Acciona

Live  

Acciona is a Spanish global conglomerate company that focuses on sustainable solutions for infrastructure, energy, water, and services. The company was founded in 1997 and is headquartered in Madrid, Spain.
Acciona is divided into six business divisions: Infrastructure, Renewable Energy, Water, Services, Concessions, and Other Businesses. The Infrastructure division focuses on the development and construction of transportation, buildings, and other civil engineering projects. The Renewable Energy division is responsible for the development, construction, and operation of renewable energy projects such as wind, solar, and hydropower. The Water division specializes in the treatment and management of water resources. The Services division offers logistical, industrial, and urban services. The Concessions division manages and operates infrastructure and services under public-private partnerships. The Other Businesses division includes the company's real estate, industrial, and tourism businesses.
Acciona operates in more than 60 countries and employs over 40,000 people. The company is committed to sustainability and has integrated sustainability principles in all of its business activities. In 2019, Acciona was ranked as the most sustainable company in the world by the Corporate Knights Global 100 index.
Some notable projects completed by Acciona include the construction of the Spansion Inc. semiconductor factory in Texas, the Atacama solar power plant in Chile, and the operation and maintenance of the Trans-Isthmic Corridor motorway in Panama.

QWNjaW9uYS BpcyBhIGJp ZyBjb21wYW 55IHRoYXQg Zm9jdXNlcy BvbiBoZWxw aW5nIHRoZS BlbnZpcm9u bWVudCBhbm QgYnVpbGRp bmcgdGhpbm dzIHRoYXQg cGVvcGxlIG 5lZWQuIFRo ZXkgd29yay BvbiBwcm9q ZWN0cyBsaW tlIG1ha2lu ZyByZW5ld2 FibGUgZW5l cmd5LCB3aG ljaCBpcyBl bmVyZ3kgZn JvbSBzb3Vy Y2VzIHRoYX Qgd29u4oCZ dCBydW4gb3 V0LCBsaWtl IHdpbmQgYW 5kIHN1bmxp Z2h0LiBUaG V5IGFsc28g YnVpbGQgcm 9hZHMsIGJy aWRnZXMsIG FuZCBidWls ZGluZ3MuID xicj5BY2Np b25hIG1ha2 VzIG1vbmV5 IGluIHNldm VyYWwgd2F5 cy4gRmlyc3 QsIHRoZXkg Y3JlYXRlIG VuZXJneSBm cm9tIHRoZS B3aW5kIGFu ZCBzdW4sIG FuZCB0aGVu IHRoZXkgc2 VsbCB0aGF0 IGVuZXJneS B0byBwZW9w bGUsIGNvbX Bhbmllcywg YW5kIGNpdG llcy4gQW5v dGhlciB3YX kgdGhleSBl YXJuIG1vbm V5IGlzIGJ5 IHdpbm5pbm cgY29udHJh Y3RzIHRvIG J1aWxkIGRp ZmZlcmVudC BraW5kcyBv ZiBpbmZyYX N0cnVjdHVy ZSwgbGlrZS BoaWdod2F5 cyBvciBhaX Jwb3J0cywg Zm9yIGdvdm Vybm1lbnRz IGFuZCBwcm l2YXRlIGJ1 c2luZXNzZX MuPGJyPkFj Y2lvbmEgaX Mgc3VjY2Vz c2Z1bCBiZW NhdXNlIHRo ZXkgY2FyZS BhIGxvdCBh Ym91dCB0aG UgcGxhbmV0 LiBBcyBtb3 JlIHBlb3Bs ZSBiZWNvbW UgYXdhcmUg b2YgY2xpbW