Lechwerke

More reviews (2)

Live  

Lechwerke AG (LEW) is a German power company headquartered in Augsburg. It was founded in 1906 as the Augsburg Gasworks and Electric Company and changed its name to Lechwerke AG in 1992.
The company’s main business activities are the generation, distribution, and sale of electricity, as well as gas, water, and district heating. Lechwerke operates a large network of power plants and power grids in the Bavarian region, supplying electricity to around 3 million customers.
In addition to its traditional electricity and gas business, Lechwerke has expanded into renewable energy sources, such as wind power and biomass, and offers energy efficiency services and energy management solutions for businesses.
The company prides itself on its commitment to sustainability and has received multiple awards for its efforts in this area, such as the “Green Brands” certification.
Lechwerke is a part of the German energy conglomerate RWE, which has a 28% stake in the company. The remaining shares are owned by the city of Augsburg and surrounding municipalities.
Overall, Lechwerke is a major player in the Bavarian energy market and continues to grow and innovate in the energy sector.

TGVjaHdlcm tlIGlzIGEg Y29tcGFueS B0aGF0IGhl bHBzIGJyaW 5nIGVsZWN0 cmljaXR5IH RvIGhvbWVz IGFuZCBidX NpbmVzc2Vz LiBJbWFnaW 5lIGhvdyB5 b3UgbmVlZC BsaWdodCB0 byBzZWUgdG hpbmdzIGF0 IG5pZ2h0IG 9yIHRvIHBv d2VyIHlvdX IgZmF2b3Jp dGUgdmlkZW 8gZ2FtZXMu IExlY2h3ZX JrZSBtYWtl cyBzdXJlIH RoYXQgd2hl biB5b3UgZm xpcCBhIHN3 aXRjaCwgdG hlIGxpZ2h0 cyB0dXJuIG 9uIGFuZCB0 aGUgZGV2aW NlcyB3b3Jr LiA8YnI+VG hleSBtYWtl IG1vbmV5IG J5IGNoYXJn aW5nIHBlb3 BsZSBhbmQg YnVzaW5lc3 NlcyBmb3Ig dGhlIGVsZW N0cmljaXR5 IHRoZXkgcH JvdmlkZS4g SXTigJlzIG tpbmQgb2Yg bGlrZSBwYX lpbmcgZm9y IGEgZHJpbm sgYXQgYSBz dG9yZTsgeW 91IHBheSBm b3IgdGhlIG VsZWN0cmlj aXR5IHlvdS B1c2UgZWFj aCBtb250aC 4gPGJyPkxl Y2h3ZXJrZS BpcyBzdWNj ZXNzZnVsIG ZvciBhIGZl dyByZWFzb2 5zLiBGaXJz dCwgcGVvcG xlIHdpbGwg YWx3YXlzIG 5lZWQgZWxl Y3RyaWNpdH ksIG5vIG1h dHRlciB3aG F0LiBJdOKA mXMgdmVyeS BpbXBvcnRh bnQgZm9yIG V2ZXJ5ZGF5 IGxpZmUsIH doaWNoIG1l YW5zIHRoZX JlIHdpbGwg YWx3YXlzIG JlIGN1c3Rv bWVycy4gU2 Vjb25kLCB0 aGV5IHdvcm sgaGFyZCB0 byBrZWVwIH RoZWlyIHNl cnZpY2VzIH JlbGlhYmxl IGFuZCBhZm ZvcmRhYmxl LCBzbyBtb3 JlIHBlb3Bs ZSB3YW50IH RvIHVzZSB0 aGVtLiBUaG lyZCwgdGhl eSBhcmUgYW xzbyBleHBs b3Jpbmcgbm V3IHdheXMg