Indemo

Indemo is an investment platform based in Latvia and licensed by the Central Bank of Latvia. The platform connects investors with real estate loan originators in Spain, offering two types of investments: mortgage loan investments and discounted debt investments. Only investors from the European Union (EU), including legal entities, citizens, and EU residents, can register and invest on the platform. U.S. residents are not allowed to open accounts with Indemo. However, UK citizens living in an EU country can register and invest. Since its launch in June 2023, the platform has attracted over €5.3 million from investors, with a consistent monthly volume over the past 12 months averaging €410,000.^[1] Indemo reports having more than 3,400 investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with a term of 24 months.
• Indemo currently offers annual interest rates ranging from 10% to 15.1%.
• The platform has not provided any statistics on delayed repayments or defaults.

Indemo connects investors with asset-backed investments in the Spanish real estate market, organized into two categories:

• Mortgage Loan Investments: Investors have access to loans secured by real estate and earn returns from interest payments made by borrowers.
• Discounted Debt Investments: Investors purchase loans from Spanish banks at a reduced price due to borrower defaults, profiting when the associated real estate is sold at market value.

The minimum investment is €10, with a term of 24 months. These investments are structured as bullet loans, meaning that both principal and interest are paid back at maturity. Typical investments range from €93,680 to €144,000.^[3]

All loans are backed by bank-quality mortgages as collateral.^[4] Indemo is part of the National Investor Compensation Scheme, which means that if Indemo cannot return investors’ assets, they may receive compensation of 90% of their irrecoverable loss, up to €20,000. However, this compensation does not cover losses from investments.^[5]

Indemo withholds a 5% tax on interest for residents of the European Union and European Economic Area (EU/EEA), and a 20% tax for non-EU/EEA or Latvian residents. German investors can use the 5% withheld by Indemo to reduce their tax rate from 26.375% to 21.375%. Spanish investors can offset the 5% withheld, resulting in a remaining tax of 14% to meet Spain’s 19% tax on interest income up to €6,000.^[6]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets that it can offer real estate debt investments at an effective annual interest rate between 10% and 15.1%. Since its launch in June 2023, the platform reports returning approximately €618,000 to investors, although it has yet to release data on delayed repayments or defaults.^[7]

Investing with Indemo is free of charge, there are no fees for account setup, deposits, or withdrawals.^[8] While Indemo does collect fees on fundraisers, specifics on these fees remain undisclosed. The platform earns revenue from these fees collected at the loan originator level.

The Indemo team consists of experienced professionals from investment banking, fintech, and law, each contributing specialized knowledge in banking, asset management, and P2P finance. Co-founder and CEO Sergejs Viskovskis previously held legal positions at Mintos and a private company, while CFO Alexander Voloshin, also a co-founder of maritime software firm 8BitOcean, provides financial management. Pavel Poctarenko, another co-founder, focuses on asset management, and CTO Daniel Zhiryakov brings 23 years of experience in financial markets, having served high-net-worth clients.

The platform is controlled by Indemo SIA, which is based in Riga, Latvia. It is primarily owned by Iļja Hagins, who holds over 28% of the shares and serves as a business executive with leadership roles in various companies, including as CEO of ATLAN Advance Management in Barcelona, specializing in real estate credit solutions. The second-largest shareholder is Andrzej Pawlow, with slightly more than 9%, followed by AS Aquarium Investments IPS, which holds about 8%. Each member of the management team owns around 7% of the company, except for CEO Sergejs Viskovskis, who owns 6.55%.^[9]

