OMV

-8.24%

Live  

The OMV company group is one of Austria's largest companies and is primarily engaged in oil and natural gas exploration, production, and transportation. It was founded in 1956 and has since expanded its operations internationally, with significant activities in 13 countries across Europe, Middle East, and Africa.
OMV's key business segments include Exploration & Production, Refining & Marketing, and Gas & Power. Through its Exploration & Production segment, OMV is involved in oil and gas exploration and production in countries such as Austria, Norway, and Romania. The Refining & Marketing segment focuses on refining crude oil into petroleum products and delivering them to customers through its extensive network of retail outlets and distribution channels. The Gas & Power segment is responsible for the supply and trading of natural gas and electricity.
In addition to its core business activities, OMV also has investments in renewable energy sources such as wind and solar power, as well as in petrochemicals and lubricants. The company is committed to sustainability and has set ambitious targets to reduce its carbon footprint and increase its use of renewable energy sources.
OMV is listed on the Vienna Stock Exchange and has a secondary listing on the Frankfurt Stock Exchange. It is also included in the ATX index, which comprises the 20 largest companies trading on the Vienna Stock Exchange.
The company is led by a management board and overseen by a supervisory board, with representatives from major shareholders, employee representatives, and independent members. OMV employs over 20,000 people and is headquartered in Vienna, Austria.

T01WIGlzIG EgYmlnIGNv bXBhbnkgdG hhdCB3b3Jr cyB3aXRoIG 9pbCBhbmQg Z2FzLCB3aG ljaCBhcmUg aW1wb3J0YW 50IHJlc291 cmNlcyB3ZS B1c2UgZm9y IGZ1ZWwgYW 5kIGVuZXJn eS4gVGhpbm sgb2Ygb2ls IGxpa2UgdG hlIGxpcXVp ZCB0aGF0IH Bvd2VycyBj YXJzLCBhbm QgZ2FzIGxp a2Ugd2hhdC BoZWF0cyBv dXIgaG9tZX Mgb3IgaGVs cHMgY29vay BvdXIgZm9v ZC4gT01WIG ZpbmRzIGFu ZCBleHRyYW N0cyBvaWwg YW5kIGdhcy Bmcm9tIHRo ZSBncm91bm QsIGFuZCB0 aGVuIHNlbG xzIGl0IHRv IG90aGVyIG NvbXBhbmll cyBhbmQgcG VvcGxlIHdo byBuZWVkIG l0Ljxicj5U aGUgd2F5IE 9NViBtYWtl cyBtb25leS BpcyBieSBz