Hermes Investment Funds Public Limited Company

Total Page:16

File Type:pdf, Size:1020Kb

Hermes Investment Funds Public Limited Company Hermes Investment Funds Public Limited Company (An umbrella investment company with variable capital and having segregated liability between its Sub- Funds incorporated with limited liability in Ireland) Annual Report and Audited Financial Statements For the financial year ended 31 December 2016 Company Registration Number: 463628 Hermes Investment Funds Public Limited Company Contents Management and Administration .......................................................................................................................... 3 Directors’ Report ................................................................................................................................................... 4 Investment Manager Information .......................................................................................................................... 8 Investment Manager’s Report ............................................................................................................................. 10 Custodian’s Report to the Shareholders ............................................................................................................. 37 Depositary’s Report to the Shareholders ............................................................................................................ 38 Independent Auditor’s Report ............................................................................................................................. 39 Portfolio Statements ........................................................................................................................................... 41 Balance Sheet .................................................................................................................................................. 130 Income Statement ............................................................................................................................................ 139 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares ................................................................................................................... 147 Cash Flow Statement ....................................................................................................................................... 155 Notes to the Financial Statements .................................................................................................................... 164 Unaudited Schedule of Significant Portfolio Movements .................................................................................. 271 Unaudited Investment Manager Remuneration Disclosure .............................................................................. 297 Unaudited Securities Financing Transaction Regulation Disclosures .............................................................. 298 2 Hermes Investment Funds Public Limited Company Management and Administration Directors Registered Office Paul McNaughton (Chairman) (Irish)1 Georges Court Justin Egan (Irish)1 54-62 Townsend Street Brian Collins (Irish)1 Dublin 2 Joseph Kagan (British)2 Ireland Harriet Steel (British)2 Ian Kennedy (British)3 Ian Pascal (British)4 Investment Manager and Distributor Advisor on voting and engagement Hermes Investment Management Limited Hermes Equity Ownership Services Limited Lloyds Chambers Lloyds Chambers 1 Portsoken Street 1 Portsoken Street London E1 8HZ London E1 8HZ England ............................................................................ England Depositary/Custodian Administrator, Registrar, Transfer Agent and Secretary Northern Trust Fiduciary Services (Ireland) Limited Northern Trust International Fund Georges Court Administration Services (Ireland) Limited 54-62 Townsend Street Georges Court Dublin 2 54-62 Townsend Street Ireland Dublin 2 Ireland Independent Auditor Legal Advisor to the Company Deloitte Matheson (from 11 January 2016) Chartered Accountants & Statutory Audit Firm 70 Sir John Rogerson's Quay Deloitte & Touche House Dublin 2 Earlsfort Terrace ............................................................ Ireland Dublin 2 ....................................................................... Ireland ......................................................................... William Fry (up to 10 January 2016) Fitzwilton House Wilton Place Dublin 2 Ireland 1Non-executive Directors, independent of Investment Manager 2 Non-executive Directors 3 Ian Kennedy is an Alternate Director to Joseph Kagan 4 Ian Pascal is an Alternate Director to Harriet Steel 3 Hermes Investment Funds Public Limited Company Directors’ Report The Directors of Hermes Investment Funds Public Limited Company (the “Company”) present their Annual Report and the Audited Financial Statements of the Company for the financial year ended 31 December 2016. Statement of Directors' Responsibilities The Directors’ are responsible for preparing the Directors’ report and the financial statements in accordance with the Companies Act 2014 and the applicable regulations. Irish company law requires the Directors to prepare financial statements for each financial year. Under the law, the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“relevant financial reporting framework”). Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date and of the profit or loss of the Company for the financial year and otherwise comply with the Companies Act 2014. In preparing those financial statements, the Directors are required to: select suitable accounting policies for the Company financial statements and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy, enable to ensure that the financial statements and Directors’ Report comply with the Companies Act 2014 and with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (“the UCITS Regulations”), as amended and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations”) and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Principal Activity The Company was incorporated on 23 October 2008 under the laws of the Republic of Ireland as an open ended umbrella type investment company with variable capital and limited liability in which different funds may be created from time to time. The Company is authorised by the Central Bank as an Investment Company pursuant to the Central Bank UCITS Regulations. Business Review Please refer to the Investment Manager Reports on pages 10 to 36 for a review of business. The principal risks and uncertainties faced by the Company are the investment risks associated with the portfolio of investments held for the account of each sub-fund (the term “sub-fund” relates to the sub funds listed on pages 164 to 168) and the operational risks associated with their management and administration (see note 7 to the Financial Statements). 4 Hermes Investment Funds Public Limited Company Directors’ Report (continued) Accounting Records The measures taken by the Directors to secure compliance with the requirements of sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records are the use of appropriate systems and procedures and employment of competent persons. The accounting records of the Company are maintained by Northern Trust International Fund Administration Services (Ireland) Limited, at Georges Court, 54-62 Townsend Street, Dublin 2, Ireland. Transactions Involving Directors There were no contracts or agreements of any significance in relation to the business of the Company in which the Directors had any interest, as defined in the Companies Act, 2014, at any time during the financial year, other than those set out in note 5 to the Financial Statements. Revenue The results of operations for the financial year are set out in the Income Statement on pages 139 to 142. Directors’ Interests in Shares of the Company No Director, nor the Company Secretary, had any beneficial interest in the shares of the Company throughout the financial year. Distributions Details of distributions paid and proposed are set out in note 12 to the Financial Statements. Independent Auditor The independent auditor, Deloitte, have indicated their willingness
Recommended publications
  • Glex-2021 – 6.1.1
    Global Space Exploration Conference (GLEX 2021), St Petersburg, Russian Federation, 14-18 June 2021. Copyright ©2021 by Christophe Bonnal (CNES). All rights reserved. GLEX-2021 – 6.1.1 Human spaceflight from Guiana Space Center Ch. Bonnal1* – J-M. Bahu1 – Ph. Berthe2 – J. Bertrand1 – Ch. Bonhomme1 – M. Caporicci2 J-F. Clervoy3 – N. Costedoat4 – E. Coletti5 – G. Collange5 – G. Debas5 – R. Delage6 – J. Droz5 E. Louaas1 – P. Marx8 – B. Muller6 – S. Perezzan1 – I. Quinquis5 – S. Sandrone7 D. Schmitt2 – V. Taponier1 1 CNES Launcher Directorate, Pairs, France – 2 ESA Human & Robotic Exploration Directorate, ESTEC, Noordwijk, Netherlands – 3 Astronaut Novespace, Paris, France – 4CNES Guiana Space Center, Kourou, France 5ArianeGroup, Les Mureaux, France – 6Airbus Defence & Space, Toulouse, France – 7Airbus Defence & Space, Bremen Germany – 8Consultant, Paris, France * Corresponding Author Abstract The use of Space has drastically evolved these last ten years. Tomorrow will see easier and cheaper access to Space, satellite servicing, in-orbit manufacturing, human private spaceflights to ever increasing number of Orbital Stations, road to the Moon, Asteroids, Mars. It seems fundamental to make sure we can rely on robust, reliable, frequent and affordable access to and from LEO with both automatic systems and human missions; such systems are the bricks with which all the future operations in Space will be built. Independent human access to space from Europe for our astronauts is a key to any future in Space. It has been studied in depth since the 80's with Hermes Spaceplane, then through numerous studies, pre- development activities, and demonstrations such as ARD, X38-CRV or IXV, which now allow Europe to reconsider such an endeavor with a much higher confidence.
    [Show full text]
  • Nasa's Commercial Crew Development
    NASA’S COMMERCIAL CREW DEVELOPMENT PROGRAM: ACCOMPLISHMENTS AND CHALLENGES HEARING BEFORE THE COMMITTEE ON SCIENCE, SPACE, AND TECHNOLOGY HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS FIRST SESSION WEDNESDAY, OCTOBER 26, 2011 Serial No. 112–46 Printed for the use of the Committee on Science, Space, and Technology ( Available via the World Wide Web: http://science.house.gov U.S. GOVERNMENT PRINTING OFFICE 70–800PDF WASHINGTON : 2011 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 COMMITTEE ON SCIENCE, SPACE, AND TECHNOLOGY HON. RALPH M. HALL, Texas, Chair F. JAMES SENSENBRENNER, JR., EDDIE BERNICE JOHNSON, Texas Wisconsin JERRY F. COSTELLO, Illinois LAMAR S. SMITH, Texas LYNN C. WOOLSEY, California DANA ROHRABACHER, California ZOE LOFGREN, California ROSCOE G. BARTLETT, Maryland BRAD MILLER, North Carolina FRANK D. LUCAS, Oklahoma DANIEL LIPINSKI, Illinois JUDY BIGGERT, Illinois GABRIELLE GIFFORDS, Arizona W. TODD AKIN, Missouri DONNA F. EDWARDS, Maryland RANDY NEUGEBAUER, Texas MARCIA L. FUDGE, Ohio MICHAEL T. MCCAUL, Texas BEN R. LUJA´ N, New Mexico PAUL C. BROUN, Georgia PAUL D. TONKO, New York SANDY ADAMS, Florida JERRY MCNERNEY, California BENJAMIN QUAYLE, Arizona JOHN P. SARBANES, Maryland CHARLES J. ‘‘CHUCK’’ FLEISCHMANN, TERRI A. SEWELL, Alabama Tennessee FREDERICA S. WILSON, Florida E. SCOTT RIGELL, Virginia HANSEN CLARKE, Michigan STEVEN M. PALAZZO, Mississippi VACANCY MO BROOKS, Alabama ANDY HARRIS, Maryland RANDY HULTGREN, Illinois CHIP CRAVAACK, Minnesota LARRY BUCSHON, Indiana DAN BENISHEK, Michigan VACANCY (II) C O N T E N T S Wednesday, October 26, 2011 Page Witness List ............................................................................................................
    [Show full text]
  • Federated Hermes Investment Funds Public Limited Company
    Federated Hermes Investment Funds Public Limited Company (An umbrella investment company with variable capital and having segregated liability between its Sub-Funds incorporated with limited liability in Ireland) Interim Report and Unaudited Financial Statements For the financial period ended 30 June 2020 Company Registration Number: 463628 Federated Hermes Investment Funds Public Limited Company Contents Management and Administration ������������������������������������������������������������������������������������������������������������������������������� 3 Manager Information ������������������������������������������������������������������������������������������������������������������������������������������������� 4 Investment Manager’s Report ����������������������������������������������������������������������������������������������������������������������������������� 6 Unaudited Portfolio Statements ������������������������������������������������������������������������������������������������������������������������������� 41 Unaudited Balance Sheet �������������������������������������������������������������������������������������������������������������������������������������� 191 Unaudited Income Statement �������������������������������������������������������������������������������������������������������������������������������� 201 Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares ���� 210 Unaudited Cash Flow Statement ���������������������������������������������������������������������������������������������������������������������������
    [Show full text]
  • INTRODUCTION This Study of Reentry Vehicle (RV)
    INTRODUCTION This study of Reentry Vehicle (RV) systems and their associated operations was conducted for the Department of Transportation/Office of Commercial Space Transportation. The purpose of the study was to investigate and present an overview of reentry vehicle systems and to identify differences in mission requirements and operations. This includes reentry vehicle system background, system design considerations, description of past/present/future reentry systems, and hazards associated with reentry vehicles that attain orbit, reenter, and are recovered. A general literature search that included the OCST data base, NASA, Air Force, and other technical libraries and personal contact with various government or private industry organizations knowledgeable in reentry system vehicles was performed. A reference page is provided at the end of this report. A history of early manned reentry vehicle launches is shown in Appendix I. A listing of some of the agencies and companies found to be most knowledgeable in the reentry vehicle area is provided in Appendix II. The following sections provide more detailed information on reentry system vehicles. A. Background - The development of reentry vehicles began in the late 1950's due to the need for Department of Defense and Central Intelligence Agency photo reconnaissance of Soviet ICBM sites. NASA has also been involved in the use of reentry vehicles since the early 1960's, including manned space programs Mercury, Gemini and Apollo. The following sections describe the evolution of reentry system development in the United States and foreign countries: 1. Discoverer1 - The Discoverer program was of major importance because it provided a vehicle for testing orbital maneuvering capability and reentry techniques and it played a large role in enabling the first United States manned space flights to be conducted in Project Mercury.
    [Show full text]
  • Air Transport
    The History of Air Transport KOSTAS IATROU Dedicated to my wife Evgenia and my sons George and Yianni Copyright © 2020: Kostas Iatrou First Edition: July 2020 Published by: Hermes – Air Transport Organisation Graphic Design – Layout: Sophia Darviris Material (either in whole or in part) from this publication may not be published, photocopied, rewritten, transferred through any electronical or other means, without prior permission by the publisher. Preface ommercial aviation recently celebrated its first centennial. Over the more than 100 years since the first Ctake off, aviation has witnessed challenges and changes that have made it a critical component of mod- ern societies. Most importantly, air transport brings humans closer together, promoting peace and harmo- ny through connectivity and social exchange. A key role for Hermes Air Transport Organisation is to contribute to the development, progress and promo- tion of air transport at the global level. This would not be possible without knowing the history and evolu- tion of the industry. Once a luxury service, affordable to only a few, aviation has evolved to become accessible to billions of peo- ple. But how did this evolution occur? This book provides an updated timeline of the key moments of air transport. It is based on the first aviation history book Hermes published in 2014 in partnership with ICAO, ACI, CANSO & IATA. I would like to express my appreciation to Professor Martin Dresner, Chair of the Hermes Report Committee, for his important role in editing the contents of the book. I would also like to thank Hermes members and partners who have helped to make Hermes a key organisa- tion in the air transport field.
    [Show full text]
  • Round Trip to Orbit: Human Spaceflight Alternatives
    Round Trip to Orbit: Human Spaceflight Alternatives August 1989 NTIS order #PB89-224661 Recommended Citation: U.S. Congress, Office of Technology Assessment, Round Trip to Orbit: Human Spaceflight Alternatives Special Report, OTA-ISC-419 (Washington, DC: U.S. Government Printing Office, August 1989). Library of Congress Catalog Card Number 89-600744 For sale by the Superintendent of Documents U.S. Government Printing Office, Washington, DC 20402-9325 (order form can be found in the back of this special report) Foreword In the 20 years since the first Apollo moon landing, the Nation has moved well beyond the Saturn 5 expendable launch vehicle that put men on the moon. First launched in 1981, the Space Shuttle, the world’s first partially reusable launch system, has made possible an array of space achievements, including the recovery and repair of ailing satellites, and shirtsleeve research in Spacelab. However, the tragic loss of the orbiter Challenger and its crew three and a half years ago reminded us that space travel also carries with it a high element of risk-both to spacecraft and to people. Continued human exploration and exploitation of space will depend on a fleet of versatile and reliable launch vehicles. As this special report points out, the United States can look forward to continued improvements in safety, reliability, and performance of the Shuttle system. Yet, early in the next century, the Nation will need a replacement for the Shuttle. To prepare for that eventuality, NASA and the Air Force have begun to explore the potential for advanced launch systems, such as the Advanced Manned Launch System and the National Aerospace Plane, which could revolutionize human access to space.
    [Show full text]
  • Computer Modelling of Aerothermodynamic Characteristics for Hypersonic Vehicles
    Journal of Applied Mathematics and Physics, 2014, 2, 115-123 Published Online April 2014 in SciRes. http://www.scirp.org/journal/jamp http://dx.doi.org/10.4236/jamp.2014.25015 Computer Modelling of Aerothermodynamic Characteristics for Hypersonic Vehicles Yuri Ivanovich Khlopkov, Anton Yurievich Khlopkov, Zay Yar Myo Myint Department of Aeromechanics and Flight Engineering, Moscow Institute of Physics and Technology, Zhukovsky, Russia Email: [email protected], [email protected] Received December 2013 Abstract The purpose of this work is to describe the suitable methods for aerodynamic characteristics cal- culation of hypersonic vehicles in free molecular flow and the transitional regimes. Moving of the hypersonic vehicles at high altitude, it is necessary to know the behavior of its aerodynamic cha- racteristics for all flow regimes. Nowadays, various engineering approaches have been developed for modelling of aerodynamics of aircraft vehicle designs at initial state. The engineering method that described in this paper provides good results for the aerodynamic characteristics of various geometry designs of hypersonic vehicles in the transitional regime. In this paper present the cal- culation results of aerodynamic characteristics of various hypersonic vehicles in all range of re- gimes by using engineering method. Keywords Aerodynamic Characteristics, Computational Aerodynamics, Hypersonic Technology, Rarefied Gas Dynamics; Engineering Method, Aerodynamics in Transitional Regime 1. Introduction Theoretical studies of hypersonic flows associated with the creation of “Space Shuttle” to transport people and cargo into Earth orbit began in the last century. Research had been focused mainly on the department of TsAGI named after N.Y. Zhukovsky (Central Aerohydrodynamic Institute). Practical work on the creation of aerospace systems had been instructed engineering centre of the experimental design bureau named after A.I.
    [Show full text]
  • Emerging Market Debt Fund (A, C, and IS Shares)
    Annual Shareholder Report November 30, 2020 Share Class | Ticker A | IHIAX C | IHICX Institutional | EMDIX Federated Hermes Emerging Market Debt Fund (formerly, Federated Emerging Market Debt Fund) Fund Established 1996 A Portfolio of Federated Hermes World Investment Series, Inc. (formerly, Federated World Investment Series, Inc.) Dear Valued Shareholder, I am pleased to present the Annual Shareholder Report for your fund covering the period from December 1, 2019 through November 30, 2020. While Covid-19 continues to present challenges to our lives, families and businesses, I want you to know that Federated Hermes remains dedicated to helping you successfully navigate the markets ahead. You can count on us for the insights, investment management knowledge and client service that you have come to expect. Please refer to our website, FederatedInvestors.com, for timely updates on this and other economic and market matters. Thank you for investing with us. I hope you find this information useful and look forward to keeping you informed. Sincerely, J. Christopher Donahue, President Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee CONTENTS Management’s Discussion of Fund Performance ........................................ 1 Portfolio of Investments Summary Table .................................................. 8 Portfolio of Investments ....................................................................... 10 Financial Highlights............................................................................. 23 Statement of Assets and
    [Show full text]
  • Spaceshipone Flight 16P
    SpaceShipOne Flight 16P Encyclopedia Astronautica Navigation 0 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Search BrowseEncyclopedia Astronautica Navigation 0 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Search Browse 0 - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z - Search Alphabetical Encyclopedia Astronautica Index - Major Articles - People - Chronology - Countries - Spacecraft SpaceShipOne Flight 16P and Satellites - Data and Source Docs - Engines - Families - Manned Flights - Crew: Melvill. Fifth powered flight of Burt Cancelled Flights - Rockets and Missiles - Rocket Stages - Space Rutan's SpaceShipOne and first of two flights Poetry - Space Projects - Propellants - over 100 km that needed to be accomplished Launch Sites - Any Day in Space in a week to win the $10 million X-Prize. Spacecraft did a series of 60 rolls during last stage of engine burn. History USA - A Brief History of the HARP Project - Saturn V - Cape Fifth powered flight of Burt Rutan's SpaceShipOne and first of two flights over 100 km that needed to be Canaveral - Space Suits - Apollo 11 - accomplished in a week to win the $10 million X-Prize. Women of Space - Soviets Recovered an Apollo Capsule! - Apollo 13 - SpaceShipOne coasted to 103 km altitude and successfully completed the first of two X-Prize flights. The motor Apollo 18 - International Space was shut down when the pilot noted that his altitude predictor exceeded the required 100 km mark.
    [Show full text]
  • The Atmospheric Reentry Demonstrator
    BR-138-COVER 30-09-1998 11:34 Page 1 BR-138 October 1998 The Atmospheric Reentry Demonstrator nn > < Contact: ESA Publications Division c/o ESTEC, PO Box 299, 2200 AG Noordwijk, The Netherlands > Tel. (31) 71 565 3400 - Fax (31) 71 565 5433 < Directorate of Manned Spaceflight and Microgravity Direction des Vols Habités et de la Microgravité ARD 29-09-1998 17:02 Page 1 BR-138 October 1998 The Atmospheric Reentry nDemonstrator n <> The Atmospheric Reentry Demonstrator What is the Atmospheric atmosphere. It will test and qualify reentry Reentry Demonstrator? technologies and flight control algorithms ESA’s Atmospheric Reentry Demonstrator under actual flight conditions. (ARD) is a major step towards developing and operating space transportation In particular, the ARD has the following vehicles that can return to Earth, whether main demonstration objectives: carrying payloads or people. For the first – validation of theoretical time, Europe will fly a complete space aerothermodynamic predictions, mission – launching a vehicle into space – qualification of the design of the and recovering it safely. thermal protection system and of thermal protection materials, Seven thrusters will The ARD is an unmanned, 3-axis stabilised – assessment of navigation, guidance orient the ARD during automatic capsule that will be launched and control system performances. atmospheric entry. on top of an Ariane-5 from the European space port at the Guiana Space Centre in Kourou, French Guiana. Its suborbital ballistic path will take it to a maximum altitude of 830 km before bringing it back into the atmosphere at 27 000 km/h. Atmospheric friction and a series of parachutes will slow it down for a relatively soft landing in the Pacific Ocean, some 100 min after launch and three-quarters of the way around the world from its Kourou starting point.
    [Show full text]
  • Top Uk Logistics Service Providers 2020
    17Top30.qxp_Layout 1 24/04/2020 14:35 Page 1 SPECIAL FEATURE TOP <; UK LOGISTICS SERVICE PROVIDERS TOP UK LOGISTICS SERVICE PROVIDERS 2020 www.ciltuk.org.uk 39 17Top30.qxp_Layout 1 24/04/2020 14:35 Page 3 DAVIES TURNER NEW ENTRY YUSEN LOGISTICS NEW ENTRY DB SCHENKER CORPORATE CORPORATE Total score: 28.3 28 Total score: 28.8 MEMBER 27 Total score: 29.8 MEMBER 26 First incorporated as a freight forwarder in 1870, Davies Yusen Logistics (UK) offers complete supply chain DB Schenker has the expertise and experience to manage Turner has a long history as a leading transport and solutions utilising high-quality infrastructure, modern all of your global end-to-end logistics requirements. logistics company, and remains in the same family facilities and proven IT systems to meet and exceed the Whatever the size and nature of your business, and ownership 150 years later. Today, the company consists of expectations of its customers. This infrastructure has been however complex your operations, it will take care of over 850 employees across 23 branches. With an annual developed to support and cultivate a can-do approach to your logistics by road, rail, air and ocean with integrated turnover in excess of £170 million, it continues to expand, offering supply chain solutions within the specific market solutions delivered through our contract logistics with the goal to maintain its reputation as the UK’s leading sectors of the automotive, aerospace, retail, healthcare, business always taking into consideration our customers freight forwarding and logistics organisation. It has technology and food industries and services.
    [Show full text]
  • Spaceplane HERMES Europe’S Dream of Independent Manned Spaceflight More Information About This Series at Luc Van Den Abeelen
    Spaceplane HERMES Europe’s Dream of Independent Manned Spaceflight More information about this series at http://www.springer.com/series/4097 Luc van den Abeelen Spaceplane HERMES Europe’s Dream of Independent Manned Spaceflight © CNES/ESA Luc van den Abeelen Hilversum, The Netherlands SPRINGER-PRAXIS BOOKS IN SPACE EXPLORATION Springer Praxis Books ISBN 978-3-319-44470-3 ISBN 978-3-319-44472-7 (eBook) DOI 10.1007/978-3-319-44472-7 Library of Congress Control Number: 2016951211 © Springer International Publishing AG 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained
    [Show full text]