dG8gY3JlYX RlIGVsZWN0 cmljaXR5IG Zyb20gcmVu ZXdhYmxlIH NvdXJjZXMg bGlrZSB3aW 5kIGFuZCBz dW4sIHdoaW NoIGlzIGJl dHRlciBmb3 IgdGhlIGVu dmlyb25tZW 50LiA8YnI+ SW4gdGhlIG Z1dHVyZSwg YXMgbW9yZS BwZW9wbGUg c3RhcnQgdG 8gY2FyZSBh Ym91dCB1c2 luZyBjbGVh biBlbmVyZ3 kgYW5kIGFz IHRlY2hub2 xvZ3kgZ2V0 cyBiZXR0ZX IsIExlY2h3 ZXJrZSB3aW xsIGxpa2Vs eSBjb250aW 51ZSB0byBn cm93IGFuZC BzdWNjZWVk IGJlY2F1c2 UgdGhleSBh cmUgYWRhcH RpbmcgdG8g d2hhdCBwZW 9wbGUgbmVl ZC4gU28sIG FzIGxvbmcg YXMgdGhleS BrZWVwIGRv aW5nIGEgZ2 9vZCBqb2Is IHRoZXkgc2 hvdWxkIGJl IGFyb3VuZC Bmb3IgYSBs b25nIHRpbW UhPGJyPg==

MS4gSGlzdG 9yeSBhbmQg VHJhZGl0aW 9uOiBMZWNo d2Vya2UgKE xFVykgaXMg b25lIG9mIH RoZSBvbGRl c3QgZW5lcm d5IGNvbXBh bmllcyBpbi BHZXJtYW55 LCB3aXRoIG EgaGlzdG9y eSBkYXRpbm cgYmFjayB0 byAxODk4Li BJdCBoYXMg YSBsb25nLX N0YW5kaW5n IHRyYWRpdG lvbiBvZiBw cm92aWRpbm cgcmVsaWFi bGUgZW5lcm d5IHNlcnZp Y2VzIHRvIG l0cyBjdXN0 b21lcnMuPG JyPjIuIFJl bmV3YWJsZS BFbmVyZ3k6 IExFVyBpcy Bjb21taXR0 ZWQgdG8gcH JvbW90aW5n IGFuZCBpbn Zlc3Rpbmcg aW4gcmVuZX dhYmxlIGVu ZXJneSBzb3 VyY2VzIHN1 Y2ggYXMgc2 9sYXIsIHdp bmQsIGFuZC BoeWRybyBw b3dlci4gSX QgaGFzIG9u ZSBvZiB0aG UgbGFyZ2Vz dCByZW5ld2 FibGUgZW5l cmd5IHBvcn Rmb2xpb3Mg YW1vbmcgR2 VybWFuIHV0 aWxpdGllcy 48YnI+My4g TW9kZXJuIF RlY2hub2xv Z3k6IFRoZS Bjb21wYW55 IGNvbnRpbn VvdXNseSBp bnZlc3RzIG luIG1vZGVy biBhbmQgaW 5ub3ZhdGl2 ZSB0ZWNobm 9sb2dpZXMg dG8gb3B0aW 1pemUgaXRz IGVuZXJneS Bzb3VyY2Vz IGFuZCBzZX J2aWNlcy4g VGhpcyBpbm NsdWRlcyBz bWFydCBncm lkIHNvbHV0 aW9ucywgZG lnaXRhbCBt ZXRlcmluZy wgYW5kIGVu ZXJneSBzdG 9yYWdlIHN5 c3RlbXMuPG JyPjQuIFJl Z2lvbmFsIE ZvY3VzOiBM RVcgZm9jdX NlcyBvbiBw cm92aWRpbm cgZW5lcmd5 IHNlcnZpY2 VzIGluIHRo ZSBzb3V0aH dlc3QgcmVn aW9uIG9mIE JhdmFyaWEs IEdlcm1hbn ksIGFuZCBp cyBkZWVwbH kgcm9vdGVk IGluIHRoZS Bsb2NhbCBj b21tdW5pdH kuIEl0IGlz IGNvbW1pdH RlZCB0byBw cm9tb3Rpbm cgZWNvbm9t aWMgYW5kIH NvY2lhbCBk ZXZlbG9wbW VudCBpbiB0 aGUgcmVnaW 9uLjxicj41 LiBDdXN0b2 1lci1DZW50 cmljIEFwcH JvYWNoOiBM RVcgcGxhY2 VzIGEgc3Ry b25nIGVtcG hhc2lzIG9u IGN1c3RvbW VyIHNhdGlz ZmFjdGlvbi BhbmQgcHJv dmlkZXMgYS B3aWRlIHJh bmdlIG9mIH NlcnZpY2Vz LCBpbmNsdW RpbmcgZW5l cmd5IGNvbn N1bHRpbmcs IGVuZXJneS 1zYXZpbmcg bWVhc3VyZX MsIGFuZCBv bmxpbmUgdG 9vbHMgZm9y IGN1c3RvbW VycyB0byBt YW5hZ2UgdG hlaXIgZW5l cmd5IHVzYW dlLjxicj42 LiBTdXN0YW luYWJpbGl0 eTogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGNv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHkgYW5k