Cementos Pacasmayo

Live  

Cementos Pacasmayo is a leading Peruvian cement manufacturer, founded in 1957 and headquartered in the city of Lima. The company produces and sells cement, concrete, and other building materials under the brand names "Pacasmayo" and "San Juan." With over 60 years of experience, Cementos Pacasmayo has become a well-established and trusted brand in Peru's construction sector.
The company operates three cement plants in the cities of Pacasmayo, Rioja, and Piura, which have a total production capacity of 4.9 million tons per year. It also has 17 concrete plants, 11 aggregate plants, and 1 lime plant. These facilities allow Cementos Pacasmayo to serve both the northern and central regions of Peru.
In addition to its domestic operations, the company also exports its products to other Latin American countries, including Colombia, Chile, Ecuador, and Bolivia. It also has a presence in the United States, where it operates a distribution center in Miami, Florida.
Cementos Pacasmayo has a strong commitment to sustainability and has implemented various initiatives to minimize its environmental impact and promote social development in the communities where it operates. Its efforts have been recognized with several awards, including the National Award for Environmental Excellence and the UN Global Compact award for responsible practices.
Overall, Cementos Pacasmayo is a reliable and well-respected company in the construction industry, known for its high-quality products and commitment to sustainability.

Cementos Pacasmayo is a company that makes cement, which is a special powder used to build strong things like houses, bridges, and roads. When you mix cement with sand, gravel, and water, it creates concrete, which is super strong and lasts a long time.
The way Cementos Pacasmayo makes money is by selling this cement to builders and construction companies. When people want to build something, they need a lot of cement, and if those companies buy it from Cementos Pacasmayo, the company earns money.
Cementos Pacasmayo is successful for several reasons. First, they have been around for a long time and know a lot about making high-quality cement. Second, they have very good factories and use modern machines that help them make cement efficiently. This means they can produce a lot of cement quickly and keep their costs low.
Additionally, there are always buildings, roads, and other construction projects happening, so there’s a constant demand for cement. Because they are reliable and well-known, many people trust Cementos Pacasmayo to provide the cement they need.
