SalMar

-7.07%

More reviews (2)

Live  

SalMar is a seafood company located in Frøya, Norway. The company was founded in 1991 by Gustav Witzøe and is primarily involved in salmon farming and processing. SalMar has over 14,000 employees and is one of the largest producer of farmed salmon in the world. The company has facilities in Norway and Iceland.
SalMar's main focus is on sustainable aquaculture practices, with a goal to produce high-quality seafood while minimizing its ecological footprint. The company has implemented advanced technology and systems to ensure the welfare of its fish and to reduce the impact on the environment. SalMar also has a strong commitment to food safety and is certified by various organizations, including GlobalGAP and BRC.
In addition to salmon farming, SalMar also has a strong presence in the processing and sales of seafood. The company's subsidiary, Norskott Havbruk, is responsible for processing and sales of SalMar's products domestically and internationally.
SalMar is dedicated to innovation and continuous improvement, investing in research and development to improve its farming methods and production techniques. The company also has a strong focus on community and social responsibility, supporting local communities and promoting sustainable practices in its operations.
Overall, SalMar is a leading player in the seafood industry, known for its high-quality products, sustainable practices, and commitment to innovation and social responsibility.

U2FsTWFyIG lzIGEgY29t cGFueSB0aG F0IGZvY3Vz ZXMgb24gZm FybWluZyBm aXNoLCBlc3 BlY2lhbGx5 IHNhbG1vbi 4gSW1hZ2lu ZSBhIGJpZy B1bmRlcndh dGVyIGZhcm 0gd2hlcmUg dGhleSByYW lzZSBmaXNo IHVudGlsIH RoZXkgYXJl IHJlYWR5IH RvIGJlIHNv bGQuIFRoZX kgdGFrZSBj YXJlIG9mIH RoZSBmaXNo LCBtYWtlIH N1cmUgdGhl eSBhcmUgaG VhbHRoeSwg YW5kIGZlZW QgdGhlbSB0 aGUgcmlnaH QgZm9vZC4g V2hlbiB0aG UgZmlzaCBn cm93IGJpZy Blbm91Z2gs IFNhbE1hci BzZWxscyB0 aGVtIHRvIG dyb2Nlcnkg c3RvcmVzIG FuZCByZXN0 YXVyYW50cy 48YnI+U2Fs TWFyIG1ha2 VzIG1vbmV5 IGJ5IHNlbG xpbmcgdGhl IHNhbG1vbi 4gTG90cyBv ZiBwZW9wbG UgbGlrZSB0 byBlYXQgZm lzaCBiZWNh dXNlIGl0IG lzIGhlYWx0 aHkgYW5kIH Rhc3R5LiBT aW5jZSB0aG VyZSBpcyBh bHdheXMgYS BkZW1hbmQg Zm9yIGZpc2 gsIFNhbE1h ciBjYW4gc2 VsbCBhIGxv dCBvZiBpdC BhbmQgZWFy biBtb25leS 48YnI+VGhl IGNvbXBhbn kgaXMgc3Vj Y2Vzc2Z1bC Bmb3IgYSBm ZXcgcmVhc2 9ucy4gRmly c3QsIHNhbG 1vbiBpcyB2 ZXJ5IHBvcH VsYXIgYXJv dW5kIHRoZS B3b3JsZCwg c28gcGVvcG xlIGtlZXAg YnV5aW5nIG l0LiBTZWNv bmQsIHRoZX kgaGF2ZSBn b29kIGZhcm 1zIGFuZCB0 