1) ADN Capital Ventures provides financial advisory services for infrastructure projects in transportation, energy, and related sectors internationally.
2) Led by experienced investment bankers and finance professionals, ADN focuses on optimizing clients' financial and commercial objectives as an independent advisor.
3) Services include strategic advisory, project development, public-private partnerships, concessions, and capital raising across various infrastructure projects globally.
PartnerIT 2012 - matchmaking B2B event & FundraiseIT - conference and investment evening
15. – 16. November 2012.
Belgrade, Serbia
The PartnerIT is a international B2B matchmaking event organized by Outsourcing Center Serbia, followed by the FundraiseIT conference organized in partnership with Serbian Business Angels Network (SBAN) and other partners.
B2B matchmaking event
On http://partnerit.talkb2b.net, you have the opportunity to leave your profile and book your face-to-face meetings with other international companies and research institutions. This is a cost and time-effective way to discover new business and cooperation opportunities while expanding your contact network. All profiles will be published online and will be extensively promoted before the event and could still be viewed after the event.
FundraiseIT conference
During the conference you will be involved in the direct communication channel with competent well-known serial entrepreneurs and investors from Silicon Valley and Europe. In the live discussions panels among successful entrepreneurs and investors you will be able to hear some interesting personal stories, information about various investing models, fundraising methods, success stories, experiences and valuable tips.
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http://www.sban.eu/eng/
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PartnerIT 2012 - matchmaking B2B event & FundraiseIT - conference and investment evening
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The PartnerIT is a international B2B matchmaking event organized by Outsourcing Center Serbia, followed by the FundraiseIT conference organized in partnership with Serbian Business Angels Network (SBAN) and other partners.
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On http://partnerit.talkb2b.net, you have the opportunity to leave your profile and book your face-to-face meetings with other international companies and research institutions. This is a cost and time-effective way to discover new business and cooperation opportunities while expanding your contact network. All profiles will be published online and will be extensively promoted before the event and could still be viewed after the event.
FundraiseIT conference
During the conference you will be involved in the direct communication channel with competent well-known serial entrepreneurs and investors from Silicon Valley and Europe. In the live discussions panels among successful entrepreneurs and investors you will be able to hear some interesting personal stories, information about various investing models, fundraising methods, success stories, experiences and valuable tips.
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http://www.sban.eu/eng/
http://www.ocs.rs/
Facts and figures of Gold Coast hotel performance including occupancy rates, nights sold (demand), supply, RevPAR, tourist visitation and Gold Coast Town Plan.
Prepared by the students of corporate finance at the MBA program of IE Business School, this presentation provides an introduction to project finance and analyzes two case studies involving project finance.
2011 and 2012 are two years of uneven recovery. What would the future hold for Project finance in MENA and EMEA remains largely an open question. Is there a war for capital? may be with caution. The presentation focuses on current PF market, explains the past and highlights some of the issues that will be encountered in the near future. Has the PPP model of long term loans secured by income stream from underlying assets been broken? The answer is a likely YES. Are there alternatives, the answer is a Definite YES.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
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Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
1. 6 June 2012
Project Bonds
Adam Nicolopoulos, President & CEO
2. The Debt Markets
Commercial The Public
Banks Market - Bonds
Benchmark + Margin
Multi-Billion Multi-Trillion
1
3. Different Debt Markets of Execution
Distinct differences between the bond and bank debt markets
Bank financing Bond financing
Proven track record ( + ) New market ? ( - )
Flexible execution Inflexible execution (one-shot)
Private market / no rating Public market / with rating
Comfortable with construction risk Uneasy about construction risk
Commercial covenants are key Indifferent about commercial covenants
Long term Very long term
Credit risk-driven Price-driven
Long execution horizon Short execution horizon
Potentially much larger provider
Somewhat limited provider of capital
of capital
Certainty of volume of financing
Uncertainty of volume of financing
Flexibility for refinancing
Inflexible about refinancing
2
4. Selected projects bonds internationally (in
2002)
OECD countries
♦ Australia Melbourne Citylink US$647m A-/AAA 3 to 7yr 2002
♦ Canada 407ETR US$425m BBB 2/3yr 2001
♦ Czech Rep. D47 – – – –
♦ France A28 €460m AAA 15/25/30yr 2002
♦ Portugal Algarve €126m AAA 26yr 2001
♦ South Korea Daejeon Riverside US$107m A 10yr 2001
♦ UK A1 £113m AAA 32yr 2003
Connect M77 £152m AAA 31yr 2003
♦ USA SR-91 US$135m AAA 27yr 2001
Non-
Non-OECD countries
♦ Chile Various US$16 to AA- to AAA 13 to 23yr 2001/2/3/4
432m
♦ China Various US$100 to NR to BBB- 7/8/10yr 1997/8
600m
♦ Jamaica Highway 2000 US$130m Private Private 2003
3
5. The Mandate & Challenge
Were mandated to raise the most money at the lowest cost and within
the shortest possible timescale
Team was to develop a finance plan for Bina Istra,
the Istrian Motorways’ Concessionaire, and raise
bonds to finance the construction of Phase 1B and
refinance Phase 1A bank debt
The challenge—to satisfy the commercial and
financial objectives of four different groups of
parties
– issuer/private sector (Bouygues)
– government/grantor
– investors/bond holders
– bank lenders
4
6. Bina Istra’s shareholders (in 2002)
♦ Bina Istra has two main shareholders
— Bouygues Travaux Public with 50.2%
— Hrvatske Autoceste with 44%
♦ Collectively, the state-owned shareholders: (HAC and INA) hold 47%
♦ Istarska Autocesta is a small motorway construction company owned by a number of
regional municipalities and banks
Ownership structure
Ina Industrija
Bouygues T.P. Hrvatske Autoceste
Nafte d.d.