IGFpbXMgdG 8gbWluaW1p emUgaXRzIG Vudmlyb25t ZW50YWwgaW 1wYWN0LiBJ dCBoYXMgaW 1wbGVtZW50 ZWQgdmFyaW 91cyBpbml0 aWF0aXZlcy BzdWNoIGFz IHJlZHVjaW 5nIENPMiBl bWlzc2lvbn MgYW5kIHBy b21vdGluZy BlbmVyZ3kg ZWZmaWNpZW 5jeS48YnI+ Ny4gU3Ryb2 5nIFBhcnRu ZXJzaGlwcz ogTEVXIGhh cyBlc3RhYm xpc2hlZCBz dHJhdGVnaW MgcGFydG5l cnNoaXBzIH dpdGggb3Ro ZXIgZW5lcm d5IGNvbXBh bmllcywgdG VjaG5vbG9n eSBwcm92aW RlcnMsIGFu ZCByZXNlYX JjaCBpbnN0 aXR1dGVzIH RvIGRyaXZl IGlubm92YX Rpb24gYW5k IGZpbmQgc3 VzdGFpbmFi bGUgc29sdX Rpb25zIGZv ciB0aGUgZW 5lcmd5IHNl Y3Rvci48Yn I+OC4gRW1w bG95ZWUgRG V2ZWxvcG1l bnQ6IFRoZS Bjb21wYW55 IGludmVzdH MgaW4gdGhl IGRldmVsb3 BtZW50IG9m IGl0cyBlbX Bsb3llZXMg YW5kIGZvc3 RlcnMgYSBj dWx0dXJlIG 9mIGNvbnRp bnVvdXMgbG Vhcm5pbmcg YW5kIGltcH JvdmVtZW50 LiBJdCBhbH NvIG9mZmVy cyB2YXJpb3 VzIGhlYWx0 aCBhbmQgd2 VsbC1iZWlu ZyBwcm9ncm FtcyBmb3Ig aXRzIGVtcG xveWVlcy48 YnI+OS4gU2 9jaWFsIFJl c3BvbnNpYm lsaXR5OiBM RVcgaXMgYW N0aXZlbHkg aW52b2x2ZW QgaW4gc29j aWFsIGFuZC BjaGFyaXRh YmxlIGluaX RpYXRpdmVz LCBzdXBwb3 J0aW5nIGxv Y2FsIHByb2 plY3RzIGFu ZCBvcmdhbm l6YXRpb25z IGluIGl0cy ByZWdpb24u PGJyPjEwLi BBd2FyZC13 aW5uaW5nOi BUaGUgY29t cGFueSBoYX MgcmVjZWl2 ZWQgbnVtZX JvdXMgYXdh cmRzIGFuZC ByZWNvZ25p dGlvbiBmb3 IgaXRzIGlu bm92YXRpdm Ugc29sdXRp b25zLCBjdX N0b21lciBz ZXJ2aWNlLC BhbmQgY29t bWl0bWVudC B0byBzdXN0 YWluYWJpbG l0eS4gVGhp cyBpbmNsdW RlcyBiZWlu ZyBuYW1lZC BHZXJtYW55 J3MgIkJlc3 QgRW5lcmd5 IFN1cHBsaW VyIiBtdWx0 aXBsZSB0aW 1lcyBieSBG b2N1cyBNb2 5leSBNYWdh emluZS4=

VGhlIExlY2 h3ZXJrZSBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgaXMgZm9j dXNlZCBvbi Bwcm92aWRp bmcgZW5lcm d5IGFuZCBy ZWxhdGVkIH NlcnZpY2Vz IHRvIHJlc2 lkZW50aWFs LCBjb21tZX JjaWFsLCBh bmQgaW5kdX N0cmlhbCBj dXN0b21lcn MgaW4gdGhl IExlY2ggcm VnaW9uIG9m IEdlcm1hbn kuIFRoaXMg aW5jbHVkZX MgZ2VuZXJh dGluZyBhbm QgZGlzdHJp YnV0aW5nIG VsZWN0cmlj aXR5IGFuZC BuYXR1cmFs IGdhcywgcH JvdmlkaW5n IGVuZXJneS BlZmZpY2ll bmN5IHNlcn ZpY2VzLCBh bmQgb2ZmZX JpbmcgdmFy aW91cyBlbm VyZ3ktcmVs YXRlZCBwcm 9kdWN0cyBh bmQgY29uc3 VsdGluZyBz ZXJ2aWNlcy 4gVGhlIGNv bXBhbnkgYW xzbyBhaW1z IHRvIHByb2 1vdGUgc3Vz dGFpbmFiaW xpdHkgYW5k IGVudmlyb2 5tZW50YWwg cmVzcG9uc2 liaWxpdHkg aW4gaXRzIG 9wZXJhdGlv bnMgYW5kIH NlcnZpY2Vz Lg==

Assessing whether AI poses a material threat to Lechwerke, a company involved in the energy sector, requires considering several factors related to its products, services, and competitive positioning.