ZWxsaW5nIH RoZSBvaWwg YW5kIGdhcy BpdCBwcm9k dWNlcy4gT2 5jZSB0aGV5 IGZpbmQgYW 5kIHB1bGwg dGhlc2Ugcm Vzb3VyY2Vz IGZyb20gdG hlIGVhcnRo LCB0aGV5IH JlZmluZSB0 aGVt4oCUdG hpcyBtZWFu cyB0aGV5IG NsZWFuIGFu ZCBjaGFuZ2 UgdGhlbSBp bnRvIGZ1ZW xzIGFuZCBv dGhlciBwcm 9kdWN0cyB3 ZSB1c2UgZX ZlcnkgZGF5 LiBUaGV5IG Fsc28gc2Vs bCB0aGVzZS Bwcm9kdWN0 cyB0byBkaW ZmZXJlbnQg Y291bnRyaW VzIGFyb3Vu ZCB0aGUgd2 9ybGQuPGJy Pk9NViBpcy BzdWNjZXNz ZnVsIGJlY2 F1c2UgaXQg aGFzIGJlZW 4gZG9pbmcg YSBnb29kIG pvYiBmb3Ig bWFueSB5ZW Fycy4gVGhl eSBoYXZlIG V4cGVyaWVu Y2VkIHdvcm tlcnMsIHN0 cm9uZyB0ZW Nobm9sb2d5 IHRvIGhlbH AgZmluZCBv aWwgYW5kIG dhcywgYW5k IGdvb2Qgcm VsYXRpb25z aGlwcyB3aX RoIG90aGVy IGNvbXBhbm llcyBhbmQg Y291bnRyaW VzLiBUaGV5 IGFsc28gd2 9yayBoYXJk IHRvIGJlIH NhZmUgYW5k IHByb3RlY3 QgdGhlIGVu dmlyb25tZW 50LCB3aGlj aCBpcyB2ZX J5IGltcG9y dGFudCBmb3 IgbWFueSBw ZW9wbGUgdG 9kYXkuPGJy PkluIHRoZS BmdXR1cmUs IE9NViB3aW xsIGxpa2Vs eSBzdGF5IH N1Y2Nlc3Nm dWwgYmVjYX VzZSB0aGVy ZSB3aWxsIG Fsd2F5cyBi ZSBhIG5lZW QgZm9yIGVu ZXJneS4gTW FueSB0aGlu Z3MgaW4gb3 VyIGxpdmVz LCBsaWtlIG NhcnMgYW5k IGZhY3Rvcm llcywgbmVl ZCBmdWVsLi BQbHVzLCBP TVYgaXMgbG 9va2luZyBp bnRvIG5ldy B3YXlzIHRv IGdldCBlbm VyZ3ksIGxp a2UgdXNpbm cgcmVuZXdh YmxlIHNvdX JjZXMsIHdo aWNoIGFyZS BiZXR0ZXIg Zm9yIHRoZS BFYXJ0aC4g Qnkgd29ya2 luZyBvbiBi b3RoIHRyYW RpdGlvbmFs IG9pbCBhbm QgZ2FzIGFu ZCBuZXcgZW 5lcmd5IHNv dXJjZXMsIE 9NViBpcyBn ZXR0aW5nIH JlYWR5IGZv ciB3aGF0IH Blb3BsZSB3 aWxsIG5lZW QgdG9tb3Jy b3csIGhlbH BpbmcgdGhl bSBzdGF5IH N1Y2Nlc3Nm dWwgaW4gdG hlIGxvbmcg cnVuLjxicj 4=

MS4gTGVhZG luZyBpbnRl Z3JhdGVkIG 9pbCBhbmQg Z2FzIGNvbX Bhbnk6IE9N ViBpcyBvbm Ugb2YgdGhl IGxhcmdlc3 QgaW50ZXJu YXRpb25hbC BpbnRlZ3Jh dGVkIG9pbC BhbmQgZ2Fz IGNvbXBhbm llcyBpbiBD ZW50cmFsIG FuZCBFYXN0 ZXJuIEV1cm 9wZSwgd2l0 aCBvcGVyYX Rpb25zIGlu IG92ZXIgMz AgY291bnRy aWVzLjxicj 4yLiBGb2N1 cyBvbiBzdX N0YWluYWJp bGl0eTogVG hlIGNvbXBh bnkgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmxl IHByYWN0aW NlcyBhbmQg aGFzIHNldC BhbWJpdGlv dXMgdGFyZ2 V0cyB0byBy ZWR1Y2UgaX RzIGNhcmJv biBmb290cH JpbnQgYW5k IGluY3JlYX NlIGl0cyB1 c2Ugb2Ygcm VuZXdhYmxl IGVuZXJneS Bzb3VyY2Vz Ljxicj4zLi BEaXZlcnNp ZmllZCBwb3 J0Zm9saW86 IE9NViBoYX MgYSBkaXZl cnNlIHBvcn Rmb2xpbyBv ZiBhc3NldH MsIGluY2x1 ZGluZyBvaW wgYW5kIGdh