51% 44%
5%
BINA Fincom Bouygues T.P. Hrvatske Autoceste Istarska Autocesta
d.d. 67% 16% 14.8% 2.2%
Bina Istra d.d
100%
5
7. BINA-Istra: building Phase 1A
Attention to quality and budget management
Photo is courtesy of Bouygues Construction
6
8. BINA-Istra: operation of the motorway
Discipline on costs and attention to safety
Photo is courtesy of Bouygues Construction
7
9. The Rating Process (require a min of two
ratings)
Rating I Rating II
rating:
BB+ Ba1
8
10. Some time the cashflow is not adequate
800
600
Millions of Euros nominal
400
200
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
year of concession
(200)
Opex Capex
(400)
Senior debt interest & fees Senior debt repayment
Dividends Tax
(600)
Equity subscribed Debt drawdown
Total Revenues
(800)
♦ In structuring a project financing, sponsors will seek to optimize their capital structure
and:
– Minimise shareholder funding commitment and maximise project gearing over the life of the
concession
– back-end equity and sub-debt injections
– maximise shareholder sub-debt versus equity
– receive distributions as soon as possible!
♦ Funders simply want to ensure repayment of their debt
9
11. Concession - a practical payment mechanism
that works
Costs = Revenues Liquidity
Forecasted tolling
Opex
revenue
+ +
Bina Istra
Debt service 12 month debt
Financial service reserve
+ contribution1
1A-firm
Return on equity
+ + Any intra-year
DSRA cash flow shortfall is
DSRA amount Replenishment covered by the
DSRA
Note:
1 State budget items
10
12. Financing structure for Bina Istra
Debt package Revenue stream
Bouygues
€210m bond Escrow (construction
issue account contractor) Tolling
revenues
€42m bank Bina Istra dd.
loan (Concessionaire)
Concession
agreement Government
Debt
€30m financial
Service Croatian
committed contribution
Reserve Government
bank standby
Account (Grantor)
11
13. Major challenges that had to be addressed
◆ Untested markets
◆ Lack of precedents
◆ Absence of long-term maturity in the bank market
◆ Absence of bank capacity for Croatian un-covered risk
◆ Non-investment grade project
◆ Phased construction schedule
◆ Protection against construction cost overrun risk
◆ Very tight timetable (imposed be Government)
◆ Emerging markets volatility
12
14. Elements of Debt – Highlights
♦ One-shot approach & unforgiving market
♦ Who and where are the investors?
♦ Negative Carry
♦ “60 secs to explain the deal”
♦ “De-personalized” financing
♦ Deal must be fully completed
♦ Rating-driven – around investment grade (cut off)
♦ Like certainly and do not like certain risks (e.g. construction)
♦ Fast track process
♦ More relaxed covenants
♦ More advantageous terms
♦ Not easy to refinance
13
15. Summary of (current) financing trends (…back
in 2003)
♦ Banking universe is consolidating limiting the availability of
bank debt
♦ Monoline insurers are coming in closing the gap
♦ Increasing role of the international credit rating agencies
♦ Emergence of sector-specific sophisticated equity investors—
global players
♦ Creation of new debt capital markets products—securitisation
schemes (market risk)
♦ Complex contractual arrangements allow government to raise
project funds without those scoring on their balance sheets
♦ Mobilisation of local pension fund to fund long-term transport
assets
14
16. The Investment Banker as Advisor or …
“Architect”
♦ Financial Advisor – deal manager and coordinator?