F0ZSBjaGFu Z2UgYW5kIH dhbnQgdG8g dXNlIGNsZW FuIGVuZXJn eSwgQWNjaW 9uYSBpcyBy ZWFkeSB0by BtZWV0IHRo YXQgbmVlZC 4gVGhleSBo YXZlIGJlZW 4gaW4gdGhl IGJ1c2luZX NzIGZvciBh IGxvbmcgdG ltZSBhbmQg aGF2ZSBidW lsdCBhIHJl cHV0YXRpb2 4gZm9yIGJl aW5nIHJlbG lhYmxlIGFu ZCBpbm5vdm F0aXZlLjxi cj5JbiB0aG UgZnV0dXJl LCBBY2Npb2 5hIHdpbGwg bGlrZWx5IG NvbnRpbnVl IHRvIHN1Y2 NlZWQgYmVj YXVzZSBldm VyeW9uZSBp cyB0cnlpbm cgdG8gdXNl IGxlc3MgaG FybWZ1bCBl bmVyZ3kgYW 5kIGJ1aWxk IGJldHRlci wgc2FmZXIg cGxhY2VzIH RvIGxpdmUg YW5kIHdvcm suIFRoaXMg Zm9jdXMgb2 4gc3VzdGFp bmFiaWxpdH kgYW5kIGJ1 aWxkaW5nIG EgYmV0dGVy IHdvcmxkIH dpbGwga2Vl cCB0aGVpci BzZXJ2aWNl cyBpbiBkZW 1hbmQsIHdo aWNoIGlzIG dvb2QgZm9y IHRoZWlyIG J1c2luZXNz Ljxicj4=

VGhlcmUgYX JlIHNldmVy YWwgc3BlY2 lhbCBhc3Bl Y3RzIG9mIE FjY2lvbmEg dGhhdCBzZX QgaXQgYXBh cnQgZnJvbS BvdGhlciBj b21wYW5pZX M6PGJyPjEu IEZvY3VzIG 9uIHN1c3Rh aW5hYmlsaX R5OiBBY2Np b25hIGlzIG Egd29ybGQg bGVhZGVyIG luIHN1c3Rh aW5hYmxlIH NvbHV0aW9u cywgd2l0aC BhIGNvbW1p dG1lbnQgdG 8gcHJvbW90 aW5nIGNsZW FuIGVuZXJn eSBhbmQgcm VkdWNpbmcg Y2FyYm9uIG VtaXNzaW9u cy4gVGhpcy BpcyByZWZs ZWN0ZWQgaW 4gdGhlaXIg YnVzaW5lc3 Mgb3BlcmF0 aW9ucywgYX Mgd2VsbCBh cyB0aGVpci BzZXJ2aWNl cyBhbmQgcH JvZHVjdHMu PGJyPjIuIE RpdmVyc2lm aWVkIGJ1c2 luZXNzIHBv cnRmb2xpbz ogQWNjaW9u YSBoYXMgYS BkaXZlcnNl IHJhbmdlIG 9mIGJ1c2lu ZXNzIHVuaX RzLCBpbmNs dWRpbmcgcm VuZXdhYmxl IGVuZXJneS wgaW5mcmFz dHJ1Y3R1cm UsIHdhdGVy IG1hbmFnZW 1lbnQsIGFu ZCByZWFsIG VzdGF0ZS4g VGhpcyBkaX ZlcnNpZmlj YXRpb24gaG VscHMgdG8g bWFrZSB0aG UgY29tcGFu eSBtb3JlIH Jlc2lsaWVu dCBhbmQgbG VzcyB2dWxu ZXJhYmxlIH RvIGVjb25v bWljIGRvd2 50dXJucy48 YnI+My4gSW 5ub3ZhdGlv biBhbmQgdG VjaG5vbG9n eTogQWNjaW 9uYSBpbnZl c3RzIGhlYX ZpbHkgaW4g cmVzZWFyY2 ggYW5kIGRl dmVsb3BtZW 50IHRvIGRy aXZlIGlubm 92YXRpb24g YW5kIGZpbm Qgc29sdXRp b25zIHRvIG dsb2JhbCBj aGFsbGVuZ2 VzLiBUaGV5 IGhhdmUgZG V2ZWxvcGVk IGdyb3VuZG JyZWFraW5n IHRlY2hub2 xvZ2llcyBp biByZW5ld2 FibGUgZW5l cmd5IGFuZC B3YXRlciBt YW5hZ2VtZW 50LCBhbW9u ZyBvdGhlcn MuPGJyPjQu IEludGVybm F0aW9uYWwg cHJlc2VuY2 U6IEFjY2lv bmEgb3Blcm F0ZXMgaW4g bW9yZSB0aG FuIDYwIGNv dW50cmllcy Bhcm91bmQg dGhlIHdvcm xkLCBtYWtp bmcgaXQgYS B0cnVseSBn bG9iYWwgY2 9tcGFueS4g VGhpcyBwcm VzZW5jZSBh bGxvd3MgdG hlbSB0byB0 YXAgaW50by BhIHdpZGUg cmFuZ2Ugb2 YgbWFya2V0 cyBhbmQgb3 Bwb3J0dW5p dGllcy48Yn I+NS4gU3Ry b25nIGNvbW 1pdG1lbnQg dG8gc29jaW FsIHJlc3Bv bnNpYmlsaX R5OiBBY2Np b25hIGhhcy BhIHN0cm9u ZyBmb2N1cy BvbiBzb2Np YWwgcmVzcG 9uc2liaWxp dHksIHdpdG ggaW5pdGlh dGl2ZXMgaW 4gcGxhY2Ug dG8gaW1wcm 92ZSB0aGUg Y29tbXVuaX RpZXMgaXQg b3BlcmF0ZX MgaW4sIHBy b21vdGUgZG l2ZXJzaXR5 IGFuZCBpbm NsdXNpb24s IGFuZCBlbn N1cmUgZXRo aWNhbCBidX NpbmVzcyBw cmFjdGljZX MuPGJyPjYu IEVtcGxveW VlIHNhdGlz ZmFjdGlvbj ogQWNjaW9u YSBwbGFjZX MgYSBzdHJv bmcgZW1waG FzaXMgb24g ZW1wbG95ZW Ugc2F0aXNm YWN0aW9uIG FuZCBlbmdh Z2VtZW50LC Bwcm92aWRp bmcgb3Bwb3 J0dW5pdGll cyBmb3IgY2 FyZWVyIGdy b3d0aCBhbm QgZGV2ZWxv cG1lbnQsIG FuZCBwcm9t b3Rpbmcgd2 9yay1saWZl IGJhbGFuY2 UuPGJyPjcu IEF3YXJkLX dpbm5pbmcg Y29tcGFueT ogQWNjaW9u YSBoYXMgcm VjZWl2ZWQg bnVtZXJvdX MgYXdhcmRz IGFuZCByZW NvZ25pdGlv biBmb3IgaX RzIHN1c3Rh aW5hYmxlIH ByYWN0aWNl cywgaW5ub3 ZhdGlvbiwg YW5kIHNvY2 lhbCByZXNw b25zaWJpbG l0eSwgaGln aGxpZ2h0aW 5nIGl0cyBz dHJvbmcgcG VyZm9ybWFu Y2UgYW5kIH JlcHV0YXRp b24gaW4gdG hlIGJ1c2lu ZXNzIHdvcm xkLg==

QWNjaW9uYS BpcyBhIFNw YW5pc2ggbX VsdGluYXRp b25hbCBjb2 1wYW55IHRo YXQgZm9jdX NlcyBvbiBz dXN0YWluYW JsZSBpbmZy YXN0cnVjdH VyZSwgZW5l cmd5LCB3YX RlciwgYW5k IHNlcnZpY2 VzLiBJdHMg YnVzaW5lc3 MgbW9kZWwg aXMgYmFzZW Qgb24gZm91 ciBjb3JlIG FyZWFzOjxi cj4xLiBJbm ZyYXN0cnVj dHVyZTogQW NjaW9uYSBk ZXNpZ25zLC BidWlsZHMs IGFuZCBtYW 5hZ2VzIGlu ZnJhc3RydW N0dXJlIHBy b2plY3RzIH N1Y2ggYXMg cm9hZHMsIH JhaWx3YXlz LCBhaXJwb3 J0cywgYW5k IHdhdGVyIH RyZWF0bWVu dCBwbGFudH MuPGJyPjIu IEVuZXJneT ogQWNjaW9u YSBpcyBhIG dsb2JhbCBs ZWFkZXIgaW 4gcmVuZXdh YmxlIGVuZX JneSwgcGFy dGljdWxhcm x5IHdpbmQg YW5kIHNvbG FyIHBvd2Vy LiBJdCBkZX ZlbG9wcywg YnVpbGRzLC BhbmQgb3Bl cmF0ZXMgZW 5lcmd5IHBy b2plY3RzLC BhcyB3ZWxs IGFzIHByb3 ZpZGluZyBl bmVyZ3kgbW FuYWdlbWVu dCBhbmQgY2 9uc3VsdGlu ZyBzZXJ2aW Nlcy48YnI+ My4gV2F0ZX I6IEFjY2lv bmEgb2ZmZX JzIHN1c3Rh aW5hYmxlIH NvbHV0aW9u cyBmb3Igd2 F0ZXIgdHJl YXRtZW50LC BtYW5hZ2Vt ZW50LCBhbm QgZGlzdHJp YnV0aW9uLC B3aXRoIGEg Zm9jdXMgb2 4gY29uc2Vy dmF0aW9uLC ByZXVzZSwg YW5kIGRlc2 FsaW5hdGlv bi48YnI+NC 4gU2Vydmlj ZXM6IEFjY2 lvbmEgcHJv dmlkZXMgYS ByYW5nZSBv ZiBzZXJ2aW NlcyBpbmNs dWRpbmcgZm FjaWxpdHkg bWFuYWdlbW VudCwgd2Fz dGUgbWFuYW dlbWVudCwg YW5kIGxvZ2 lzdGljcy48 YnI+VGhlIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBkcm l2ZW4gYnkg aXRzIGNvbW 1pdG1lbnQg dG8gc3VzdG FpbmFiaWxp dHkgYW5kIG lubm92YXRp b24sIHdpdG ggYSBmb2N1 cyBvbiByZW R1Y2luZyBp dHMgZW52aX Jvbm1lbnRh bCBpbXBhY3 QgYW5kIHBy b21vdGluZy BhIGNpcmN1 bGFyIGVjb2 5vbXkuIEl0 IGFsc28gaG FzIGEgc3Ry b25nIGludG VybmF0aW9u YWwgcHJlc2 VuY2UsIHdp dGggb3Blcm F0aW9ucyBp biBvdmVyID YwIGNvdW50 cmllcywgYW 5kIGEgZGl2 ZXJzaWZpZW QgcG9ydGZv bGlvIG9mIH Byb2plY3Rz IGFjcm9zcy BkaWZmZXJl bnQgc2VjdG 9ycy4=

AI can indeed pose some material threats to companies like Acciona, which operates in the infrastructure, renewable energy, and construction sectors. Several factors should be considered regarding how AI might impact its products, services, and competitive positioning:
1. Substitution: AI technologies can lead to the development of alternative solutions that could replace traditional services or products. For instance, AI-driven tools for project management, design optimization, and resource allocation can improve efficiency and lower costs, potentially replacing some of the services offered by traditional engineering and construction firms like Acciona.
2. Disintermediation: AI can facilitate direct connections between customers and service providers, bypassing traditional intermediaries. In construction and infrastructure projects, AI can streamline processes such as bidding and project management, making it easier for clients to engage directly with service providers. This could disrupt Acciona’s existing business model by reducing the reliance on intermediaries who traditionally help facilitate these transactions.
3. Margin Pressure: The integration of AI can lead to increased efficiency and lower operational costs, which can benefit companies that successfully adopt these technologies. However, if competitors leverage AI more effectively, it could result in margin pressure for Acciona. Competitors might offer similar services at lower prices or with faster turnaround times, forcing Acciona to either lower its prices or invest more in innovation to maintain its market position.
In summary, while AI presents opportunities for enhancing efficiency and innovation, it also poses significant risks related to substitution, disintermediation, and margin pressure. To mitigate these threats, Acciona would need to strategically invest in AI technologies and adapt its business model to remain competitive in a rapidly evolving landscape.

The sensitivity of Acciona’s earnings, cash flow, and valuation to changes in interest rates can be analyzed in several ways:
1. Earnings Sensitivity: Changes in interest rates can impact Acciona’s borrowing costs. If interest rates rise, the company’s expenses related to debt servicing also increase, which could lead to lower net earnings. Conversely, if interest rates fall, the company may benefit from lower debt costs, potentially enhancing profitability.
2. Cash Flow Sensitivity: Acciona’s cash flow is closely tied to its financing activities and capital expenditures. Higher interest rates can lead to increased costs of capital, which may constrain cash flow available for operations and investments. Additionally, if interest rates rise, consumer spending on infrastructure projects may also decline, thereby affecting cash inflows. Lower interest rates could improve cash flow by reducing financing costs and stimulating investment in projects.
3. Valuation Sensitivity: Valuation, particularly in discounted cash flow models, is significantly affected by interest rates. Higher rates generally lead to higher discount rates, which can lower the present value of future cash flows and negatively impact valuations. On the other hand, decreasing interest rates can enhance valuations by reducing discount rates and making future cash flows more valuable.
Overall, changes in interest rates have a notable impact on Acciona’s financial performance and valuations, primarily through their effects on borrowing costs, cash flow, and discount rates used in valuation models.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQW NjaW9uYeKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgMy01 IHllYXJzIG lzIGEgZHJh c3RpYyBzaG lmdCBpbiBn bG9iYWwgZW 5lcmd5IHBv bGljeSBhbm QgbWFya2V0 IGR5bmFtaW NzLCBwYXJ0 aWN1bGFybH kgcmVsYXRl ZCB0byByZW 5ld2FibGUg ZW5lcmd5Li BGb3IgaW5z dGFuY2UsIG lmIGEgc2ln bmlmaWNhbn QgbnVtYmVy IG9mIGNvdW 50cmllcyB3 ZXJlIHRvIH N1ZGRlbmx5 IHJldHJhY3 QgdGhlaXIg Y29tbWl0bW VudHMgdG8g cmVuZXdhYm xlIGVuZXJn eSBpbml0aW F0aXZlcywg ZWl0aGVyIG R1ZSB0byBw b2xpdGljYW wgY2hhbmdl cywgZWNvbm 9taWMgZG93 bnR1cm5zLC BvciBzaWdu aWZpY2FudC B0ZWNobm9s b2dpY2FsIH NldGJhY2tz IGluIHJlbm V3YWJsZSBl bmVyZ3kgYW RvcHRpb24s IEFjY2lvbm EsIGJlaW5n IGEga2V5IH BsYXllciBp biB0aGUgcm VuZXdhYmxl IGVuZXJneS BhbmQgaW5m cmFzdHJ1Y3 R1cmUgc2Vj dG9ycywgY2 91bGQgZmFj ZSBzZXZlcm UgcmVwZXJj dXNzaW9ucy 48YnI+SW4g dGhpcyBzY2 VuYXJpbywg c2V2ZXJhbC BmYWN0b3Jz IHdvdWxkIG xpa2VseSBp bmZsdWVuY2 UgdGhlIGNv bXBhbnnigJ lzIGZpbmFu Y2lhbCBoZW FsdGg6PGJy PjEuIDxzdH Jvbmc+TWFy Z2luczwvc3 Ryb25nPjog QWNjaW9uYe KAmXMgcHJv Zml0IG1hcm dpbnMgY291 bGQgc2hyaW 5rIGNvbnNp ZGVyYWJseS BkdWUgdG8g aW5jcmVhc2 VkIGNvbXBl dGl0aW9uIG ZvciBmZXdl ciBjb250cm FjdHMgYW5k IHByb2plY3 RzLiBJZiBn b3Zlcm5tZW 50cyBhbmQg Y29ycG9yYX Rpb25zIHBp dm90IGJhY2 sgdG8gZm9z c2lsIGZ1ZW xzIG9yIHJl ZHVjZSBmdW 5kaW5nIGZv ciByZW5ld2 FibGUgcHJv amVjdHMsIH RoZSBkZW1h bmQgZm9yIE FjY2lvbmHi gJlzIHNlcn ZpY2VzIGNv dWxkIGRlY2 