Elia System Operator

Live  

Elia System Operator (Elia) is a Belgian company that manages the high-voltage electricity transmission system in Belgium and parts of Germany. The company was established in 2001 as part of the liberalization of the European electricity market.
Elia's main responsibility is to ensure the safe and reliable transport of electricity from power generators to distribution system operators and large industrial consumers. This involves operating and maintaining high-voltage transmission lines, substations, and other equipment that make up the electricity grid.
The company is also responsible for maintaining the balance between electricity supply and demand, managing network congestion, and facilitating cross-border energy exchanges. Elia plays a key role in promoting the integration of renewable energy sources into the grid and supporting the transition to a more sustainable and decentralized energy system.
Elia is listed on the Brussels Stock Exchange and has a market capitalization of over €5 billion. The company has around 2,100 employees and reported a revenue of €1.5 billion in 2020.
In addition to its operational activities, Elia is also actively involved in research and development in the field of electricity transmission. The company collaborates with other electricity operators and research institutions to develop innovative solutions for a more efficient and sustainable grid.
Elia is committed to promoting a sustainable energy future and has set ambitious goals to reduce its carbon footprint and increase the share of renewable energy in its operations. The company has also implemented various social and environmental initiatives, such as promoting gender diversity and supporting local communities.

RWxpYSBTeX N0ZW0gT3Bl cmF0b3IgaX MgYSBjb21w YW55IHRoYX QgaGVscHMg bWFuYWdlIH RoZSBlbGVj dHJpY2l0eS BpbiBhIGNv dW50cnksIG tpbmQgb2Yg bGlrZSBhIH RyYWZmaWMg ZGlyZWN0b3 IgZm9yIGVs ZWN0cmljaX R5LiBKdXN0 IGxpa2UgYS B0cmFmZmlj IHNpZ25hbC BoZWxwcyBj YXJzIGtub3 cgd2hlbiB0 byBzdG9wIG FuZCBnbywg RWxpYSBoZW xwcyBtYWtl IHN1cmUgdG hhdCBlbGVj dHJpY2l0eS BmbG93cyBz bW9vdGhseS Bmcm9tIHBv d2VyIHBsYW 50cyB0byBo b21lcyBhbm QgYnVzaW5l c3Nlcy48Yn I+SGVyZeKA mXMgaG93IG l0IHdvcmtz OiBQZW9wbG UgYW5kIGNv bXBhbmllcy BuZWVkIGVs ZWN0cmljaX R5IGZvciBl dmVyeXRoaW 5n4oCUbGlr ZSB0dXJuaW 5nIG9uIGxp Z2h0cywgdX NpbmcgY29t cHV0ZXJzLC BhbmQgd2F0 Y2hpbmcgVF YuIEVsaWEg bWFrZXMgc3 VyZSB0aGF0 IHRoZSByaW dodCBhbW91 bnQgb2YgZW xlY3RyaWNp dHkgaXMgYX ZhaWxhYmxl IHdoZW4gcG VvcGxlIG5l ZWQgaXQuIF RoZXkgYWxz byBiYWxhbm NlIHRoZSBl bGVjdHJpY2 l0eSBzdXBw bHkgYW5kIG RlbWFuZCBz byB0aGF0IH dlIGRvbuKA mXQgaGF2ZS B0b28gbXVj aCBvciB0b2 8gbGl0dGxl IGVsZWN0cm ljaXR5LCB3 aGljaCBjYW 4gY2F1c2Ug cHJvYmxlbX MuPGJyPkVs aWEgbWFrZX MgbW9uZXkg YnkgY2hhcm dpbmcgZmVl cyB0byB0aG UgY29tcGFu aWVzIHRoYX QgcHJvZHVj ZSBlbGVjdH JpY2l0eSBh bmQgdG8gdG hvc2Ugd2hv IHVzZSBpdC 4gVGhleSBh cmUgcmVzcG 9uc2libGUg Zm9yIG1haW 50YWluaW5n IHRoZSBlbG VjdHJpY2l0 eSBsaW5lcy BhbmQgb3Ro ZXIgZXF1aX BtZW50IG5l ZWRlZCB0by BrZWVwIGV2 ZXJ5dGhpbm cgcnVubmlu Zy4gVGhpcy BpcyBpbXBv cnRhbnQgYm VjYXVzZSBp ZiB0aGUgZW xlY3RyaWNp dHkgbGluZX MgYnJlYWsg b3IgaWYgdG hlcmXigJlz IGEgcHJvYm xlbSwgRWxp YSBzdGVwcy BpbiB0byBm aXggaXQuPG JyPlRoZSBj b21wYW55IG lzIHN1Y2Nl c3NmdWwgbm 93IGJlY2F1 c2UgZWxlY3 RyaWNpdHkg aXMgYWx3YX lzIG5lZWRl ZCwgYW5kIH RoZXkgaGF2 ZSBhIGdvb2 Qgc3lzdGVt IGZvciBtYW 5hZ2luZyB0 aGUgZmxvdy BvZiBpdC4g VGhleSBhbH NvIHdvcmsg aGFyZCB0by BpbXByb3Zl IHRoZSBlbG VjdHJpY2l0 eSBuZXR3b3 JrLCBpbnZl c3QgaW4gbm V3IHRlY2hu b2xvZ2llcy wgYW5kIGZp bmQgd2F5cy B0byB1c2Ug cmVuZXdhYm xlIGVuZXJn eSwgbGlrZS Bzb2xhciBh bmQgd2luZC Bwb3dlci4g VGhpcyBoZW xwcyB0aGVt IHN0YXkgcm VsZXZhbnQg YW5kIGltcG 9ydGFudCBp biB0aGUgZn V0dXJlLCBl c3BlY2lhbG x5IGFzIHBl b3BsZSB3YW 50IGNsZWFu ZXIgYW5kIG 1vcmUgcmVs aWFibGUgc2 91cmNlcyBv ZiBlbmVyZ3 kuPGJyPk92 ZXJhbGwsIG FzIGxvbmcg YXMgd2Ugbm VlZCBlbGVj dHJpY2l0eS wgRWxpYSB3 aWxsIGNvbn RpbnVlIHRv IHBsYXkgYS BjcnVjaWFs IHJvbGUgaW 4gbWFraW5n IHN1cmUgaX TigJlzIGF2 YWlsYWJsZS BhbmQgZmxv d2luZyBzbW 9vdGhseSwg YW5kIHRoYX TigJlzIHdo eSB0aGV5IH dpbGwgbGlr ZWx5IGJlIH N1Y2Nlc3Nm dWwgZm9yIG EgbG9uZyB0 aW1lIHRvIG NvbWUhPGJy Pg==

VGhlIEVsaW EgU3lzdGVt IE9wZXJhdG 9yIGNvbXBh bnkgaXMgdG hlIHByaW1h cnkgZWxlY3 RyaWNpdHkg dHJhbnNtaX NzaW9uIHN5 c3RlbSBvcG VyYXRvciBp biBCZWxnaX VtLiBJdCBp cyByZXNwb2 5zaWJsZSBm b3IgdGhlIH NhZmUsIHJl bGlhYmxlLC BhbmQgZWZm aWNpZW50IG 9wZXJhdGlv biBvZiB0aG UgY291bnRy eSdzIGhpZ2 gtdm9sdGFn ZSBlbGVjdH JpY2l0eSBn cmlkLiBTb2 1lIG9mIHRo ZSBrZXkgdG hpbmdzIHRo YXQgbWFrZS BFbGlhIFN5 c3RlbSBPcG VyYXRvciB1 bmlxdWUgYX JlOjxicj4x LiBHb3Zlcm 5tZW50IE92 ZXJzaWdodD ogRWxpYSBT eXN0ZW0gT3 BlcmF0b3Ig aXMgYSByZW d1bGF0ZWQg Y29tcGFueS wgd2hpY2gg bWVhbnMgdG hhdCBpdCBp cyB1bmRlci BjbG9zZSBn b3Zlcm5tZW 50IG92ZXJz aWdodC4gSX QgaGFzIHRv IGZvbGxvdy BzdHJpY3Qg cmVndWxhdG lvbnMgYW5k IGd1aWRlbG luZXMgc2V0 IGJ5IHRoZS Bnb3Zlcm5t ZW50IHRvIG Vuc3VyZSBm YWlyIHByaW NpbmcsIHJl bGlhYmxlIG 9wZXJhdGlv bnMsIGFuZC BvdGhlciBp bXBvcnRhbn QgYXNwZWN0 cyBvZiBpdH Mgc2Vydmlj ZXMuPGJyPj IuIEVzc2Vu dGlhbCBTZX J2aWNlIFBy b3ZpZGVyOi BBcyB0aGUg cHJpbWFyeS BlbGVjdHJp Y2l0eSB0cm Fuc21pc3Np b24gc3lzdG VtIG9wZXJh dG9yIGluIE JlbGdpdW0s IEVsaWEgU3 lzdGVtIE9w ZXJhdG9yIH BsYXlzIGEg Y3JpdGljYW wgcm9sZSBp biBlbnN1cm luZyB1bmlu dGVycnVwdG VkIHBvd2Vy IHN1cHBseS B0byB0aGUg Y291bnRyeS 4gSXQgaXMg ZGVzaWduYX RlZCBhcyBh biBlc3Nlbn RpYWwgc2Vy dmljZSBwcm 92aWRlciwg d2hpY2ggbW VhbnMgdGhh dCBpdCBpcy ByZXF1aXJl ZCB0byBtYW ludGFpbiBh IGhpZ2ggbG V2ZWwgb2Yg c2VydmljZS BldmVuIGR1 cmluZyB0aW 1lcyBvZiBj cmlzaXMgb3 IgZW1lcmdl bmN5Ljxicj 4zLiBDcm9z cy1ib3JkZX IgT3BlcmF0 aW9uczogRW xpYSBTeXN0 ZW0gT3Blcm F0b3IgaXMg bm90IGp1c3 QgcmVzcG9u c2libGUgZm 9yIHRoZSBl bGVjdHJpY2 l0eSBncmlk IGluIEJlbG dpdW0gYnV0 IGFsc28gcG xheXMgYSBj cnVjaWFsIH JvbGUgaW4g dGhlIHRyYW 5zbWlzc2lv biBvZiBlbG VjdHJpY2l0 eSBhY3Jvc3 MgYm9yZGVy cy4gVGhlIG NvbXBhbnkg aXMgcGFydC BvZiBzZXZl cmFsIGludG VybmF0aW9u YWwgY29sbG Fib3JhdGlv bnMgYW5kIG FjdGl2ZWx5 IHdvcmtzIH Rvd2FyZHMg Y3JlYXRpbm cgYW4gaW50 ZWdyYXRlZC BFdXJvcGVh biBlbGVjdH JpY2l0eSBt YXJrZXQuPG JyPjQuIFJl bmV3YWJsZS BFbmVyZ3kg SW50ZWdyYX Rpb246IEVs aWEgU3lzdG VtIE9wZXJh dG9yIGlzIG NvbW1pdHRl ZCB0byB0aG UgdHJhbnNp dGlvbiB0b3 dhcmRzIHJl bmV3YWJsZS BlbmVyZ3kg c291cmNlcy BhbmQgcGxh eXMgYSBrZX kgcm9sZSBp biBpbnRlZ3 JhdGluZyB0 aGVtIGludG 8gdGhlIGVs ZWN0cmljaX R5IGdyaWQu IFRoZSBjb2 1wYW55IGlu dmVzdHMgaW 4gaW5ub3Zh dGl2ZSB0ZW Nobm9sb2dp ZXMgYW5kIH dvcmtzIHdp dGggcmVuZX dhYmxlIGVu ZXJneSBwcm 9kdWNlcnMg dG8gZW5zdX JlIGEgc21v b3RoIGludG VncmF0aW9u IG9mIGdyZW VuIGVuZXJn eSBpbnRvIH RoZSBncmlk Ljxicj41Li BFZmZpY2ll bnQgR3JpZC BNYW5hZ2Vt ZW50OiBFbG lhIFN5c3Rl bSBPcGVyYX RvciB1c2Vz IGFkdmFuY2 VkIHRlY2hu b2xvZ2llcy BhbmQgc21h cnQgZ3JpZC BtYW5hZ2Vt ZW50IHRlY2 huaXF1ZXMg dG8gZW5zdX JlIHRoZSBl ZmZpY2llbn QgdXRpbGl6 YXRpb24gb2 YgdGhlIGVs ZWN0cmljaX R5IGdyaWQu IFRoaXMgaG VscHMgdG8g bWluaW1pem UgZW5lcmd5 IGxvc3Nlcy BhbmQgcmVk dWNlcyB0aG Ugb3ZlcmFs bCBjYXJib2 4gZm9vdHBy aW50IG9mIH RoZSBlbGVj dHJpY2l0eS BzZWN0b3Iu PGJyPkluIH N1bW1hcnks IEVsaWEgU3 lzdGVtIE9w ZXJhdG9yIH N0YW5kcyBv dXQgYXMgYS BoaWdobHkg cmVndWxhdG VkLCBlc3Nl bnRpYWwgc2 VydmljZSBw cm92aWRlci wgd2l0aCBh IGZvY3VzIG 9uIHJlbmV3 YWJsZSBlbm VyZ3kgaW50 ZWdyYXRpb2 4gYW5kIGVm ZmljaWVudC BncmlkIG1h bmFnZW1lbn QuIFRoZXNl IGFzcGVjdH MgbWFrZSBp dCBhIHVuaX F1ZSBhbmQg aW1wb3J0YW 50IHBsYXll ciBpbiB0aG UgZWxlY3Ry aWNpdHkgc2 VjdG9yIGlu IEJlbGdpdW 0gYW5kIEV1 cm9wZS4=

