Konecranes

-68.47%

Live  

(KCR)
Konecranes is a Finnish company that specializes in the manufacturing and servicing of cranes and lifting equipment. The company was founded in 1994 from a merger between KONE Corporation and Valmet Corporation, and it is headquartered in Hyvinkää, Finland.
Konecranes operates in over 50 countries and has approximately 18,000 employees worldwide. The company offers a wide range of material handling equipment, including overhead cranes, workstation lifting systems, long travel and rotational drive systems, and container handling equipment.
Konecranes' customers come from various industries such as manufacturing, shipbuilding, automotive, mining, ports, and transportation. The company's products and services help customers to improve the efficiency and safety of their material handling operations.
Konecranes is also committed to sustainability and has set a goal to reduce its carbon footprint by 50% by 2030. The company is continuously developing eco-efficient products and solutions to support its customers' sustainability goals.
In addition to its core business of material handling equipment, Konecranes also offers various digital solutions, including remote monitoring, predictive maintenance, and data analytics, to help customers optimize their operations.
In October 2021, Konecranes announced a merger with the US-based lifting equipment company, Columbus McKinnon, to create a global leader in intelligent lifting solutions with a combined annual revenue of approximately 3.6 billion euros.
Overall, Konecranes is a trusted and innovative company in the material handling industry, with a strong commitment to customer satisfaction, sustainability, and technological advancements.

Konecranes is a company that makes big machines called cranes and other equipment that help move heavy things around in factories, warehouses, and ports. Imagine you have a huge box of toys that is too heavy to lift by yourself. If you had a big helper, like a crane, it could lift that box for you and move it wherever you need.
Konecranes designs and builds these powerful machines, and they also provide services to help take care of them, like fixing and checking them to make sure they work well. The company makes money by selling cranes and equipment to businesses that need to lift heavy items, and they also charge money for the services they provide.
Konecranes is successful for a few reasons. First, they make high-quality machines that are safe and reliable, which makes customers trust them. Second, they keep thinking of new ways to improve their machines and services, such as using technology to make them smarter and more efficient. Lastly, they work with many different types of industries, like shipping, construction, and manufacturing, which means they have lots of customers all around the world.
Looking into the future, Konecranes is likely to stay successful because there will always be a need for moving heavy things in different kinds of work. Plus, as technology keeps evolving, they can continue to innovate and offer even better and safer solutions for their customers.

MS4gR2xvYm FsIFByZXNl bmNlOiBLb2 5lY3JhbmVz IGlzIGEgdH J1bHkgZ2xv YmFsIGNvbX BhbnksIHdp dGggb3Blcm F0aW9ucyBp biBtb3JlIH RoYW4gNTAg Y291bnRyaW VzIHdvcmxk d2lkZSwgcH JvdmlkaW5n IHByb2R1Y3 RzLCBzZXJ2 aWNlcywgYW 5kIHNvbHV0 aW9ucyB0by B2YXJpb3Vz IGluZHVzdH JpZXMuPGJy PjIuIERpdm Vyc2UgUHJv ZHVjdCBSYW 5nZTogVGhl IGNvbXBhbn kgb2ZmZXJz IGEgd2lkZS ByYW5nZSBv ZiBjcmFuZX MsIGhhbmRs aW5nIGVxdW lwbWVudCwg YW5kIHJlbG F0ZWQgc2Vy dmljZXMgZm 9yIHZhcmlv dXMgaW5kdX N0cmllcywg aW5jbHVkaW 5nIG1hbnVm YWN0dXJpbm csIHBvcnRz LCBhbmQgdG VybWluYWxz LCBtaW5pbm csIGFuZCBl bmVyZ3kuPG JyPjMuIEFk dmFuY2VkIF RlY2hub2xv Z3k6IEtvbm VjcmFuZXMg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIG lubm92YXRp b24gYW5kIG NvbnRpbnVv dXNseSBpbn Zlc3RzIGlu IHRoZSBkZX ZlbG9wbWVu dCBvZiBuZX cgdGVjaG5v bG9naWVzLC BzdWNoIGFz IHJlbW90ZS 1jb250cm9s bGVkIGFuZC BhdXRvbWF0 ZWQgY3Jhbm VzLCB0byBl bmhhbmNlIH NhZmV0eSwg ZWZmaWNpZW 5jeSwgYW5k IHByb2R1Y3 Rpdml0eS48 YnI+NC4gSW 5kdXN0cnkt TGVhZGluZy BFeHBlcnRp c2U6IFdpdG ggb3ZlciAx MDAgeWVhcn Mgb2YgZXhw ZXJpZW5jZS wgdGhlIGNv bXBhbnkgaG FzIGJlY29t ZSBhIGxlYW RlciBpbiBp dHMgZmllbG QsIHByb3Zp ZGluZyBjdX R0aW5nLWVk Z2Ugc29sdX Rpb25zIGFu ZCBzZXJ2aW NlcyBiYWNr ZWQgYnkgZX h0ZW5zaXZl IGluZHVzdH J5IGtub3ds ZWRnZS48Yn I+NS4gQ3Vz dG9tZXItRm 9jdXNlZCBB cHByb2FjaD ogS29uZWNy YW5lcyBwbG FjZXMgYSBz dHJvbmcgZW 1waGFzaXMg b24gdW5kZX JzdGFuZGlu ZyBhbmQgbW VldGluZyBp dHMgY3VzdG 9tZXJzJyBu ZWVkcywgb2 ZmZXJpbmcg Y3VzdG9taX plZCBzb2x1 dGlvbnMgYW 5kIHNlcnZp Y2VzIHRhaW xvcmVkIHRv IHNwZWNpZm ljIHJlcXVp cmVtZW50cy 48YnI+Ni4g U3VzdGFpbm FiaWxpdHkg YW5kIFNhZm V0eTogVGhl IGNvbXBhbn kgaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmxlIG FuZCByZXNw b25zaWJsZS BidXNpbmVz cyBwcmFjdG ljZXMsIHdp dGggYSBmb2 N1cyBvbiBz YWZldHkgaW 4gYWxsIGl0 cyBvcGVyYX Rpb25zLCBw cm9kdWN0cy wgYW5kIHNl cnZpY2VzLj xicj43LiBT ZXJ2aWNlIG FuZCBNYWlu dGVuYW5jZS BDYXBhYmls aXRpZXM6IE tvbmVjcmFu ZXMgcHJvdm lkZXMgY29t cHJlaGVuc2 l2ZSBzZXJ2 aWNlIGFuZC BtYWludGVu YW5jZSBzb2 x1dGlvbnMg Zm9yIGl0cy Bwcm9kdWN0 cywgZW5zdX Jpbmcgb3B0 aW1hbCBwZX Jmb3JtYW5j ZSwgbG9uZ2 V2aXR5LCBh bmQgbWluaW 1hbCBkb3du dGltZSBmb3 IgaXRzIGN1 c3RvbWVycy 48YnI+OC4g U3Ryb25nIF JlbGF0aW9u c2hpcHM6IF RoZSBjb21w YW55IHZhbH VlcyBsb25n LXRlcm0gcG FydG5lcnNo aXBzIHdpdG ggaXRzIGN1 c3RvbWVycy wgc3VwcGxp ZXJzLCBhbm Qgb3RoZXIg c3Rha2Vob2 xkZXJzLCBm b3N0ZXJpbm cgdHJ1c3Qg YW5kIGNvbG xhYm9yYXRp b24gZm9yIG 11dHVhbCBz dWNjZXNzLj xicj45LiBT b2NpYWwgUm VzcG9uc2li aWxpdHk6IE tvbmVjcmFu ZXMgYWN0aX ZlbHkgc3Vw cG9ydHMgaW 5pdGlhdGl2 ZXMgYW5kIH Byb2plY3Rz IGZvY3VzZW Qgb24gZWR1 Y2F0aW9uLC BoZWFsdGgs IGFuZCBzdX N0YWluYWJp bGl0eSB0by BpbXByb3Zl IHRoZSBjb2 1tdW5pdGll cyBpbiB3aG ljaCBpdCBv cGVyYXRlcy 48YnI+MTAu IEVtcGxveW VlIERldmVs b3BtZW50Oi BUaGUgY29t cGFueSB2YW x1ZXMgaXRz IGVtcGxveW VlcyBhbmQg cHJvdmlkZX Mgb3Bwb3J0 dW5pdGllcy Bmb3IgcHJv ZmVzc2lvbm FsIGFuZCBw ZXJzb25hbC BkZXZlbG9w bWVudCwgcH JvbW90aW5n IGEgZGl2ZX JzZSBhbmQg aW5jbHVzaX ZlIHdvcmsg Y3VsdHVyZS 4=

S29uZWNyYW 5lcyBpcyBh IEZpbm5pc2 ggY29tcGFu eSB0aGF0IH NwZWNpYWxp emVzIGluIH RoZSBtYW51 ZmFjdHVyaW 5nLCBtYWlu dGVuYW5jZS wgYW5kIG1v ZGVybml6YX Rpb24gb2Yg Y3JhbmVzIG FuZCBsaWZ0 aW5nIGVxdW lwbWVudC4g VGhlaXIgYn VzaW5lc3Mg bW9kZWwgY2 FuIGJlIGRl c2NyaWJlZC BhcyBhIGNv bWJpbmF0aW 9uIG9mIHBy b2R1Y3QtYm FzZWQgYW5k IHNlcnZpY2 UtYmFzZWQg YnVzaW5lc3 MgbW9kZWwu PGJyPlByb2 R1Y3QtQmFz ZWQgTW9kZW w6PGJyPktv bmVjcmFuZX MgZGVzaWdu cywgbWFudW ZhY3R1cmVz LCBhbmQgc2 VsbHMgYSB3 aWRlIHJhbm dlIG9mIGNy YW5lcywgaG 9pc3RzLCBh bmQgb3RoZX IgbGlmdGlu ZyBlcXVpcG 1lbnQgZm9y IHZhcmlvdX MgaW5kdXN0 cmllcyBzdW NoIGFzIG1h bnVmYWN0dX JpbmcsIHBv cnRzLCBtaW 5pbmcsIGFu ZCBjb25zdH J1Y3Rpb24u IFRoaXMgaW 5jbHVkZXMg b3ZlcmhlYW QgY3JhbmVz LCBpbmR1c3 RyaWFsIGNy YW5lcywgd2 9ya3N0YXRp b24gY3Jhbm VzLCBhbmQg ZWxlY3RyaW MgY2hhaW4g aG9pc3RzLC BhbW9uZyBv dGhlcnMuPG JyPlRoZSBj b21wYW55J3 MgcHJvZHVj dC1iYXNlZC Btb2RlbCBp bnZvbHZlcy Bjb250aW51 b3VzIGlubm 92YXRpb24g YW5kIHJlc2 VhcmNoIHRv IGRldmVsb3 AgbmV3IGFu ZCBpbXByb3 ZlZCBwcm9k dWN0cywgYX Mgd2VsbCBh cyBjdXN0b2 1pemF0aW9u IHRvIG1lZX QgdGhlIHNw ZWNpZmljIG 5lZWRzIG9m IHRoZWlyIG N1c3RvbWVy cy4gVGhleS BhbHNvIGhh dmUgYSBnbG 9iYWwgc3Vw cGx5IGNoYW luIGFuZCBk aXN0cmlidX Rpb24gbmV0 d29yayB0by ByZWFjaCBj dXN0b21lcn Mgd29ybGR3 aWRlLjxicj 5TZXJ2aWNl LUJhc2VkIE 1vZGVsOjxi cj5JbiBhZG RpdGlvbiB0 byB0aGVpci Bwcm9kdWN0 IG9mZmVyaW 5nLCBLb25l Y3JhbmVzIG Fsc28gcHJv dmlkZXMgYS ByYW5nZSBv ZiBzZXJ2aW NlcyB0byBl bnN1cmUgdG hlIHNtb290 aCBvcGVyYX Rpb24gYW5k IG1haW50ZW 5hbmNlIG9m IHRoZWlyIG VxdWlwbWVu dC4gVGhpcy BpbmNsdWRl cyBwcmV2ZW 50aXZlIG1h aW50ZW5hbm NlLCByZXBh aXJzLCBpbn NwZWN0aW9u cywgYW5kIG 1vZGVybml6 YXRpb24gb2 YgZXhpc3Rp bmcgY3Jhbm VzLjxicj5U aGUgY29tcG FueSdzIHNl cnZpY2UtYm FzZWQgbW9k ZWwgZm9jdX NlcyBvbiBi dWlsZGluZy Bsb25nLXRl cm0gY3VzdG 9tZXIgcmVs YXRpb25zaG lwcyBieSBw cm92aWRpbm cgaGlnaC1x dWFsaXR5IG FuZCByZWxp YWJsZSBzZX J2aWNlcy4g VGhleSBhbH NvIG9mZmVy IGRpZmZlcm VudCBzZXJ2 aWNlIHBhY2 thZ2VzIHRv IG1lZXQgdG hlIHNwZWNp ZmljIG5lZW RzIGFuZCBi dWRnZXRzIG 9mIHRoZWly IGN1c3RvbW Vycy48YnI+ VmFsdWUgUH JvcG9zaXRp b246PGJyPk tvbmVjcmFu ZXMnIGJ1c2 luZXNzIG1v ZGVsIGlzIG NlbnRlcmVk IG9uIGNyZW F0aW5nIHZh bHVlIGZvci B0aGVpciBj dXN0b21lcn MgYnkgcHJv dmlkaW5nIG hpZ2gtcXVh bGl0eSwgcm VsaWFibGUs IGFuZCBpbm 5vdmF0aXZl IHByb2R1Y3 RzIGFuZCBz ZXJ2aWNlcy 4gVGhlaXIg Z29hbCBpcy B0byBoZWxw IHRoZWlyIG N1c3RvbWVy cyBpbXByb3 ZlIHRoZWly IHByb2R1Y3 Rpdml0eSwg c2FmZXR5LC BhbmQgZWZm aWNpZW5jeS BieSBwcm92 aWRpbmcgdG hlbSB3aXRo IHRoZSByaW dodCBlcXVp cG1lbnQgYW 5kIHNlcnZp Y2VzLjxicj 5SZXZlbnVl IFN0cmVhbX M6PGJyPktv bmVjcmFuZX MgZ2VuZXJh dGVzIHJldm VudWUgdGhy b3VnaCB0aG Ugc2FsZXMg b2YgdGhlaX IgcHJvZHVj dHMgYW5kIH NlcnZpY2Vz LiBUaGV5IG Fsc28gb2Zm ZXIgbGVhc2 UgYW5kIHJl bnRhbCBvcH Rpb25zIGZv ciB0aGVpci Bwcm9kdWN0 cywgd2hpY2 ggcHJvdmlk ZXMgYW4gYW RkaXRpb25h bCByZXZlbn VlIHN0cmVh bS4gVGhlIG NvbXBhbnkg YWxzbyBvZm ZlcnMgdHJh aW5pbmcgYW 5kIGNvbnN1 bHRpbmcgc2 VydmljZXMs IHdoaWNoIG NvbnRyaWJ1 dGUgdG8gdG hlaXIgb3Zl cmFsbCByZX ZlbnVlLjxi cj5PdmVyYW xsLCBLb25l Y3JhbmVzJy BidXNpbmVz cyBtb2RlbC ByZXZvbHZl cyBhcm91bm QgcHJvdmlk aW5nIGhpZ2 gtcXVhbGl0 eSwgY3VzdG 9taXplZCBw cm9kdWN0cy BhbmQgc2Vy dmljZXMgdG 8gaGVscCB0 aGVpciBjdX N0b21lcnMg aW1wcm92ZS B0aGVpciBv cGVyYXRpb2 5zIGFuZCBh Y2hpZXZlIH RoZWlyIGJ1 c2luZXNzIG dvYWxzLg==

AI has the potential to impact Konecranes, a company specializing in lifting equipment and services, in several ways, though the degree of threat can vary based on market dynamics and the company’s response.
1. Substitution: AI can enhance existing products or create new solutions that could potentially substitute traditional offerings. For example, AI-driven automation can optimize warehouse logistics and crane operations, leading to more efficient alternatives to Konecranes’ traditional systems. If competitors implement advanced AI technologies, they could offer superior or more cost-effective solutions, challenging Konecranes’ market share.
2. Disintermediation: With the rise of smart factories and IoT technologies, there’s a possibility that customers may turn to direct-to-consumer solutions, which bypass traditional suppliers. Advanced AI systems that integrate with existing infrastructures might minimize the need for external vendors, potentially impacting Konecranes’ positioning as a key supplier of lifting equipment and services.
3. Margin Pressure: The introduction of AI can drive down costs and increase efficiencies, which may lead to increased competition. If competitors adopt AI to reduce their operational costs and improve service delivery, Konecranes may need to lower its prices to stay competitive, thereby putting pressure on profit margins. Additionally, investing in AI technologies to remain competitive could require significant capital, impacting short-term financial performance.
In summary, while AI does present potential threats through substitution, disintermediation, and margin pressure, Konecranes has opportunities to leverage AI for innovation and improved offerings. The company’s strategic response to these challenges will be crucial in determining its competitive positioning in the evolving market landscape.