xpbmUsIGxl YWRpbmcgdG 8gcG90ZW50 aWFsIHVuZG VycHJpY2lu ZyBvZiBiaW RzIGp1c3Qg dG8gc2VjdX JlIHdvcmsg YW5kIG1haW 50YWluIG1h cmtldCBwcm VzZW5jZS4g QXMgYSByZX N1bHQsIG9w ZXJhdGluZy BtYXJnaW5z IHdvdWxkIG Vyb2RlLCBh bmQgZml4ZW QgY29zdHMg d291bGQgYm Vjb21lIGJ1 cmRlbnNvbW Ugd2l0aG91 dCBhZGVxdW F0ZSByZXZl bnVlIHRvIG NvdmVyIHRo ZW0uPGJyPj IuIDxzdHJv bmc+Q2FzaC BGbG93PC9z dHJvbmc+Oi BXaXRoIHJl ZHVjZWQgZG VtYW5kIGFu ZCBsb3dlci BtYXJnaW5z LCBBY2Npb2 5hIHdvdWxk IGZhY2UgY2 FzaCBmbG93 IGNoYWxsZW 5nZXMuIEVh cm5pbmdzIG JlZm9yZSBp bnRlcmVzdC wgdGF4ZXMs IGRlcHJlY2 lhdGlvbiwg YW5kIGFtb3 J0aXphdGlv biAoRUJJVE RBKSB3b3Vs ZCBiZSBuZW dhdGl2ZWx5 IGltcGFjdG VkLCBhZmZl Y3RpbmcgdG hlIGNvbXBh bnnigJlzIG FiaWxpdHkg dG8gcmVpbn Zlc3QgaW4g bmV3IHByb2 plY3RzIG9y IG1haW50YW luIGN1cnJl bnQgb3Blcm F0aW9ucy4g QSBkZWNsaW 5lIGluIGNh c2ggZmxvdy B3b3VsZCBs ZWFkIHRvIH RpZ2h0ZXIg bGlxdWlkaX R5LCBtYWtp bmcgaXQgZG lmZmljdWx0 IGZvciB0aG UgY29tcGFu eSB0byBtZW V0IG9wZXJh dGlvbmFsIG 5lZWRzIGFu ZCBvYmxpZ2 F0aW9ucywg cG90ZW50aW FsbHkgbmVj ZXNzaXRhdG luZyBjb3N0 LWN1dHRpbm cgbWVhc3Vy ZXMsIGxheW 9mZnMsIG9y IGV2ZW4gZG l2ZXN0aXR1 cmUgb2Ygbm 9jb3JlIGFz c2V0cy48Yn I+My4gPHN0 cm9uZz5CYW xhbmNlIFNo ZWV0PC9zdH Jvbmc+OiBP dmVyIHRpbW UsIGEgc3Vz dGFpbmVkIG RlY2xpbmUg aW4gcmV2ZW 51ZSBhbmQg cHJvZml0YW JpbGl0eSBj b3VsZCB3ZW FrZW4gQWNj aW9uYeKAmX MgYmFsYW5j ZSBzaGVldC 4gVGhlIGNv bXBhbnnigJ lzIGRlYnQt dG8tZXF1aX R5IHJhdGlv IG1pZ2h0IH dvcnNlbiBh cyBpdCBzdH J1Z2dsZXMg dG8gbWFuYW dlIGl0cyBk ZWJ0IG9ibG lnYXRpb25z IGR1ZSB0by BmYWxsaW5n IGNhc2ggZm xvd3MuIElm IHJldmVudW VzIGR3aW5k bGUsIEFjY2 lvbmEgY291 bGQgZmFjZS BwcmVzc3Vy ZSB0byByZX N0cnVjdHVy ZSBkZWJ0IG 9yIGFjY2Vz cyBhZGRpdG lvbmFsIGZp bmFuY2luZy wgcG90ZW50 aWFsbHkgbG VhZGluZyB0 byBoaWdoZX IgaW50ZXJl c3QgcmF0ZX MgYW5kIGNv dmVuYW50cy B0aGF0IGZ1 cnRoZXIgY2 9uc3RyYWlu IG9wZXJhdG lvbmFsIGZs ZXhpYmlsaX R5LiBMb25n LXRlcm0sIH RoaXMgd291 bGQgd2Vha2 VuIHNoYXJl aG9sZGVyIG NvbmZpZGVu Y2UgYW5kIG NvdWxkIGxl YWQgdG8gYS Bkcm9wIGlu IHN0b2NrIH ByaWNlLCBh ZmZlY3Rpbm cgdGhlIGNv bXBhbnnigJ lzIG92ZXJh bGwgY2FwaX RhbGl6YXRp b24uPGJyPk luIGNvbmNs dXNpb24sIG lmIEFjY2lv bmEgd2VyZS B0byBvcGVy YXRlIGluIG FuIGVudmly b25tZW50IG NoYXJhY3Rl cml6ZWQgYn kgYSByb2xs YmFjayBvZi ByZW5ld2Fi bGUgZW5lcm d5IGNvbW1p dG1lbnRzIG FuZCBhIHNo aWZ0IGJhY2 sgdG93YXJk cyBmb3NzaW wgZnVlbHMs IHRoZSBjb2 1wYW55IHdv dWxkIGxpa2 VseSBmYWNl IGEgc2lnbm lmaWNhbnQg ZGVjbGluZS BpbiBvcGVy YXRpb25hbC BlZmZlY3Rp dmVuZXNzLC BsZWFkaW5n IHRvIHNocm lua2luZyBt YXJnaW5zLC Bjb25zdHJh aW5lZCBjYX NoIGZsb3cs IGFuZCBkZX RlcmlvcmF0 aW9uIG9mIG l0cyBiYWxh bmNlIHNoZW V0IG92ZXIg dGhlIG5leH QgMy01IHll YXJzLjxicj 4=

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvM1 dBRzJzTHVo eXkzQWhNOG FTaWgud2Vi cCIgYWx0PS JBY2Npb25h IiB0aXRsZT 0iQWNjaW9u YSIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBBY2Np b25hPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+S oSBMZWFybi BzbWFydGVy IHN0b2NrIH BpY2tzIHdp dGggPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1FX TmphVyA5dV lTQnBjeUJo IElGTndZVz VwYzIgZ2dZ Mjl1WjJ4di BiV1Z5WVhS bElHIE52Yl hCaGJua2cg ZEdoaGRDQn ZjRyBWeVlY UmxjeUJwIG JpQjBhR1Vn YVcgNW1jbU Z6ZEhKMSBZ M1IxY21Vc0 lHIFZ1WlhK bmVTd2cgZD JGMFpYSXNJ RyBGdVpDQn paWEoyIGFX TmxjeUJ6Wl cgTjBiM0p6 TGp4aSBjaj R5TGlCVWFH IFVnWTI5dG NHRnUgZVNC M1lYTWdabS A5MWJtUmxa Q0JwIGJpQX hPVGszSUcg RnpJR0VnYl dWeSBaMlZ5 SUdKbGRIIG RsWlc0Z2RI ZHYgSUhObG NHRnlZWCBS bElHTnZiWE JoIGJtbGxj eXdnUlcgNT BjbVZqWVc1 aCBiR1Z6SU hrZ1ZHIEYy YjNKaElHRn UgWkNCRGRX SnBaWCBKMF lYTWdlU0JO IFdrOVdMan hpY2ogNHpM aUJCWTJOcC BiMjVoNG9D WmN5IEJpZF hOcGJtVnog Y3lCcGN5Qm thWCBacFpH VmtJR2x1IG RHOGdabWwy WlMgQnRZV2 x1SUdGeSBa V0Z6T2lCSm JtIFp5WVhO MGNuVmogZE hWeVpTd2dS VyA1bGNtZD VMQ0JYIFlY UmxjaXdnVT IgVnlkbWxq WlhNcyBJR0 Z1WkNCSmJt IDV2ZG1GMG FXOXUgSUdG dVpDQlVaVy BOb2JtOXNi MmQ1IExqeG ljajQwTGkg QlVhR1VnWT I5dCBjR0Z1 ZVNCb1lYIE 1nWVNCemRI SnYgYm1jZ1 ptOWpkWCBN Z2IyNGdjM1 Z6IGRHRnBi bUZpYVcgeH BkSGtnWVc1 ayBJSEpsYm 1WM1lXIEpz WlNCbGJtVn kgWjNrc0lI ZHBkRyBnZ1 lYSnZkVzVr IElEZ3dKU0 J2WmkgQnBk SE1nWld4bC BZM1J5YVdO cGRIIGtnY0 hKdlpIVmog ZEdsdmJpQm piMiAxcGJt Y2dabkp2IG JTQnlaVzVs ZDIgRmliR1 VnYzI5MSBj bU5sY3k0OF luIEkrTlM0 Z1FXTmogYV c5dVlTQnBj eSBCcmJtOT NiaUJtIGIz SWdhWFJ6SU cgbHVibTky WVhScCBkbV VnWVhCd2Nt IDloWTJnZ2 RHOGcgYVc1 bWNtRnpkSC BKMVkzUjFj bVVnIGNISn ZhbVZqZEgg TXNJSFZ6YV c1biBJR04x ZEhScGJtIG N0WldSblpT QjAgWldOb2 JtOXNiMiBk cFpYTWdjM1 ZqIGFDQmhj eUF6UkMgQn djbWx1ZEds dSBaeUJoYm 1RZ1pIIEp2 Ym1WekxqeG kgY2o0Mkxp QkpiaSBBeU 1ERXdMQ0JC IFkyTnBiMj VoSUcgSjFh V3gwSUhSby BaU0IzYjNK c1pPIEtBbV hNZ1ptbHkg YzNRZ2MyOX NZWCBJZ2RH aGxjbTFoIG JDQjBiM2Rs Y2kgQndiR0 Z1ZENCMyBh WFJvSUcxdm JIIFJsYmlC ellXeDAgSU hOMGIzSmha MiBVc0lIZG 9hV05vIElH TmhiaUJuWl cgNWxjbUYw WlNCbCBiR1 ZqZEhKcFky IGwwZVNCbG RtVnUgSUhk b1pXNGdkRy BobElITjFi aUJwIGN5Qn ViM1FnYzIg aHBibWx1Wn k0OCBZbkkr Tnk0Z1ZHIG hsSUdOdmJY QmggYm5rZ2 FHRnpJRyBF Z2NISmxjMl Z1IFkyVWdh VzRnYjMgWm xjaUEyTUNC aiBiM1Z1ZE hKcFpYIE1n WVc1a0lHVn QgY0d4dmVY TWdZWCBKdm RXNWtJRE00 IExEQXdNQ0 J3WlcgOXdi R1V1UEdKeS BQamd1SUVG alkyIGx2Ym 1FZ2FHRnog SUdFZ2MzUn liMiA1bklH TnZiVzFwIG RHMWxiblFn ZEcgOGdjMj lqYVdGcyBJ SEpsYzNCdm JuIE5wWW1s c2FYUjUgSU dGdVpDQm9Z WCBNZ1ltVm xiaUJ5IFpX TnZaMjVwZW 0gVmtJR0Z6 SUc5dSBaU0 J2WmlCMGFH IFVnZDI5eW JHVGkgZ0ps eklHMXZjMy BRZ2MzVnpk R0ZwIGJtRm liR1VnWTIg OXRjR0Z1YV dWeiBJR0o1 SUhaaGNtIG x2ZFhNZ2Iz Sm4gWVc1cG VtRjBhVyA5 dWN5NDhZbk krIE9TNGdT VzRnTWogQX lNQ3dnUVdO aiBhVzl1WV NCc1lYIFZ1 WTJobFpDQn AgZEhNZ1pt bHljMyBRZ2 RYSmlZVzRn IGQybHVaQ0 IwYjMgZGxj aXdnZDJocC BZMmdnWTI5 dFltIGx1Wl hNZ2RtVnkg ZEdsallXd2 dZVyA1a0lH aHZjbWw2IG IyNTBZV3dn ZDIgbHVaQ0 IwZFhKaSBh VzVsY3lCMG J5IEJ3Y205 a2RXTmwgSU dWdVpYSm5l UyBCcGJpQj FjbUpoIGJp QmxiblpwY2 0gOXViV1Z1 ZEhNdSBQR0 p5UGpFd0xp IEJVYUdVZ1 kyOXQgY0dG dWVTQnBjeS BCaGJITnZJ R2x1IGRtOX NkbVZrSUcg bHVJSFpoY2 1sdiBkWE1n Y0docGJHIE Z1ZEdoeWIz QnAgWXlCcG JtbDBhVyBG MGFYWmxjeX dnIGMzVmph Q0JoY3kgQn djbTkyYVdS cCBibWNnWV dOalpYIE56 SUhSdklHTn MgWldGdUlI ZGhkRyBWeU lHbHVJR1Js IGRtVnNiM0 JwYm0gY2dZ MjkxYm5SeS BhV1Z6SUdG dVpDIEJ6ZF hCd2IzSjAg YVc1bklHVm tkVyBOaGRH bHZiaUJoIG JtUWdhR1Zo YkggUm9ZMk Z5WlNCdyBj bTluY21GdG N5IDQ9CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==