1. Substitution: AI can lead to the development of new technologies and energy solutions that could potentially substitute Lechwerke’s offerings. For example, advancements in renewable energy sources, energy storage solutions, or AI-driven energy management systems could offer alternative options for consumers that might compete directly with Lechwerke’s services. If the company does not adapt or innovate alongside these trends, it could face substitution risks.
2. Disintermediation: The rise of AI could facilitate disintermediation in the energy market. For instance, blockchain technology, combined with AI, could enable peer-to-peer energy trading, allowing consumers to buy and sell energy directly without relying on traditional energy providers like Lechwerke. This could weaken the company’s market position by reducing its customer base and revenue streams.
3. Margin Pressure: AI technologies often lead to increased efficiency and reduced operational costs. If competitors adopt AI solutions effectively, they may be able to offer more competitive pricing, thereby exerting pressure on Lechwerke’s margins. Moreover, if AI provides competitors with enhanced data analytics capabilities, they may gain deeper insights into customer preferences, leading to better-targeted offerings that could further erode Lechwerke’s market share.
In summary, AI has the potential to pose material threats to Lechwerke through substitution, disintermediation, and margin pressure. The company will need to strategically incorporate AI into its operations and offerings to mitigate these risks and enhance its competitive positioning in the energy market.

Lechwerke AG, like many utility companies, has financial metrics that can be sensitive to changes in interest rates due to several factors inherent to its business model.
1. Earnings Sensitivity: Interest rate changes can affect Lechwerke’s earnings primarily through their impact on financing costs. If interest rates rise, the cost of servicing debt increases, which can reduce net income. Additionally, higher rates may slow economic growth, impacting electricity demand and potentially reducing revenue.
2. Cash Flow Sensitivity: Cash flows are also sensitive to interest rates for similar reasons. Increased borrowing costs can lead to lower operational cash flow if the company has significant debt. Lechwerke might also face challenges in collecting revenues if higher interest rates lead to reduced consumer spending or increased defaults.
3. Valuation Sensitivity: The valuation of Lechwerke is influenced by interest rates through the discount rate applied in valuation models. Higher interest rates increase the discount rate, which lowers the present value of future cash flows, resulting in a lower valuation. Conversely, if rates fall, the present value of cash flows increases, which can enhance the company’s valuation.
In summary, Lechwerke’s earnings, cash flow, and overall valuation are sensitive to interest rate fluctuations, driven primarily by changes in debt financing costs, economic impacts on revenue, and alterations in discount rates used in valuation models.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BMZWNod2Vy a2XigJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg cmVndWxhdG 9yeSBzaGlm dCB0b3dhcm RzIGEgZGVj YXJib25pem VkIGVuZXJn eSBzeXN0ZW 0sIGNvdXBs ZWQgd2l0aC BhIG1hc3Np dmUgaW5jcm Vhc2UgaW4g cmVuZXdhYm xlIGVuZXJn eSBwcm9kdW N0aW9uLiBU aGlzIHNjZW 5hcmlvIGNv dWxkIGJlIG RyaXZlbiBi eSBzdHJpY3 RlciBnb3Zl cm5tZW50IH BvbGljaWVz IGFpbWVkIG F0IHJlZHVj aW5nIGNhcm JvbiBlbWlz c2lvbnMsIG hpZ2gtcHJv ZmlsZSBjbG ltYXRlIGFn cmVlbWVudH MsIGFuZCBh biBhY2NlbG VyYXRlZCB0 cmFuc2l0aW 9uIGF3YXkg ZnJvbSBmb3 NzaWwgZnVl bHMuPGJyPk luIHRoaXMg c2NlbmFyaW 8sIHNldmVy YWwgZmFjdG 9ycyBjb3Vs ZCBuZWdhdG l2ZWx5IGlt cGFjdCBMZW Nod2Vya2U6 PGJyPjEuID xzdHJvbmc+ SW5jcmVhc2 VkIENvbXBl dGl0aW9uOj wvc3Ryb25n PiBUaGUgcH VzaCBmb3Ig cmVuZXdhYm xlcyBjb3Vs ZCBhdHRyYW N0IG5ldyBw bGF5ZXJzIG ludG8gdGhl IGVuZXJneS BtYXJrZXQs IGRyaXZpbm cgZG93biBw cmljZXMgYW 5kIGNvbXBy ZXNzaW5nIG 1hcmdpbnMu IEVzdGFibG lzaGVkIGNv bXBhbmllcy B0aGF0IGZh aWwgdG8gYW RhcHQgcXVp Y2tseSBtYX kgZmluZCB0 aGVtc2Vsdm VzIGxvc2lu ZyBtYXJrZX Qgc2hhcmUu PGJyPjIuID xzdHJvbmc+ SW5mcmFzdH J1Y3R1cmUg T3ZlcmhhdW wgQ29zdHM6 PC9zdHJvbm c+IFRyYW5z aXRpb25pbm cgdG8gcmVu ZXdhYmxlIH NvdXJjZXMg bGlrZSB3aW 5kIGFuZCBz b2xhciBtYX kgcmVxdWly ZSBzdWJzdG FudGlhbCBp bnZlc3RtZW 50cyBpbiBu ZXcgaW5mcm FzdHJ1Y3R1 cmUgb3Igcm V0cm9maXR0 aW5nIGV4aX N0aW5nIHN5 c3RlbXMuIF N1Y2ggY2Fw aXRhbCBleH BlbmRpdHVy ZXMgY291bG Qgc3RyYWlu IGNhc2ggZm xvd3MsIHBh cnRpY3VsYX JseSBpZiB0 aGUgaW52ZX N0bWVudHMg ZG8gbm90IH lpZWxkIGlt bWVkaWF0ZS ByZXR1cm5z Ljxicj4zLi A8c3Ryb25n PlJlZ3VsYX RvcnkgQ29t cGxpYW5jZS BDb3N0czo8 L3N0cm9uZz 4gU3RyaWN0 ZXIgZW52aX Jvbm1lbnRh bCByZWd1bG F0aW9ucyBj b3VsZCBsZW FkIHRvIGhp Z2hlciBjb2 1wbGlhbmNl IGNvc3RzLi BJZiBMZWNo d2Vya2UgaX MgdW5hYmxl IHRvIHBhc3 MgdGhlc2Ug Y29zdHMgb2 50byBjb25z dW1lcnMsIG l0IGNvdWxk IGh1cnQgcH JvZml0IG1h cmdpbnMuPG