ZWFtcyB0aG F0IGtub3cg aG93IHRvIH JhaXNlIGZp c2ggZWZmaW NpZW50bHks IHdoaWNoIG hlbHBzIHRo ZW0gcHJvZH VjZSBhIGxv dCB3aXRoIG xlc3Mgd2Fz dGUuIEZpbm FsbHksIHRo ZXkgYWxzby Bmb2N1cyBv biBiZWluZy BlbnZpcm9u bWVudGFsbH kgZnJpZW5k bHksIHdoaW NoIGlzIGlt cG9ydGFudC B0byBtYW55 IGN1c3RvbW VycyB0b2Rh eS48YnI+SW 4gdGhlIGZ1 dHVyZSwgU2 FsTWFyIGlz IGxpa2VseS B0byBzdGF5 IHN1Y2Nlc3 NmdWwgYmVj YXVzZSB0aG V5IGFyZSB1 c2luZyBzbW FydCB0ZWNo bm9sb2d5IH RvIGdyb3cg ZmlzaCBiZX R0ZXIgYW5k IGZhc3Rlci 4gUGVvcGxl IHdpbGwgY2 9udGludWUg dG8gd2FudC BoZWFsdGh5 IGZvb2QsIG FuZCBhcyBs b25nIGFzIH RoZXkga2Vl cCB0YWtpbm cgY2FyZSBv ZiB0aGUgZW 52aXJvbm1l bnQgYW5kIH RoZSBmaXNo LCB0aGV5IH dpbGwga2Vl cCBiZWluZy BhIGJpZyBw bGF5ZXIgaW 4gdGhlIGZp c2ggZmFybW luZyBidXNp bmVzcy48Yn I+

MS4gT25lIG 9mIHRoZSB3 b3JsZCdzIG xlYWRpbmcg c2FsbW9uIH Byb2R1Y2Vy czogU2FsTW FyIGlzIG9u ZSBvZiB0aG UgbGFyZ2Vz dCBhbmQgbW 9zdCBzdWNj ZXNzZnVsIG NvbXBhbmll cyBpbiB0aG UgZ2xvYmFs IHNhbG1vbi BmYXJtaW5n IGluZHVzdH J5LCB3aXRo IGEgbGVhZG luZyByb2xl IGluIHRoZS Bwcm9kdWN0 aW9uLCBwcm 9jZXNzaW5n LCBhbmQgc2 FsZSBvZiBz dXN0YWluYW JsZSBzYWxt b24gcHJvZH VjdHMuPGJy PjIuIFN1c3 RhaW5hYmxl IGFuZCBlbn Zpcm9ubWVu dGFsbHkgZn JpZW5kbHkg cHJhY3RpY2 VzOiBTYWxN YXIgaXMgY2 9tbWl0dGVk IHRvIG9wZX JhdGluZyBp biBhbiBlbn Zpcm9ubWVu dGFsbHkgcm VzcG9uc2li bGUgbWFubm VyIGFuZCBo YXMgaW1wbG VtZW50ZWQg dmFyaW91cy BzdXN0YWlu YWJsZSBmYX JtaW5nIHBy YWN0aWNlcy B0byBtaW5p bWl6ZSBpdH MgaW1wYWN0 IG9uIHRoZS BlbnZpcm9u bWVudC48Yn I+My4gRm9j dXMgb24gaW 5ub3ZhdGlv biBhbmQgdG VjaG5vbG9n eTogVGhlIG NvbXBhbnkg aW52ZXN0cy BoZWF2aWx5 IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 byBjb250aW 51b3VzbHkg aW1wcm92ZS BpdHMgZmFy bWluZyBtZX Rob2RzIGFu ZCB0ZWNobm 9sb2d5LCBs ZWFkaW5nIH RvIGluY3Jl YXNlZCBlZm ZpY2llbmN5 IGFuZCBxdW FsaXR5IG9m IGl0cyBwcm 9kdWN0cy48 YnI+NC4gRX RoaWNhbCBz dGFuZGFyZH MgYW5kIHRy YW5zcGFyZW 5jeTogU2Fs TWFyIGlzIG NvbW1pdHRl ZCB0byB1cG hvbGRpbmcg aGlnaCBldG hpY2FsIHN0 YW5kYXJkcy BhbmQgdHJh bnNwYXJlbm N5IGluIGFs bCBpdHMgb3 BlcmF0aW9u cywgaW5jbH VkaW5nIHRo ZSB0cmVhdG 1lbnQgb2Yg aXRzIGVtcG xveWVlcyBh bmQgYW5pbW Fscy48YnI+ NS4gU3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZTogVGhlIG NvbXBhbnkg aGFzIGEgc2 9saWQgZmlu YW5jaWFsIH RyYWNrIHJl Y29yZCBhbm QgaGFzIGNv bnNpc3Rlbn RseSBkZWxp dmVyZWQgc3 Ryb25nIGZp bmFuY2lhbC ByZXN1bHRz LCBtYWtpbm cgaXQgYSBy ZWxpYWJsZS BhbmQgc3Rh YmxlIGludm VzdG1lbnQg b3Bwb3J0dW 5pdHkuPGJy PjYuIEdsb2 JhbCBwcmVz ZW5jZSBhbm QgZGl2ZXJz ZSBwcm9kdW N0IHBvcnRm b2xpbzogU2 FsTWFyIGhh cyBhIHdpZG UgcmFuZ2Ug b2YgcHJvZH VjdGlvbiBs