Looking into the future, Cementos Pacasmayo is likely to keep being successful because cities and towns will continue to grow, which means they will need more buildings and roads. Also, they might invest in making their production even better or find ways to make more eco-friendly cement, which is becoming important as people care more about the environment. All these things help ensure the company will keep doing well for a long time.

MS4gTG9uZy BIaXN0b3J5 OiBDZW1lbn RvcyBQYWNh c21heW8gaG FzIGJlZW4g aW4gb3Blcm F0aW9uIHNp bmNlIDE5ND ksIG1ha2lu ZyBpdCBvbm Ugb2YgdGhl IG9sZGVzdC BhbmQgbW9z dCBlc3RhYm xpc2hlZCBj b21wYW5pZX MgaW4gdGhl IFBlcnV2aW FuIGNvbnN0 cnVjdGlvbi BpbmR1c3Ry eS48YnI+Mi 4gTGVhZGlu ZyBDZW1lbn QgUHJvZHVj ZXI6IFRoZS Bjb21wYW55 IGlzIHRoZS BzZWNvbmQt bGFyZ2VzdC BjZW1lbnQg cHJvZHVjZX IgaW4gUGVy dSwgd2l0aC BhIG1hcmtl dCBzaGFyZS BvZiBhcHBy b3hpbWF0ZW x5IDIyJS48 YnI+My4gRG l2ZXJzZSBQ cm9kdWN0IF BvcnRmb2xp bzogSW4gYW RkaXRpb24g dG8gY2VtZW 50LCB0aGUg Y29tcGFueS BhbHNvIHBy b2R1Y2VzIG 90aGVyIGNv bnN0cnVjdG lvbiBtYXRl cmlhbHMgc3 VjaCBhcyBj b25jcmV0ZS wgcHJlY2Fz dCBwcm9kdW N0cywgYW5k IGFnZ3JlZ2 F0ZS4gVGhp cyBhbGxvd3 MgaXQgdG8g Y2F0ZXIgdG 8gZGlmZmVy ZW50IHNlZ2 1lbnRzIG9m IHRoZSBjb2 5zdHJ1Y3Rp b24gaW5kdX N0cnkuPGJy PjQuIFNvY2 lhbCBSZXNw b25zaWJpbG l0eTogQ2Vt ZW50b3MgUG FjYXNtYXlv IGlzIGNvbW 1pdHRlZCB0 byBzdXN0YW luYWJsZSBk ZXZlbG9wbW VudCBhbmQg aGFzIHZhcm lvdXMgaW5p dGlhdGl2ZX MgdG8gcHJv bW90ZSBlZH VjYXRpb24s IGhlYWx0aC wgYW5kIGVu dmlyb25tZW 50YWwgY29u c2VydmF0aW 9uIGluIHRo ZSBjb21tdW 5pdGllcyB3 aGVyZSBpdC BvcGVyYXRl cy48YnI+NS 4gTW9kZXJu IFRlY2hub2 xvZ3k6IFRo ZSBjb21wYW 55IGhhcyBp bnZlc3RlZC BoZWF2aWx5 IGluIG1vZG VybiB0ZWNo bm9sb2d5IG FuZCBlcXVp cG1lbnQsIG FsbG93aW5n IGl0IHRvIH Byb2R1Y2Ug aGlnaC1xdW FsaXR5IGNl bWVudCB0aG F0IG1lZXRz IGludGVybm F0aW9uYWwg c3RhbmRhcm RzLjxicj42 LiBTdHJhdG VnaWMgTG9j YXRpb246IE NlbWVudG9z IFBhY2FzbW F5byBoYXMg c3RyYXRlZ2 ljYWxseSBs b2NhdGVkIG l0cyBtYW51 ZmFjdHVyaW 5nIHBsYW50 cyBuZWFyIG 1ham9yIGlu ZnJhc3RydW N0dXJlIHBy b2plY3RzLC BhbGxvd2lu ZyBmb3IgZW ZmaWNpZW50 IHN1cHBseS BhbmQgZGlz dHJpYnV0aW 9uIHRvIGl0 cyBjbGllbn RzLjxicj43 LiBDb250aW 51b3VzIElu bm92YXRpb2 46IFRoZSBj b21wYW55IG lzIGNvbnN0 YW50bHkgaW 52ZXN0aW5n IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 byBpbXByb3 ZlIGl0cyBw cm9kdWN0cy BhbmQgcHJv Y2Vzc2VzLC BlbnN1cmlu ZyBpdCByZW 1haW5zIGF0 IHRoZSBmb3 JlZnJvbnQg b2YgdGhlIG luZHVzdHJ5 Ljxicj44Li BTdHJvbmcg RmluYW5jaW FsIFBlcmZv cm1hbmNlOi BDZW1lbnRv cyBQYWNhc2 1heW8gaGFz IGEgc3Ryb2 5nIGZpbmFu Y2lhbCB0cm FjayByZWNv cmQgYW5kIG hhcyBjb25z aXN0ZW50bH kgZGVsaXZl cmVkIHBvc2 l0aXZlIGZp bmFuY2lhbC ByZXN1bHRz LCBtYWtpbm cgaXQgYSBy ZWxpYWJsZS BhbmQgc3Rh YmxlIGNvbX BhbnkgZm9y IGludmVzdG 9ycy48YnI+ OS4gRXhwZX JpZW5jZWQg TWFuYWdlbW VudCBUZWFt OiBUaGUgY2 9tcGFueSdz IG1hbmFnZW 