JyPjQuIDxz dHJvbmc+VG VjaG5vbG9n aWNhbCBEaX NydXB0aW9u czo8L3N0cm 9uZz4gQWR2 YW5jZXMgaW 4gYmF0dGVy eSBzdG9yYW dlIG9yIGRp c3RyaWJ1dG VkIGdlbmVy YXRpb24gdG VjaG5vbG9n aWVzIGNvdW xkIGRpbWlu aXNoIHRoZS BkZW1hbmQg Zm9yIHRyYW RpdGlvbmFs IHNlcnZpY2 VzIHRoYXQg TGVjaHdlcm tlIG9mZmVy cywgZGVjcm Vhc2luZyBy ZXZlbnVlLj xicj5JZiB0 aGlzIHNjZW 5hcmlvIHBs YXllZCBvdX QsIHRoZSBj b21wYW554o CZcyBmaW5h bmNpYWwgaW 5kaWNhdG9y cyB3b3VsZC BsaWtlbHkg cmVmbGVjdC BzZXJpb3Vz IGNoYWxsZW 5nZXM6PGJy Pi0gPHN0cm 9uZz5NYXJn aW5zOjwvc3 Ryb25nPiBQ cm9maXQgbW FyZ2lucyBj b3VsZCBjb2 50cmFjdCBz aWduaWZpY2 FudGx5IGR1 ZSB0byBpbm NyZWFzZWQg Y29tcGV0aX Rpb24sIGhp Z2hlciBvcG VyYXRpb25h bCBjb3N0cy wgYW5kIHRo ZSBpbmFiaW xpdHkgdG8g cmFpc2UgcH JpY2VzIGFj Y29yZGluZ2 x5LiBUaGlz IGNvdWxkIH B1c2ggbWFy Z2lucyBkb3 duIHRvIGEg Y3JpdGljYW wgcG9pbnQg d2hlcmUgcH JvZml0YWJp bGl0eSBpcy BpbiBqZW9w YXJkeS48Yn I+LSA8c3Ry b25nPkNhc2 ggRmxvdzo8 L3N0cm9uZz 4gQ2FzaCBm bG93IHdvdW xkIGxpa2Vs eSBkaW1pbm lzaCBhcyB0 aGUgY29tcG FueSBpbnZl c3RzIGhlYX ZpbHkgaW4g aW5mcmFzdH J1Y3R1cmUg dG8gYWRhcH QgdG8gdGhl IG5ldyByZW d1bGF0b3J5 IGVudmlyb2 5tZW50LCBj b21iaW5lZC B3aXRoIHBv dGVudGlhbC ByZXZlbnVl IGRlY2xpbm VzIGZyb20g cmVkdWNlZC BzYWxlcyBv ZiB0cmFkaX Rpb25hbCBl bmVyZ3kgc2 91cmNlcy4g TmVnYXRpdm UgY2FzaCBm bG93IGNvdW xkIGxpbWl0 IG9wZXJhdG lvbmFsIGZs ZXhpYmlsaX R5IGFuZCBo aW5kZXIgaW 52ZXN0bWVu dHMuPGJyPi 0gPHN0cm9u Zz5CYWxhbm NlIFNoZWV0 Ojwvc3Ryb2 5nPiBUaGUg YmFsYW5jZS BzaGVldCBj b3VsZCB3ZW FrZW4gZHVl IHRvIGluY3 JlYXNlZCBk ZWJ0IGZyb2 0gZmluYW5j aW5nIGNhcG l0YWwgZXhw ZW5kaXR1cm VzIGZvciBu ZXcgdGVjaG 5vbG9neSBh bmQgaW5mcm FzdHJ1Y3R1 cmUuIElmIH JldmVudWVz IGRlY2xpbm UgYW5kIGNh c2ggZmxvd3 Mgd2Vha2Vu LCBsZXZlcm FnZSByYXRp b3MgY291bG QgcmlzZSwg Y2F1c2luZy Bjb25jZXJu cyByZWdhcm RpbmcgdGhl IGNvbXBhbn nigJlzIHNv bHZlbmN5IG FuZCBvdmVy YWxsIGZpbm FuY2lhbCBo ZWFsdGguPG JyPkluIGNv bmNsdXNpb2 4sIHRoaXMg cmVndWxhdG 9yeSBhbmQg bWFya2V0IG Vudmlyb25t ZW50IGNvdW xkIGNyZWF0 ZSBhIHBlcn Npc3RlbnQg bmVnYXRpdm UgZWNvbm9t aWMgc3Bpcm FsIGZvciBM ZWNod2Vya2 UsIGFmZmVj dGluZyBpdH Mga2V5IGZp bmFuY2lhbC BtZXRyaWNz IGFuZCBwb3 RlbnRpYWxs eSBsZWFkaW 5nIHRvIGxv bmctdGVybS B2aWFiaWxp dHkgaXNzdW VzIGlmIHRo ZSBjb21wYW 55IGNhbm5v dCBhZGFwdC BlZmZlY3Rp dmVseSB0by B0aGUgc2hp ZnRpbmcgbG FuZHNjYXBl Ljxicj4=

