The Group's key risks are outlined below:

1 Regulatory decisions and changes in the regulatory environment could adversely affect our business.

2 We could suffer loss of consumer confidence and/or legal action due to a failure to protect our customer information.

3 Our business could be adversely affected by a failure or significant interruption to telecommunications networks.

4 Technological advances in handsets and use of alternative communication services may result in less demand for our traditional service offerings.

5 Increased competition may reduce our market share and profitability.

6 Our business may be impaired by actual or perceived health risks associated with the transmission of radio waves from mobile telephones, transmitters and associated equipment.

7 One or more countries may exit the eurozone.

8 We may be unable to obtain additional/renew sufficient spectrum with an adequate return.

9 We may not satisfactorily resolve major tax disputes.

10 A malicious attack on our network may be successful and disrupt our services or compromise our data.

11 Changes in assumptions underlying the carrying value of certain Group assets could result in impairment.

Discussion points

1 What would be your ranking of (a) the relative likelihood and (b) the relative impact of the risks listed?

2 How does this risk information contribute to the usefulness of the financial reporting?