1lbnQgdGVh bSBoYXMgZX h0ZW5zaXZl IGV4cGVyaW VuY2UgaW4g dGhlIGNlbW VudCBpbmR1 c3RyeSwgcH JvdmlkaW5n IHN0cm9uZy BndWlkYW5j ZSBhbmQgbG VhZGVyc2hp cCBmb3IgdG hlIGNvbXBh bnkuPGJyPj EwLiBJbnRl cm5hdGlvbm FsIEV4cGFu c2lvbjogQ2 VtZW50b3Mg UGFjYXNtYX lvIGhhcyBl eHBhbmRlZC BpdHMgb3Bl cmF0aW9ucy B0byBvdGhl ciBjb3VudH JpZXMgaW4g TGF0aW4gQW 1lcmljYSwg ZGl2ZXJzaW Z5aW5nIGl0 cyByZXZlbn VlIHN0cmVh bXMgYW5kIH Bvc2l0aW9u aW5nIGl0c2 VsZiBmb3Ig ZnVydGhlci Bncm93dGgu

Q2VtZW50b3 MgUGFjYXNt YXlvIGlzIG EgUGVydXZp YW4gY29tcG FueSB0aGF0 IHByb2R1Y2 VzIGFuZCBk aXN0cmlidX RlcyBjZW1l bnQsIGNvbm NyZXRlLCBh bmQgb3RoZX IgY29uc3Ry dWN0aW9uIG 1hdGVyaWFs cy4gVGhlIG NvbXBhbnkn cyBidXNpbm VzcyBtb2Rl bCBpcyBwcm ltYXJpbHkg YmFzZWQgb2 4gdGhlIG1h bnVmYWN0dX JpbmcgYW5k IGNvbW1lcm NpYWxpemF0 aW9uIG9mIG NvbnN0cnVj dGlvbiBtYX RlcmlhbHMg Zm9yIHRoZS BpbmZyYXN0 cnVjdHVyZS wgY29uc3Ry dWN0aW9uLC BhbmQgbWlu aW5nIGluZH VzdHJpZXMu IFRoaXMgaW 5jbHVkZXMg cHJvZHVjaW 5nIGFuZCBz ZWxsaW5nIG NlbWVudCwg cXVpY2tsaW 1lLCBhZ2dy ZWdhdGVzLC BhbmQgcmVh ZHktbWl4IG NvbmNyZXRl Ljxicj5UaG UgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIG Fsc28gZm9j dXNlZCBvbi BkaXZlcnNp ZmljYXRpb2 4sIHdpdGgg YSBwb3J0Zm 9saW8gdGhh dCBpbmNsdW RlcyBvdGhl ciBidXNpbm Vzc2VzIHN1 Y2ggYXMgY2 9uc3RydWN0 aW9uIGFuZC ByZWFsIGVz dGF0ZSBkZX ZlbG9wbWVu dCwgYXMgd2 VsbCBhcyBs b2dpc3RpY3 MgYW5kIGVu ZXJneSBzZX J2aWNlcy4g VGhpcyBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gbGV2 ZXJhZ2UgaX RzIGV4cGVy dGlzZSBpbi B0aGUgY29u c3RydWN0aW 9uIGluZHVz dHJ5IGFuZC BvZmZlciBh IG1vcmUgY2 9tcHJlaGVu c2l2ZSByYW 5nZSBvZiBz ZXJ2aWNlcy B0byBpdHMg Y3VzdG9tZX JzLjxicj5D ZW1lbnRvcy BQYWNhc21h eW8ncyBidX NpbmVzcyBt b2RlbCBpcy BhbHNvIGNo YXJhY3Rlcm l6ZWQgYnkg YSBzdHJvbm cgZm9jdXMg b24gc3VzdG FpbmFiaWxp dHkgYW5kIG NvcnBvcmF0 ZSBzb2NpYW wgcmVzcG9u c2liaWxpdH kuIFRoZSBj b21wYW55IG lzIGNvbW1p dHRlZCB0by BtaW5pbWl6 aW5nIGl0cy BlbnZpcm9u bWVudGFsIG ltcGFjdCBh bmQgcHJvbW 90aW5nIHNv Y2lhbCBhbm QgZWNvbm9t aWMgZGV2ZW xvcG1lbnQg aW4gdGhlIG NvbW11bml0 aWVzIHdoZX JlIGl0IG9w ZXJhdGVzLj xicj5GdXJ0 aGVybW9yZS wgdGhlIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBidWls dCBvbiBhIH ZlcnRpY2Fs bHkgaW50ZW dyYXRlZCBz dXBwbHkgY2 hhaW4sIHdp dGggaXRzIG 93biBjZW1l bnQgcGxhbn RzLCBxdWFy cmllcywgYW 5kIHRyYW5z cG9ydGF0aW 9uIG5ldHdv cmsuIFRoaX MgYWxsb3dz IENlbWVudG 9zIFBhY2Fz bWF5byB0by BoYXZlIGdy ZWF0ZXIgY2 9udHJvbCBv dmVyIGl0cy Bwcm9kdWN0 aW9uIHByb2 Nlc3NlcyBh bmQgZW5zdX JlIHRoZSBx dWFsaXR5IG 9mIGl0cyBw cm9kdWN0cy 48YnI+T3Zl cmFsbCwgdG hlIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy BjZW50ZXJl ZCBvbiBwcm 92aWRpbmcg aGlnaC1xdW FsaXR5IGNv bnN0cnVjdG lvbiBtYXRl cmlhbHMgYW 5kIHNlcnZp Y2VzIHRvIG 1lZXQgdGhl IG5lZWRzIG 9mIGl0cyBj dXN0b21lcn Mgd2hpbGUg bWFpbnRhaW 5pbmcgYSBz dXN0YWluYW JsZSBhbmQg c29jaWFsbH kgcmVzcG9u c2libGUgYX Bwcm9hY2gg dG8gYnVzaW 5lc3Mu

AI could potentially impact Cementos Pacasmayo’s products, services, and competitive positioning in several ways, but the extent of this threat would depend on various factors.
Substitution: AI might lead to the development of alternative materials that can serve as substitutes for traditional cement. Innovations in construction materials, such as bio-based or recycled alternatives, could leverage AI for better performance assessment and environmental impact analysis. If these alternatives gain traction, they could replace traditional cement products, posing a threat to Cementos Pacasmayo.
Disintermediation: The cement supply chain could be affected by AI through optimization of logistics and direct sales platforms. If AI technologies enable customers to purchase cement more efficiently and directly from producers or alternative suppliers, this could disrupt traditional distribution channels. However, Cementos Pacasmayo could also leverage AI to streamline its own operations and maintain its market position by improving customer engagement and delivery times.
Margin Pressure: AI can enhance operational efficiencies by optimizing production processes, reducing waste, and lowering costs. If competitors implement AI effectively, they may reduce their operating costs and offer lower prices, leading to margin pressure on Cementos Pacasmayo. The company may need to invest in AI technologies as well to remain competitive and protect its margins.
Overall, while AI presents potential threats to Cementos Pacasmayo, it also offers opportunities for the company to innovate and enhance its competitive positioning. Adapting to these changes proactively would be essential in mitigating threats and leveraging AI for growth.

The sensitivity of Cementos Pacasmayo’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Earnings Sensitivity: Changes in interest rates can affect Cementos Pacasmayo’s cost of capital. If interest rates rise, the cost of borrowing increases, which can reduce net income due to higher interest expenses on any outstanding debt. Conversely, lower interest rates may decrease borrowing costs, potentially enhancing profitability.
2. Cash Flow Sensitivity: Similar to earnings, cash flow is impacted by interest rates through financing costs. An increase in interest rates can lead to reduced free cash flow as financial obligations become more expensive. Additionally, if the company relies on variable-rate debt, fluctuations in rates can directly impact cash outflows. In contrast, lower rates may improve cash flow by reducing interest payments.
3. Valuation Sensitivity: The valuation of Cementos Pacasmayo is typically assessed through discounted cash flow analysis, which takes future cash flows and discounts them back to present value using a discount rate that reflects the company’s cost of capital. If interest rates rise, the discount rate may increase, leading to a lower present value of future cash flows and, consequently, a lower valuation. On the other hand, decreasing interest rates can enhance valuation by lowering the discount rate and increasing the present value of future cash flows.
In summary, Cementos Pacasmayo’s earnings, cash flow, and valuation are all sensitive to interest rate changes, with higher rates exerting downward pressure on profitability, cash flow, and valuation metrics, while lower rates generally have the opposite effect. The overall impact will also depend on the company’s specific financial structure, reliance on debt, and operational performance within the cement industry.

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 bG9nb3MvSD hEeWN5bWtW SU45Sm5vZ3 BVYmYud2Vi cCIgYWx0PS JDZW1lbnRv cyBQYWNhc2 1heW8iIHRp dGxlPSJDZW 1lbnRvcyBQ YWNhc21heW 8iICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgQ2VtZW 50b3MgUGFj YXNtYXlvPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+UkyBVbm xvY2sgb3Vy IGZyZWUgZ3 VpZGU6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dWR2hsSUcg TnZiWEJoYm 5rZyBkMkZ6 SUdadmRXID VrWldRZ2FX NGcgTVRrME 9TQmllUyBC SGRXbHNiR1 Z5IGJXOGdS bVZ5Y20gVj VjbTl6SUVa bCBjbkpsZV hKdmN5IEJo Ym1RZ1VtOW kgWlhKMGJ5 QkdaWCBKeV pYbHliM01n IFpHVWdUR0 VnVW0gOWpZ UzQ4WW5JKy BNaTRnU1hR Z2FYIE1nYU dWaFpIRjEg WVhKMFpYSm xaQyBCcGJp QjBhR1VnIF kybDBlU0J2 WmkgQlFZV0 5oYzIxaCBl VzhnYVc0Z2 RHIGhsSUV4 aElFeHAgWW 1WeWRHRmtJ RiBKbFoybH ZiaUJ2IFpp QlFaWEoxTG ogeGljajR6 TGlCRCBaVz FsYm5SdmN5 IEJRWVdOaG MyMWggZVc4 Z2FYTWdkRy BobElITmxZ Mjl1IFpDQn NZWEpuWlgg TjBJR05sYl dWdSBkQ0J3 Y205a2RXIE 5sY2lCcGJp QlEgWlhKMU xDQjNhWCBS b0lHRWdiV0 Z5IGEyVjBJ SE5vWVggSm xJRzltSUdG eSBiM1Z1Wk NBeU1DIFV1 UEdKeVBqUX UgSUVsdUlH RmtaRyBsMG FXOXVJSFJ2 IElHTmxiV1 Z1ZEMgQndj bTlrZFdOMC BhVzl1TENC MGFHIFVnWT I5dGNHRnUg ZVNCaGJITn ZJSCBCeWIy UjFZMlZ6IE lHRnVaQ0J6 WlcgeHNjeU JqYjI1aiBj bVYwWlN3Z2 NIIEpsWTJG emRDQncgY2 05a2RXTjBj eSB3Z1lXNW tJR052IGJt TnlaWFJsSU cgSnNiMk5y Y3k0OCBZbk krTlM0Z1ZH IGhsSUdOdm JYQmggYm5u aWdKbHpJRy AxaGFXNGdj R3hoIGJuUX NJR3h2WTIg RjBaV1FnYV c0ZyBVR0Zq WVhOdFlYIG x2TENCb1lY TWcgWVNCd2 NtOWtkVyBO MGFXOXVJR0 5oIGNHRmph WFI1SUcgOW 1JREV1TmlC dCBhV3hzYV c5dUlIIFJ2 Ym5NZ2IyWW cgWTJWdFpX NTBJSCBCbG NpQjVaV0Z5 IExqeGljaj QyTGkgQkRa VzFsYm5Sdi BjeUJRWVdO aGMyIDFoZV c4Z2FHRnog SUhSb2NtVm xJRyA5MGFH VnlJSEJzIF lXNTBjeUJz YjIgTmhkR1 ZrSUdsdSBJ RkpwYjJwaE xDIEJRYVhW eVlTd2cgWV c1a0lFRjVZ VyBOMVkyaH ZMQ0IzIGFH bGphQ0IwYj IgZGxkR2hs Y2lCbyBZWF psSUdFZ2NI IEp2WkhWam RHbHYgYmlC allYQmhZMi BsMGVTQnZa aUF4IExqWW diV2xzYkcg bHZiaUIwYj I1eiBJSEJs Y2lCNVpXIE Z5TGp4aWNq NDMgTGlCVW FHVWdZMiA5 dGNHRnVlU0 JoIGJITnZJ R2hoY3kgQX lOQ0JqYjI1 aiBjbVYwWl NCd2JHIEZ1 ZEhNZ1lXNW sgSURnZ2NI SmxZMiBGem RDQndiR0Z1 IGRITWdiRz lqWVggUmxa Q0IwYUhKdi BkV2RvYjNW MElGIEJsY2 5VdVBHSnkg UGpndUlFTm xiVyBWdWRH OXpJRkJoIF kyRnpiV0Y1 YisgS0FtWE 1nY0hKdiBa SFZqZEhNZ1 lYIEpsSUhW elpXUWcgYV c0Z1lTQjNh VyBSbElISm hibWRsIElH OW1JR052Ym 4gTjBjblZq ZEdsdiBiaU J3Y205cVpX IE4wY3l3Z2 FXNWogYkhW a2FXNW5JSC BKbGMybGta VzUwIGFXRn NMQ0JqYjIg MXRaWEpqYV dGcyBMQ0Jw Ym1SMWMzIF J5YVdGc0xD QmggYm1RZ2 FXNW1jbSBG emRISjFZM1 IxIGNtVWdj SEp2YW0gVm pkSE11UEdK eSBQamt1SU ZSb1pTIEJq YjIxd1lXNT UgSUdseklH TnZiVyAxcG RIUmxaQ0Iw IGJ5QnpkWE 4wWVcgbHVZ V0pzWlNCay BaWFpsYkc5 d2JXIFZ1ZE NCaGJtUWcg YUdGeklHbH RjRyB4bGJX VnVkR1ZrIE lIWmhjbWx2 ZFggTWdhVz VwZEdsaCBk R2wyWlhNZ2 RHIDhnY21W a2RXTmwgSU dsMGN5Qmxi biBacGNtOX ViV1Z1IGRH RnNJR2x0Y0 cgRmpkQ3dn YzNWaiBhQ0 JoY3lCMWMy IGx1WnlCaG JIUmwgY201 aGRHbDJaUy BCbWRXVnNj eUJoIGJtUW dhVzF3Ykcg VnRaVzUwYV c1biBJR1Z1 WlhKbmVTIE JsWm1acFky bGwgYm1ONU lIQnliMiBw bFkzUnpMan hpIGNqNHhN QzRnUTIgVn RaVzUwYjNN ZyBVR0ZqWV hOdFlYIGx2 SUdoaGN5Qn kgWldObGFY WmxaQyBCdW RXMWxjbTkx IGN5QmhkMk Z5WkggTWda bTl5SUdsMC BjeUJ6ZFhO MFlXIGx1WV dKc1pTQncg Y21GamRHbG paWCBNc0lH bHVZMngxIF pHbHVaeUIw YUcgVWdVR1 Z5ZFNBeSBN REl4SUdGM1 lYIEprSUda dmNpQkQgYj NKd2IzSmhk RyBVZ1UyOW phV0ZzIElG SmxjM0J2Ym 4gTnBZbWxz YVhSNSBJR0 Z1WkNCMGFH IFVnVFdWeV kzVnkgZVNC QmQyRnlaQy BCbWIzSWda VzUyIGFYSn ZibTFsYm4g UmhiQ0J3Wl hKbSBiM0p0 WVc1alpTID Q4WW5JK01U RXUgSUZSb1 pTQmpiMiAx d1lXNTVJR2 x6IElHeHBj M1JsWkMgQn ZiaUIwYUdV ZyBUR2x0WV NCVGRHIDlq YXlCRmVHTm 8gWVc1blpT QmhibSBRZ2 FHRnpJR0ps IFpXNGdjR0 Z5ZEMgQnZa aUJwZEhNZy BVeVpRTDBK V1RDIEJRWl hKMUlFZGwg Ym1WeVlXd2 dTVyA1a1pY Z2djMmx1IF kyVWdNakF3 T1MgNDhZbk krTVRJdSBJ RU5sYldWdW RHIDl6SUZC aFkyRnogYl dGNWJ5Qm9Z WCBNZ2JXOX laU0IwIGFH RnVJRElzTl QgQXdJR1Z0 Y0d4diBlV1 ZsY3lCaGJt IFFnYUdGek lHSmwgWlc0 Z2NtVmpiMi BkdWFYcGxa Q0JoIGN5Qn ZibVVnYjIg WWdkR2hsSU dKbCBjM1Fn Y0d4aFkyIF Z6SUhSdklI ZHYgY21zZ2 FXNGdVRyBW eWRTQmllU0 IwIGFHVWdS M0psWVggUW dVR3hoWTJV ZyBkRzhnVj I5eWF5IEJK Ym5OMGFYUj EgZEdVdVBH SnlQaiBFek xpQkpiaUJo IFpHUnBkR2 x2YmkgQjBi eUJwZEhNZy BiM0JsY21G MGFXIDl1Y3 lCcGJpQlEg WlhKMUxDQj BhRyBVZ1ky OXRjR0Z1IG VTQm9ZWE1n WVMgQndjbV Z6Wlc1aiBa U0JwYmlCRG IyIHh2YldK cFlTQjAgYU hKdmRXZG9J RyBsMGN5Qn pkV0p6IGFX UnBZWEo1TE MgQkRaVzFs Ym5SdiBjeU JUWld4MllT IDQ4WW5JK0 1UUXUgSUZS b1pTQmpiMi Axd1lXNTVJ R2hoIGN5Qm hJSE4wY20g OXVaeUJqYj IxdCBhWFJ0 Wlc1MElIIF J2SUdOdmNu QnYgY21GMF pTQnpiMiBO cFlXd2djbV Z6IGNHOXVj MmxpYVcgeH BkSGtnWVc1 ayBJSE4xY0 hCdmNuIFJ6 SUhaaGNtbH YgZFhNZ2FX NXBkRyBsaG RHbDJaWE1n IGRHOGdjSE p2YlcgOTBa U0JsWkhWai BZWFJwYjI0 c0lHIGhsWV d4MGFDd2cg WVc1a0lHTn ZiVyAxMWJt bDBlU0JrIF pYWmxiRzl3 YlcgVnVkQ0 JwYmlCMCBh R1VnWVhKbF lYIE1nZDJo bGNtVWcgYV hRZ2IzQmxj bSBGMFpYTX VQR0p5IFBq RTFMaUJEWl cgMWxiblJ2 Y3lCUSBZV0 5oYzIxaGVX IDhnYUdGek lHSmwgWlc0 Z2NtVmpiMi BkdWFYcGxa Q0JoIGN5Qn ZibVVnYjIg WWdkR2hsSU cxdiBjM1Fn WVdSdGFYIE psWkNCamIy MXcgWVc1cF pYTWdhVyA0 Z1VHVnlkU0 JpIGVTQjBh R1VnWW4gVn phVzVsYzNN ZyBiV0ZuWV hwcGJtIFVz SUVjZ1pHVW cgUjJWemRH bkRzMiA0c0 lHWnZjaUJs IGFXZG9kQ0 JqYjIgNXpa V04xZEdsMi BaU0I1WldG eWN5IDQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==