Despite the context of strong drop in Portuguese market, the Unicer Group maintains a strong cash-flow generation capacity, supported by its solid market positions in the Portuguese beer and bottled water segments and its internationalisation strategy (mainly to Angola). Notwithstanding the substantial investment under way, this strong cash-flow generation capacity has allowed a moderate increase in the debt and even an improvement in the equity / assets ratio. The sensitivity analysis conducted by ARC Ratings, S.A. (ARC Ratings) (the new name of Companhia Portuguesa de Rating, S.A.) to the generation of cash flows by the Group permitted to conclude that, even in a very pessimistic scenario of a sharp drop in sales in the short term, the Unicer Group should still maintain its financial debt and equity / assets ratio on a level with those recorded in recent years, providing it reduces its marketing expenditure, investment and / or dividend distribution, while in the short term its (possible) financing needs are largely covered by medium and long term financings.