Declaration Of Independence

Envalis operates as an independent analytical entity whose purpose is to provide reliable, objective and transparent analyses that support investment and financial decision-making.

The models, analyses and studies prepared by Envalis are based on market data, documented sources and clearly defined assumptions, and are not subject to the influence of the commercial interests of third parties, including clients, technology partners or financing institutions.

Envalis does not adjust model parameters, assumptions or analytical results in order to achieve a particular financial outcome, including in particular in order to meet financing requirements, economic indicators or investor expectations.

The results of the analyses reflect solely the assumptions adopted, the input data and the logic of the model, and may be presented in the form of scenarios, including alternative scenarios and sensitivity analyses.

Envalis does not promote specific technological solutions, suppliers or commercial partners, and any recommendations are analytical in nature and follow from the methodology adopted.

The remuneration of Envalis is, as a rule, independent of the results of projects, investment decisions or the securing of financing. Where potential conflicts of interest arise, they are identified, managed and disclosed in accordance with the applicable rules.

Maintaining independence is a fundamental element of the activity of Envalis and a condition for the credibility of the models and analyses used by participants in the financial and infrastructure markets.