Coronavirus (COVID-19) in China in January 2020 and its recent global expansion to a large number of countries caused the viral outbreak to be classified as a pandemic by the World Health Organization on 11 March.
Bearing in mind the complexity of the markets due to their globalisation and the absence, for the time being, of effective medical treatment against the virus, the consequences for the Company's operations are uncertain and will depend to a large degree on the evolution and extension of the pandemic in the coming months, as well as on the capacity of all the economic players affected to react and adapt to the circumstances.
Therefore, at the date of authorisation for issue of these financial statements it was still premature to make a detailed evaluation or quantification of the possible impacts that COVID-19 will have on the Company, due to the uncertainty of its consequences in the short, medium and long term.
However, the directors and management of the Company have conducted a preliminary assessment of the current situation, based on the best available information. As a result of the considerations discussed above, this information may be incomplete. The following aspects of the results of this assessment are worthy of note:
Lastly, it should be noted that the Company's directors and management are constantly monitoring the evolution of the situation in order to successfully address any possible impacts, both financial and non-financial, that may arise.