In FY23, Indemo SIA launched the Indemo platform and raised €437,500 in additional funding for its development. The company set up a subsidiary, Indemo SPV Issuer No1 SIA, to manage and issue notes backed by credit claims. After receiving approval from the Bank of Latvia in May, the platform offered investors access to discounted nonperforming loans (NPLs) in Spain, managed by a professional credit servicing company under the Central Bank of Spain’s supervision. To expand its reach, Indemo SIA adopted a “Passporting Model” for cross-border investment services across the EU/EEA, allowing operations in Germany, France, and Italy. While the platform generated €58,644 in fee income during its first full year, high startup costs led to a loss of €333,193. To accelerate growth in FY24, the company aims to raise €500,000 through an equity increase.^[10]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Blog - Indemo’s record high Q3 - growth and Numbers”
3. Indemo: “Market - Items”
4. Indemo: “Homepage - Invest in EU secured loans”
5. Indemo: “FAQ - What happens to my investment if Indemo ceases to operate?”
6. Indemo: “FAQ - Tax Details”
7. Indemo: “Homepage - Invest in EU secured loans - Interest / Expected Return”
8. Indemo: “FAQ - What fees are applicable?”
9. Indemo: “Financial Reports - 2023 - Members and shareholding”
10. Indemo: “Financial Reports - 2023 - Management Report”

Indemo is an investment platform based in Latvia and licensed by the Central Bank of Latvia. The platform connects investors with real estate loan originators in Spain, offering two types of investments: mortgage loan investments and discounted debt investments. Only investors from the European Union (EU), including legal entities, citizens, and EU residents, can register and invest on the platform. U.S. residents are not allowed to open accounts with Indemo. However, UK citizens living in an EU country can register and invest. Since its launch in June 2023, the platform has attracted over €5.3 million from investors, with a consistent monthly volume over the past 12 months averaging €410,000.^[1] Indemo reports having more than 3,400 investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with a term of 24 months.
• Indemo currently offers annual interest rates ranging from 10% to 15.1%.
• The platform has not provided any statistics on delayed repayments or defaults.

Indemo connects investors with asset-backed investments in the Spanish real estate market, organized into two categories:

• Mortgage Loan Investments: Investors have access to loans secured by real estate and earn returns from interest payments made by borrowers.
• Discounted Debt Investments: Investors purchase loans from Spanish banks at a reduced price due to borrower defaults, profiting when the associated real estate is sold at market value.

The minimum investment is €10, with a term of 24 months. These investments are structured as bullet loans, meaning that both principal and interest are paid back at maturity. Typical investments range from €93,680 to €144,000.^[3]

All loans are backed by bank-quality mortgages as collateral.^[4] Indemo is part of the National Investor Compensation Scheme, which means that if Indemo cannot return investors’ assets, they may receive compensation of 90% of their irrecoverable loss, up to €20,000. However, this compensation does not cover losses from investments.^[5]

Indemo withholds a 5% tax on interest for residents of the European Union and European Economic Area (EU/EEA), and a 20% tax for non-EU/EEA or Latvian residents. German investors can use the 5% withheld by Indemo to reduce their tax rate from 26.375% to 21.375%. Spanish investors can offset the 5% withheld, resulting in a remaining tax of 14% to meet Spain’s 19% tax on interest income up to €6,000.^[6]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets that it can offer real estate debt investments at an effective annual interest rate between 10% and 15.1%. Since its launch in June 2023, the platform reports returning approximately €618,000 to investors, although it has yet to release data on delayed repayments or defaults.^[7]

Investing with Indemo is free of charge, there are no fees for account setup, deposits, or withdrawals.^[8] While Indemo does collect fees on fundraisers, specifics on these fees remain undisclosed. The platform earns revenue from these fees collected at the loan originator level.

The Indemo team consists of experienced professionals from investment banking, fintech, and law, each contributing specialized knowledge in banking, asset management, and P2P finance. Co-founder and CEO Sergejs Viskovskis previously held legal positions at Mintos and a private company, while CFO Alexander Voloshin, also a co-founder of maritime software firm 8BitOcean, provides financial management. Pavel Poctarenko, another co-founder, focuses on asset management, and CTO Daniel Zhiryakov brings 23 years of experience in financial markets, having served high-net-worth clients.

The platform is controlled by Indemo SIA, which is based in Riga, Latvia. It is primarily owned by Iļja Hagins, who holds over 28% of the shares and serves as a business executive with leadership roles in various companies, including as CEO of ATLAN Advance Management in Barcelona, specializing in real estate credit solutions. The second-largest shareholder is Andrzej Pawlow, with slightly more than 9%, followed by AS Aquarium Investments IPS, which holds about 8%. Each member of the management team owns around 7% of the company, except for CEO Sergejs Viskovskis, who owns 6.55%.^[9]

In FY23, Indemo SIA launched the Indemo platform and raised €437,500 in additional funding for its development. The company set up a subsidiary, Indemo SPV Issuer No1 SIA, to manage and issue notes backed by credit claims. After receiving approval from the Bank of Latvia in May, the platform offered investors access to discounted nonperforming loans (NPLs) in Spain, managed by a professional credit servicing company under the Central Bank of Spain’s supervision. To expand its reach, Indemo SIA adopted a “Passporting Model” for cross-border investment services across the EU/EEA, allowing operations in Germany, France, and Italy. While the platform generated €58,644 in fee income during its first full year, high startup costs led to a loss of €333,193. To accelerate growth in FY24, the company aims to raise €500,000 through an equity increase.^[10]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Blog - Indemo’s record high Q3 - growth and Numbers”
3. Indemo: “Market - Items”
4. Indemo: “Homepage - Invest in EU secured loans”
5. Indemo: “FAQ - What happens to my investment if Indemo ceases to operate?”
6. Indemo: “FAQ - Tax Details”
7. Indemo: “Homepage - Invest in EU secured loans - Interest / Expected Return”
8. Indemo: “FAQ - What fees are applicable?”
9. Indemo: “Financial Reports - 2023 - Members and shareholding”
10. Indemo: “Financial Reports - 2023 - Management Report”

Indemo is an investment platform based in Latvia and licensed by the Central Bank of Latvia. The platform connects investors with real estate loan originators in Spain, offering two types of investments: mortgage loan investments and discounted debt investments. Only investors from the European Union (EU), including legal entities, citizens, and EU residents, can register and invest on the platform. U.S. residents are not allowed to open accounts with Indemo. However, UK citizens living in an EU country can register and invest. Since its launch in June 2023, the platform has attracted over €5.3 million from investors, with a consistent monthly volume over the past 12 months averaging €410,000.^[1] Indemo reports having more than 3,400 investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with a term of 24 months.
• Indemo currently offers annual interest rates ranging from 10% to 15.1%.
• The platform has not provided any statistics on delayed repayments or defaults.

Indemo connects investors with asset-backed investments in the Spanish real estate market, organized into two categories:

• Mortgage Loan Investments: Investors have access to loans secured by real estate and earn returns from interest payments made by borrowers.
• Discounted Debt Investments: Investors purchase loans from Spanish banks at a reduced price due to borrower defaults, profiting when the associated real estate is sold at market value.

The minimum investment is €10, with a term of 24 months. These investments are structured as bullet loans, meaning that both principal and interest are paid back at maturity. Typical investments range from €93,680 to €144,000.^[3]

All loans are backed by bank-quality mortgages as collateral.^[4] Indemo is part of the National Investor Compensation Scheme, which means that if Indemo cannot return investors’ assets, they may receive compensation of 90% of their irrecoverable loss, up to €20,000. However, this compensation does not cover losses from investments.^[5]

Indemo withholds a 5% tax on interest for residents of the European Union and European Economic Area (EU/EEA), and a 20% tax for non-EU/EEA or Latvian residents. German investors can use the 5% withheld by Indemo to reduce their tax rate from 26.375% to 21.375%. Spanish investors can offset the 5% withheld, resulting in a remaining tax of 14% to meet Spain’s 19% tax on interest income up to €6,000.^[6]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets that it can offer real estate debt investments at an effective annual interest rate between 10% and 15.1%. Since its launch in June 2023, the platform reports returning approximately €618,000 to investors, although it has yet to release data on delayed repayments or defaults.^[7]

Investing with Indemo is free of charge, there are no fees for account setup, deposits, or withdrawals.^[8] While Indemo does collect fees on fundraisers, specifics on these fees remain undisclosed. The platform earns revenue from these fees collected at the loan originator level.

The Indemo team consists of experienced professionals from investment banking, fintech, and law, each contributing specialized knowledge in banking, asset management, and P2P finance. Co-founder and CEO Sergejs Viskovskis previously held legal positions at Mintos and a private company, while CFO Alexander Voloshin, also a co-founder of maritime software firm 8BitOcean, provides financial management. Pavel Poctarenko, another co-founder, focuses on asset management, and CTO Daniel Zhiryakov brings 23 years of experience in financial markets, having served high-net-worth clients.

The platform is controlled by Indemo SIA, which is based in Riga, Latvia. It is primarily owned by Iļja Hagins, who holds over 28% of the shares and serves as a business executive with leadership roles in various companies, including as CEO of ATLAN Advance Management in Barcelona, specializing in real estate credit solutions. The second-largest shareholder is Andrzej Pawlow, with slightly more than 9%, followed by AS Aquarium Investments IPS, which holds about 8%. Each member of the management team owns around 7% of the company, except for CEO Sergejs Viskovskis, who owns 6.55%.^[9]

In FY23, Indemo SIA launched the Indemo platform and raised €437,500 in additional funding for its development. The company set up a subsidiary, Indemo SPV Issuer No1 SIA, to manage and issue notes backed by credit claims. After receiving approval from the Bank of Latvia in May, the platform offered investors access to discounted nonperforming loans (NPLs) in Spain, managed by a professional credit servicing company under the Central Bank of Spain’s supervision. To expand its reach, Indemo SIA adopted a “Passporting Model” for cross-border investment services across the EU/EEA, allowing operations in Germany, France, and Italy. While the platform generated €58,644 in fee income during its first full year, high startup costs led to a loss of €333,193. To accelerate growth in FY24, the company aims to raise €500,000 through an equity increase.^[10]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Blog - Indemo’s record high Q3 - growth and Numbers”
3. Indemo: “Market - Items”
4. Indemo: “Homepage - Invest in EU secured loans”
5. Indemo: “FAQ - What happens to my investment if Indemo ceases to operate?”
6. Indemo: “FAQ - Tax Details”
7. Indemo: “Homepage - Invest in EU secured loans - Interest / Expected Return”
8. Indemo: “FAQ - What fees are applicable?”
9. Indemo: “Financial Reports - 2023 - Members and shareholding”
10. Indemo: “Financial Reports - 2023 - Management Report”

Indemo is an investment platform based in Latvia and licensed by the Central Bank of Latvia. The platform connects investors with real estate loan originators in Spain, offering two types of investments: mortgage loan investments and discounted debt investments. Only investors from the European Union (EU), including legal entities, citizens, and EU residents, can register and invest on the platform. U.S. residents are not allowed to open accounts with Indemo. However, UK citizens living in an EU country can register and invest. Since its launch in June 2023, the platform has attracted over €5.3 million from investors, with a consistent monthly volume over the past 12 months averaging €410,000.^[1] Indemo reports having more than 3,400 investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with a term of 24 months.
• Indemo currently offers annual interest rates ranging from 10% to 15.1%.
• The platform has not provided any statistics on delayed repayments or defaults.

Indemo connects investors with asset-backed investments in the Spanish real estate market, organized into two categories:

• Mortgage Loan Investments: Investors have access to loans secured by real estate and earn returns from interest payments made by borrowers.
• Discounted Debt Investments: Investors purchase loans from Spanish banks at a reduced price due to borrower defaults, profiting when the associated real estate is sold at market value.

The minimum investment is €10, with a term of 24 months. These investments are structured as bullet loans, meaning that both principal and interest are paid back at maturity. Typical investments range from €93,680 to €144,000.^[3]

All loans are backed by bank-quality mortgages as collateral.^[4] Indemo is part of the National Investor Compensation Scheme, which means that if Indemo cannot return investors’ assets, they may receive compensation of 90% of their irrecoverable loss, up to €20,000. However, this compensation does not cover losses from investments.^[5]

Indemo withholds a 5% tax on interest for residents of the European Union and European Economic Area (EU/EEA), and a 20% tax for non-EU/EEA or Latvian residents. German investors can use the 5% withheld by Indemo to reduce their tax rate from 26.375% to 21.375%. Spanish investors can offset the 5% withheld, resulting in a remaining tax of 14% to meet Spain’s 19% tax on interest income up to €6,000.^[6]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets that it can offer real estate debt investments at an effective annual interest rate between 10% and 15.1%. Since its launch in June 2023, the platform reports returning approximately €618,000 to investors, although it has yet to release data on delayed repayments or defaults.^[7]

Investing with Indemo is free of charge, there are no fees for account setup, deposits, or withdrawals.^[8] While Indemo does collect fees on fundraisers, specifics on these fees remain undisclosed. The platform earns revenue from these fees collected at the loan originator level.

The Indemo team consists of experienced professionals from investment banking, fintech, and law, each contributing specialized knowledge in banking, asset management, and P2P finance. Co-founder and CEO Sergejs Viskovskis previously held legal positions at Mintos and a private company, while CFO Alexander Voloshin, also a co-founder of maritime software firm 8BitOcean, provides financial management. Pavel Poctarenko, another co-founder, focuses on asset management, and CTO Daniel Zhiryakov brings 23 years of experience in financial markets, having served high-net-worth clients.

The platform is controlled by Indemo SIA, which is based in Riga, Latvia. It is primarily owned by Iļja Hagins, who holds over 28% of the shares and serves as a business executive with leadership roles in various companies, including as CEO of ATLAN Advance Management in Barcelona, specializing in real estate credit solutions. The second-largest shareholder is Andrzej Pawlow, with slightly more than 9%, followed by AS Aquarium Investments IPS, which holds about 8%. Each member of the management team owns around 7% of the company, except for CEO Sergejs Viskovskis, who owns 6.55%.^[9]

In FY23, Indemo SIA launched the Indemo platform and raised €437,500 in additional funding for its development. The company set up a subsidiary, Indemo SPV Issuer No1 SIA, to manage and issue notes backed by credit claims. After receiving approval from the Bank of Latvia in May, the platform offered investors access to discounted nonperforming loans (NPLs) in Spain, managed by a professional credit servicing company under the Central Bank of Spain’s supervision. To expand its reach, Indemo SIA adopted a “Passporting Model” for cross-border investment services across the EU/EEA, allowing operations in Germany, France, and Italy. While the platform generated €58,644 in fee income during its first full year, high startup costs led to a loss of €333,193. To accelerate growth in FY24, the company aims to raise €500,000 through an equity increase.^[10]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Blog - Indemo’s record high Q3 - growth and Numbers”
3. Indemo: “Market - Items”
4. Indemo: “Homepage - Invest in EU secured loans”
5. Indemo: “FAQ - What happens to my investment if Indemo ceases to operate?”
6. Indemo: “FAQ - Tax Details”
7. Indemo: “Homepage - Invest in EU secured loans - Interest / Expected Return”
8. Indemo: “FAQ - What fees are applicable?”
9. Indemo: “Financial Reports - 2023 - Members and shareholding”
10. Indemo: “Financial Reports - 2023 - Management Report”

Indemo is an investment platform based in Latvia and licensed by the Central Bank of Latvia. The platform connects investors with real estate loan originators in Spain, offering two types of investments: mortgage loan investments and discounted debt investments. Only investors from the European Union (EU), including legal entities, citizens, and EU residents, can register and invest on the platform. U.S. residents are not allowed to open accounts with Indemo. However, UK citizens living in an EU country can register and invest. Since its launch in June 2023, the platform has attracted over €5.3 million from investors, with a consistent monthly volume over the past 12 months averaging €410,000.^[1] Indemo reports having more than 3,400 investors.^[2]

• Indemo offers real estate-backed debt investments in Spain, including mortgage loan investments and discounted debt investments.
• Investments start with a minimum of €10, with a term of 24 months.
• Indemo currently offers annual interest rates ranging from 10% to 15.1%.
• The platform has not provided any statistics on delayed repayments or defaults.

Indemo connects investors with asset-backed investments in the Spanish real estate market, organized into two categories:

• Mortgage Loan Investments: Investors have access to loans secured by real estate and earn returns from interest payments made by borrowers.
• Discounted Debt Investments: Investors purchase loans from Spanish banks at a reduced price due to borrower defaults, profiting when the associated real estate is sold at market value.

The minimum investment is €10, with a term of 24 months. These investments are structured as bullet loans, meaning that both principal and interest are paid back at maturity. Typical investments range from €93,680 to €144,000.^[3]

All loans are backed by bank-quality mortgages as collateral.^[4] Indemo is part of the National Investor Compensation Scheme, which means that if Indemo cannot return investors’ assets, they may receive compensation of 90% of their irrecoverable loss, up to €20,000. However, this compensation does not cover losses from investments.^[5]

Indemo withholds a 5% tax on interest for residents of the European Union and European Economic Area (EU/EEA), and a 20% tax for non-EU/EEA or Latvian residents. German investors can use the 5% withheld by Indemo to reduce their tax rate from 26.375% to 21.375%. Spanish investors can offset the 5% withheld, resulting in a remaining tax of 14% to meet Spain’s 19% tax on interest income up to €6,000.^[6]

The platform does not offer a secondary market for early exit from loan investments but includes an auto-invest feature for managing new investments.

Indemo markets that it can offer real estate debt investments at an effective annual interest rate between 10% and 15.1%. Since its launch in June 2023, the platform reports returning approximately €618,000 to investors, although it has yet to release data on delayed repayments or defaults.^[7]

Investing with Indemo is free of charge, there are no fees for account setup, deposits, or withdrawals.^[8] While Indemo does collect fees on fundraisers, specifics on these fees remain undisclosed. The platform earns revenue from these fees collected at the loan originator level.

The Indemo team consists of experienced professionals from investment banking, fintech, and law, each contributing specialized knowledge in banking, asset management, and P2P finance. Co-founder and CEO Sergejs Viskovskis previously held legal positions at Mintos and a private company, while CFO Alexander Voloshin, also a co-founder of maritime software firm 8BitOcean, provides financial management. Pavel Poctarenko, another co-founder, focuses on asset management, and CTO Daniel Zhiryakov brings 23 years of experience in financial markets, having served high-net-worth clients.

The platform is controlled by Indemo SIA, which is based in Riga, Latvia. It is primarily owned by Iļja Hagins, who holds over 28% of the shares and serves as a business executive with leadership roles in various companies, including as CEO of ATLAN Advance Management in Barcelona, specializing in real estate credit solutions. The second-largest shareholder is Andrzej Pawlow, with slightly more than 9%, followed by AS Aquarium Investments IPS, which holds about 8%. Each member of the management team owns around 7% of the company, except for CEO Sergejs Viskovskis, who owns 6.55%.^[9]

In FY23, Indemo SIA launched the Indemo platform and raised €437,500 in additional funding for its development. The company set up a subsidiary, Indemo SPV Issuer No1 SIA, to manage and issue notes backed by credit claims. After receiving approval from the Bank of Latvia in May, the platform offered investors access to discounted nonperforming loans (NPLs) in Spain, managed by a professional credit servicing company under the Central Bank of Spain’s supervision. To expand its reach, Indemo SIA adopted a “Passporting Model” for cross-border investment services across the EU/EEA, allowing operations in Germany, France, and Italy. While the platform generated €58,644 in fee income during its first full year, high startup costs led to a loss of €333,193. To accelerate growth in FY24, the company aims to raise €500,000 through an equity increase.^[10]

1. P2PMarketData: “Indemo Statistics”
2. Indemo: “Blog - Indemo’s record high Q3 - growth and Numbers”
3. Indemo: “Market - Items”
4. Indemo: “Homepage - Invest in EU secured loans”
5. Indemo: “FAQ - What happens to my investment if Indemo ceases to operate?”
6. Indemo: “FAQ - Tax Details”
7. Indemo: “Homepage - Invest in EU secured loans - Interest / Expected Return”
8. Indemo: “FAQ - What fees are applicable?”
9. Indemo: “Financial Reports - 2023 - Members and shareholding”
10. Indemo: “Financial Reports - 2023 - Management Report”