Verbund

More reviews (2)

Live  

Verbund is an Austrian company that specializes in the generation, transmission, and trading of electricity. It was founded in 1947 and is majority-owned by the Austrian government.
The company operates large hydropower facilities in Austria, as well as other renewable energy projects, including wind and solar power. With a strong commitment to sustainability and environmental responsibility, Verbund is a leader in the European energy industry.
In addition to its generation and transmission operations, Verbund also has a strong focus on energy trading and is active in the European energy exchanges. This allows the company to optimize its energy production and supply to meet market demands.
As of 2021, Verbund is the largest electricity producer in Austria and one of the leading hydropower producers in Europe. The company also has a growing presence in neighboring countries, including Germany, Italy, and France.
Verbund is committed to reducing carbon emissions and promoting energy efficiency, and has set ambitious targets to become carbon-neutral by 2050. The company is also actively investing in new technologies and innovations to strengthen its position as a leader in the renewable energy sector.
Overall, Verbund is a major player in the European energy industry, with a strong focus on sustainable and responsible energy production.

VmVyYnVuZC BpcyBhIGJp ZyBjb21wYW 55IGZyb20g QXVzdHJpYS B0aGF0IGlz IG1haW5seS Brbm93biBm b3IgbWFraW 5nIGVsZWN0 cmljaXR5Li BUaGV5IGFy ZSBzcGVjaW FsIGJlY2F1 c2UgdGhleS BjcmVhdGUg ZWxlY3RyaW NpdHkgdXNp bmcgcmVuZX dhYmxlIGVu ZXJneSBzb3 VyY2VzIGxp a2Ugd2F0ZX IsIHdpbmQs IGFuZCBzb2 xhciBwb3dl ci4gSW1hZ2 luZSBhIGJp ZyB3YXRlci B3aGVlbCB0 aGF0IHByb2 R1Y2VzIGVu ZXJneSB3aG VuIHRoZSB3 YXRlciBmbG 93cyDigJMg dGhhdOKAmX Mgc2ltaWxh ciB0byBob3 cgc29tZSBv ZiB0aGVpci Bwb3dlciBw bGFudHMgd2 9yayE8YnI+ VmVyYnVuZC BtYWtlcyBt b25leSBieS BzZWxsaW5n IHRoZSBlbG VjdHJpY2l0 eSB0aGV5IH Byb2R1Y2Ug dG8gaG9tZX MsIGJ1c2lu ZXNzZXMsIG FuZCBvdGhl ciBwbGFjZX MgdGhhdCBu ZWVkIHBvd2 VyLiBXaGVu IHlvdSBmbG lwIHRoZSBz d2l0Y2ggdG 8gdHVybiBv biBhIGxpZ2 h0IG9yIHVz ZSB5b3VyIG NvbXB1dGVy LCB0aGUgZW xlY3RyaWNp dHkgbWlnaH QgY29tZSBm cm9tIFZlcm J1bmQuIFRo ZXkgYWxzby BoZWxwIG1h a2Ugc3VyZS B0aGF0IGVs ZWN0cmljaX R5IGlzIGFs d2F5cyBhdm FpbGFibGUg c28gdGhhdC BwZW9wbGUg Y2FuIHVzZS BpdCB3aGVu ZXZlciB0aG V5IG5lZWQu PGJyPlRoZS ByZWFzb24g VmVyYnVuZC BpcyBzdWNj ZXNzZnVsIG lzIHRoYXQg dGhleSBmb2 N1cyBvbiB1 c2luZyBjbG VhbiBlbmVy Z3kuIE1hbn kgcGVvcGxl IGFuZCBnb3 Zlcm5tZW50 cyB3YW50IH RvIGhlbHAg dGhlIGVudm lyb25tZW50 IGJ5IHVzaW 