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108 | ANNUAL REPORT 2008 | INDEX OF THE CONSOLIDATED DIRECTORS’ REPORT<br />

Index of the Consolidated<br />

Directors’ Report<br />

Content of the consolidated directors’ report Page(s) of the annual report<br />

Evolution of the situation, activities and results of the Company 2-3, 10-12-13, 24-26-27, 34-36-37<br />

Major risk factors and uncertainties 102<br />

Subsequent events 96<br />

Circumstances susceptible of having a signifi cant infl uence on the development of the consolidated group N/A<br />

Research and development N/A<br />

Financial risk management 90-91-92<br />

Increase of capital, issue of convertible debentures or subscription rights N/A<br />

Interim dividend N/A<br />

Acquisition of own shares 81-82<br />

Share capital protection 104-105

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