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 bG9nb3MvNj ZYUHRWNTRB bEhNTHBCVD dDNTAud2Vi cCIgYWx0PS JMZWNod2Vy a2UiIHRpdG xlPSJMZWNo d2Vya2UiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9NTAgd2 lkdGg9NTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg TGVjaHdlcm tlPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+Gky BEaXNjb3Zl ciA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IOKA lCBmcmVlIG VCb29rIQog 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 AgTVM0Z1Jt OTFibSBSbF pDQnBiaUF4 IE9URXdPaU JNWlcgTm9k MlZ5YTJVcy BJRzl5SUV4 RlZ5IHdnZD JGeklHWnYg ZFc1a1pXUW dhVyA0Z1FY Vm5jMkoxIG NtY3NJRWRs Y20gMWhibm tnYVc0ZyBN VGt4TUNCaG N5IEJoSUhK bFoybHYgYm 1Gc0lIQnZk MiBWeUlHTn ZiWEJoIGJu a3VQR0p5UG ogSXVJRkJ5 YjNacCBaR1 Z6SUdWc1pX IE4wY21sam FYUjUgSUdG dVpDQm5ZWC BNNklGUm9a U0JqIGIyMX dZVzU1SUgg QnliM1pwWk dWeiBJR1Zz WldOMGNtIG xqYVhSNUlH RnUgWkNCbl lYTWdkRyA4 Z1lYSnZkVz VrIElEUXdN Q3d3TUQgQW dhRzkxYzJW byBiMnhrY3 l3Z1luIFZ6 YVc1bGMzTm wgY3l3Z1lX NWtJSCBCMV lteHBZeUJt IFlXTnBiR2 wwYVcgVnpJ R2x1SUhSby BaU0J5Wldk cGIyIDRnYj JZZ1FtRjIg WVhKcFlXNG dVMyBkaFlt bGhManhpIG NqNHpMaUJR WVggSjBJRz ltSUhSbyBa U0JTVjBVZ1 IzIEp2ZFhB NklFbHUgSU RJd01qQXNJ RSB4RlZ5Qm laV05oIGJX VWdjR0Z5ZE MgQnZaaUIw YUdVZyBVbG RGSUVkeWIz IFZ3TENCdm JtVWcgYjJZ Z1JYVnliMy BCbDRvQ1pj eUJzIFpXRm thVzVuSUcg VnNaV04wY2 1saiBhWFI1 SUdGdVpDIE JuWVhNZ1ky OXQgY0dGdW FXVnpMaiB4 aWNqNDBMaU JHIGIyTjFj eUJ2YmkgQn laVzVsZDJG aSBiR1VnWl c1bGNtIGQ1 T2lCTVJWY2 cgYUdGeklH RWdjMyBSeW IyNW5JR1p2 IFkzVnpJRz l1SUggSmxi bVYzWVdKcy BaU0JsYm1W eVozIGtnWV c1a0lHbHog SUc5dVpTQn ZaaSBCMGFH VWdiR0Z5IF oyVnpkQ0J6 ZFggQndiR2 xsY25NZyBi MllnWjNKbF pXIDRnWld4 bFkzUnkgYV dOcGRIa2dh VyA0Z1IyVn liV0Z1IGVT NDhZbkkrTl MgNGdWbWx5 ZEhWaCBiQ0 J3YjNkbGNp IEJ3YkdGdW REb2cgVkdo bElHTnZiWC BCaGJua2di M0JsIGNtRj BaWE1nWVMg QjJhWEowZF dGcyBJSEJ2 ZDJWeUlIIE JzWVc1MExD QjMgYUdsam FDQmpiMiA1 dVpXTjBjeU J6IGJXRnNi Q0J3Y20gOW tkV05sY25N ZyBiMllnYz I5c1lYIEln WVc1a0lIZH AgYm1RZ1pX NWxjbSBkNU lIUnZJR055 IFpXRjBaU0 JoSUcgeGhj bWRsY2lCaC BibVFnYlc5 eVpTIEJsWm 1acFkybGwg Ym5RZ1pXNW xjbSBkNUlI TnZkWEpqIF pTNDhZbkkr TmkgNGdRWG RoY21RdCBk Mmx1Ym1sdV p5IEJsYm1W eVoza2cgYz NSdmNtRm5a UyBCemVYTj BaVzA2IElF bHVJREl3TV QgWXNJRXhG VnlCMyBiMj RnZEdobElI IEJ5WlhOMG FXZHAgYjNW eklFZGxjbS AxaGJpQlRk WE4wIFlXbH VZV0pwYkcg bDBlU0JCZD JGeSBaQ0Jt YjNJZ2FYIF J6SUdsdWJt OTIgWVhScG RtVWdaVyA1 bGNtZDVJSE 4wIGIzSmha MlVnYzMgbH pkR1Z0TENC MyBhR2xqYU NCMWMyIFZ6 SUdodmJXVW cgWW1GMGRH VnlhVyBWek lIUnZJSE4w IGIzSmxJR1 Y0WTIgVnpj eUJ6YjJ4aC BjaUJsYm1W eVozIGt1UE dKeVBqY3Ug SUVOdmJXMT FibSBsMGVT QnBiblp2IG JIWmxiV1Z1 ZEQgb2dURV ZYSUdseiBJ R0ZqZEdsMl pXIHg1SUds dWRtOXMgZG 1Wa0lHbHVJ SCBSb1pTQm piMjF0IGRX NXBkR2xsY3 kgQnBkQ0J6 WlhKMiBaWE 1nWVc1a0lI IE4xY0hCdm NuUnogSUd4 dlkyRnNJRy BsdWFYUnBZ WFJwIGRtVn pJR0Z1WkMg QndjbTlxWl dOMCBjeUJ5 Wld4aGRHIF ZrSUhSdklI TjEgYzNSaG FXNWhZbSBs c2FYUjVMQ0 JsIFpIVmpZ WFJwYjIgNH NJR0Z1WkNC eiBiMk5wWV d3Z2QyIFZz Wm1GeVpTND ggWW5JK09D NGdUVyA5aW FXeGxJR04x IGMzUnZiV1 Z5SUggTmxj blpwWTJVNi BJRlJvWlNC amIyIDF3WV c1NUlHOW0g Wm1WeWN5Qm hJRyAxdllt bHNaU0JqIG RYTjBiMjFs Y2kgQnpaWE oyYVdObCBJ R0Z3Y0N3Z1 lXIHhzYjNk cGJtY2cgWT NWemRHOXRa WCBKeklIUn ZJR1ZoIGMy bHNlU0J0WV cgNWhaMlVn ZEdobCBhWE lnWlc1bGNt IGQ1SUdGal kyOTEgYm5S eklHRnVaQy BCaFkyTmxj M01nIGFXNW 1iM0p0WVgg UnBiMjRnWV dKdiBkWFFn ZEdobGFYIE lnWlc1bGNt ZDUgSUhWel lXZGxMaiB4 aWNqNDVMaU JGIGVIQmhi bk5wYjIgNG djR3hoYm5N NiBJRWx1SU dGa1pHIGww YVc5dUlIUn YgSUdsMGN5 QnZjRyBWeV lYUnBiMjV6 IElHbHVJRU poZG0gRnlh V0Z1SUZOMy BZV0pwWVN3 Z1RFIFZYSU hCc1lXNXog SUhSdklHVj RjRyBGdVpD QnBkSE1nIF luVnphVzVs YzMgTWdkRz hnYjNSbyBa WElnY0dGeW RIIE1nYjJZ Z1IyVnkgYl dGdWVTQmhi bSBRZ1ltVm piMjFsIElH RWdiR1ZoWk cgbHVaeUJ3 Y205MiBhV1 JsY2lCdlpp IEJuY21WbG JpQmwgYm1W eVoza3VQRy BKeVBqRXdM aUJVIGNuVn pkR1ZrSUcg SnlZVzVrT2 lCTSBSVmNn YUdGeklHIE psWlc0Z1ky OXUgYzJsem RHVnVkRyB4 NUlISmhibX RsIFpDQmhj eUJ2Ym0gVW diMllnZEdo bCBJRzF2Yz NRZ2RIIEox YzNSbFpDQm ggYm1RZ1kz VnpkRyA5dF pYSXRabkpw IFpXNWtiSG tnWlcgNWxj bWQ1SUdOdi BiWEJoYm1s bGN5IEJwYm lCSFpYSnQg WVc1NUxnPT 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg