deloitte private debt conference luxembourg | 17 november 2015
TRANSCRIPT
© 2015 Deloitte Tax & Consulting
Private Debt Conference
17 November 2015
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 2
3 Fireside chat - Perspective from a GPChris Connelly, Head of Operations, Partner ICG interviewed by Nick Tabone, Partner, Deloitte
Conference Agenda
1 IntroductionAlexandre Prost-Gargoz, Partner, Deloitte
2 Evolution of the private debt industry in Luxembourg Alexandre Prost-Gargoz, Partner, Deloitte
4 Luxembourg securitization companies: Loan portfolio restructuring & (re)financing Dr. Sebastian Bos, Senior Manager, Deloitte
5
Hot topics:
a) Private Debt: Tax considerations Christophe Diricks, Partner, Deloitte
b) Due Diligence process and risk management Nicolas Schoukens, Director, Deloitte
© 2015 Deloitte Tax & Consulting
Evolution of the private debt industry in Luxembourg
17 November 2015
Alexandre Prost-Gargoz
Partner, Deloitte
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 4
3 Fireside chat - Perspective from a GPChris Connelly, Head of Operations, Partner ICG interviewed by Nick Tabone, Partner, Deloitte
Conference Agenda
1 IntroductionAlexandre Prost-Gargoz, Partner, Deloitte
2 Evolution of the private debt industry in Luxembourg Alexandre Prost-Gargoz, Partner, Deloitte
4 Luxembourg securitization companies: Loan portfolio restructuring & (re)financing Dr. Sebastian Bos, Senior Manager, Deloitte
5
Hot topics:
a) Private Debt: Tax considerations Christophe Diricks, Partner, Deloitte
b) Due Diligence process and risk management Nicolas Schoukens, Director, Deloitte
© 2015 Deloitte Tax & Consulting
Market Trends
© 2015 Deloitte Tax & Consulting 6© 2015 Deloitte Tax & Consulting
Key trends in Private debt industryThe main trends to expect: superabundant capital vs assets, shadow capital, challenging returns and competition between GPs
HIGH LEVEL OF CAPITAL, LOW YIELD, HIGH PRICED ASSETSDry powder levels hit a record high of $179bn as at the end of Q2. Direct lending funds have seen an increase of 45% from December 2014 in the levels of capital available for new investments, while Europe-focused debt funds have seen an increase of 51%
FIERCE COMPETITION BETWEEN GP’STrends in private debt fundraising seem to suggest investors are increasingly willing to invest with established fund managers that have the capability to deploy private financing capital on a large scale
“ALTERNATIVE LENDER” vs TRADITIONAL BANKINGLPs are looking at different collaboration models fitting their needs with more flexibility than traditional banking.
This continuing change gives ability to:(i) enhance more returns at a lower cost(ii) provide flexibility on the equity structuring (iii) tailor financing in niche markets
Directlending
Unitranche
Mezzanine
Distressed debt
0%
5%
10%
15%
20%
2007-20082009-20102011-2012
Med
ian
Net
IRR
sin
ce
Ince
ptio
n
Median Net IRRs by Vintage Year: Direct Lending, Distressed Debt and Mezzanine
Direct Lending
Distressed Debt
Mezzanine
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 7
Our outlook - Macro to micro
23
1517
32
1817
13
38
2524
17
31
28
38
32
42
25
35
28
32
2927 27
11,8
5,0
14,1
7,6
11,9 11,6
9,0
12,8
20,2
8,4
12,7
19,8
15,7
23,621,8
16,715,4
20,5
11,4
24,5
27,4
17,819,3
0
5
10
15
20
25
30
35
40
45
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2012 2013 2014 2015Date of Final Close
Global Quarterly Private Debt Fundraising, Q1 2010 - Q3 2015
No. of Funds Closed Aggregate Capital Raised ($bn) Source: Preqin
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 8
Our outlook - Macro to micro
0
50
100
150
200
250
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Sep-15
Private Debt Dry Powder by Fund Type, December 2006 -September 2015
Venture Debt
Special Situations
Mezzanine
Distressed Debt
Direct Lending
Source: Preqin
© 2015 Deloitte Tax & Consulting 9© 2015 Deloitte Tax & Consulting
42%37%
15%36%
26%
15%3%
2%10%
9%4% 1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No. of Funds Raising Aggregate TargetCapital
Prop
ortio
n of
Fun
ds in
Mar
ket
Breakdown of Private Debt Funds in Market by Fund Type
Venture Debt
Special Situations
Fund of Funds
Mezzanine
Distressed Debt
Direct Lending
116
67
1823
66
37
95
0
20
40
60
80
100
120
140
NorthAmerica
Europe Asia Rest ofWorld
Primary Geographic Focus
Breakdown of Private Debt Funds in Market by Primary Geographic Focus
No. of Funds Raising
Aggregate TargetCapital ($bn)
Source: Preqin
Our outlook - Macro to micro
© 2015 Deloitte Tax & Consulting 10© 2015 Deloitte Tax & Consulting
68%
62%
55%
33%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Direct Lending Mezzanine DistressedDebt
SpecialSituations
Prop
ortio
n of
Inve
stor
s
Strategy Targeted
Strategies Targeted in the Next 12 Months by Private Debt Investors
73%
68%
28%25%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Europe NorthAmerica
Asia Pacific EmergingMarkets
Rest ofWorld
Prop
ortio
n of
Inve
stor
s
Region Targeted
Private Debt Fund Types Investors View as Currently Presenting the Best Investment
Opportunities
Our outlook - Macro to micro
© 2015 Deloitte Tax & Consulting
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Bank funding Non Bank funding
European Alternative Lender market
11
Heading towards the US model…
Source: S&P capital IQ leveraged commentary and data
Transition of US leverage loan investor concentration
Major market opportunity for Europe
98 94 82
89 75
50
30
2 6 18
11 25
50
70
Spain Italy United Kingdom Germany France Canada United States
Corporate Financing – Loans vs Bonds
Source: McKinsey Global Institute 2012 Notes: 1: Book value. 2: Includes Commercial Paper and other debt securities. 3: Includes loans from banks, non-bank financial institutions and other sectors (inc RE). Eurozone data is 2010
…But Basel 3 regulation will accelerate the shift form bank lending to
capital market funding
European markets are still very bank market orientated..
A shift away from bank lending likely to occur in the near future in Europe
© 2015 Deloitte Tax & Consulting
− UK, France and Germany cover 83% of the deal flow.
− 47% of the transactions were in the UK, 25% in France and 11% in Germany.
− Out of the 33 lenders surveyed only 3 lenders have not completed a deal and a further 3lenders have not completed deals outside of the UK.
− Unitranche product (45% of deals) is more popular in UK, while on thecontinent the senior product (37%) is dominant.
− In the UK 43% of transactions were related to LBO financing, compared to 38% inEurope.
− 11% of deals in Europe relate to bolt on M&A compared to 4% in the UK.
Deal volume main geographies
Alternative lenders increasingly targeting deals in Europe
47%
25%
11%
17% UK
France
Germany
Rest ofEurope
Deal volume main geographies
1
4
93
22
50
16
4
4 31
5
3
1
69%50%
240%
120%
0%
50%
100%
150%
200%
250%
300%
2013 2014
Year on year % increase in deal volume
UK Europe
12
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 13
Our outlook - Macro to micro
• Innovation in the local jurisdiction comes from new regulations and new products: AIFMD, SLP,
EuVECA, ELTIF*
• Central location in Europe with critical mass to deploy more infrastructure
• Preferred platform of US GPs for Europe inbound investment
• Good solution for direct lending and deleveraging
• Larger number of “hidden champions” than USA, Japan and China combined
• Multiples lower that in the US but price levels are on average expensive
• Strong focus of the industry
• Diversification from PE houses to alternative asset managers
• Strong competition
• Large funds closed benefitting from the cash recycling
• Leverage is affordable and increasingly available via banks or alternative sources
• North America is the main contributor, Asia growing
• Current allocation to Private Debt is below targets
• Strong appetite for Europe
• Expectations in terms of banks deleveraging
Luxembourg
Europe
GPs
LPs
Market Insights
© 2015 Deloitte Tax & Consulting 14© 2015 Deloitte Tax & Consulting
Largest Private Debt Funds Closed in Q3 2015
Fund Firm Fund Type Fund Size ($mn) Geographic FocusSenior Debt Partners II Intermediate Capital Group Direct Lending 3,400 Europe
ICG Europe Fund VI Intermediate Capital Group Mezzanine 3,300 Europe
AXA Private Debt III Ardian Direct Lending 2,200 EuropeCastlelake IV Castlelake Distressed Debt 1,900 USClearlake Capital Partners IV Clearlake Capital Group Special Situations 1,400 US
Athyrium Opportunities Fund II Athyrium Capital Management Venture Debt 1,200 US
Chambers Energy Capital III Chambers Energy Capital Direct Lending 900 US
Permira Credit Solutions Fund II Permira Debt Managers Direct Lending 900 Europe
Golub Capital Partners IX International Golub Capital Direct Lending 600 US
ADV Opportunities Fund I ADV Partners Special Situations 500 Asia
© 2015 Deloitte Tax & Consulting
Fireside chat -Perspective from a GP
17 November 2015
Chris Connelly, Head of Operations, Partner ICG -interviewed by Nick Tabone, Partner, Deloitte
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 16
3 Fireside chat - Perspective from a GPChris Connelly, Head of Operations, Partner ICG interviewed by Nick Tabone, Partner, Deloitte
Conference Agenda
1 IntroductionAlexandre Prost-Gargoz, Partner, Deloitte
2 Evolution of the private debt industry in Luxembourg Alexandre Prost-Gargoz, Partner, Deloitte
4 Luxembourg securitization companies: Loan portfolio restructuring & (re)financing Dr. Sebastian Bos, Senior Manager, Deloitte
5
Hot topics:
a) Private Debt: Tax considerations Christophe Diricks, Partner, Deloitte
b) Due Diligence process and risk management Nicolas Schoukens, Director, Deloitte
© 2015 Deloitte Tax & Consulting
Luxembourg securitization companies: Loan portfolio restructuring & (re)financing
17 November 2015
Dr. Sebastian Bos, Deloitte - Restructuring
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 18
3 Fireside chat - Perspective from a GPChris Connelly, Head of Operations, Partner ICG interviewed by Nick Tabone, Partner, Deloitte
Conference Agenda
1 IntroductionAlexandre Prost-Gargoz, Partner, Deloitte
2 Evolution of the private debt industry in Luxembourg Alexandre Prost-Gargoz, Partner, Deloitte
4 Luxembourg securitization companies: Loan portfolio restructuring & (re)financing Dr. Sebastian Bos, Senior Manager, Deloitte
5
Hot topics:
a) What's new on tax side? Christophe Diricks, Partner, Deloitte
b) Due Diligence process and Risk management Nicolas Schoukens, Director, Deloitte
Luxembourg securitization companies Hot topics
• Revival of European securitisation• White paper by EcB and BoE (May 2014)
• Simple, Transparent, Comparable/Standardized (STC/STS) securitisation• EU STS securitisation framework proposal (September 2015)
• Basel Committee STC securitisation consultation paper (November 2015)
• Capital Requirements Directive/Regulation (CRD IV/CRR), Liquidity Coverage Ratio (LCR)
• Renaissance of European Commercial Mortgage-Backed Securities (CMBS)• Real Estate: From single-loan to multi-loan securitisation
Luxembourg securitization companies Benefits to originators, investors and asset managers
• Balance sheet restructuring• Continue long-standing business relationships with clients
• Leverage on knowledge of asset managers/loan servicers
• Cheaper financing/refinancing
• Multi-compartment structure• Pooling of loans
• Cost savings
• Bulk purchases (e.g. in shipping industry)
• Potential role in revised business model for Luxembourg banks & branches• Existing commercial client base
• Local knowledge and untapped opportunities
• “Skin in the game” and beyond
Luxembourg securitization companies Tapping opportunities in the market
• Shipping• Operating vessels: Bulker, Container, Tankers
• Storage: Tankers
• Real Estate • Legacy portfolios
• Multiple-loan CMBS
• U.S.: Single-family rental (SFR)
• Infrastructure • Renewables (e.g., wind, solar)
• German Mittelstand• Pooling by industry
• Brewery loans
Luxembourg securitization companies Challenges
• Wants of originator/sponsor vs needs of investors• Choice of vehicle
• Note structure (e.g., simple, tranching, profit participating, indexing)
• Rating and listing
• Loan/asset documentation• Incomplete/missing documentation
• Staffing
• Small/medium-sized originators/asset managers• Missing track record
• Lack of resources
• Loan servicing platform
Luxembourg securitization companies Your contacts
Deloitte Tax & Consulting S.à r.l.560, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgPhone: +352 451 494 991Mobile: +352 661 452 [email protected]
Dr. Sebastian BosSenior ManagerRestructuring
Deloitte Tax & Consulting S.à r.l.560, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgPhone: +352 451 454 985Mobile: +352 621 302 154E-mail: [email protected]
Eric CollardPartnerRestructuring
Deloitte Tax & Consulting S.à r.l.560, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgPhone: +352 451 452 345Mobile: +352 661 452 [email protected]
Olivier PeterSenior ManagerRestructuring
Deloitte Tax & Consulting S.à r.l.560, rue de NeudorfL-2220 LuxembourgGrand Duchy of LuxembourgPhone: +352 451 452 449Mobile: +352 621 243 238E-mail: [email protected]
Michael JJ MartinPartnerRestructuring
3 Fireside chat - Perspective from a GPChris Connelly, Head of Operations, Partner ICG interviewed by Nick Tabone, Partner, Deloitte
Conference Agenda
1 IntroductionAlexandre Prost-Gargoz, Partner, Deloitte
2 Evolution of the private debt industry in Luxembourg Alexandre Prost-Gargoz, Partner, Deloitte
4 Luxembourg securitization companies: Loan portfolio restructuring & (re)financing Dr. Sebastian Bos, Senior Manager, Deloitte
5
Hot topics:
a) What's new on tax side? Christophe Diricks, Partner, Deloitte
b) Due Diligence process and Risk management. Nicolas Schoukens, Director, Deloitte
© 2015 Deloitte Tax & Consulting
Hot Topics
17 November 2015
Private Debt: Tax considerations
Christophe Diricks
© 2015 Deloitte Tax & Consulting 26© 2015 Deloitte Tax & Consulting
Avoiding the need of a banking license
Flexibility in respect of the choice of a regulated or unregulated structure
Flexible in terms of investment policy i.e. primary market (loan origination) or secondary
market (distressed or discounted debt)
Flexible accounting rules (Lux GAAP or IFRS)
Low maintenance costs
Flexible in terms of flows of income (fixed vs. variable)
Accommodating US investors : CTB election
There are operational aspects to consider when establishing a debt structure…
© 2015 Deloitte Tax & Consulting 27© 2015 Deloitte Tax & Consulting
Neutrality for treaty protected investors:
The structure should have access to double tax treaties (DTTs) in order to mitigate the
withholding tax at source (WHT) on interest payments
The structure should mitigate taxation on interest income, capital gains and potentially FX
gains
The structure should avoid WHT on distributions to investors
Substance is key especially in light of upcoming BEPS (action 6)
The entity should demonstrate beneficial ownership of the income to access some DTTs
(e.g. UK, Spain, Czech R., South Africa, …) and get WHT relief
VAT efficient
…and tax issues
© 2015 Deloitte Tax & Consulting 28© 2015 Deloitte Tax & Consulting
Numerous tools are available in Luxembourg…
SecuritizationVehicle*
SIFSICAR
UCI
SoparfiLess regulated
LessFlexible
UCITS
Non regulated
Regulation & Safety
More Regulated
SLP**
SLPSLP
* Unregulated unless issues securities to the public on an ongoing basis** Could be indirectly regulated in case falls within AIFMD scope
FIAR
AIFM
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 29
Regulatory Framework
Luxembourg banking regulation
Loan origination
The origination of loans, whichencompasses both the creation of newloans and the modification of existingloans, is the traditional activity of thebanking sector
• The Luxembourg banking law (as interpreted by the
CSSF) applies to banking institutions and PFS but DO
NOT APPLY to :
• Intra-group transactions
• Acquisitions of existing loans
• Securitization undertaking, UCI, SIF, SICAR and
any other entity which is subject to specific
legislation even if it operates through wholly
owned or controlled SPVs
• One-off: SOPARFIs granting a single loan or
performing a one-off operation
• Private lending: SOPARFIs granting loans to a
limited circle of people that can be identified
When originating loans, investorsshould thus pay attention to avoidbeing considered as carrying out anactivity subject to banking license
…for multiple investment policies including loan origination
© 2015 Deloitte Tax & Consulting 30© 2015 Deloitte Tax & Consulting
Setting the scene: Vehicle selection
However, the selection of the vehicle will depend on the investment policy
Investor
Bank
EU Manager
Make a loan
Acquire a loan
Extend a loan
Loans
Securities
Management Fees
Securitization vehicle: only for passive strategy
• SV acquires/grants loans to the extent these loans are
implemented thanks to a third party (e.g. bank) and the PPM
specifies how borrowers are selected
• SV cannot generate any additional risk and cannot act as an
entrepreneur or trader
• Re-investment of the proceeds in principle not permitted
unless transferred to dedicated compartment
• Tax neutral (CIT/MBT/NWT)• Access to DTTs• No WHT on dividend/interest payments• No need for a banking license• SV can be either unregulated or regulated• Out of AIFMD’s scope and VAT exemption on management
fees (under certain conditions)• Segregation
BenefitsSecuritization vehicle
(Luxembourg)
© 2015 Deloitte Tax & Consulting 31© 2015 Deloitte Tax & Consulting
Thanks to AIFMD, which would shift debt funds to a more regulated environment, we should be able to address BEPS!
AIFMD
BEPS
Substance convergence
Tax substance criteria
• Motive test
• Management and control
• Infrastructures and resources
• Beneficial ownership
• Other business income
Managed by the head office
AIFMD substance criteria• Minimum functions
- Final decision making- Portfolio management- Risk management- Interaction with authorities
• Limitation to delegation- Letter-box entity- Leveraging on the substance
• Reporting
• Certification
Substance convergence: Shift to a more regulated environment for the funds
2018
2019 – 2020
© 2015 Deloitte Tax & Consulting
Hot Topics
17 November 2015
Due diligence process
Nicolas Schoukens
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 33
3 Private debt fund investing
Table of Contents
1 Understanding private debt investments
2 Understanding private debt fund vehicles
4 Conclusions
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 34
1. Understanding Private Debt InvestmentsThe structure
FoF / Investors
Debt fund 1
Investment 1
Investment N
Debt fund N
Investment 1
Investment N
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 35
1. Understanding Private Debt InvestmentsReview of the capital structure
Assets
Risk Level
Diligence Complexity
Expected return
Common Equity
Mezzanine Debt
Subordinated Debt
Senior Debt
Preferred Equity
Unitranche Debt
Balance sheet structure*
* The list of funding sources is not exhaustive
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 36
1. Understanding Private Debt InvestmentsRelevance of specific due diligence dimensions
Assets
* The list of funding sources is not exhaustive
Balance sheet structure*
Common Equity
Mezzanine Debt
Subordinated Debt
Senior Debt
Preferred Equity
Unitranche Debt
Search for growth even if requires investment
Search for stability even if means lower growth
Usually not a major point of due diligence
Major point of due diligence (esp. collateral)
DD Focus:Cash Flow
DD Focus:Asset Base
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 37
1. Understanding Private Debt InvestmentsRelevance of specific due diligence dimensions
Assets
* The list of funding sources is not exhaustive
Balance sheet structure*
Common Equity
Mezzanine Debt
Subordinated Debt
Senior Debt
Preferred Equity
Unitranche Debt
Comprehensive (inward and outward)
Focused on Contract
Situation Specific (tailor made)
Usually Benchmark Based
Legal Due Diligence Valuation
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 38
2. Understanding Private Debt Fund VehicleThe structure
FoF / Investors
Debt fund 1
Investment 1
Investment N
Debt fund N
Investment 1
Investment N
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 39
2. Understanding Private Debt Fund VehicleWhat fund managers look at portfolio level
Rating
Maturity / Duration
Currency
Industry / Geography
Diversification
Investment Portfolio
(Debt Instruments)
Low High
$
Selected areas of focus
€ £ ¥ …
Yield Premium
0 5y 10y
AAABB BBB AAAD C
Investment gradeNon-Investment grade
…
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 40
2. Understanding Private Debt Fund VehicleWhat fund managers look at portfolio level
Investment Portfolio
(Debt Instruments)
Equity
Carried Interest
Hedging
Leverage
Incentive Mechanics
Performance Enhancer
Value Attributable to
Investors
Fund’s Assets
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 41
3. Selecting Private Debt FundsThe structure
FoF / Investors
Debt fund 1
Investment 1
Investment N
Debt fund N
Investment 1
Investment N
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 42
3. Selecting Private Debt FundsTimeline of investments in a debt fund
- Investment strategy - Existing track record- Operational soundness- Risk management quality- Etc.
Financial specifics:- Net Asset Value- Risk/Return ProfilePortfolio specifics:- Duration, industry,
geography, rating, etc- Lookthrough???
- Cash-on-Cash- IRR- Liquidity- Etc.
Investment Holding Exit1 2 3
Debt fund population
Screening
Investment portfolio of funds
DUE DILIGENCE(Selection process)
KPI(Monitoring and oversight)
Exit(Performance Measurement)
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 43
3. Selecting Private Debt FundsThe due diligence process
Selection processDUE DILIGENCE
Legal*Team and Strategy*Regulatory*Operations*
- Legal structure (closed or open)
- Tax regime- Redemption policies
- Team track record- Deal sourcing capability- Internal due diligence- Investment monitoring- Remuneration
- Governance and internal advisory board
- Policies and procedures- E.g. conflict of
interest
- Audit process- Accounting standards- Valuation policy- Risk management- Reporting
* not exhaustive
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 44
4. Conclusions
• At investment level: investment decision influenced by asset characteristics
Cash flows
Guarantees
Etc.
• At fund level: investment decision process relies on drivers specific to asset class
Importance of position in capital structure
• At FoF/investor level: fund selection process and due diligence principles not specific to asset class
Investment strategy
Existing track record
Operational soundness
Risk management quality
Etc.
© 2015 Deloitte Tax & Consulting© 2015 Deloitte Tax & Consulting 45
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