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Hans Kim 3 March 2007 Week 1 건건건건건 건건건건건건 건건건 건건건 M&A 건건
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기업금융과 I R1

Sep 17, 2014

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Page 1: 기업금융과  I R1

Hans Kim

3 March 2007

Week 1

건국대학교 벤쳐전문기술

전략적 제휴와 M&A 연구

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2 Hans Kim

김한수 (Hans Kim)

현재 , 투자은행 BDA 서울 대표

Deloitte, Corporate Finance

BNP Paribas, Capital Market

Bank Boston, Currency Derivatives

London Business School, MBA

성균관 대학교 영문학과 , BA

Contact:

011 9997 9922

[email protected]

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강의 목표와 계획

강의 목표

Corporate Finance

Communication with Equity Investor, including overseas investor

Cross border and cultural experience in finance industry

강의 계획

주제의 제시와 토론

평점방법 : 출석 40, 강의참여 20, 중간과제물 20, 기말 과제물 20

중간과제물 : 투자가 자금유치를 전제로 한 사업제안서 작성

기말과제물 : 중간과제물때 제안된 사업내용의 상장 및 인수합병 전략 - Valuation, 인수합병방안 및

대상회사선정 , 자금조달 방안 , 기관투자가를 위한 Exit 방안 , 등등 포함

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주제별 강의 계획

1. 기업금융과 IR

2. 기업금융과 IR

3. 기업의 국내외 상장

4. Valuation 1

5. Valuation 2

6. 초빙강사 1: Due Diligence 실무

7. 초빙강사 2: 엔터테인먼트시장

8. 중간 시험 - 과제물 제출

Note: 강의 내용과 순서가 바뀔 수도 있음

9. M&A 1

10. M&A 2

11. 적대적 M&A

12. Hedge Fund 의 한국금융기관 인수

13. 초빙강사 3 ( 또는 ) Investor-state claim

14. 지배구조펀드에 대한 이해

15. 전략적 제휴와 JV

16. 기말 시험 - 과제물 제출

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Cross Border Corporate Finance

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Introduction to BDA We advise on cross border M&A transactions, strategic partnerships, capital raising and restructurings

BDA was established in 1996. Since then we have assisted numerous multinational corporations and financial investors to increase strategic value by bringing to bear our knowledge and expertise on transactions and alliances between companies in Asia and the West

BDA has teams of dedicated professionals located across Asia, the US and Europe with offices in New York, London, Bahrain, Mumbai, Hong Kong, Shanghai, Seoul and Tokyo

We work across all industrial sectors and have strong regional experience in Asia

We advise our clients on acquisitions, divestments, JVs, capital raising and restructurings. We provide corporate finance services in situations involving, debt advisory and business valuation. We also undertake strategic assessment studies to help our clients understand where the best opportunities for investment might lie

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Our partnership with Close Brothers gives us strong coverage across the US and Europe

BDA is the Asian affiliate of the Close Brothers Network

Close Brothers is the premier European mid-market investment bank, publicly quoted on the London Stock Exchange with market cap US$2.7bn

Close Brothers offers its clients access to local and international relationships through its European offices and long-standing JVs with independent advisory firms, such as BDA, elsewhere in the world

400 professionals across Asia, North America and in the European financial centres of London, Paris, Frankfurt, Milan, Barcelona and Madrid. This international presence creates a unique global independent investment banking capability

www.cbcf.com

BDA and Close Brothers Network

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Asian coverage and global reach

New York

Euan RellieManaging Director

Charlie MaynardManaging Director

London

Andrew HuntleyManaging Director

Mumbai

Rohit SinghDirector

Bahrain

Tim HolderDirector

Seoul

Hans KimDirector

Shanghai

Jeffrey WangDirector

Hong Kong

Paul DiGiacomoDirector

Tokyo

Jeff ActonAssistant Director

Noriyuki SonodaExecutive Senior Advisor

We provide advice in a pan-Asian and international context, not narrowly focused on one market

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Corporate Finance Service

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Assesses strategy, and identifies and executes transactions

BDA has a successful track record of helping international corporations search for and evaluate Asian acquisitions, divestments, JV targets and other partners. BDA can identify and unlock the optimal transactions.

BDA designs and implements transactions which satisfy our clients’ requirements and are acceptable to the counterparty. We help clients to identify, assess and manage teams of local professionals, such as lawyers and accountants on the ground, and assist in bringing transactions, both acquisition and divestment, through to successful completion. We help our clients to clear regulatory hurdles.

Partner/target search

Transaction execution

BDA analyzes sectors and markets in Asia, mapping out the industry landscape, considering the gaps and opportunities and identifying the likely strategic opportunities.

Strategic assessment

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Regulatory framework Market size, growth rate and driving forces Industry players and competitive landscape Major product categories Raw materials supplies Exports potentials MNCs’ competitors’ activities and strategies Other important information vital to entry strategy

Research process Results

Strategic assessment

Profile of targets / partners

Company overview Shareholding Product line and market potential Engineering, technology quality control capability Production facilities Sales, OEMs relationship, and logistics Export capabilities Brief financials Company development strategies Interest to sell to or team up with an MNC

Meetings and visits (1 - 2 months, partly in parallel with steps above) Face-to-face meetings with potential JV or acquisition candidates selected

from the longlist through telephone contacts and other relevant information providers.

We report back on any situations that require swift action.

Telephone conversations (2 weeks) Contact with the companies on the list and as well as other relevant parties

that could provide useful information. This includes shareholders, trade bodies, regulators, suppliers, customers and distributors.

Desktop research (1-2 weeks) Desktop research to build up our industry knowledge and identify a longlist of

players in the industry. Use all internal info resources, external databases, and other sources

Briefing with client (1-2 days) Detailed briefing on client’s acquisition interest and client’s views on the

market/ industry, allowing BDA to incorporate the views and knowledge of our clients and to best represent their interests.

Presentation to Client (Half day) Detailed summary of findings delivered to clients in the US, Europe or Asia

Strategic assessment and partner / target search

A closed-end project with clearly defined parameters and a fixed time-scale, aimed at identifying both the best candidates and as well as the best routes for acquisition or partnership.

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BDA is a flexible on the ground resource available to attend all meetings, on very short notice, reporting to the Client project manager;

BDA will help brief and guide the Client through the stages of an investment in an Asian market;

BDA will work with the Client’s internal functional teams to assist in arriving at a valuation of the business to be acquired or JV, liaising if necessary with any external professional parties, including lawyers and tax advisors;

BDA assists in any negotiations with the counter-party or its advisers; we work closely with the client giving clear and concise updates and recommendations during the negotiations

BDA builds a strong relationship with the Target, providing “coaching” where necessary, and alerting the Client to potential roadblocks;

BDA will assist in managing and coordinating the various parties active in any due diligence process. BDA will help prepare the target for due diligence to ensure smooth completion of the process. BDA will assist to hire outside professional parties, such as lawyers and accountants if required. BDA will seek answers to and clarify with the target issues that arise in due diligence;

BDA will participate in the review and negotiation, in conjunction with the Client’s corporate counsel and its external legal adviser, of the detailed terms of the definitive legal agreements according the local regulations, including for example Sale & Purchase Agreement, JV Agreement, Feasibility Study Report and other necessary agreements such as technology transfer, service, supply, non-compete, executive employment, etc.

BDA helps prepares any submissions or documents, as required in connection with the execution process, or else assists the other professional advisers.

Buy side - Role in execution

BDA’s key role is to act as an extension of our Clients’ project teams, providing ongoing advice, and assisting in pushing forward the relationship and negotiations with the target.

BDA is based on the ground in Asia with strong execution capabilities and is able to manage effectively the day to day aspects of the execution process on behalf of our clients.