5nIGxlc3Mg cG9sbHV0aW 9uIGFuZCBy ZWx5aW5nIG 1vcmUgb24g cmVuZXdhYm xlIHJlc291 cmNlcy4gVG hpcyBtZWFu cyB0aGVyZe KAmXMgYSBn cm93aW5nIG RlbWFuZCBm b3IgdGhlIH R5cGUgb2Yg ZW5lcmd5IF ZlcmJ1bmQg cHJvdmlkZX MuIEJlY2F1 c2UgdGhleS B3ZXJlIGFo ZWFkIGluIH VzaW5nIGNs ZWFuIGVuZX JneSwgdGhl eSBhcmUgaW 4gYSBncmVh dCBwb3NpdG lvbiBmb3Ig dGhlIGZ1dH VyZS48YnI+ SW4gdGhlIG Z1dHVyZSwg YXMgbW9yZS BwZW9wbGUg d2FudCBjbG VhbiBhbmQg Z3JlZW4gZW 5lcmd5IHRv IGhlbHAgdG hlIHBsYW5l dCwgVmVyYn VuZCB3aWxs IGxpa2VseS Bjb250aW51 ZSB0byBkby B3ZWxsLiBU aGV5IGFyZS BhbHNvIGlu dmVzdGluZy BpbiBuZXcg dGVjaG5vbG 9naWVzIHRv IG1ha2UgdG hlaXIgZW5l cmd5IHByb2 R1Y3Rpb24g ZXZlbiBiZX R0ZXIuIFNv LCB0aGV5IG hhdmUgYSBn b29kIGNoYW 5jZSBvZiBi ZWluZyBzdW NjZXNzZnVs IGZvciBhIG xvbmcgdGlt ZSE8YnI+

VGhlcmUgYX JlIGEgZmV3 IHNwZWNpYW wgdGhpbmdz IGFib3V0IH RoZSBWZXJi dW5kIGNvbX Bhbnk6PGJy PjEuIExlYW RpbmcgZW5l cmd5IHByb3 ZpZGVyOiBW ZXJidW5kIG lzIG9uZSBv ZiB0aGUgbG FyZ2VzdCBl bGVjdHJpY2 l0eSBwcm9k dWNlcnMgaW 4gRXVyb3Bl IGFuZCB0aG UgbGVhZGlu ZyBlbmVyZ3 kgcHJvdmlk ZXIgaW4gQX VzdHJpYSwg cHJvdmlkaW 5nIHJlbGlh YmxlIGFuZC BzdXN0YWlu YWJsZSBlbm VyZ3kgc29s dXRpb25zIH RvIG1pbGxp b25zIG9mIG N1c3RvbWVy cy48YnI+Mi 4gRm9jdXMg b24gcmVuZX dhYmxlIGVu ZXJneTogVm VyYnVuZCBp cyBmb2N1c2 VkIG9uIHJl bmV3YWJsZS BlbmVyZ3kg c291cmNlcy wgd2l0aCBv dmVyIDk1JS BvZiBpdHMg ZWxlY3RyaW NpdHkgY29t aW5nIGZyb2 0gaHlkcm9w b3dlci4gVG hpcyBtYWtl cyB0aGUgY2 9tcGFueSBh IHBpb25lZX IgaW4gc3Vz dGFpbmFibG UgZW5lcmd5 IHByb2R1Y3 Rpb24gYW5k IGNvbnRyaW J1dGVzIHRv IHJlZHVjaW 5nIGNhcmJv biBlbWlzc2 lvbnMuPGJy PjMuIFZlcn RpY2FsbHkg aW50ZWdyYX RlZCBtb2Rl bDogVmVyYn VuZCBmb2xs b3dzIGEgdm VydGljYWxs eSBpbnRlZ3 JhdGVkIGJ1 c2luZXNzIG 1vZGVsLCB3 aGljaCBtZW FucyB0aGF0 IHRoZSBjb2 1wYW55IGlz IGludm9sdm VkIGluIGV2 ZXJ5IGFzcG VjdCBvZiBl bmVyZ3kgcH JvZHVjdGlv biAtIGZyb2 0gZ2VuZXJh dGlvbiB0by BkaXN0cmli dXRpb24gYW 5kIHJldGFp bC4gVGhpcy BoZWxwcyB0 aGVtIHRvIG hhdmUgYmV0 dGVyIGNvbn Ryb2wgb3Zl ciB0aGVpci BvcGVyYXRp b25zIGFuZC Bwcm92aWRl cyBtb3JlIH N0YWJpbGl0 eSB0byB0aG VpciBidXNp bmVzcy48Yn I+NC4gU3Ry b25nIGZvY3 VzIG9uIGlu bm92YXRpb2 46IFRoZSBj b21wYW55IG lzIGNvbnN0 YW50bHkgaW 52ZXN0aW5n IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 byBmaW5kIG lubm92YXRp dmUgc29sdX Rpb25zIHRo YXQgcmVkdW NlIHRoZWly IGVjb2xvZ2 ljYWwgZm9v dHByaW50IG FuZCBjb250 cmlidXRlIH RvIGEgc3Vz dGFpbmFibG UgZnV0dXJl LiBUaGV5IG hhdmUgYSBk ZWRpY2F0ZW QgcmVzZWFy Y2ggYW5kIG RldmVsb3Bt ZW50IGNlbn RlciB0aGF0 IHdvcmtzIG 9uIG5ldyB0 ZWNobm9sb2 dpZXMgYW5k IGVuZXJneS BlZmZpY2ll bmN5Ljxicj 41LiBJbnRl cm5hdGlvbm FsIHByZXNl bmNlOiBWZX JidW5kIG9w ZXJhdGVzIG 5vdCBvbmx5 IGluIEF1c3 RyaWEgYnV0 IGFsc28gaW 