The sensitivity of Konecranes’ earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key elements:
1. Earnings Impact: Higher interest rates can lead to increased borrowing costs for Konecranes if the company has variable-rate debt. This can impact net income by increasing interest expenses. Additionally, if customers face higher borrowing costs, it may reduce their investment in new equipment, negatively affecting Konecranes’ sales and revenue growth.
2. Cash Flow Sensitivity: Cash flow from operations may be influenced by interest rate changes as well. If customers slow down orders due to higher financing costs, Konecranes may experience a decline in cash inflows. On the other hand, if the company can pass through higher costs to customers, it might mitigate some effects on cash flow. Overall, the company’s ability to manage working capital and operating expenses becomes crucial in a rising interest rate environment.
3. Valuation Effects: Valuation typically relies on discounted cash flow models, where future cash flows are discounted back at a rate that reflects current interest rates. Higher interest rates increase the discount rate, which can decrease the present value of future cash flows, leading to a lower valuation. Moreover, if Konecranes’ cost of capital rises, it could affect investment decisions and the attractiveness of growth prospects, further impacting market perceptions and stock price.
In conclusion, changes in interest rates can significantly influence Konecranes’ earnings through increased costs and altered customer behavior, affect cash flow through variations in operational demand, and impact valuation by changing discount rates and investment evaluations. The overall experience would depend on Konecranes’ financial structure, market conditions, and its strategies for coping with interest rate fluctuations.

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 bG9nb3MvTW dFUWt2Ymg5 U1RxN0IxZl dIc08ud2Vi cCIgYWx0PS JLb25lY3Jh bmVzIiB0aX RsZT0iS29u ZWNyYW5lcy IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD05MC B3aWR0aD05 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBLb25lY3 JhbmVzPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +agCBEb27i gJl0IG1pc3 MgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiDigJ QgZnJlZSEK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdT Mjl1WlcgTn lZVzVsY3lC MyBZWE1nWm 05MWJtIFJs WkNCcGJpQX ggT1RrMElI Um9jbSA5MV oyZ2dkR2hs IElHMWxjbW RsY2kgQnZa aUIwZDI4Zy BZMjl0Y0dG dWFXIFZ6TE NCTFQwNUYg SUVOdmNuQn ZjbSBGMGFX OXVJR0Z1IF pDQldZV3h0 WlggUWdRMj l5Y0c5eSBZ WFJwYjI0dV BHIEp5UGpJ dUlGUm8gWl NCdVlXMWxJ RSB0dmJtVm pjbUZ1IFpY TWdhWE1nWV MgQmpiMjFp YVc1aCBkR2 x2YmlCdlpp IEIwYUdVZ2 QyOXkgWkhN Z1MwOU9SUy BCaGJtUWdZ M0poIGJtVn pMQ0J5Wlcg WnNaV04wYV c1biBJSFJv WlNCamIyID F3WVc1NTRv Q1ogY3lCdm NtbG5hVyA1 eklHbHVJSF JvIFpTQnNh V1owYVcgNW 5JR1Z4ZFds dyBiV1Z1ZE NCcGJtIFIx YzNSeWVTND ggWW5JK015 NGdWRyBobE lHTnZiWEJo IGJubmlnSm x6SUcgaGxZ V1J4ZFdGeS BkR1Z5Y3lC aGNtIFVnYk c5allYUmwg WkNCcGJpQk llWCBacGJt dkRwTU9rIE xDQkdhVzVz WVcgNWtMan hpY2o0MCBM aUJMYjI1bF kzIEpoYm1W eklHbHogSU dFZ2JYVnNk RyBsdVlYUn BiMjVoIGJD QmpiMjF3WV cgNTVJSGRw ZEdnZyBiM0 JsY21GMGFX IDl1Y3lCcG JpQnYgZG1W eUlEVXdJRy BOdmRXNTBj bWxsIGN5Qm hibVFnWVgg QndjbTk0YV cxaCBkR1Zz ZVNBeE9DIH d3TURBZ1pX MXcgYkc5NV pXVnpMaiB4 aWNqNDFMaU JVIGFHVWdZ Mjl0Y0cgRn VlZUtBbVhN ZyBjSEpwYl dGeWVTIEJt YjJOMWN5Qn AgY3lCdmJp QjBhRyBVZ2 JXRnVkV1po IFkzUjFjbW x1WnkgQmhi bVFnYzJWeS BkbWxqYVc1 bklHIDltSU dobFlYWjUg TFdSMWRIa2 dZMyBKaGJt VnpJR0Z1IF pDQnNhV1ow YVcgNW5JR1 Z4ZFdsdyBi V1Z1ZENCbW IzIElnYVc1 a2RYTjAgY2 1sbGN5Qnpk VyBOb0lHRn pJSEJ2IGNu UnpMQ0J6YU cgbHdlV0Z5 WkhNcyBJRz FwYm1sdVp5 IHdnWVc1a0 lHMWggYm5W bVlXTjBkWC BKcGJtY3VQ R0p5IFBqWX VJRXR2Ym0g VmpjbUZ1Wl hNZyBhWE1n YTI1dmQyID RnWm05eUlH bDAgY3lCcG JtNXZkbSBG MGFYWmxJR0 Z1IFpDQjBa V05vYm0gOX NiMmRwWTJG cyBiSGtnWV dSMllXIDVq WldRZ2NISn YgWkhWamRI TXNJRyBsdV kyeDFaR2x1 IFp5QmhkWF J2YlcgRjBa V1FnWTNKaC BibVZ6SUdG dVpDIEJ5Wl cxdmRHVXQg WTI5dWRISn ZiRyB4bFpD QmxjWFZwIG NHMWxiblF1 UEcgSnlQam N1SUVsdSBJ R0ZrWkdsMG FXIDl1SUhS dklHTnkgWV c1bGN5d2dT MiA5dVpXTn lZVzVsIGN5 QmhiSE52SU cgOW1abVZ5 Y3lCdCBZV2 x1ZEdWdVlX IDVqWlN3Z2 NtVncgWVds eUxDQmhibS BRZ2JXOWta WEp1IGFYcG hkR2x2Ymkg QnpaWEoyYV dObCBjeUJt YjNJZ1lXIH hzSUhSNWNH VnogSUc5bU lHeHBabiBS cGJtY2daWE YxIGFYQnRa VzUwTGogeG ljajQ0TGlC VSBhR1VnWT I5dGNHIEZ1 ZVNCb1lYTW cgWVNCemRI SnZibSBjZ1 kyOXRiV2ww IGJXVnVkQ0 IwYnkgQnpk WE4wWVdsdS BZV0pwYkds MGVTIHdnZD JsMGFDQnAg Ym1sMGFXRj BhWCBabGN5 Qm1iMk4xIG MyVmtJRzl1 SUggSmxaSF ZqYVc1biBJ R1Z1WlhKbm VTIEJqYjI1 emRXMXcgZE dsdmJpd2da VyAxcGMzTn BiMjV6IExD QmhibVFnZD IgRnpkR1Vn YVc0ZyBkR2 hsYVhJZ2Iz IEJsY21GMG FXOXUgY3lC aGJtUWdjSC BKdlpIVmpk SE11IFBHSn lQamt1SUUg bHVJREl3TV RncyBJRXR2 Ym1WamNtIE Z1WlhNZ1lX TnggZFdseV pXUWdWRyBW eVpYZ2dRMj l5IGNHOXlZ WFJwYjIgN2 lnSmx6SUUx aCBkR1Z5YV dGc0lFIGho Ym1Sc2FXNW 4gSUdGdVpD QlFiMyBKME lGTnZiSFYw IGFXOXVjeU JpZFggTnBi bVZ6Y3l3Zy BiV0ZyYVc1 bklHIGwwSU c5dVpTQnYg WmlCMGFHVW diRyBGeVoy VnpkQ0JqIG NtRnVaU0Jo Ym0gUWdiR2 xtZEdsdSBa eUJsY1hWcG NHIDFsYm5R Z1kyOXQgY0 dGdWFXVnpJ RyBsdUlIUm 9aU0IzIGIz SnNaQzQ4WW 4gSStNVEF1 SUV0diBibV ZqY21GdVpY IE1nYUdGek lHSmwgWlc0 Z2JHbHpkRy BWa0lHOXVJ SFJvIFpTQk laV3h6YVcg NXJhU0JUZE c5aiBheUJG ZUdOb1lXID VuWlNCemFX NWogWlNBeE 9UazJJRyBG dVpDQnBjeU JwIGJtTnNk V1JsWkMgQn BiaUIwYUdV ZyBUMDFZSU VobGJIIE5w Ym10cElEST EgSUdsdVpH VjRMZyA9PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=