VGhlIEVsaW EgU3lzdGVt IE9wZXJhdG 9yIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy B0byBvd24s IG9wZXJhdG UsIGFuZCBt YWludGFpbi B0aGUgaGln aC12b2x0YW dlIGVsZWN0 cmljaXR5IH RyYW5zbWlz c2lvbiBzeX N0ZW0gaW4g QmVsZ2l1bS 4gVGhpcyBp bmNsdWRlcy BtYW5hZ2lu ZyB0aGUgZm xvdyBvZiBl bGVjdHJpY2 l0eSwgbWFp bnRhaW5pbm cgdGhlIG5l dHdvcmsgaW 5mcmFzdHJ1 Y3R1cmUsIG FuZCBlbnN1 cmluZyB0aG UgcmVsaWFi aWxpdHkgYW 5kIHNhZmV0 eSBvZiB0aG Ugc3lzdGVt LiBUaGUgY2 9tcGFueSBh bHNvIHByb3 ZpZGVzIHNl cnZpY2VzIH N1Y2ggYXMg Z3JpZCBhY2 Nlc3MsIGdy aWQgY29ubm VjdGlvbiwg YW5kIGdyaW QgbWFuYWdl bWVudCB0by BlbGVjdHJp Y2l0eSBwcm 9kdWNlcnMs IHN1cHBsaW VycywgYW5k IGN1c3RvbW Vycy4gQWRk aXRpb25hbG x5LCBFbGlh IG9mZmVycy Bjb25zdWx0 aW5nIGFuZC BlbmdpbmVl cmluZyBzZX J2aWNlcyBy ZWxhdGVkIH RvIGVsZWN0 cmljaXR5IH RyYW5zbWlz c2lvbiBhbm QgZGlzdHJp YnV0aW9uLi BUaGUgY29t cGFueSdzIH JldmVudWUg Y29tZXMgbW Fpbmx5IGZy b20gdGFyaW ZmcyBjaGFy Z2VkIGZvci B1c2luZyBp dHMgdHJhbn NtaXNzaW9u IHN5c3RlbS BhbmQgZnJv bSBwcm92aW Rpbmcgc2Vy dmljZXMgdG 8gb3RoZXIg Y29tcGFuaW VzIGFuZCBv cmdhbml6YX Rpb25zIGlu IHRoZSBlbm VyZ3kgc2Vj dG9yLg==

AI can indeed pose a material threat to companies like Elia System Operator, which is responsible for managing electricity transmission in Belgium. The potential threats can manifest in several ways:
1. Substitution: AI technologies can develop more efficient systems for energy management and distribution that could reduce the reliance on traditional operators. For example, advanced algorithms can optimize energy flow, predict demand, and manage grid stability more effectively than conventional methods, potentially leading to new entrants that offer these services without the need for traditional operators.
2. Disintermediation: AI can facilitate direct interactions between energy producers and consumers, bypassing traditional utilities. For instance, advancements in blockchain and AI can enable peer-to-peer energy trading platforms, which could challenge the role of traditional grid operators like Elia. This shift could diminish their control over energy distribution channels and revenue streams.
3. Margin Pressure: As AI technologies continue to improve, the cost of deploying these systems may decrease, resulting in more competitors entering the market with lower operational costs. This could lead to price competition, putting pressure on Elia System Operator’s profit margins. Furthermore, companies that successfully leverage AI could provide more value-added services, forcing traditional companies to lower prices or increase their own investment in technology to remain competitive.
4. Improving Energy Efficiency: AI-driven innovations can enhance energy efficiency in various sectors. If businesses and consumers adopt these technologies widely, it could reduce overall energy demand and affect the revenue streams of energy transmission operators.
In summary, while AI presents opportunities for enhancing operational efficiencies and creating new service offerings, it also poses significant risks that could impact the traditional business models of utilities like Elia System Operator through substitution, disintermediation, and margin pressure. To mitigate these threats, the company may need to invest in AI technologies, adapt their business strategies, and explore partnerships within the evolving energy landscape.

The sensitivity of Elia System Operator’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Earnings Sensitivity: Elia’s earnings can be affected by interest rates primarily through its capital structure. If the company has a significant amount of debt, higher interest rates can lead to increased interest expense, thereby reducing net earnings. Conversely, if interest rates rise, regulated returns on its investments might also be impacted, affecting profitability depending on regulatory frameworks.
2. Cash Flow Sensitivity: Cash flow can be sensitive to interest rates due to changes in interest payments on variable-rate debt. Increased rates may lead to higher cash outflows related to servicing debt, negatively impacting free cash flow. Additionally, if interest rates rise substantially, it could influence operational cash flow through increased costs of financing new projects or investments.
3. Valuation Sensitivity: The valuation of Elia System Operator is closely tied to the discount rate used in discounted cash flow analyses. Higher interest rates typically lead to a higher discount rate, which decreases the present value of future cash flows, thereby negatively impacting the company’s valuation. Moreover, if the market anticipates continued rate hikes, the company’s stock could be negatively viewed by investors, further impacting its market valuation.
Overall, while Elia System Operator may have some degree of resilience due to its regulated nature, significant fluctuations in interest rates can still impact its earnings, cash flow, and overall valuation through changes in interest expenses and discount rates applied to future cash flows.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIEVsaWEg U3lzdGVtIE 9wZXJhdG9y 4oCZcyBlY2 9ub21pY3Mg b3ZlciB0aG UgbmV4dCAz 4oCTNSB5ZW FycyBpcyB0 aGUgYWNjZW xlcmF0ZWQg YWRvcHRpb2 4gb2YgZGVj ZW50cmFsaX plZCBlbmVy Z3kgcmVzb3 VyY2VzIGNv bWJpbmVkIH dpdGggYSBz aWduaWZpY2 FudCByZWd1 bGF0b3J5IH NoaWZ0IGZh dm9yaW5nIH JlbmV3YWJs ZSBlbmVyZ3 kgc291cmNl cy4gSWYgZ2 92ZXJubWVu dHMgd2VyZS B0byBpbXBv c2Ugc3RyaW 5nZW50IHJl Z3VsYXRpb2 5zIHRoYXQg cmVxdWlyZS BhIHJhcGlk IHRyYW5zaX Rpb24gdG8g ZGVjZW50cm FsaXplZCwg ZGlzdHJpYn V0ZWQgZW5l cmd5IGdlbm VyYXRpb24g KHN1Y2ggYX Mgcm9vZnRv cCBzb2xhci BhbmQgc21h bGwgd2luZC BzeXN0ZW1z KSwgdGhlIG RlbWFuZCBm b3IgdHJhZG l0aW9uYWwg Z3JpZCBzZX J2aWNlcyBw cm92aWRlZC BieSBFbGlh IGNvdWxkIG RlY2xpbmUg c2hhcnBseS 48YnI+QXMg ZGVjZW50cm FsaXplZCBl bmVyZ3kgZ2 VuZXJhdGlv biBwcm9saW ZlcmF0ZXMs IGEgZ3Jvd2 luZyBudW1i ZXIgb2YgY2 9uc3VtZXJz IG1heSBiZW NvbWUgc2Vs Zi1zdWZmaW NpZW50LCB0 aGVyZWJ5IH JlZHVjaW5n IHRoZWlyIH JlbGlhbmNl IG9uIHRoZS BjZW50cmFs aXplZCBncm lkLiBUaGlz IGNvdWxkIG xlYWQgdG8g ZGVjcmVhc2 VkIHJldmVu dWVzIGZyb2 0gdHJhbnNt aXNzaW9uIH NlcnZpY2Vz LCBhcyB0aG Ugdm9sdW1l IG9mIGVsZW N0cmljaXR5 IHRyYW5zcG 9ydGVkIHRo cm91Z2ggdG hlIGdyaWQg ZGltaW5pc2 hlcy4gSW4g YWRkaXRpb2 4sIGlmIHJl Z3VsYXRvcn kgY2hhbmdl cyBpbXBvc2 UgY2FwcyBv ciByZWR1Y3 Rpb25zIG9u IHRoZSBwcm ljZXMgdGhh dCBFbGlhIG NhbiBjaGFy Z2UgZm9yIG l0cyBzZXJ2 aWNlcyB0by BmYWNpbGl0 YXRlIHRoZS B0cmFuc2l0 aW9uLCB0aG lzIGNvdWxk IGZ1cnRoZX IgY29tcHJl c3MgbWFyZ2 lucy48YnI+ VW5kZXIgdG hpcyBzY2Vu YXJpbywgRW xpYeKAmXMg bWFyZ2lucy B3b3VsZCBs aWtlbHkgZX hwZXJpZW5j ZSBhIHNpZ2 5pZmljYW50 IGNvbnRyYW N0aW9uLiBU aGUgaW5pdG lhbCByZWR1 Y3Rpb25zIG luIGRlbWFu ZCBjb3VsZC BsZWFkIHRv IHVuZGVydX RpbGl6YXRp b24gb2YgZX hpc3Rpbmcg Z3JpZCBpbm ZyYXN0cnVj dHVyZSwgcH JvbXB0aW5n IGEgbmVlZC Bmb3IgcG90 ZW50aWFsIH dyaXRlLWRv d25zIG9uIG NhcGl0YWwg aW52ZXN0bW VudHMgdGhh dCBjYW5ub3 QgYmUgcmVj b3VwZWQuIF dpdGggbG93 ZXIgcmV2ZW 51ZXMgYW5k IHNocmlua2 luZyBtYXJn aW5zLCBjYX NoIGZsb3cg Y291bGQgYW xzbyBjb21l IHVuZGVyIH ByZXNzdXJl LiBFbGlhIG 1heSBmaW5k IGl0IGNoYW xsZW5naW5n IHRvIG1haW 50YWluIHBv c2l0aXZlIG Nhc2ggZmxv dywgZXNwZW NpYWxseSBp ZiBpdCBuZW VkcyB0byBp bnZlc3QgaG VhdmlseSBp biBhZGFwdG luZyB0aGUg Z3JpZCB0by BhY2NvbW1v ZGF0ZSBuZX cgdGVjaG5v bG9naWVzIG 9yIGluIG1h aW50YWluaW 5nIG9sZGVy IGluZnJhc3 RydWN0dXJl IHRoYXQgaX MgYmVjb21p bmcgbGVzcy B1dGlsaXpl ZC48YnI+T2 4gdGhlIGJh bGFuY2Ugc2 hlZXQsIHRo ZSBhY2N1bX VsYXRlZCBw cmVzc3VyZX MgZnJvbSBy ZWR1Y2VkIG Nhc2ggZmxv dywgcG90ZW 50aWFsIGFz c2V0IHdyaX RlLWRvd25z LCBhbmQgaW 5jcmVhc2Vk IGRlYnQgZn JvbSBpbnZl c3RtZW50cy BpbiBhZGFw dGluZyB0aG UgYnVzaW5l c3MgbW9kZW wgY291bGQg bGVhZCB0by BhIGRldGVy aW9yYXRpb2 4gb2Yga2V5 IGZpbmFuY2 lhbCByYXRp b3MuIFRoZS Bjb21wYW55 4oCZcyBkZW J0IGxldmVs cyBjb3VsZC ByaXNlIGlm IGl0IHNlZW tzIGZpbmFu Y2luZyB0by BwaXZvdCB0 b3dhcmRzIG 5ldyBidXNp bmVzcyBtb2 RlbHMsIHBv dGVudGlhbG x5IHJlc3Vs dGluZyBpbi BhIGhpZ2hl ciBkZWJ0LX RvLWVxdWl0 eSByYXRpby BhbmQgaW1w YWN0aW5nIG l0cyBjcmVk aXQgcmF0aW 5nLjxicj5J biBzdW1tYX J5LCBpZiB0 aGUgc2Nlbm FyaW8gb2Yg cmFwaWQgZG VjZW50cmFs aXplZCBlbm VyZ3kgYWRv cHRpb24gYW 5kIHJlZ3Vs YXRvcnkgc2 hpZnRzIHdl cmUgdG8gbW F0ZXJpYWxp emUsIGl0IG NvdWxkIGxl YWQgdG8gc2 lnbmlmaWNh bnQgZGVjbG luZXMgaW4g bWFyZ2lucy BhbmQgY2Fz aCBmbG93IG ZvciBFbGlh IFN5c3RlbS BPcGVyYXRv ciwgY291cG xlZCB3aXRo IGEgd2Vha2 VuZWQgYmFs YW5jZSBzaG VldCBjaGFy YWN0ZXJpem VkIGJ5IGlu Y3JlYXNpbm cgZGVidCBs ZXZlbHMgYW 5kIGFzc2V0 IGltcGFpcm 1lbnRzLiBU aGlzIGNvdW xkIGhhdmUg bG9uZy10ZX JtIGltcGxp Y2F0aW9ucy Bmb3IgdGhl IGNvbXBhbn nigJlzIGZp bmFuY2lhbC BoZWFsdGgg YW5kIGl0cy BhYmlsaXR5 IHRvIGludm VzdCBpbiBm dXR1cmUgZ3 Jvd3RoIG9w cG9ydHVuaX RpZXMuPGJy 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 bG9nb3MvWT hCcjRjTEZW ZWphQjJDNW xVOGMud2Vi cCIgYWx0PS JFbGlhIFN5 c3RlbSBPcG VyYXRvciIg dGl0bGU9Ik VsaWEgU3lz dGVtIE9wZX JhdG9yIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE VsaWEgU3lz dGVtIE9wZX JhdG9yPwog 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 +TpSBHZXQg b3VyIGZyZW UgZUJvb2sg bm93OiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn Uld4cFlTIE JUZVhOMFpX MGcgVDNCbG NtRjBiMyBJ Z2FYTWdZU0 JDIFpXeG5h V0Z1SUcgTn ZiWEJoYm5r ZyBjbVZ6Y0 c5dWMyIGxp YkdVZ1ptOX kgSUhSb1pT Qm9hVyBkb0 xYWnZiSFJo IFoyVWdaV3 hsWTMgUnlh V05wZEhrZy BkSEpoYm5O dGFYIE56YV c5dUlITjUg YzNSbGJTQn BiaSBCQ1pX eG5hWFZ0IE lHRnVaQ0Jo SUggQmhjbl FnYjJZZyBS MlZ5YldGdW VTIDQ4WW5J K01pNGcgVk dobElHTnZi WCBCaGJua2 dkMkZ6IElH WnZkVzVrWl cgUWdhVzRn TWpBdyBNU0 JoYm1RZ2FY IE1nYUdWaF pIRjEgWVhK MFpYSmxaQy BCcGJpQkNj blZ6IGMyVn NjeXdnUW0g VnNaMmwxYl M0OCBZbkkr TXk0Z1ZHIG hsSUc1aGJX VWcgUld4cF lTQmpiMiAx bGN5Qm1jbT l0IElIUm9a U0JIY20gVm xheUIzYjNK ayBJTTYzen J2T3I4IDZ4 ejRJZ2QyaH AgWTJnZ2JX VmhibiBNZ2 MzVnVMQ0J5 IFpXWnNaV0 4wYVcgNW5J SFJvWlNCai BiMjF3WVc1 NTRvIENaY3 lCeWIyeGwg SUdsdUlHaG hjbSA1bGMz TnBibWNnIG MyOXNZWEln WlcgNWxjbW Q1TGp4aSBj ajQwTGlCRm JHIGxoSUZO NWMzUmwgYl NCUGNHVnlZ WCBSdmNpQn BjeUJoIElI SmxaM1ZzWV ggUmxaQ0J0 YjI1diBjRz lzZVN3Z2JX IFZoYm1sdV p5QnAgZENC cGN5QjBhRy BVZ2IyNXNl U0JqIGIyMX dZVzU1SUcg RnNiRzkzWl dRZyBkRzhn YjNCbGNtIE YwWlNCMGFH VWcgYUdsbm FDMTJiMiB4 MFlXZGxJR1 ZzIFpXTjBj bWxqYVggUj VJSFJ5WVc1 eiBiV2x6Yz JsdmJpIEJ6 ZVhOMFpXMG cgYVc0Z1Ft VnNaMiBsMW JTNDhZbkkr IE5TNGdRWE 1nYjIgWWdN akF4T1N3Zy BkR2hsSUdO dmJYIEJoYm 5rZ2FHRnog SUdFZ2JXRn lhMiBWMElI Tm9ZWEpsIE lHOW1JRzky WlggSWdPVE FsSUdsdSBJ SFJvWlNCQ1 pXIHhuYVdG dUlHVnMgWl dOMGNtbGph WCBSNUlIUn lZVzV6IGJX bHpjMmx2Ym kgQnRZWEpy WlhRdSBQR0 p5UGpZdUlF IGx1SUdGa1 pHbDAgYVc5 dUlIUnZJRy BsMGN5QnZj R1Z5IFlYUn BiMjV6SUcg bHVJRUpsYk dkcCBkVzBz SUVWc2FXIE VnVTNsemRH VnQgSUU5d1 pYSmhkRyA5 eUlHaGhjeU JoIElEWXdK U0J6YUcgRn laU0JwYmlB MSBNRWhsY2 5SNkxDIEIw YUdVZ1ozSn AgWkNCdmNH VnlZWCBSdm NpQm1iM0ln IGJtOXlkR2 hsWVggTjBa WEp1SUVkbC BjbTFoYm5r dVBHIEp5UG pjdUlGUm8g WlNCamIyMX dZVyA1NUlH bHpJSEpsIG MzQnZibk5w WW0geGxJR1 p2Y2lCdCBZ VzVoWjJsdV p5IEJ0YjNK bElIUm8gWV c0Z09Dd3dN RCBBZ2EyMG diMllnIGFH bG5hQzEyYj IgeDBZV2Rs SUdOaCBZbX hsY3lCaGJt IFFnTmpBc0 1EQXcgSUhO MWNIQnZjbi BScGJtY2dj SGxzIGIyNX pJR2x1SUUg SmxiR2RwZF cwZyBZVzVr SUVkbGNtID FoYm5rdVBH SnkgUGpndU lFVnNhVyBF Z1UzbHpkR1 Z0IElFOXda WEpoZEcgOX lJR2x6SUdG cyBjMjhnYV c1MmIyIHgy WldRZ2FXNG cgY21WelpX RnlZMiBnZ1 lXNWtJR1Js IGRtVnNiM0 J0WlcgNTBJ SEJ5YjJwbC BZM1J6SUhK bGJHIEYwWl dRZ2RHOGcg YVc1MFpXZH lZWCBScGJt Y2djbVZ1IF pYZGhZbXhs SUcgVnVaWE puZVNCeiBi M1Z5WTJWek lHIGx1ZEc4 Z2RHaGwgSU dWc1pXTjBj bSBsamFYUj VJR2R5IGFX UXNJSE4xWT IgZ2dZWE1n YjJabSBjMm h2Y21VZ2Qy IGx1WkNCbV lYSnQgY3k0 OFluSStPUy A0Z1ZHaGxJ R052IGJYQm hibmtnYVgg TWdZMjl0Yl dsMCBkR1Zr SUhSdklIIE 4xYzNSaGFX NWggWW1sc2 FYUjVJRyBG dVpDQm9ZWE 1nIGMyVjBJ R0VnWjIgOW hiQ0IwYnlC aSBaU0JqWV hKaWIyIDR0 Ym1WMWRISm ggYkNCaWVT QXlNRCBRd0 xqeGljajR4 IE1DNGdTVz RnTWogQXlN Q3dnUld4cC BZU0JUZVhO MFpXIDBnVD NCbGNtRjAg YjNJZ2QyRn pJRyA1aGJX VmtJSFJvIF pTQnRiM04w SUggTjFjM1 JoYVc1aCBZ bXhsSUdOdm JYIEJoYm5r Z2FXNGcgZE dobElFSmxi RyBkcFlXNG dRa1ZNIE1q QWdhVzVrWl ggZ2dZbmtn ZEdobCBJSE 4xYzNSaGFX IDVoWW1sc2 FYUjUgSUhK aGRHbHVaeS BCaFoyVnVZ M2tnIFZtbG 5aVzhnUlcg bHlhWE11Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==