4gc2V2ZXJh bCBFdXJvcG VhbiBjb3Vu dHJpZXMuIF RoaXMgaGVs cHMgdGhlbS B0byBkaXZl cnNpZnkgdG hlaXIgb3Bl cmF0aW9ucy BhbmQgbWFy a2V0cyBhbm QgcmVkdWNl cyB0aGVpci BkZXBlbmRl bmNlIG9uIG Egc2luZ2xl IG1hcmtldC 48YnI+Ni4g Q29tbWl0bW VudCB0byBz dXN0YWluYW JpbGl0eTog U3VzdGFpbm FiaWxpdHkg aXMgYXQgdG hlIGNvcmUg b2YgVmVyYn VuZCdzIGJ1 c2luZXNzIH N0cmF0ZWd5 LiBUaGUgY2 9tcGFueSBp cyBjb21taX R0ZWQgdG8g cmVkdWNpbm cgaXRzIGNh cmJvbiBmb2 90cHJpbnQg YW5kIHByb2 1vdGluZyBz dXN0YWluYW JsZSBwcmFj dGljZXMsIH N1Y2ggYXMg aW52ZXN0aW 5nIGluIHJl bmV3YWJsZS BlbmVyZ3kg YW5kIHByb2 1vdGluZyBl bmVyZ3kgZW ZmaWNpZW5j eS48YnI+Ny 4gU3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZT ogVmVyYnVu ZCBoYXMgYS BzdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlIH RyYWNrIHJl Y29yZCwgd2 l0aCBjb25z aXN0ZW50IG dyb3d0aCBh bmQgcHJvZm l0YWJpbGl0 eSBvdmVyIH RoZSB5ZWFy cy4gVGhpcy BtYWtlcyB0 aGUgY29tcG FueSBhIHJl bGlhYmxlIG FuZCBzdGFi bGUgcGFydG 5lciBmb3Ig aW52ZXN0b3 JzIGFuZCBj dXN0b21lcn MgYWxpa2Uu

VGhlIFZlcm J1bmQgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG lzIGNlbnRl cmVkIGFyb3 VuZCB0aGUg cHJvZHVjdG lvbiwgZGlz dHJpYnV0aW 9uLCBhbmQg c2FsZSBvZi BlbGVjdHJp Y2l0eSwgbm F0dXJhbCBn YXMsIGFuZC BvdGhlciBl bmVyZ3kgc2 VydmljZXMu IFRoaXMgaW 5jbHVkZXMg b3BlcmF0aW 5nIHBvd2Vy IHBsYW50cy wgbWFuYWdp bmcgZW5lcm d5IG5ldHdv cmtzLCBhbm QgcHJvdmlk aW5nIGlubm 92YXRpdmUg ZW5lcmd5IH NvbHV0aW9u cyB0byBjdX N0b21lcnMu IFRoZSBjb2 1wYW55IGFs c28gZm9jdX NlcyBvbiBz dXN0YWluYW JsZSBhbmQg cmVuZXdhYm xlIGVuZXJn eSBzb3VyY2 VzLCBzdWNo IGFzIGh5ZH JvcG93ZXIs IHBob3Rvdm 9sdGFpY3Ms IGFuZCB3aW 5kIHBvd2Vy LiBBZGRpdG lvbmFsbHks IFZlcmJ1bm Qgb2ZmZXJz IGVuZXJneS Bjb25zdWx0 aW5nIHNlcn ZpY2VzIGFu ZCBjb2xsYW JvcmF0ZXMg d2l0aCBvdG hlciBjb21w YW5pZXMgYW 5kIHJlc2Vh cmNoIGluc3 RpdHV0aW9u cyB0byBkcm l2ZSBpbm5v dmF0aW9uIG FuZCBhZHZh bmNlIHRoZS BmdXR1cmUg b2YgZW5lcm d5Lg==

Verbund, as a leading Austrian energy company primarily focused on hydroelectric power, has a unique market position in the energy sector. The potential impact of AI on Verbund’s products, services, or competitive positioning can be analyzed through various angles:
1. Substitution: AI technology could lead to the development of new energy solutions or alternative energy sources, which may present a substitution threat to Verbund’s hydroelectric services. For instance, advancements in renewable energy technologies, such as solar or wind, powered by AI-driven optimization tools, could produce energy at a lower cost or with higher efficiency. If these alternatives become more competitive, Verbund may face challenges in maintaining its market share.
2. Disintermediation: AI can streamline energy distribution and management, potentially reducing the reliance on traditional utility providers. This could allow consumers to generate and sell their own energy more efficiently through decentralized systems. If customers begin to rely more on peer-to-peer energy trading platforms or energy storage solutions enabled by AI, Verbund could see a diminishing role in the energy supply chain, leading to a loss in revenue and influence.
3. Margin Pressure: The implementation of AI can lead to improved operational efficiency and cost reductions in energy production and management. If competitors leverage AI more effectively, they may reduce their costs significantly and offer lower prices. Verbund could face margin pressure if it does not adopt similar technologies or if it is unable to compete with companies that operate with reduced overhead due to AI.
However, it is also important to note that AI presents opportunities for Verbund. By adopting AI technologies, Verbund can enhance its operational efficiencies, improve predictive maintenance, optimize energy distribution, and better analyze consumption patterns to meet customer needs. Embracing these technologies can help Verbund maintain its competitive edge while mitigating potential threats.
In summary, while AI does pose some material threats to Verbund through substitution, disintermediation, and margin pressure, it also offers opportunities for growth and adaptation. The extent of the impact will depend on how the company responds to these changes and integrates AI into its operations and strategy.

The sensitivity of Verbund company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Sensitivity: Interest rates can impact Verbund’s operational costs and revenue generation potential. If interest rates rise, the company’s financing costs for debt could increase, leading to reduced net earnings. Additionally, higher rates can influence consumer behavior, potentially leading to decreased electricity consumption if customers face higher financing costs for their mortgages and loans.
2. Cash Flow Sensitivity: Changes in interest rates affect the cash flow profile of Verbund, particularly if the company has variable-rate debt. Increased interest rates may lead to higher interest expenses, reducing free cash flow available for investments, dividends, or debt repayment. Conversely, if interest rates rise and stimulate economic growth, demand for energy might increase, positively impacting cash flows.
3. Valuation Sensitivity: The valuation of Verbund is often derived using discounted cash flow models, which are sensitive to the discount rate applied. When interest rates rise, the discount rate typically increases, which can lower the present value of future cash flows, leading to a potential decrease in the company’s market valuation. This effect can be accentuated if investors shift their preferences towards fixed-income securities that offer higher yields in a rising interest rate environment.