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Sell side execution

• Review the sector and valuation• Clarify key issues related to the business through contact with Management• Prepare Teaser• Begin to draft Information Memorandum (IM)• Prepare buyer list• Begin vendor due diligence

• Approach potential acquirers with Teasers• Finalize IM• Sign NDAs• Deliver IMs• Receive preliminary offers• Assess the attractiveness of each offer received• Prepare data room

• Advise on which bidders to be invited for negotiation / due diligence• Select priority candidates• Make data room available for buyer due diligence• Solicit firm offers

• Negotiate with preferred bidder• Sign Sale & Purchase Agreement• Close transaction

Step 1

Step 2

Step 3

Step 4

BDA works for its clients to help maximize value in the sale of a business in Asia, or in the West, where the Asian buyers feature as prominent potential buyers.

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Team members present in

client home country

On the ground

industry/ strategy

assessment

Target/ owner

profiling

Understand regulatory

issues

Understand client’s

financial and other criteria

Corporate finance

and M&A skills

Target relationship

and ‘coaching’

skills

Process continuity

Handle small or mid-size

transaction

BDA

Market research firm

Country-focused consultancy

Investment bank

Large accounting firm

BDA’s strengths We offer a mix of services which has proved to be uniquely tailored to the needs of multinationals on cross border M&A

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Strategic assessment

Target identification

Market entry strategy

Buy side advisory

Sell side advisory

Commercial due diligence

Private equity support

Capital raising

Company advisory

Creditor advisory

Rescue financing

Distressed and complex M&A solutions

Restructuring

BDA’s corporate finance activities

M&A

Private placements

Debt capital

Public listings

Project finance and offset

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Strategic Assessment

We know that before making strategic decisions on investment and M&A, our clients must first gain a clear understanding of the market in which they will operate

We undertake Strategic Assessment studies which map out the industry, market, and regulatory landscape, which form the backdrop against which investment, partnership and M&A decisions will be made

Our Strategic Assessment studies are often conducted in conjunction with a Partner / Target search

Partner / Target Searches

We conduct a thorough search of the market using our clients’ criteria to source likely candidates for acquisitions and JVs

We are not simply market researchers, and we rely not merely on desktop research but undertake intensive, commercially sensitive discussions with senior management and shareholders of potential partners or targets to ascertain which opportunities are both attractive and available

BDA is transaction-oriented and delivers recommendations on the best options, the likely parameters of a transaction and the best path forward

Pre-transaction work M&A advisory

We help clients in bringing transactions, both acquisitions and divestments, through to successful completion

Dynamic and fast changing environments obscure traditional approaches to valuation and complicate deal structuring

BDA designs and implements transactions which satisfy our clients’ requirements and are acceptable to the counterparty

BDA’s professionals have developed extensive experience in handling the unique issues that arise from cross-border, cross-cultural M&A, such as:

Cultural sensitivities to the role of M&A in strategic development

Managing an M&A process in more than one language and across distant time zones

Divergent approaches to valuation

Managing due diligence in non-transparent environments

Educating clients entering an unfamiliar jurisdiction

“Coaching” counterparties who have limited M&A experience

Ensuring that dedicated, senior “on the ground” resources are available at all times to our client

M&A advisory Seamless advisory services from pre-transaction strategy to execution for corporates and financial investors

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Debt restructuring Fund raising

We advise companies and creditor groups on cross-border corporate restructurings involving Asia

Our work is divided between advising companies and key creditor groups such as bondholders or bank syndicates

Our approach to advising in restructuring situations ranges from strategic and financial reviews, to identifying restructuring options with legal and tax advisers and providing recommendations to the board. 

Rescue financing

We also source new investors and / or debt providers to support restructuring plans and map and execute negotiating strategies for discussions with other stakeholder groups

Complex M&A

These often encompass complex cross-border situations with multiple parties involved and BDA can draw upon the industry leading corporate restructuring and debt advisory expertise of Close Brothers Corporate Finance

Project finance

Assisting sponsors to maximize returns and minimize risk through project evaluation, risk assessment, optimization of financial structures, financial and economic modeling, identifying strategic joint venture partners, negotiating key commercial agreements and raising equity, debt and other forms of project financing 

Offset

Advising governments and corporates on the successful realization of offset programs and underlying projects

Debt advisory

Informed, impartial advice on sources of funds

Structuring advice – based on client needs and priorities

Transaction support – managing entire process

Equity fund raising

We advise small and medium sized Asian corporate on sources of pre-IPO expansion capital from financial investors

BDA works with selected underwriters/brokers covering the key Asian, European and North American stock markets, to help companies to identify the optimal market for a listing and to successfully complete IPO and follow-on fund raising

Debt restructuring and Capital raising Advice on distressed situations and corporate capital structure

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Past and current clients

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Company Client revenues ProjectSector

JARDINE PACIFIC

Automotive electronics US$95bn Advisory in Asia

Chemicals US$53bn Multiple acquisition target search Advisor on multiple acquisitions

Private Equity US$52bn Advisor on planned divestment

Pharmaceutical US$35bn Acquisition advisory in China

Chemicals US$28bn Market assessment Acquisition target search

Automotive US$18bn Tata Auto Comp Systems - advisor on potential

acquisition in Europe

Food US$18bn Acquisition target search Advisor on acquisition

Automotive US$17bn Acquisition target search

Automotive US$17bn Advisor on acquisition

Consumer Products US$16bn M&A advisor in Japan

Food US$13bn Advisor on acquisition

Chemicals US$13bn Advised on JV partnership and project bankability

study in Saudi Arabia

Chemicals US$13bn Southeast Asia investment review

Trading US$12bn Advisor on divestment

Chemicals US$11bn Acquisition advisor on search and assessment for

targets in China and Taiwan

Technology US$8bn Advisor on multiple divestments

Chemicals US$8bn Advisor on JV

Selected BDA clients

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Chemicals US$8bn Acquisition target search in North Asia

Industrial and hi-tech manufacturing US$7bn

Acquisition target search in North Asia Advisor on acquisition

Automotive US$6bn Advisor to the Administrators for valuation and

realisation of Federal Mogul companies in Europe and Asia

Technology US$6bn Advisor on JV, and formulation of China strategy

Auto / Industrial US$6bn Acquisition/JV target search and advisor on

acquisition

Tech/logistics US$6bn Market entry opportunity and competitive study Advisor on acquisition

Automotive US$5bn Acquisition target search Advisor on acquisitions in Korea and China

Automotive US$4bn Market assessment in China and rest of Asia Acquisition advisory in China

Chemicals US$4bn Advisor in Asia

Automotive US$4bn Partner evaluation

Chemical US$3bn Multiple target searches in Asia Acquisitions advisory in China, India and SE Asia

Plastics US$3bn Acquisition target search ex-Japan

Chemicals US$3bn Acquisition/JV target search Advisor on acquisition

Chemicals US$2bn Acquisition target search, and advisor on acquisition China strategy formulation

Chemicals US$2bn Acquisition/JV target search Advisor on acquisition

Aluminum US$1.7bn Strategic direction and M&A in Asia and the Mid East

Technology / Electronics US$1.5bn Global M&A advisory

Company Client revenues ProjectSector

Selected BDA clients

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Chemicals US$1.3bn M&A advisor in Japan

Retail US$1.3bn Advisor on restructuring in SE Asia

Automotive US$1.0bn Advisor on strategic alliance in Japan

Automotive US$1.0bn Acquisition target search

Industrial US$913m Advisor on acquisitions

Plastics / Aluminum US$956m Acquisition/JV target search Strategic alliance and JV in Japan

Automotive / leather US$843m Target search and acquisition advisory in Asia

Industrial / Chemicals US$580m Asia strategy and M&A analysis

Plastics processing US$380m Strategic assessment and target search in China

Aluminum US$250m Strategic direction and M&A in Asia and the Mid East

Technology N.A. Acquisition/JV target search

Government / Industrial / Chemicals

N.A. Advisor on M&A in Europe/ Middle East/ Japan

Private equity N.A. (US$6bn fund)

Investment analysis and corporate finance advisory in Korea

Investments management / PE

N.A. (US$4.5bn fund) M&A and commercial due diligence in China

Chemicals US$59m Advisor on proposed acquisition of a division of a UK

plastics and specialty chemical producer

Chemicals US$52m Advisor on China strategy and advisor on acquisition

Wassall

HM British Government

Company Client revenues ProjectSector

Selected BDA clients

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기업금융과 IR

Why business

Why corporate

Why public corporate

How to realize the profit from public corporate

Dividend, trading for capital gain, M&A for capital gain, etc……

Corporate Finance

영미식 자본주의 개념의 확산

외환위기 이후에 개방된 한국 자본시장

주주이익 극대화의 원칙

경영진이익 극대화 Agency Problem

IR = Investor Relations

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IR _ Key concept

IR 은 무엇인가

왜 IR 이 필요하나

영미식 자본주의 확산

주식회사제도와 주주이익의 극대화

정보공시제도

IR 담당자

IR 의 대상

Presentation 기법

중기계획과 기업가치

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IR _ 과거의 IR 양식

과거의 자본시장

정부주도하의 은행중심체제 간접금융 중시 체제

투자가 보다는 주로 은행차입에 의존

투자자 관리업무의 필요성이 은행보다 상대적으로 작았음

은행의 공적 기능의 지나친 강조에 따른 리스크 관리 개념의 미비

외환위기 이전 대부분 기업들의 지나친 부채비율

은행과의 관계가 기업 금융의 결정적인 요인

전통적 IR 은 재무수치의 공시활동으로 인식

공시내용은 과거의 경영성과의 발표형식

자사 미래성장성에 대한 외면과 주주가치 중시 경영의 도외시

경영권 확보한 주주만의 이해만이 중시되는 경향 – IR 의 불 필요성

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IR _ 변화된 IR 환경

변화된 자본시장

• 단기 중기금융은 은행을 통한 차입자금조달

• 장기금융은 증권시장을 통한 증자 및 회사채 발행

• 증권시장을 통한 직접 금융 및 시장금융체제로의 전환가속화

• 개선된 재무구조의 요구

• 은행권의 강화된 심사관행

• 신용등급

변화된 자본시장의 IR 이 포괄하는 개념

• 기업의 장기 비젼

• 브랜드 파워

• 지배구조의 투명성

• 시민의식의 활동의 개념

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IR _ 국내자본시장의 변화 추세

과거

정부주도하의 은행중심의 금융시스템( 관계중시 )

현재

은행 - 증권시장 병존의 자본시장

중심의 시스템( 신용중시 )

미래

글로벌 & 디지털금융시스템( 지식중시 )

IR 부재 IR 태동 확대 글로벌 IR 성숙

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IR _ IR 의 개념

IR 의 사전적 개념

자사주의 투자가치를 주주나 투자가에게 홍보하는 광고활동

투자가에게 투자의 위험을 감수할 정도로 충분히 매력적인 투자대상이 되는 이유를 납득시킬 기업정보의 체계적이고 전략적인 홍보활동

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IR _ IR 의 정의

미국의 NIRI (National Investor Relations Institute) 의 정의

기업의 communication 기능과 재무적 기능을 결합하여 , 현재 및 잠재적 투자가들에게 , 기업의 성과와 전망에 정확한 정보를 제공하는 , 전략적 마케팅 활동

IR 의 3 가지 측면의 정의

기능적 측면

재무적 기능 + Communication 기능

Target Audience 의 선정

1 차 Audience = 현재 & 잠재 투자가

2 차 Audience = Opinion leaders (Media) 정보제공

재무적 정보 성과 ( 과거 ) 와 전략 ( 미래 ) 비재무적 정보 경영진의 역량 , 제품과 서비스의 질 , 시장의 지위

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IR – IR 과 PR

  IR PR

Target Audience Current & potential Investors Consumer & Media

Information Type Voluntary, on time, consistent Strategic & limited

Information Contents About the company and its future

Positive information only

Result on information Market Consumer

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IR – IR 의 필요성

주주이익의 극대화

외환 위기 이후의 영미식 자본주의에 따른 지배구조 주주이익 극대화를 위한 경영환경으로의 급격한 변화 기업의 주인은 , 주주 , 종업원 , 은행 , 고객 가운데서 주주이다

경영 진과 주 주의 쌍 방향 Communication 주주 에 의해 임명된 경영진은 주주의 이익 , 즉 주가의 적정가치 형성이 최우선의 목적이다

기업 투명성 Agency Problem 의 최소화

지배구조개선 사외이사제도 도입

회계제도의 투명성 제고 기업회계기준의 국제화 ( 한국 > 미국 ?, 엔론 case)

소액주주의 권한 요건 강화 주주대표소송권 : 상법 - 1%, 증거법 – 0.01% for 6 개월

소액주주회계장부열람권 : 상법 -1%, 증거법 -0.1% for 6 개월

영미식 자본주의에서 시장이 요구하는 기업경영

주주 이익 극대화

기업의 투명성과 신뢰성

자사 주식의 적정한 평가

경영권 보호

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32 Hans Kim

IR – IR 의 필요성 2

자사주식의 적정한 평가

주가결정요인 :

과거 산업동향 / 수급동향

최근 기업의 내재가치 현금흐름 중시 DCF

최근 기업가치의 기준 = 주가 CEO 의 경영평가기준

애널리스트의 역할증대

경영권 보호

낮은 대주주 지분율에서 우호적 주주 확보의 필요성

경영권 분쟁 및 지배구조관련 사례

KT&G 와 아이칸

SK 와 소버린

삼성물산 과 Elliott & Hermes

장하성 펀드 (Lazard Asset Management)

영미식 자본주의에서 시장이 요구하는 기업경영

주주 이익 극대화

기업의 투명성과 신뢰성

자사 주식의 적정한 평가

경영권 보호

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33 Hans Kim

Corporate Governance Fund in Korea

• Since Asian Crisis, corporate governance issue is one of the most important investment themes in Korea

• Following Sovereign’s success in dealing with SK Group, Korea is being highlighted as one of the lucrative target countries of Corporate Governance Funds

• Corporate Governance Funds are usually investing in a company with poor governance in either friendly or hostile way, and improve the targets’ governance function. This activity eventually improves target’s share price and thus make profits.

• Hermes, Sovereign, Oppenheimer and BDA’s client

Corporate Governance Fund – Client

• UK based private equity firm with more than 20 years operation history

• Fund size: over $4bn (Close-end form)• Head Office: New York, London (London takes all

international activities, Hong Kong is regional head office in Asia)

• Investment Process: Select companies with governance problem => take meaningful stakes (over 5%) => reform governance structure => boost share price

• Activities in Korea: Investment in Chaebol affiliates or other companies with poor corporate governance

Investment Case 1

• Governance Issues: Target acts as an holding company in a Chaebol group, and holds huge valuable assets just for controlling purpose. Accordingly, the value of investment assets are bigger than the company’s market cap.

• Investments: Our client invested in the company (around 5%), and is asking governance reform together with other foreign minority stake holders

• Comments: Korean Chaebol companies has various protection method against foreigners’ requests, but tends to accept the reform plan partially (share price improved)

Investment Case 2

• Governance Issues: Target company has huge amount of cash & equivalents in hand, but does not have any fixed new business ideas. Target does not even deny cash dividend to shareholders

• Investments: Our client invested in the company (minority stake), and will probably ask for cash dividend

• Comments: Target’s major shareholders already takes over 35%, and affiliated persons and family members holds more than 15%. Including treasury stock, the company has full control of the company, but started to consider higher cash dividends with our client request

IR _ 지배구조펀드 IR

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34 Hans Kim

기업금융과 IR

End of Week 1