b2NhdGlvbn MgYW5kIGEg ZGl2ZXJzZS Bwcm9kdWN0 IHBvcnRmb2 xpbyB0aGF0 IGluY2x1ZG VzIGZyZXNo IGFuZCBmcm 96ZW4gc2Fs bW9uLCBzbW 9rZWQgc2Fs bW9uLCBhbm QgdmFyaW91 cyB2YWx1ZS 1hZGRlZCBw cm9kdWN0cy 4gVGhpcyBn bG9iYWwgcH Jlc2VuY2Ug YW5kIGRpdm Vyc2UgcHJv ZHVjdCByYW 5nZSBtYWtl IGl0IGxlc3 MgdnVsbmVy YWJsZSB0by BtYXJrZXQg Zmx1Y3R1YX Rpb25zLjxi cj43LiBTdH JvbmcgYnJh bmQgcmVwdX RhdGlvbjog U2FsTWFyIG hhcyBhIHN0 cm9uZyBicm FuZCByZXB1 dGF0aW9uIG ZvciBpdHMg aGlnaC1xdW FsaXR5IGFu ZCBzdXN0YW luYWJsZSBz YWxtb24gcH JvZHVjdHMs IG1ha2luZy BpdCBhIHRy dXN0ZWQgYW 5kIHByZWZl cnJlZCBjaG 9pY2UgZm9y IGNvbnN1bW Vycy48YnI+ OC4gQ29tbW l0bWVudCB0 byBmb29kIH NhZmV0eSBh bmQgcXVhbG l0eTogVGhl IGNvbXBhbn kgYWRoZXJl cyB0byBzdH JpY3QgZm9v ZCBzYWZldH kgcmVndWxh dGlvbnMgYW 5kIGhhcyBp bXBsZW1lbn RlZCBhIGNv bXByZWhlbn NpdmUgcXVh bGl0eSBjb2 50cm9sIHN5 c3RlbSB0by BlbnN1cmUg dGhlIHNhZm V0eSBhbmQg cXVhbGl0eS BvZiBpdHMg cHJvZHVjdH MuPGJyPjku IENvcnBvcm F0ZSBzb2Np YWwgcmVzcG 9uc2liaWxp dHk6IFNhbE 1hciBpcyBh Y3RpdmVseS BpbnZvbHZl ZCBpbiB2YX Jpb3VzIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHkg aW5pdGlhdG l2ZXMsIGlu Y2x1ZGluZy BzdXBwb3J0 aW5nIGxvY2 FsIGNvbW11 bml0aWVzLC Bwcm9tb3Rp bmcgc3VzdG FpbmFibGUg ZmlzaGluZy BwcmFjdGlj ZXMsIGFuZC BpbnZlc3Rp bmcgaW4gY2 9tbXVuaXR5 IGRldmVsb3 BtZW50IHBy b2plY3RzLj xicj4xMC4g UHJvdmVuIH RyYWNrIHJl Y29yZCBvZi BzdWNjZXNz OiBXaXRoIG 92ZXIgMzAg eWVhcnMgb2 YgZXhwZXJp ZW5jZSBpbi B0aGUgc2Fs bW9uIGZhcm 1pbmcgaW5k dXN0cnksIF NhbE1hciBo YXMgYSBwcm 92ZW4gdHJh Y2sgcmVjb3 JkIG9mIHN1 Y2Nlc3MgYW 5kIGhhcyBl c3RhYmxpc2 hlZCBpdHNl bGYgYXMgYS BsZWFkZXIg aW4gdGhlIG 1hcmtldC4=

VGhlIFNhbE 1hciBjb21w YW55IGlzIG EgTm9yd2Vn aWFuIGFxdW FjdWx0dXJl IGNvbXBhbn kgdGhhdCBz cGVjaWFsaX plcyBpbiB0 aGUgcHJvZH VjdGlvbiBv ZiBzYWxtb2 4uIFRoZSBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgcHJp bWFyaWx5IG Jhc2VkIG9u IHRoZSBwcm 9kdWN0aW9u LCBwcm9jZX NzaW5nLCBh bmQgc2FsZS BvZiBzYWxt b24gYW5kIG 90aGVyIHNl YWZvb2QgcH JvZHVjdHMu IFNhbE1hci BoYXMgYSB2 ZXJ0aWNhbG x5IGludGVn cmF0ZWQgYn VzaW5lc3Mg bW9kZWwsIH doaWNoIG1l YW5zIHRoYX QgdGhlIGNv bXBhbnkgaX MgaW52b2x2 ZWQgaW4gYW xsIHN0YWdl cyBvZiB0aG UgcHJvZHVj dGlvbiBwcm 9jZXNzLCBm cm9tIGZhcm 1pbmcgdG8g cHJvY2Vzc2 luZyBhbmQg ZGlzdHJpYn V0aW9uLjxi cj5TYWxNYX IncyBidXNp bmVzcyBtb2 RlbCBpcyBj ZW50ZXJlZC Bhcm91bmQg c3VzdGFpbm FibGUgcHJh Y3RpY2VzIG FuZCBhIGZv Y3VzIG9uIG hpZ2gtcXVh bGl0eSBwcm 9kdWN0cy4g VGhlIGNvbX Bhbnkgb3du cyBhbmQgb3 BlcmF0ZXMg YSBuZXR3b3 JrIG9mIHNh bG1vbiBmYX JtaW5nIHNp dGVzIGFsb2 5nIHRoZSBj b2FzdCBvZi BOb3J3YXks IGFzIHdlbG wgYXMgaW4g U2NvdGxhbm