In summary, Verbund’s earnings, cash flow, and valuation are interlinked and can be negatively impacted by rising interest rates due to increased financing costs and potential decreases in consumer demand. However, the overall impact can also depend on broader economic conditions, regulatory changes, and the company’s ability to manage its debt and operational efficiency.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BWZXJidW5k 4oCZcyBlY2 9ub21pY3Mg b3ZlciB0aG UgbmV4dCAz LTUgeWVhcn MgaXMgYSBz aWduaWZpY2 FudCByZWd1 bGF0b3J5IG 92ZXJoYXVs IGluIHRoZS BFdXJvcGVh biBlbmVyZ3 kgbWFya2V0 LCBwYXJ0aW N1bGFybHkg Zm9jdXNpbm cgb24gcmVu ZXdhYmxlIG VuZXJneSBn ZW5lcmF0aW 9uLiBJZiB0 aGUgRXVyb3 BlYW4gVW5p b24gd2VyZS B0byBpbXBv c2Ugc3RyaW 5nZW50IHJl Z3VsYXRpb2 5zIG9yIHRh eGVzIG9uIG NhcmJvbiBl bWlzc2lvbn MgdGhhdCBk aXNwcm9wb3 J0aW9uYXRl bHkgYWZmZW N0IGh5ZHJv cG93ZXIgcH JvZHVjZXJz LCB0aGlzIG NvdWxkIGxl YWQgdG8gaW 5jcmVhc2Vk IG9wZXJhdG lvbmFsIGNv c3RzIGFuZC ByZWR1Y2Vk IG1hcmdpbn MgZm9yIFZl cmJ1bmQuPG JyPkluIHRo aXMgc2Nlbm FyaW8sIHRo ZSBjb21wYW 55IHdvdWxk IGxpa2VseS BmYWNlIHNl dmVyYWwgaW 1tZWRpYXRl IGNvbnNlcX VlbmNlcy4g Rmlyc3QsIF ZlcmJ1bmTi gJlzIG1hcm dpbnMgd291 bGQgZGVjbG luZSBhcyB0 aGUgY29zdH Mgb2YgY29t cGxpYW5jZS B3aXRoIG5l dyByZWd1bG F0aW9ucyBj dXQgaW50by Bwcm9maXRh YmlsaXR5Li BUaGlzIGNv dWxkIGxlYW QgdG8gYSBy ZWR1Y3Rpb2 4gaW4gcHJp Y2luZyBwb3 dlciwgZXNw ZWNpYWxseS BpZiBjb21w ZXRpdG9ycy BpbiB0aGUg cmVuZXdhYm xlIGVuZXJn eSBzZWN0b3 IgKHN1Y2gg YXMgd2luZC BhbmQgc29s YXIpIGRvIG 5vdCBmYWNl IHRoZSBzYW 1lIHJlZ3Vs YXRvcnkgYn VyZGVucyBv ciBjYW4gcG FzcyBvbiBj b3N0cyBtb3 JlIGVmZmVj dGl2ZWx5IH RvIGNvbnN1 bWVycy48Yn I+RnVydGhl cm1vcmUsIG Nhc2ggZmxv dyB3b3VsZC BsaWtlbHkg YmUgaW1wYW N0ZWQgbmVn YXRpdmVseS BhcyB0aGUg Y29tcGFueS BtYXkgYmUg Zm9yY2VkIH RvIGludmVz dCBzdWJzdG FudGlhbGx5 IGluIHVwZ3 JhZGVzIHRv IGZhY2lsaX RpZXMgb3Ig dGVjaG5vbG 9neSB0byBt ZWV0IG5ldy Bjb21wbGlh bmNlIHJlcX VpcmVtZW50 cy4gVGhpcy BjYXBpdGFs IGV4cGVuZG l0dXJlIGNv dWxkIGRpdm VydCBmdW5k cyBhd2F5IG Zyb20gbW9y ZSBwcm9kdW N0aXZlIGlu dmVzdG1lbn RzLCBsZWFk aW5nIHRvIG Egc3RhZ25h bnQgb3IgZG VjbGluaW5n IGNhc2ggZm xvdyBzaXR1 YXRpb24gaW 4gdGhlIG1l ZGl1bSB0ZX JtLjxicj5P biB0aGUgYm FsYW5jZSBz aGVldCwgVm VyYnVuZCBt aWdodCBleH BlcmllbmNl IGEgZGV0ZX Jpb3JhdGlv biBpbiBrZX kgZmluYW5j aWFsIHJhdG lvcy4gSW5j