♦ Client team
♦ Technical Consultant
♦ Legal Counsel / Project Finance Lawyer
♦ Revenue Consultant
♦ Insurance Consultant
♦ Accountants
♦ Model Auditors
15
17. Revenues and expenses breakdown
100,000
90,000
80,000
70,000
60,000
(€000's)
50,000
40,000
30,000
20,000
10,000
0
2006 2009 2012 2015 2018 2021 2024 2027
Financial cont ribut ion Ucka t unnel revenues
M irna bridge revenues Ot her income
FC revenue adjust ment O&M , LCC and t ax
Debt service + O&M , LCC and t ax
16
18. Significantly improved financial structure
Final deal (Feb 2003)
Phase 1A (Jun 1998) Phases 1A and 1B Im provem ent s
Amount (t ot al) €174m €428m
Debt t ype Tr.1 €87m (COFACE) Tr.1 €210m (Bonds)
Tr.2 €18m (int ernat ional) Tr.2 €72m (Bank debt )
Tr.3 €15m (local)
Tr.4 €8m (st andby)
Annual senior €18m €29m
debt service
Debt amount €128m €282m
Risk Full t raf f ic Very limit ed t raf f ic
Equit y €20.5m €34m
Term 11.5 years (1.5+10) 19 years (5+14)
Spread Tr.1 CIR + 2.00% / 1.25% (COFACE) Tr.1 8.00%
Tr.2 LIBOR + 5.00% / 6.00% / 7.00% Tr.2 LIBOR + margin
Tr.3 9.00% / 10.00% / 11.00%
17
19. Attractive cost of funding …
… and pan-European distribution
Croatia and Bina Istra bond performance,
2003-2004 Geographic distribution
400.00 Greece Asia Scandinavia
Aust ria 3% 3% 1%
300.00 6%
Benelux UK
200.00 6% 39%
100.00 France
8%
0.00
Croat ia
2/3/2003 9/3/2004 11% Germany
Bina Ist ra 2022 Croat ia 2011 23%
Issue pricing Distribution by investor type
Insurance Privat e Bank
Issue amount €210,000,000 1% 1%
Benchmark DBR 6% June 2016 Banks
Issue price (%) 100 21%
Benchmark spread at launch (bp) DBR +365
Coupon (%) 8.00 Fund
77%
18
20. Expeditious transaction timetable
May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Memorandum of understanding
Appointment of Financial Advisor
Legal counsel
Financial model
Amendment of concession agreement
Financial plan
Procurement of bank debt
Discussion with rating agencies
Offering circular
Finance documents
Day closing
Financial close 25 February
19
21. BINA-Istra lessons
Some reasons for the success of the project
♦ Croatia before 1995: a pioneering role of the sponsor
♦ Political issues with real toll: a partnership attitude with the Government
♦ Flexibility: from real toll to shadow toll, then to a financial support mechanism
♦ Strong and experienced financial partners
♦ Design management and optimization
♦ Knowhow on the permitting and land acquisition process
♦ Financial innovation: non wrapped bonds (search for long maturities)
20
22. Selected projects bonds internationally
OECD countries
♦ Australia Melbourne Citylink US$647m A-/AAA 3 to 7yr 2002
♦ Canada 407ETR US$425m BBB 2/3yr 2001
♦ Czech Rep. D47 – – – –
♦ France A28 €460m AAA 15/25/30yr 2002
♦ Portugal Algarve €126m AAA 26yr 2001
♦ South Korea Daejeon Riverside US$107m A 10yr 2001
♦ UK A1 £113m AAA 32yr 2003
Connect M77 £152m AAA 31yr 2003
♦ USA SR-91 US$135m AAA 27yr 2001
Non-
Non-OECD countries
♦ Chile Various US$16 to AA- to AAA 13 to 23yr 2001/2/3/4
432m
♦ China Various US$100 to NR to BBB- 7/8/10yr 1997/8
600m
♦ Croatia Bina Istra €210m BB+/Ba2 19yr 2003
21
24. Construction of Project Financial Model
Economic assumptions Project assumptions Capital assumptions
♦ Growth rates ♦ Energy tariffs / user fees ♦ Debt size
♦ Inflation ♦ Construction costs ♦ Debt maturity
INPUT ♦ Exchange rates ♦ Maintenance costs ♦
♦
Amortisation profile
♦ Tax ♦ Operating costs DSCRs
♦ Commodity indices ♦ Timing profile ♦ Cost of finance
♦ Equity assumptions
Project Operating
Data
Base case
financial model
OUTPUT
Sources & Construction
Funding Revenue Driving Balance IRRs
Uses of Funds forecasts Cashflow P&L
Schedule Assumptions Sheet
DSCR
Tax & Debt
Sizing / Equity Sensitivities
Depreciation Funding Risk
Analysis
23
25. ADN Capital Ventures, Inc.
ADN Capital Ventures, Inc. (“ADN”) delivers financial advisory services to clients who are developing,
financing and implementing transportation, energy and other related infrastructure projects in the
private and public domains. ADN is led by seasoned investment bankers and finance professionals
in the global capital markets with a successful track record in project execution and wealth of
corporate relationships.
As an independent advisor, ADN focuses on its clients’ interests and provides advice to assist clients
in optimizing and achieving their financial and commercial objectives. Our practice includes strategic
advisory and project development services with an office in San Francisco and presence in Europe.
Our team has hands-on experience in a variety of projects such as public-private partnerships (“PPP”),
long-term concessions, public projects and privately developed projects, including independent power
projects, in the United States and internationally. We deliver expertise and provide advisory services on
all aspects of infrastructure finance and project development to a broad range of clients. At the same
time our team offers M&A and capital raising consultancy services as necessary.
Having operated in over 20 countries, the ADN team brings experience in what makes projects
succeed. Over the last two years our advisory practice has grown, and we currently provide
advisory services on a transaction portfolio exceeding $2.5 billion of aggregate investments.
Adam Nicolopoulos
President and Founder,
Phone: +1 415-785-4613
Cell: +1 415-246-1765 Suite 7
Fax: +1 415-532-2873 810 College Avenue, Kentfield
E-mail: anicolopoulos@adncv.com California, 94904
24
26. Adam D. Nicolopoulos
♦ Involved in over 60 project finance /private finance /concession type transactions in the US and
internationally;
♦ Total transactional experience exceeds $45 billion of total investment value;
♦ Visiting Scholar at Stanford University’s Collaboratory for Research on Global Projects since
November 2007;
♦ Two international “deal of the year” awards for novel infrastructure deals: 2003 and 1997;
Adam has spent well over 18 years with UBS Investment Banking Division (London, Zurich, New
York and San Francisco) focusing on funding transportation infrastructure and energy/power
generation assets. His clients included private sector developers, contractors, government
authorities, and public bodies. In addition to UBS, Adam worked for NatWest Markets (presently
known as RBS) from 1994 until 1997 in London in its project advisory group and with Mission
Energy (1994).
On the private side, he has advised investors, international contractors and developers in structuring
optimal financing solutions (bonds, bank debt and/or equity financing) and successfully
implementing financings. In the US, he advised on over 10 PPP/PFI and concession deals,
including advising bidders on tenders for the Indiana Toll Road and Northwest Parkway and the
development of two greenfield container port terminals in the Gulf of Mexico. His services included
advising public authorities and government enterprises, (NJ DOT), on the application of suitable
public-private partnership models for their infrastructure sector.
Mr. Nicolopoulos holds an MBA from Stern School of Business at NYU (honors / full academic
scholarship), an MSc in Mechanical Engineering from the University of California, Berkeley (honors)
and a BSc in the same field from Columbia University. Certifications include Series 7 and 63. He
has spoken at over 30 national and international conferences on topics relating to PPPs and
financial innovation.
25
27. Our deals
♦ Expert witness on an international arbitration case involving a major multi-billion euro road infrastructure project in
Europe.
♦ Advised a major electronics conglomerate on a M&A buy-side mandate in the US solar renewable sector.
♦ Advised a solar PV project developer on structuring and raising funding (equity and debt) toward the development of
utility scale projects (around 25 MWs each).
♦ Advising on finance strategy and capital raising for start-up technology companies active in the clean & green tech
renewable sectors.
♦ Advising Sea Point LLC (www.sea-point.net) a private company on the development, structuring and procurement of
both equity and debt financing for a private 900,000 TEUs (twenty-foot equivalent unit) container trans-shipment port
facility in Venice, Louisiana.
♦ Advised CalTrans (California DOT) on efficient development of solar power projects on sites and land controlled by
the agency;
♦ Advised Solyndra on project transactions;
♦ Was involved from the outset in the formation and launching of a $2 billion private equity infrastructure fund targeting
the public pension funds in the US and Canada.
♦ Member of an advisory team working with TxDOT on the application of PPPs and road concession contracts in
Texas.
♦ Advising a Caribbean government (confidential) on its national debt restructuring and application of public private
partnerships (PPPs) on key transportation infrastructure assets (including an airport, a port, a ferry passenger
terminal, and others).
♦ Developer (confidential) on strategy, capital (debt and equity) and financing of 94 MW wind farm portfolio (four wind
farms) in Europe.
♦ Advised a major international concession/development company on positioning for major infrastructure and PPP
projects in Europe.
♦ Advised Halivourgiki, one of the largest industrial groups in Greece, on the development, strategy and financing of an
880 MW gas fired power station in Greece and their negotiations with partners as co-sponsors.
♦ Advised an international road operator (confidential) on their tender for the Alligator Alley Road, Florida.
♦ Advised Dragados SPL on its tender for the acquisition of a container port terminal in the Mediterranean Sea.
♦ Advised on the successful sale of an ownership interest in a 17.85 MW wind farm under development (fully permitted)
in Greece. Assignment included the selection of and negotiations with strategic international investors.
Driving • Integrity • Excellence
• Character • Independence
Values • Commitment • Social responsibility
26