QgYW5kIElj ZWxhbmQuIF RoZXNlIHNp dGVzIHVzZS BhZHZhbmNl ZCB0ZWNobm 9sb2d5IGFu ZCBtb2Rlcm 4gc3lzdGVt cyB0byBlbn N1cmUgdGhl IHdlbGZhcm Ugb2YgdGhl IGZpc2ggYW 5kIG1pbmlt aXplIGFueS BuZWdhdGl2 ZSBpbXBhY3 Qgb24gdGhl IGVudmlyb2 5tZW50Ljxi cj5PbmNlIH RoZSBzYWxt b24gaXMgaG FydmVzdGVk LCBTYWxNYX IgcHJvY2Vz c2VzIGFuZC BwYWNrYWdl cyB0aGUgZm lzaCBmb3Ig c2FsZSB1bm RlciB0aGVp ciBvd24gYn JhbmQgYXMg d2VsbCBhcy Bwcml2YXRl IGxhYmVscy 4gVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGVtcG hhc2lzIG9u IHByb2R1Y3 QgcXVhbGl0 eSBhbmQgZm 9vZCBzYWZl dHksIGFuZC B0aGV5IHVz ZSBhZHZhbm NlZCB0ZWNo bm9sb2d5IG FuZCBzdHJp Y3QgcHJvZH VjdGlvbiBz dGFuZGFyZH MgdG8gZW5z dXJlIHRoYX QgdGhlaXIg cHJvZHVjdH MgbWVldCB0 aGUgaGlnaG VzdCBzdGFu ZGFyZHMuPG JyPlNhbE1h cidzIGRpc3 RyaWJ1dGlv biBtb2RlbC ByZWxpZXMg b24gYm90aC Bkb21lc3Rp YyBhbmQgaW 50ZXJuYXRp b25hbCBtYX JrZXRzLiBU aGUgY29tcG FueSBzZWxs cyBpdHMgcH JvZHVjdHMg aW4gTm9yd2 F5IHRocm91 Z2ggdmFyaW 91cyBjaGFu bmVscywgaW 5jbHVkaW5n IHJldGFpbC wgd2hvbGVz YWxlLCBhbm QgZm9vZHNl cnZpY2UuIF RoZXkgYWxz byBoYXZlIG Egc3Ryb25n IHByZXNlbm NlIGluIGlu dGVybmF0aW 9uYWwgbWFy a2V0cywgcH JpbWFyaWx5 IGluIEV1cm 9wZSwgQXNp YSwgYW5kIE 5vcnRoIEFt ZXJpY2EuPG JyPkluIGFk ZGl0aW9uIH RvIGl0cyBj b3JlIGJ1c2 luZXNzIG9m IGZhcm1pbm cgYW5kIHNl bGxpbmcgc2 FsbW9uLCBT YWxNYXIgYW xzbyBpbnZl c3RzIGluIH Jlc2VhcmNo IGFuZCBkZX ZlbG9wbWVu dCB0byBjb2 50aW51YWxs eSBpbXByb3 ZlIGl0cyBv cGVyYXRpb2 5zIGFuZCBw cm9kdWN0cy 4gVGhlIGNv bXBhbnkgYW xzbyBoYXMg YSBzdHJvbm cgZm9jdXMg b24gc3VzdG FpbmFiaWxp dHkgYW5kIG lzIGNvbW1p dHRlZCB0by ByZWR1Y2lu ZyBpdHMgZW 52aXJvbm1l bnRhbCBpbX BhY3QgdGhy b3VnaCByZX Nwb25zaWJs ZSBwcmFjdG ljZXMgYW5k IGlubm92YX Rpb24uPGJy Pk92ZXJhbG wsIFNhbE1h cidzIGJ1c2 luZXNzIG1v ZGVsIGlzIG Jhc2VkIG9u IHJlc3Bvbn NpYmxlIGFu ZCBzdXN0YW luYWJsZSBz YWxtb24gZm FybWluZywg cHJvZHVjaW 5nIGhpZ2gt cXVhbGl0eS Bwcm9kdWN0 cywgYW5kIG 1haW50YWlu aW5nIGEgc3 Ryb25nIHBy ZXNlbmNlIG luIGJvdGgg ZG9tZXN0aW MgYW5kIGlu dGVybmF0aW 9uYWwgbWFy a2V0cy4=

AI can potentially pose some challenges to SalMar, a company in the aquaculture industry, through various mechanisms, though the extent of these threats will depend on several factors.
1. Substitution: AI technologies could lead to the development of alternative protein sources, such as lab-grown fish or plant-based substitutes, which may compete directly with SalMar’s products. As consumer preferences shift towards sustainable and alternative proteins, any successful innovations in this area could potentially reduce demand for traditional farmed fish.
2. Disintermediation: AI can enhance direct-to-consumer sales models, allowing companies to bypass traditional distribution channels. If new entrants leverage AI platforms effectively to connect consumers directly with producers or alternative protein sources, this could undermine SalMar’s market positioning and disrupt traditional supply chains.
3. Margin Pressure: AI can improve operational efficiencies across various sectors, including aquaculture. If competitors adopt AI technologies for better yield optimization, feed management, and health monitoring of fish, they could achieve lower production costs. This enhanced efficiency can lead to price reductions in the market, putting pressure on SalMar’s margins if they cannot keep pace with such advancements.
While AI presents potential threats, it also offers opportunities for SalMar. By implementing AI technologies in their operations, they could improve efficiency, monitor fish health, and optimize supply chains, potentially turning threats into competitive advantages. The impact of AI on SalMar will depend on how the company adapts to these changes and whether it can effectively integrate emerging technologies into its business model.

The sensitivity of SalMar’s earnings, cash flow, and valuation to changes in interest rates can be assessed through various channels:
1. Earnings Sensitivity: SalMar’s earnings can be influenced by interest rates primarily through their impact on borrowing costs. If interest rates rise, the cost of debt increases for companies with existing loans or those looking to finance new projects. This could lead to reduced profitability if the company relies heavily on leverage. Additionally, higher interest rates may dampen consumer spending on seafood, affecting overall sales.
2. Cash Flow Sensitivity: Cash flow is also tied to interest rates, especially in terms of financing costs and capital expenditure. When interest rates increase, cash outflows for interest payments may rise, potentially constraining cash available for operations or investments. On the other hand, increasing interest rates could lead to higher returns on cash reserves, which might provide a counterbalance depending on the company’s cash management strategy.
3. Valuation Sensitivity: The valuation of SalMar can be affected by interest rate changes through the discounted cash flow (DCF) method. As interest rates rise, the discount rate applied to future cash flows increases, which can reduce the present value of those cash flows and, consequently, the overall valuation of the company. Higher interest rates can also lead to a re-evaluation of risk premium in the equity markets, potentially impacting market sentiment and thus stock prices.