cmVhc2VkIG RlYnQgY291 bGQgb2NjdX IgaWYgdGhl IGNvbXBhbn kgbmVlZHMg dG8gZmluYW 5jZSB0aGUg cmVxdWlyZW QgdXBncmFk ZXMgb3IgY2 92ZXIgc2hv cnQtdGVybS BjYXNoIGZs b3cgaXNzdW VzLCByZXN1 bHRpbmcgaW 4gaGlnaGVy IGxldmVyYW dlIHJhdGlv cy4gQWRkaX Rpb25hbGx5 LCBpZiB0aG UgbWFya2V0 IHBlcmNlaX ZlcyB0aGVz ZSBjaGFuZ2 VzIGFzIGFk dmVyc2UsIF ZlcmJ1bmTi gJlzIHNoYX JlIHByaWNl IGNvdWxkIG RlY2xpbmUs IGxlYWRpbm cgdG8gbG93 ZXIgbWFya2 V0IGNhcGl0 YWxpemF0aW 9uIGFuZCBw b3RlbnRpYW wgY2hhbGxl bmdlcyBpbi ByYWlzaW5n IGVxdWl0eS BmaW5hbmNp bmcuPGJyPk 92ZXJhbGws IGlmIHN1Y2 ggYSByZWd1 bGF0b3J5IH NjZW5hcmlv IHdlcmUgdG 8gdW5mb2xk LCBWZXJidW 5kIGNvdWxk IHNlZSByZW R1Y2VkIHBy b2ZpdGFiaW xpdHksIGNh c2ggZmxvdy Bjb25zdHJh aW50cywgYW 5kIGEgd2Vh a2VuZWQgYm FsYW5jZSBz aGVldCB0aG F0IG1pZ2h0 IGhpbmRlci BpdHMgYWJp bGl0eSB0by BpbnZlc3Qg aW4gZ3Jvd3 RoIG9wcG9y dHVuaXRpZX MsIGFsbCBv ZiB3aGljaC B3b3VsZCBz aWduYWwgYS BzdWJzdGFu dGlhbCBzaG lmdCBpbiB0 aGUgY29tcG FueeKAmXMg bG9uZy10ZX JtIGVjb25v bWljIG91dG xvb2suPGJy Pg==

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 bG9nb3MvUl laSUVUWXlo Y0FGSGFPb3 E1bWgud2Vi cCIgYWx0PS JWZXJidW5k IiB0aXRsZT 0iVmVyYnVu ZCIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBWZXJi dW5kPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+R pSBGcmVlIG VCb29rIGZv ciBuZXcgdX NlcnM6IDxp 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 dWbVZ5WW4g VnVaQ0JwY3 lCQiBkWE4w Y21saDRvIE NaY3lCc1lY Sm4gWlhOME lHVnNaVyBO MGNtbGphWF I1IElHTnZi WEJoYm4ga3 NJSEJ5YjJS MSBZMmx1Wn lCaGNtIDkx Ym1RZ05EQW wgSUc5bUlI Um9aUyBCam IzVnVkSEo1 IDRvQ1pjeU JsYkcgVmpk SEpwWTJsMC BlUzQ4WW5J K01pIDRnVk dobElHNWgg YldVZ1ZtVn lZbiBWdVpD QnBjeUJrIF pYSnBkbVZr SUcgWnliMj BnZEdobCBJ RWRsY20xaG JpIEIzYjNK a0lHWnYgY2 lCcGJuUmxa MyBKaGRHbH ZiaXdnIGNt Vm1iR1ZqZE cgbHVaeUIw YUdVZyBZMj l0Y0dGdWVl IEtBbVhNZ1 ptOWogZFhN Z2IyNGdZMi A5dFltbHVh VzVuIElIWm hjbWx2ZFgg TWdjMjkxY2 1ObCBjeUJ2 WmlCbGJtIF Z5WjNrdVBH SnkgUGpNdU lGUm9aUyBC amIyMXdZVz U1IElIZGhj eUJtYjMgVn VaR1ZrSUds dSBJREU1Tk RjZ1lYIE1n WVNCemRHRj AgWlMxdmQy NWxaQyBCbG JuUnBkSGtn IFkyRnNiR1 ZrSU0gT1dj M1JsY25KbC BhV05vYVhO amFHIFVnVG 1GMGFXOXUg WVd4MlpYSm lkVyA1a0lF ZGxjMlZzIG JITmphR0Zt ZEMgQW9RWF Z6ZEhKcCBZ VzRnVG1GMG FXIDl1WVd3 Z1RtVjAgZD I5eWF5QkRi MiAxd1lXNT VLUzQ4IFlu SStOQzRnU1 cgNGdNVGs0 T0N3ZyBWbV Z5WW5WdVpD IEJpWldOaG