Kerry Group

More reviews (3)

Live  

Kerry Group is a global food company headquartered in Ireland. It was established in 1972 and has since become one of the largest manufacturers and suppliers of ingredients and flavors for the food and beverage industry. The company operates in over 150 countries and has more than 200 manufacturing sites worldwide.
Kerry Group's main business is divided into two segments: Taste and Nutrition. The Taste division focuses on ingredients and flavors, while the Nutrition division specializes in nutritional and functional ingredients. These ingredients are used in a wide range of food and beverage products, including snacks, beverages, dairy products, and meat alternatives.
The company also offers a variety of foodservice and retail products under its own brands, including Denny, Cheestrings, Golden Cow, and LowLow. Kerry Group also offers food solutions for the foodservice industry and works with top food brands and retailers globally.
In addition to its food business, Kerry Group also has a consumer foods business that produces and sells dairy products, such as cheese and butter, in Ireland and the UK. The company also has a nutrition and food science research and development center, where experts work on developing new flavors, ingredients, and food solutions.
Kerry Group's mission is to provide sustainable and responsible food solutions that enhance the taste, nutrition, and well-being of people around the world. The company is committed to sustainability and has initiatives in place to reduce its environmental impact, ensure the wellbeing of its employees and support local communities.
Overall, Kerry Group is a leading global food company with a diverse portfolio and a strong commitment to sustainability and innovation.

MS4gR2xvYm FsIFJlYWNo OiBUaGUgS2 VycnkgR3Jv dXAgaXMgYS BnbG9iYWwg Y29tcGFueS B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciAzMCBjb3 VudHJpZXMs IGdpdmluZy BpdCBhIHN0 cm9uZyBpbn Rlcm5hdGlv bmFsIHByZX NlbmNlLjxi cj4yLiBEaX ZlcnNlIFBy b2R1Y3QgUG 9ydGZvbGlv OiBUaGUgY2 9tcGFueSBz cGVjaWFsaX plcyBpbiB0 aGUgcHJvZH VjdGlvbiBh bmQgZGlzdH JpYnV0aW9u IG9mIGZvb2 QgYW5kIGJl dmVyYWdlIG luZ3JlZGll bnRzLCBmbG F2b3JzLCBh bmQgY29uc3 VtZXIgcHJv ZHVjdHMuIE l0cyBkaXZl cnNlIHBvcn Rmb2xpbyBp bmNsdWRlcy BkYWlyeSBh bmQgbWVhdC Bwcm9kdWN0 cywgc3dlZX QgYW5kIHNh dm9yeSBmbG F2b3JzLCBu dXRyaXRpb2 5hbCBpbmdy ZWRpZW50cy wgYW5kIG1v cmUuPGJyPj MuIElubm92 YXRpb24gYW 5kIFJlc2Vh cmNoOiBUaG UgS2Vycnkg R3JvdXAgaG FzIGVzdGFi bGlzaGVkIG Egc3Ryb25n IHJlcHV0YX Rpb24gZm9y IGlubm92YX Rpb24gYW5k IHJlc2Vhcm NoLCBpbnZl c3RpbmcgaG VhdmlseSBp biBuZXcgcH JvZHVjdCBk ZXZlbG9wbW VudCBhbmQg dGVjaG5vbG 9neSB0byBt ZWV0IGNvbn RpbnVvdXNs eSBldm9sdm luZyBjb25z dW1lciBkZW 1hbmRzLjxi cj40LiBDdX N0b21lci1j ZW50cmljIE FwcHJvYWNo OiBUaGUgY2 9tcGFueSBo YXMgYSBjdX N0b21lci1j ZW50cmljIG FwcHJvYWNo IGFuZCBmb2 N1c2VzIG9u IGJ1aWxkaW 5nIGxvbmct dGVybSByZW xhdGlvbnNo aXBzIHdpdG ggaXRzIGNs aWVudHMgdG hyb3VnaCB0 YWlsb3JlZC Bzb2x1dGlv bnMgYW5kIG V4Y2VwdGlv bmFsIHNlcn ZpY2UuPGJy PjUuIFN1c3 RhaW5hYmls aXR5IENvbW 1pdG1lbnQ6 IFRoZSBLZX JyeSBHcm91 cCBpcyBjb2 1taXR0ZWQg dG8gc3VzdG FpbmFiaWxp dHkgYW5kIG hhcyBzZXQg YW1iaXRpb3 VzIGdvYWxz IHRvIHJlZH VjZSB0aGVp ciBlbnZpcm 9ubWVudGFs IGltcGFjdC wgdXNlIHJl bmV3YWJsZS BlbmVyZ3kg c291cmNlcy wgYW5kIHN1 cHBvcnQgcm VzcG9uc2li bGUgc291cm NpbmcgcHJh Y3RpY2VzLj xicj42LiBT dHJvbmcgRm luYW5jaWFs IFBlcmZvcm 1hbmNlOiBU aGUgY29tcG FueSBoYXMg YSBzdHJvbm cgZmluYW5j aWFsIHRyYW NrIHJlY29y ZCwgd2l0aC Bjb25zaXN0 ZW50IGdyb3 d0aCBhbmQg cHJvZml0YW JpbGl0eSBv dmVyIHRoZS B5ZWFycy48 YnI+Ny4gQ3 VsdHVyZSBv ZiBDb2xsYW JvcmF0aW9u OiBUaGUgS2 VycnkgR3Jv dXAgZm9zdG VycyBhIGN1 bHR1cmUgb2 YgY29sbGFi b3JhdGlvbi wgZW5jb3Vy YWdpbmcgY3 Jvc3MtZnVu Y3Rpb25hbC B0ZWFtcyB0 byB3b3JrIH RvZ2V0aGVy IHRvIGFjaG lldmUgY29t bW9uIGdvYW xzLjxicj44 LiBFbXBsb3 llZSBEZXZl bG9wbWVudD ogVGhlIGNv bXBhbnkgcG xhY2VzIGEg c3Ryb25nIG VtcGhhc2lz IG9uIGVtcG xveWVlIGRl dmVsb3BtZW 50IGFuZCBv ZmZlcnMgdm FyaW91cyB0 cmFpbmluZy BhbmQgZGV2 ZWxvcG1lbn QgcHJvZ3Jh bXMgdG8gc3 VwcG9ydCB0 aGUgZ3Jvd3 RoIGFuZCBj YXJlZXIgcH JvZ3Jlc3Np b24gb2YgaX RzIGVtcGxv eWVlcy48Yn I+OS4gQ29y cG9yYXRlIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog VGhlIEtlcn J5IEdyb3Vw IGlzIGNvbW 1pdHRlZCB0 byBnaXZpbm cgYmFjayB0 byB0aGUgY2 9tbXVuaXR5 IHRocm91Z2 ggdmFyaW91 cyBjb3Jwb3 JhdGUgc29j aWFsIHJlc3 BvbnNpYmls aXR5IGluaX RpYXRpdmVz LCBpbmNsdW Rpbmcgc3Vw cG9ydGluZy Bsb2NhbCBj aGFyaXRpZX MsIHByb21v dGluZyBlZH VjYXRpb24s IGFuZCBlbX Bvd2VyaW5n IGNvbW11bm l0aWVzLjxi cj4xMC4gQX dhcmRzIGFu ZCBSZWNvZ2 5pdGlvbjog VGhlIEtlcn J5IEdyb3Vw IGhhcyByZW NlaXZlZCBu dW1lcm91cy Bhd2FyZHMg YW5kIHJlY2 9nbml0aW9u IGZvciBpdH MgcHJvZHVj dHMsIGlubm 92YXRpb24s IGFuZCBzdX N0YWluYWJp bGl0eSBlZm ZvcnRzLCBl bmhhbmNpbm cgaXRzIHJl cHV0YXRpb2 4gYW5kIGNy ZWRpYmlsaX R5IGluIHRo ZSBpbmR1c3 RyeS4=

VGhlIEtlcn J5IEdyb3Vw IGlzIGEgY2 9tcGFueSB0 aGF0IG9wZX JhdGVzIGlu IHRoZSBmb2 9kIGFuZCBi ZXZlcmFnZS BpbmR1c3Ry eS4gVGhlaX IgYnVzaW5l c3MgbW9kZW wgaXMgY2Vu dGVyZWQgYX JvdW5kIGNy ZWF0aW5nIG FuZCBwcm92 aWRpbmcgaW 5ub3ZhdGl2 ZSBhbmQgaG lnaC1xdWFs aXR5IHRhc3 RlIGFuZCBu dXRyaXRpb2 4gc29sdXRp b25zIHRvIH RoZWlyIGN1 c3RvbWVycy BpbiB0aGUg Zm9vZCwgYm V2ZXJhZ2Us IGFuZCBwaG FybWEgaW5k dXN0cmllcy 4gVGhlIGNv bXBhbnkgb2 ZmZXJzIGEg cmFuZ2Ugb2 YgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz IHN1Y2ggYX MgdGFzdGUg YW5kIHRleH R1cmUgc29s dXRpb25zLC BudXRyaXRp b25hbCBhbm QgZnVuY3Rp b25hbCBpbm dyZWRpZW50 cywgZm9vZC BzYWZldHkg YW5kIHJlZ3 VsYXRvcnkg c3VwcG9ydC wgYW5kIGNv bnN1bWVyIG luc2lnaHRz IGFuZCBtYX JrZXQgcmVz ZWFyY2guPG JyPlRoZSBL ZXJyeSBHcm 91cCdzIGJ1 c2luZXNzIG 1vZGVsIGlz IGFsc28gZm 9jdXNlZCBv biBnbG9iYW wgZXhwYW5z aW9uLCB3aX RoIGEgcHJl c2VuY2UgaW 4gb3ZlciAx NDAgY291bn RyaWVzIGFu ZCAyNTAgbW FudWZhY3R1 cmluZyBmYW NpbGl0aWVz IHdvcmxkd2 lkZS4gVGhl eSBhaW0gdG 8gdGFwIGlu dG8gZW1lcm dpbmcgbWFy a2V0cyBhbm QgY2FwaXRh bGl6ZSBvbi B0aGUgZ3Jv d2luZyBkZW 1hbmQgZm9y IGhlYWx0aC BhbmQgd2Vs bG5lc3MgcH JvZHVjdHMu PGJyPlRoZW lyIGJ1c2lu ZXNzIG1vZG VsIGFsc28g ZW1waGFzaX plcyBzdXN0 YWluYWJpbG l0eSBhbmQg c29jaWFsIH Jlc3BvbnNp YmlsaXR5LC B3aXRoIGEg Zm9jdXMgb2 4gcmVkdWNp bmcgdGhlaX IgZW52aXJv bm1lbnRhbC BpbXBhY3Qg YW5kIHN1cH BvcnRpbmcg bG9jYWwgY2 9tbXVuaXRp ZXMgd2hlcm UgdGhleSBv cGVyYXRlLj xicj5UaGUg Y29tcGFueS dzIHJldmVu dWUgaXMgZ2 VuZXJhdGVk IHRocm91Z2 ggdmFyaW91 cyBjaGFubm VscywgaW5j bHVkaW5nIH NhbGVzIHRv IGZvb2QgYW 5kIGJldmVy YWdlIG1hbn VmYWN0dXJl cnMsIGZvb2 RzZXJ2aWNl IGFuZCByZX RhaWwgb3V0 bGV0cywgYW 5kIGRpc3Ry aWJ1dGlvbi BwYXJ0bmVy cy48YnI+T3 ZlcmFsbCwg dGhlIEtlcn J5IEdyb3Vw J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgYn VpbHQgb24g aW5ub3ZhdG lvbiwgcXVh bGl0eSwgYW 5kIGdsb2Jh bCByZWFjaC wgd2l0aCBh IGZvY3VzIG 9uIHByb3Zp ZGluZyBjdX N0b21pemVk IHNvbHV0aW 9ucyB0byBp dHMgY3VzdG 9tZXJzJyBz cGVjaWZpYy BuZWVkcyBh bmQgaW5kdX N0cnkgdHJl bmRzLg==

The sensitivity of Kerry Group’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several angles:
1. Earnings Sensitivity: Kerry Group operates in the food and ingredients sector, where revenue generation is driven by demand for its products. However, an increase in interest rates can lead to higher borrowing costs if the company relies on debt financing. This could squeeze margins and impact net income. On the flip side, if interest rates rise, consumers may cut down on spending, which can dampen sales growth.
2. Cash Flow Sensitivity: Cash flow can be affected by changes in interest rates in several ways. For instance, higher interest rates can increase the cost of servicing debt, reducing free cash flow available for reinvestment or dividend payments. Moreover, consumer spending may decline, impacting cash flows from operations. However, if the company can implement cost management strategies or pass on price increases to consumers, it might mitigate some negative impacts.
3. Valuation Sensitivity: The valuation of Kerry Group is linked to its cash flows and earnings, often assessed through discounted cash flow (DCF) methods. Higher interest rates increase the discount rate applied to future cash flows, which can lower the present value and overall valuation of the company. Additionally, if the market anticipates that rising rates will impact economic growth, this could lead to lower investor sentiment towards growth stocks, which might include food and beverage companies like Kerry Group.
Overall, while Kerry Group’s exposure to interest rate changes exists, its sensitivity will depend on various factors, including its level of debt, operational efficiency, market conditions, and the company’s ability to adapt to changing consumer preferences amid economic shifts.

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 bG9nb3MvNG tZT3JLQkNM TFRUNkUwdF VrQloud2Vi cCIgYWx0PS JLZXJyeSBH cm91cCIgdG l0bGU9Iktl cnJ5IEdyb3 VwIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT kwIHdpZHRo PTkwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IEtlcn J5IEdyb3Vw PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1ZHaGxJ RSB0bGNuSj VJRWR5IGIz VndJR2x6SU cgRWdiV0Zx YjNJZyBTWE pwYzJnZ2JY IFZzZEdsdV lYUnAgYjI1 aGJDQmpiMi Axd1lXNTVJ SFJvIFlYUW diM0JsY20g RjBaWE1nYV c0ZyBkR2hs SUdGeVpXIE Z6SUc5bUlH WnYgYjJRZ2 FXNW5jbSBW a2FXVnVkSE 1zIElHTnZi bk4xYlcgVn lJR1p2YjJS eiBMQ0JoYm 1RZ1ptIDl2 WkhObGNuWn AgWTJVdUlE eGljaiA0eU xpQkpkQ0Iz IFlYTWdabT kxYm0gUmxa Q0JwYmlBeC BPVGN5SUdK NUlFIFJsYm 1seklFSnkg YjNOdVlXNG dhVyA0Z1RH bHpkRzkzIF pXd3NJRU52 ZFcgNTBlU0 JMWlhKeSBl U3dnU1hKbG JHIEZ1WkN3 Z2QybDAgYU NCaGJpQnBi bSBsMGFXRn NJR2x1IGRt VnpkRzFsYm 4gUWdiMlln YW5WeiBkQ0 RDb3pVd0xp IEE4WW5JK0 15NGcgVkdo bElHTnZiWC BCaGJua2dh VzVwIGRHbG hiR3g1SUcg WnZZM1Z6Wl dRZyBiMjRn WkdGcGNuIG tnY0hKdlky VnogYzJsdV p5d2dZbiBW MElHaGhjeU J6IGFXNWpa U0JsZUggQm hibVJsWkNC cCBiblJ2SU c5MGFHIFZ5 SUdadmIyUW cgYzJWamRH OXljeSBCMG FISnZkV2Rv IElHRmpjWF ZwYzIgbDBh Vzl1Y3lCaC BibVFnY0dG eWRHIDVsY2 5Ob2FYQnog TGlBOFluSS tOQyA0Z1ZH aGxJRXRsIG NuSjVJRWR5 YjMgVndJR2 x6SUhSbyBa U0ExZEdnZ2 JHIEZ5WjJW emRDQm0gYj I5a0lHTnZi WCBCaGJua2 dhVzRnIFJY VnliM0JsSU cgRnVaQ0Iw YUdVZyBiR1 ZoWkdsdVp5 IEJ6ZFhCd2 JHbGwgY2lC dlppQmhaRy BSbFpDMTJZ V3gxIFpTQn BibWR5Wlcg UnBaVzUwY3 lCaCBibVFn YzI5c2RYIF JwYjI1eklI UnYgSUhSb1 pTQm1iMiA5 a0lHRnVaQ0 JpIFpYWmxj bUZuWlMgQn BibVIxYzNS eSBlUzRnUE dKeVBqIFV1 SUVsMElHVn QgY0d4dmVY TWdiMyBabG NpQXlOaXd3 IE1EQWdjR1 Z2Y0cgeGxJ R2RzYjJKaC BiR3g1SUdG dVpDIEJvWV hNZ2IzQmwg Y21GMGFXOX VjeSBCcGJp QXpNaUJqIG IzVnVkSEpw WlggTXVJRH hpY2o0MiBM aUJVYUdVZ1 kyIDl0Y0dG dWVlS0EgbV hNZ2RHRm5i RyBsdVpTQn BjeUJDIFpY UjBaWElnUm 0gOXZaQzRn UW1WMCBkR1 Z5SUV4cFpt IFV1SUR4aW NqNDMgTGlC SmJpQmhaRy BScGRHbHZi aUIwIGJ5Qn BkSE1nWm0g OXZaQ0JoYm 1RZyBZbVYy WlhKaFoyIF VnWkdsMmFY TnAgYjI1ek xDQjBhRyBV Z1MyVnljbm tnIFIzSnZk WEFnWVcgeH pieUJvWVhN ZyBZU0JrYV hacGMyIGx2 YmlCbWIyTj EgYzJWa0lH OXVJRyA1MW RISnBkR2x2 IGJtRnNJR2 x1WjMgSmxa R2xsYm5Sei BJR0Z1WkNC emRYIEJ3Yk dWdFpXNTAg Y3k0Z1BHSn lQaiBndUlG Um9aU0JqIG IyMXdZVzU1 SUcgaHZiR1 J6SUdFZyBj MmxuYm1sbW FXIE5oYm5R Z2JXRnkgYT JWMElITm9Z WCBKbElHbH VJSE5sIGRt VnlZV3dnY0 ggSnZaSFZq ZENCaiBZWF JsWjI5eWFX IFZ6TENCcG JtTnMgZFdS cGJtY2dabi BKbFpYcGxM V1J5IGFXVm tJR052Wm0g WmxaU3dnYz JGMiBiM0o1 SUdsdVozIE psWkdsbGJu UnogTENCaG JtUWdibiBW MGNtbDBhVz l1IFlXd2dZ VzVrSUggZG xiR3h1WlhO eiBJSEJ5Yj JSMVkzIFJ6 TGlBOFluSS sgT1M0Z1ZH aGxJRSB0bG NuSjVJRWR5 IGIzVndJR2 hoY3kgQmla V1Z1SUc1aC BiV1ZrSUc5 dVpTIEJ2Wm lCMGFHVWcg Ylc5emRDQm xkRyBocFky RnNJR052IG JYQmhibWxs Y3kgQnBiaU IwYUdVZyBk Mjl5YkdRZ1 luIGtnUlhS b2FYTncgYU dWeVpTQm1i MyBJZ01URW dZMjl1IGMy VmpkWFJwZG 0gVWdlV1Zo Y25NdSBJRH hpY2o0eE1D IDRnU1hRZ2 FYTWcgYkds emRHVmtJRy A5dUlIUm9a U0JKIGNtbH phQ0JoYm0g UWdURzl1Wk c5dSBJRk4w YjJOcklFIF Y0WTJoaGJt ZGwgY3l3Z1 lXNWtJRyBo aGN5QmpiMj V6IGFYTjBa VzUwYkgga2 daR1ZzYVha bCBjbVZrSU hOMGNtIDl1 WnlCbWFXNW ggYm1OcFlX d2djRyBWeV ptOXliV0Z1 IFkyVWdjMm x1WTIgVWdh WFJ6SUVsUS BUeUJwYmlB eE9UIGcyTG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A