Overall, while the seafood sector tends to be less sensitive to interest rate changes than sectors like real estate or financial services, SalMar would still feel the effects from financing costs, consumer demand fluctuations, and changes in valuation metrics. The actual impact would depend on the company’s financial structure, market position, and how well it to adapt to changing economic conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgU2 FsTWFy4oCZ cyBlY29ub2 1pY3Mgb3Zl ciB0aGUgbm V4dCAzLTUg eWVhcnMgaX MgYSBzaWdu aWZpY2FudC wgc3VzdGFp bmVkIGRlY2 xpbmUgaW4g Z2xvYmFsIH NhbG1vbiBw cmljZXMgZH VlIHRvIGEg Y29tYmluYX Rpb24gb2Yg b3ZlcnByb2 R1Y3Rpb24s IGluY3JlYX NlZCBjb21w ZXRpdGlvbi wgYW5kIGEg c2hpZnQgaW 4gZGlldGFy eSBwcmVmZX JlbmNlcyBh bW9uZyBjb2 5zdW1lcnMu IDxicj5JZi BzYWxtb24g cHJpY2VzIG ZhbGwgc2hh cnBseSwgU2 FsTWFyIHdv dWxkIGZhY2 UgYSBkaXJl Y3QgaW1wYW N0IG9uIGl0 cyBwcm9maX QgbWFyZ2lu cy4gTG93ZX Igc2VsbGlu ZyBwcmljZX Mgd291bGQg bWVhbiB0aG F0IHRoZSBj b21wYW55IG NvdWxkIGdl bmVyYXRlIG xlc3MgcmV2 ZW51ZSBmcm 9tIGl0cyBo YXJ2ZXN0ZW QgZmlzaCwg bGVhZGluZy B0byBhIHNx dWVlemUgb2 4gZ3Jvc3Mg bWFyZ2lucy 4gQXMgb3Bl cmF0aW9uYW wgY29zdHMg cmVtYWluIH JlbGF0aXZl bHkgZml4ZW QsIHBhcnRp Y3VsYXJseS BpbiB0ZXJt cyBvZiBmZW VkIGFuZCBs YWJvciwgdG hlIHBlcmNl bnRhZ2Ugb2 YgbWFyZ2lu IHJlZHVjdG lvbiBjb3Vs ZCBiZSBxdW l0ZSBzZXZl cmUuPGJyPk luIHRlcm1z IG9mIGNhc2 ggZmxvdywg dGhlIHNjZW 5hcmlvIHdv dWxkIGxlYW QgdG8gcmVk dWNlZCBvcG VyYXRpbmcg Y2FzaCBmbG 93cyBhcyB0 aGUgaW5jb2 1pbmcgcmV2 ZW51ZSBkZW NsaW5lcy4g V2l0aCBsZX NzIGNhc2gg Z2VuZXJhdG VkIGZyb20g b3BlcmF0aW 9ucywgU2Fs TWFyIG1pZ2 h0IHN0cnVn Z2xlIHRvIG 1haW50YWlu IGhlYWx0aH kgY2FzaCBm bG93IGxldm Vscy4gVGhp cyBsYWNrIG 9mIGNhc2gg Y291bGQgbG ltaXQgdGhl IGNvbXBhbn nigJlzIGFi aWxpdHkgdG 8gaW52ZXN0 IGluIG5ldy Bwcm9qZWN0 cywgZXhwYW 5kIG9wZXJh dGlvbnMsIG 9yIGV2ZW4g bWFpbnRhaW 4gaXRzIGN1 cnJlbnQgaW 5mcmFzdHJ1 Y3R1cmUuIE luIGEgcHJv bG9uZ2VkIG xvdy1wcmlj ZSBlbnZpcm 9ubWVudCwg dGhlIGNvbX BhbnkgbWln aHQgcmVzb3 J0IHRvIGN1 dHRpbmcgY2 9zdHMsIHdo aWNoIGNvdW xkIGxlYWQg dG8gYSBkZX RlcmlvcmF0 aW9uIGluIH F1YWxpdHkg b3IgcHJvZH VjdGlvbiBl ZmZpY2llbm N5IG92ZXIg dGltZS48Yn I+UmVnYXJk aW5nIHRoZS BiYWxhbmNl IHNoZWV0LC BzdXN0YWlu ZWQgbG93IG 1hcmdpbnMg YW5kIGNhc2 ggZmxvdyBj b3VsZCBsZW FkIHRvIGlu Y3JlYXNlZC BsZXZlcmFn ZS4gSWYgdG hlIGNvbXBh bnkgbmVlZG VkIHRvIGJv cnJvdyB0by Bjb3ZlciBv cGVyYXRpb2 5hbCBleHBl bnNlcyBvci B0byBtYWlu dGFpbiBsaX F1aWRpdHks IGl0cyBkZW J0IGxldmVs cyBjb3VsZC ByaXNlIHNp Z25pZmljYW 50bHkuIFRo aXMgaW5jcm Vhc2UgaW4g ZGVidCBjb3 VsZCBpbXBh aXIgU2FsTW Fy4oCZcyBh YmlsaXR5IH RvIGZpbmFu Y2UgZ3Jvd3 RoIGFuZCBp bmNyZWFzZS BpdHMgdnVs bmVyYWJpbG l0eSB0byBl Y29ub21pYy Bkb3dudHVy bnMuIE1vcm VvdmVyLCBp ZiBhc3NldC B2YWx1ZXMg d2VyZSB0by BkZWNsaW5l IGFzIGEgcm VzdWx0IG9m IHJlZHVjZW QgcHJvZml0 YWJpbGl0eS wgaXQgY291 bGQgbGVhZC B0byBhbiBl cm9zaW9uIG 9mIGVxdWl0 eSwgYWZmZW N0aW5nIGZp bmFuY2lhbC ByYXRpb3Mg c3VjaCBhcy BkZWJ0LXRv LWVxdWl0eS BhbmQgcmV0 dXJuIG9uIG VxdWl0eS48 YnI+SW4gY2 9uY2x1c2lv biwgYSBzdX N0YWluZWQg ZGVjbGluZS BpbiBzYWxt b24gcHJpY2 VzIGNvdWxk IGNyZWF0ZS BhIGNoYWxs ZW5naW5nIG Vudmlyb25t ZW50IGZvci BTYWxNYXIs IGFkdmVyc2 VseSBpbXBh Y3RpbmcgaX RzIG1hcmdp bnMsIGNhc2 ggZmxvdywg YW5kIG92ZX JhbGwgZmlu YW5jaWFsIH N0YWJpbGl0 eSBvdmVyIH RoZSBuZXh0 IDMtNSB5ZW Fycy4gVGhl IGNvbXBhbn kgbWlnaHQg ZmFjZSBkaW ZmaWN1bHQg Y2hvaWNlcy ByZWdhcmRp bmcgaW52ZX N0bWVudCBp biBmdXR1cm UgZ3Jvd3Ro IG9yIG9wZX JhdGlvbmFs IHN1c3RhaW 5hYmlsaXR5 LCBwb3Rlbn RpYWxseSBs ZWFkaW5nIH RvIGEgbG9u Zy10ZXJtIG RlY2xpbmUg aW4gaXRzIG 1hcmtldCBw b3NpdGlvbi BhbmQgZmlu YW5jaWFsIG hlYWx0aC48 YnI+

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 bG9nb3MvNU 4xSVFRN1F1 WmdoaTFxRT haTEEud2Vi cCIgYWx0PS JTYWxNYXIi IHRpdGxlPS JTYWxNYXIi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgU2FsTWFy 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+RpSBG cmVlIGVCb2 9rIGZvciBu ZXcgdXNlcn M6IDxpPiJU aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz IjwvaT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdVMk ZzVFcgRnlJ SGRoY3lCbS BiM1Z1WkdW a0lHIGx1SU RFNU9URWcg WW5rZ1IzVn pkRyBGMklG ZHBkSHJEIH VHVXNJSGRv YnkgQm9ZV1 FnWW1WbCBi aUIzYjNKcm FXIDVuSUds dUlIUm8gWl NCaGNYVmhZ MyBWc2RIVn laU0JwIGJt UjFjM1J5ZV MgQnphVzVq WlNBeCBPVG N4TGp4aWNq IDR5TGlCVW FHVWcgYm1G dFpTQlRZVy B4TllYSWdZ Mjl0IFpYTW dabkp2YlMg QjBhR1VnWT I5dCBZbWx1 WVhScGIyID RnYjJZZ2RH aGwgSUhkdm NtUnpJSCBO aGJDQW9jMk ZzIGRDa2dZ VzVrSUcgMW hjaUFvYzJW aCBLU3dnY2 1Wd2NtIFZ6 Wlc1MGFXNW 4gSUhSb1pT QmpiMiAxd1 lXNTU0b0Na IGN5QnRZV2 x1SUcgWnZZ M1Z6SUc5dS BJSE5oYkcx dmJpIEJtWV hKdGFXNW4g SUdsdUlIUm 9aUyBCelpX RXVQR0p5IF BqTXVJRk5o YkUgMWhjaU JwY3lCbyBa V0ZrY1hWaG NuIFJsY21W a0lHbHUgSU V0MlpYSjJZ UyB3Z1lTQn piV0ZzIGJD QjJhV3hzWV cgZGxJR2x1 SUU1diBjbm RoZVNCM2FY IFJvSUdFZ2 NHOXcgZFd4 aGRHbHZiaS BCdlppQnZi bXg1IElESX hOU0J3Wlcg OXdiR1V1UE dKeSBQalF1 SUZSb1pTIE JqYjIxd1lX NTUgSUdsek lHOXVaUyBC dlppQjBhR1 VnIGQyOXli R1RpZ0ogbH pJR3hoY21k bCBjM1FnY0 hKdlpIIFZq WlhKeklHOW 0gSUVGMGJH RnVkRyBsak lITmhiRzF2 IGJpd2dkMm wwYUMgQnZj R1Z5WVhScC BiMjV6SUds dUlFIDV2Y2 5kaGVTd2cg U1dObGJHRn VaQyB3Z1lX NWtJRk5qIG IzUnNZVzVr TGogeGljaj QxTGlCVCBZ V3hOWVhJZ2 IzIGR1Y3lC dGIzSmwgSU hSb1lXNGdN VCBVd0lHeH BZMlZ1IGMy VnpJR1p2Y2 kgQnpZV3h0 YjI0ZyBabU Z5YldsdVp5 IEJoYm1RZ2 FHRnogSUdF Z2RHOTBZVy B3Z2NISnZa SFZqIGRHbH ZiaUJqWVgg QmhZMmwwZV NCdiBaaUJ2 ZG1WeUlEIE UzTUN3d01E QWcgZEc5dW JtVnpJRyA5 bUlITmhiRz F2IGJpQnda WElnZVcgVm hjaTQ4WW5J KyBOaTRnVk dobElHIE52 YlhCaGJua2 cgWVd4emJ5 Qm9ZWCBNZ1 lTQnphV2R1 IGFXWnBZMk Z1ZEMgQndj bVZ6Wlc1ai BaU0JwYmlC MGFHIFVnWm 1GeWJXbHUg WnlCdlppQj NhRyBsMFpX WnBjMmdzIE lIQmhjblJw WTMgVnNZWE pzZVNCaiBi MlFzSUhSb2 NtIDkxWjJn Z2FYUnogSU hOMVluTnBa RyBsaGNua2 dUR1Z5IHc3 aDVJRk5sWV cgWnZiMlFn UjNKdiBkWE F1UEdKeVBq IGN1SUVsdU lESXcgTVRj c0lGTmhiRS AxaGNpQmhZ MmhwIFpYWm xaQ0JwZEgg TWdhR2xuYU dWeiBkQzFs ZG1WeUlHID l3WlhKaGRH bHUgWnlCd2 NtOW1hWCBR Z2IyWWdUaz lMIElETXVN aUJpYVcgeH NhVzl1SUNo aCBjSEJ5Yj NocGJXIEYw Wld4NUlDUX ogTlRBZ2JX bHNiRyBsdm JpQlZVMFFw IFBHSnlQam d1SUUgbHVJ R0ZrWkdsMC BhVzl1SUhS dklHIGwwY3 lCd2NtbHQg WVhKNUlHWn ZZMyBWeklH OXVJSE5oIG JHMXZiaUJt WVggSnRhVz VuTENCVCBZ V3hOWVhJZ1 lXIHh6YnlC b1lYTWcgWV NCeVpYTmxZ WCBKamFDQm hibVFnIFpH VjJaV3h2Y0 cgMWxiblFn WkdsMiBhWE 5wYjI0Z2RH IGhoZENCcG N5QmsgWldS cFkyRjBaVy BRZ2RHOGda R1YyIFpXeH ZjR2x1Wnkg QnpkWE4wWV dsdSBZV0pz WlNCaGJtIF FnWldabWFX TnAgWlc1ME lIQnlZVyBO MGFXTmxjeU JtIGIzSWdZ WEYxWVcgTj FiSFIxY21V dSBQR0p5UG prdUlGIE5o YkUxaGNpQn AgY3lCamIy MXRhWCBSMF pXUWdkRzhn IGMzVnpkR0 ZwYm0gRmlh V3hwZEhrcy BJR0Z1WkNC cGJpIEF5TU RFNUxDQjAg YUdVZ1kyOX RjRyBGdWVl S0FtWE1nIF RtOXlkMlZu YVcgRnVJRz l3WlhKaCBk R2x2Ym5NZ1 ltIFZqWVcx bElHTmwgY2 5ScFptbGxa QyBCaWVTQj BhR1VnIFFY RjFZV04xYk ggUjFjbVVn VTNSbCBkMk Z5WkhOb2FY IEFnUTI5MW JtTnAgYkN3 Z1lXNGdhVy A1a1pYQmxi bVJsIGJuUX NJR2x1ZEcg VnlibUYwYV c5dSBZV3dn Ym05dUxYIE J5YjJacGRD QnYgY21kaG JtbDZZWCBS cGIyNHVQR0 p5IFBqRXdM aUJVYUcgVW dZMjl0Y0dG dSBlU0JvWV hNZ1ltIFZs YmlCc2FYTj AgWldRZ2Iy NGdkRyBobE lFOXpiRzhn IFUzUnZZMn NnUlggaGph R0Z1WjJVZy BjMmx1WTJV Z01qIEF3Tn lCaGJtUWcg YUdGeklHTn ZibiBOcGMz UmxiblJzIG VTQmlaV1Z1 SUggSmxZMj luYm1sNiBa V1FnWVhNZ2 IyIDVsSUc5 bUlIUm8gWl NCaVpYTjBM WCBCbGNtWn ZjbTFwIGJt Y2dZMjl0Y0 cgRnVhV1Z6 SUdsdSBJRT V2Y25kaGVl IEtBbVhNZ2 MyVmggWm05 dlpDQnBibS BSMWMzUnll UzQ4IFluSS tNVEV1SUYg TmhiRTFoY2 lCcCBjeUJv WldGMmFXIH g1SUdsdWRt VnogZEdWa0 lHbHVJSCBS bFkyaHViMn h2IFoybGpZ V3dnWVcgUj JZVzVqWlcx bCBiblJ6SU dsdUlIIFJv WlNCaGNYVm ggWTNWc2RI VnlaUyBCcG JtUjFjM1J5 IGVTQmhibV FnYUcgRnpJ R1JsZG1Wcy BiM0JsWkNC dVpYIGNnYz NsemRHVnQg Y3lCbWIzSW djMiBGc2JX OXVJR1poIG NtMXBibWNz SUggTjFZMm dnWVhNZyBj MlZ0YVMxam JHIDl6WldR Z1kyRm4gWl hNZ1lXNWtJ RyBGMWRHOX RZWFJsIFpD Qm1aV1ZrYV cgNW5JSE41 YzNSbCBiWE 11UEdKeVBq IEV5TGlCVW FHVWcgWTI5 dGNHRnVlUy BCcGN5Qmhi SE52IElHdH ViM2R1SUcg WnZjaUJwZE hNZyBjR2hw YkdGdWRHIG h5YjNCcFl5 QmwgWm1adm NuUnpMQyBC cGJtTnNkV1 JwIGJtY2da Rzl1WVggUn BibWNnWm05 diBaQ0JoYm 1RZ1puIFZ1 WkdsdVp5Qj AgYnlCc2Iy TmhiQyBCam IyMXRkVzVw IGRHbGxjeX dnYzMgVndj Rzl5ZEdsdS BaeUJsWkhW allYIFJwYj I0Z1lXNWsg SUhKbGMyVm hjbSBOb0lI QnliMnBsIF kzUnpMQ0Jo Ym0gUWdjM0 J2Ym5OdiBj bWx1WnlCam RXIHgwZFhK aGJDQmwgZG 1WdWRITXUK ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg