Then she opened the leather folder beside her plate.
“Let's discuss something more important.”
Antoine leaned back.
“At last.”
She withdrew a document.
The cover carried the name of the investment consortium and a summary of the independent review process.
She placed it on the table.
“In the draft commercial forecast you provided, the logistics network is described as having seventy-two percent of its initial operating capacity secured.”
Antoine nodded.
“Correct.”
Inés continued.
“Does that figure represent binding contractual commitments?”
Luc Moreau shifted.
Antoine glanced toward him.
“Our finance team prepared the model.”
Inés nodded.
“That wasn't my question.”
For a moment, the room became quiet.
Antoine looked irritated.
“Luc?”
The financial director leaned forward.
“The forecast combines committed volume and highly probable commercial demand.”
Inés stared.
“Then why does the summary use the word secured?”
Luc adjusted his glasses.
“It's an industry convention.”
Javier frowned.
“Not one I'd accept without clarification in a financing memorandum.”
Beatriz opened her own folder.
She had reviewed infrastructure transactions for nearly twenty years.
She understood exactly how important the distinction could become.
“A letter expressing commercial interest isn't automatically the same as an enforceable volume commitment,” she said.
Luc's expression tightened.
“Of course not.”
“Then we'd like a schedule separating them.”
Antoine looked toward the ceiling.
“This is becoming unnecessarily complicated.”
Inés leaned forward.
“No, Antoine. This is what due diligence looks like.”
The words were delivered quietly.
But several executives sat straighter.
Inés continued.
“Your group is requesting hundreds of millions of euros in financing. Investors have a responsibility to understand which revenues are contractually supported and which remain projections.”
Antoine's jaw tightened.
“Are you suggesting my company is dishonest?”
“No.”
She paused.
“I'm asking for evidence.”
For several seconds, Antoine remained silent.
Then he looked toward Luc.
“Provide whatever she needs.”
Luc nodded.
“Of course.”
But Inés wasn't finished.
She looked toward the portfolio.
“There's also a concern about the timetable for the proposed Valencia distribution center.”
Antoine frowned.
“What concern?”
“The project materials refer to certain infrastructure and permitting assumptions as substantially resolved. Our technical reviewers have asked for supporting documentation.”
Luc spoke quickly.
“The permits are progressing normally.”
Beatriz leaned forward.
“That's not the same as being secured.”
The table fell silent.
The phrase sounded familiar.
Too familiar.
Elena had just explained the danger of treating preliminary arrangements as guaranteed commitments.