JXVWcgWVNC d2RXSnNhVy BOc2VTQjBj bUZrIFpXUW dZMjl0Y0cg RnVlU3dnZD JsMCBhQ0Iw YUdVZ1FYIF Z6ZEhKcFlX NGcgWjI5Ml pYSnViVyBW dWRDQnlaVz FoIGFXNXBi bWNnWVggTW dkR2hsSUcx aCBhbTl5YV hSNUlIIE5v WVhKbGFHOX MgWkdWeUxq eGljaiA0MU xpQkpiaUJo IFpHUnBkR2 x2YmkgQjBi eUJ3Y205ay BkV05wYm1j Z1pXIHhsWT NSeWFXTnAg ZEhrc0lGWm xjbSBKMWJt UWdZV3h6IG J5QnZjR1Z5 WVggUmxjeU JoSUd4aCBj bWRsSUc1bG RIIGR2Y21z Z2IyWWcgYU hsa2NtOXdi MyBkbGNpQn diR0Z1IGRI TXNJR0Z6SU ggZGxiR3dn WVhNZyBZVz RnWlhoMFpX IDV6YVhabE lHZHkgYVdR Z1ptOXlJRy BWc1pXTjBj bWxqIGFYUj VJSFJ5WVcg NXpiV2x6Yz JsdiBiaUJo Ym1RZ1pHIG x6ZEhKcFlu VjAgYVc5dU xqeGljaiA0 MkxpQldaWE ppIGRXNWtJ R2hoY3kgQm hJSE4wY205 dSBaeUJqYj IxdGFYIFJ0 Wlc1MElIUn YgSUhKbGJt VjNZVyBKc1 pTQmxibVZ5 IFoza2djMj kxY20gTmxj eXdnZDJsMC BhQ0JoSUdk dllXIHdnYj JZZ2FXNWog Y21WaGMybH VaeSBCcGRI TWdjbVZ1IF pYZGhZbXhs SUcgVnVaWE puZVNCdyBj bTlrZFdOMG FXIDl1SUhS dklERXcgTU NVZ1lua2dN aiBBek1DND hZbkkrIE55 NGdWR2hsSU cgTnZiWEJo Ym5rZyBhR0 Z6SUdWNGNH IEZ1WkdWa0 lHbDAgY3lC dmNHVnlZWC BScGIyNXpJ R0psIGVXOX VaQ0JCZFgg TjBjbWxoTE NCMyBhWFJv SUdsdWRtIF Z6ZEcxbGJu UnogSUdsdU lHaDVaSCBK dmNHOTNaWE lnIGNHeGhi blJ6SUcgbH VJRWRsY20x aCBibmtzSU VsMFlXIHg1 TENCaGJtUW cgVkhWeWEy VjVMaiB4aW NqNDRMaUJK IGJpQXlNRE U1TEMgQlda WEppZFc1ay BJR0Z1Ym05 MWJtIE5sWk NCcGRITWcg Wm1seWMzUW dkMiBsdVpD QmxibVZ5IF oza2djSEp2 YW0gVmpkQ0 JwYmlCQiBk WE4wY21saE xDIEIzYVhS b0lIQnMgWV c1eklIUnZJ RyBKMWFXeG tJREUxIElI ZHBibVFnZE ggVnlZbWx1 WlhNZyBkMm wwYUNCaElI IFJ2ZEdGc0 lHTmggY0dG amFYUjVJRy A5bUlEUXpJ RzFsIFoyRj NZWFIwY3kg NDhZbkkrT1 M0ZyBWR2hs SUdOdmJYIE JoYm5rZ2FH RnogSUdGc2 MyOGdZbSBW bGJpQmhJSE JwIGIyNWxa WElnYVcgNG daR1YyWld4 diBjR2x1Wn lCcGJtIDV2 ZG1GMGFYWm wgSUdWdVpY Sm5lUyBCem RHOXlZV2Rs IElITnZiSF YwYVcgOXVj eXdnYzNWai BhQ0JoY3lC aElHIGg1WW 5KcFpDQncg YjNkbGNpQn diRyBGdWRD QjBhR0YwIE lHTnZiV0pw Ym0gVnpJR2 g1WkhKdiBa V3hsWTNSeW FXIE5wZEhr Z1lXNWsgSU dKaGRIUmxj biBrZ2MzUn ZjbUZuIFpT NDhZbkkrTV QgQXVJRlps Y21KMSBibV FnYUdGeklH IEpsWlc0Z2 NtVmogYjJk dWFYcGxaQy BCbWIzSWdh WFJ6IElITj FjM1JoYVcg NWhZbWxzYV hSNSBJR1Zt Wm05eWRIIE 1zSUhKbFky VnAgZG1sdV p5QnVkVyAx bGNtOTFjeU JoIGQyRnla SE1nWm0gOX lJR2wwY3lC bCBiblpwY2 05dWJXIFZ1 ZEdGc0xDQn ogYjJOcFlX d3NJRyBGdV pDQm5iM1ps IGNtNWhibU 5sSUggQnlZ V04wYVdObC BjeTQ9CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==