cyBwcm9kdW N0aW9uLCBy ZWZpbmluZy wgYW5kIHBl dHJvY2hlbW ljYWxzLCB3 aGljaCBhbG xvd3MgdGhl IGNvbXBhbn kgdG8gd2l0 aHN0YW5kIG 1hcmtldCBm bHVjdHVhdG lvbnMgYW5k IGFkYXB0IH RvIGNoYW5n aW5nIGRlbW FuZC48YnI+ NC4gSW5ub3 ZhdGlvbi1k cml2ZW46IE 9NViBpbnZl c3RzIGhlYX ZpbHkgaW4g cmVzZWFyY2 ggYW5kIGRl dmVsb3BtZW 50IHRvIGlt cHJvdmUgaX RzIG9wZXJh dGlvbnMgYW 5kIGRldmVs b3AgbmV3IH RlY2hub2xv Z2llcywgc3 VjaCBhcyBj YXJib24gY2 FwdHVyZSBh bmQgc3Rvcm FnZSwgdG8g cmVkdWNlIG l0cyBlbnZp cm9ubWVudG FsIGltcGFj dC48YnI+NS 4gU3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZT ogVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGZpbm FuY2lhbCB0 cmFjayByZW NvcmQsIHdp dGggY29uc2 lzdGVudCBw cm9maXRhYm lsaXR5IGFu ZCBhIGhlYW x0aHkgYmFs YW5jZSBzaG VldCwgbWFr aW5nIGl0IG EgcmVsaWFi bGUgYW5kIH N0YWJsZSBp bnZlc3RtZW 50Ljxicj42 LiBHbG9iYW wgcHJlc2Vu Y2U6IFdpdG ggb3BlcmF0 aW9ucyBpbi BFdXJvcGUs IHRoZSBNaW RkbGUgRWFz dCwgQWZyaW NhLCBhbmQg QXNpYSwgT0 1WIGhhcyBh IGdsb2JhbC ByZWFjaCBh bmQgaXMgd2 VsbC1wb3Np dGlvbmVkIH RvIGJlbmVm aXQgZnJvbS BlbWVyZ2lu ZyBtYXJrZX RzIGFuZCBu ZXcgb3Bwb3 J0dW5pdGll cy48YnI+Ny 4gQ29tbWl0 bWVudCB0by BzYWZldHk6 IFNhZmV0eS BpcyBhIHRv cCBwcmlvcm l0eSBmb3Ig T01WLCBhbm QgdGhlIGNv bXBhbnkgaG FzIGEgc3Ry aWN0IHNhZm V0eSBjdWx0 dXJlIGFuZC BzdGFuZGFy ZHMgaW4gcG xhY2UgdG8g ZW5zdXJlIH RoZSB3ZWxs LWJlaW5nIG 9mIGl0cyBl bXBsb3llZX MsIGNvbnRy YWN0b3JzLC BhbmQgY29t bXVuaXRpZX MuPGJyPjgu IFN0cm9uZy BsZWFkZXJz aGlwOiBPTV YgaGFzIGEg aGlnaGx5IG V4cGVyaWVu Y2VkIGxlYW RlcnNoaXAg dGVhbSB3aX RoIGEgcHJv dmVuIHRyYW NrIHJlY29y ZCBvZiBkcm l2aW5nIGdy b3d0aCBhbm QgZGVsaXZl cmluZyB2YW x1ZSB0byBz aGFyZWhvbG RlcnMuPGJy PjkuIENvcn BvcmF0ZSBz b2NpYWwgcm VzcG9uc2li aWxpdHk6IF RoZSBjb21w YW55IGlzIG NvbW1pdHRl ZCB0byBiZW luZyBhIHJl c3BvbnNpYm xlIGNvcnBv cmF0ZSBjaX RpemVuLCBp bnZlc3Rpbm cgaW4gbG9j YWwgY29tbX VuaXRpZXMg YW5kIHN1cH BvcnRpbmcg c29jaWFsIG FuZCBlbnZp cm9ubWVudG FsIGluaXRp YXRpdmVzLj xicj4xMC4g UmVzaWxpZW 5jZTogT01W IGhhcyBzaG 93biByZXNp bGllbmNlIG luIHRoZSBm YWNlIG9mIG NoYWxsZW5n ZXMsIHN1Y2 ggYXMgdGhl IHJlY2VudC BvaWwgcHJp Y2UgZG93bn R1cm4gYW5k IHRoZSBDT1 ZJRC0xOSBw YW5kZW1pYy wgZGVtb25z dHJhdGluZy BpdHMgYWJp bGl0eSB0by BhZGFwdCBh bmQgdGhyaX ZlIGluIGEg Y29uc3Rhbn RseSBjaGFu Z2luZyBpbm R1c3RyeS4=

T01WIGlzIG FuIGludGVn cmF0ZWQgb2 lsIGFuZCBn YXMgY29tcG FueSBiYXNl ZCBpbiBWaW VubmEsIEF1 c3RyaWEuIE l0cyBidXNp bmVzcyBtb2 RlbCBpcyBm b2N1c2VkIG 9uIGV4cGxv cmF0aW9uLC Bwcm9kdWN0 aW9uLCByZW ZpbmluZywg YW5kIG1hcm tldGluZyBv ZiBvaWwgYW 5kIGdhcyBw cm9kdWN0cy 4gPGJyPk9N VidzIHByaW 1hcnkgYWN0 aXZpdGllcy BpbmNsdWRl Ojxicj4xLi BFeHBsb3Jh dGlvbiBhbm QgUHJvZHVj dGlvbjogT0 1WIGV4cGxv cmVzIGZvci BhbmQgcHJv ZHVjZXMgb2 lsIGFuZCBn YXMgZnJvbS BpdHMgb3du IGZpZWxkcy BhbmQgdGhy b3VnaCBwYX J0bmVyc2hp cHMgYW5kIG pvaW50IHZl bnR1cmVzIH dpdGggb3Ro ZXIgY29tcG FuaWVzLiBP TVYgb3Blcm F0ZXMgaW4g b3ZlciAxNS Bjb3VudHJp ZXMgYW5kIG hhcyBleHBs b3JhdGlvbi BhbmQgcHJv ZHVjdGlvbi BhY3Rpdml0 aWVzIGluIE V1cm9wZSwg TWlkZGxlIE Vhc3QsIEFm cmljYSwgYW 5kIEFzaWEu PGJyPjIuIF JlZmluaW5n IGFuZCBNYX JrZXRpbmc6 IE9NViBvd2 5zIGFuZCBv cGVyYXRlcy ByZWZpbmVy aWVzIGluIE F1c3RyaWEs IEdlcm1hbn ksIGFuZCBS b21hbmlhLC B3aGVyZSBp dCBwcm9jZX NzZXMgY3J1 ZGUgb2lsIG ludG8gdmFy aW91cyBwcm 9kdWN0cyBz dWNoIGFzIG dhc29saW5l LCBkaWVzZW wsIGFuZCBw ZXRyb2NoZW 1pY2Fscy4g VGhlIGNvbX BhbnkgYWxz byBvcGVyYX RlcyBhIGxh cmdlIG5ldH dvcmsgb2Yg Z2FzIHN0YX Rpb25zLCBz dXBwbHlpbm cgZnVlbCBh bmQgb3RoZX IgcHJvZHVj dHMgdG8gY2 9uc3VtZXJz IGFuZCBjb2 1tZXJjaWFs IGN1c3RvbW Vycy48YnI+ My4gTmF0dX JhbCBHYXM6 IE9NViBpcy BhIHNpZ25p ZmljYW50IH BsYXllciBp biB0aGUgbm F0dXJhbCBn YXMgbWFya2 V0IGluIEV1 cm9wZS4gSX QgcHJvZHVj ZXMsIHRyYW 5zcG9ydHMs IGFuZCBzZW xscyBuYXR1 cmFsIGdhcy B0byBib3Ro IHJlc2lkZW 50aWFsIGFu ZCBpbmR1c3 RyaWFsIGN1 c3RvbWVycy 48YnI+NC4g UmVuZXdhYm xlIEVuZXJn eTogT01WIG hhcyBhbHNv IGRpdmVyc2 lmaWVkIGl0 cyBwb3J0Zm 9saW8gdG8g aW5jbHVkZS ByZW5ld2Fi bGUgZW5lcm d5IHNvdXJj ZXMgc3VjaC BhcyB3aW5k IGFuZCBzb2 xhciBwb3dl ci48YnI+NS 4gVHJhZGlu ZyBhbmQgU3 VwcGx5OiBP TVYgdHJhZG VzIGFuZCBz dXBwbGllcy BhIHJhbmdl IG9mIGVuZX JneSBwcm9k dWN0cywgaW 5jbHVkaW5n IGNydWRlIG 9pbCwgbmF0 dXJhbCBnYX MsIGFuZCBw ZXRyb2NoZW 1pY2Fscywg dG8gaW50ZX JuYXRpb25h bCBtYXJrZX RzLjxicj5P TVYncyBidX NpbmVzcyBt b2RlbCBpcy BjZW50ZXJl ZCBhcm91bm QgbWF4aW1p emluZyBwcm 9maXRzIHRo cm91Z2ggZW ZmaWNpZW50 IGFuZCBzdX N0YWluYWJs ZSBvcGVyYX Rpb25zLCBp bnZlc3Rpbm cgaW4gbmV3 IHRlY2hub2 xvZ2llcyBh bmQgaW5ub3 ZhdGlvbnMs IGFuZCBidW lsZGluZyBz dHJvbmcgcG FydG5lcnNo aXBzLiBUaG UgY29tcGFu eSBhaW1zIH RvIGluY3Jl YXNlIGl0cy ByZXNlcnZl cyBhbmQgcH JvZHVjdGlv biwgb3B0aW 1pemUgaXRz IHJlZmluaW 5nIGNhcGFi aWxpdGllcy wgYW5kIGV4 cGFuZCBpdH MgcHJlc2Vu Y2UgaW4gbm V3IGFuZCBl bWVyZ2luZy BtYXJrZXRz Lg==

AI potentially poses several risks to OMV’s products, services, and competitive positioning through various mechanisms:
1. Substitution: As AI technologies advance, they could enable alternative energy sources or more efficient extraction and production methods that could substitute traditional oil and gas products. Innovations in battery technology, renewable energy, and AI-driven energy management systems can lead to a shift in demand away from fossil fuels, directly impacting OMV’s market.
2. Disintermediation: AI can enhance operational efficiencies and create new business models that bypass traditional channels. For instance, AI-driven platforms could facilitate direct interactions between producers and consumers, minimizing the need for intermediaries. This could undermine OMV’s traditional role in the energy supply chain and affect its market share.
3. Margin Pressure: The integration of AI in energy sector processes may lead to increased competition with lower operational costs and enhanced efficiencies from new entrants. Companies that leverage AI effectively might outpace established firms like OMV in terms of cost reduction and service delivery, putting pressure on profit margins. Furthermore, advancements in AI could lead to more precise forecasting in oil and gas prices, potentially increasing volatility and impacting overall profitability.
By addressing these challenges, OMV will need to strategically invest in AI and adopt innovative practices to stay competitive and mitigate potential threats.

The sensitivity of OMV’s earnings, cash flow, and valuation to changes in interest rates can be examined through several key aspects:
1. Debt Servicing Costs: OMV typically carries a significant amount of debt to finance its operations and investments. An increase in interest rates raises the cost of servicing this debt, which can reduce net earnings and cash flow. If rates rise significantly, it may strain liquidity and limit the company’s ability to invest in growth opportunities or pay dividends.
2. Discount Rate Impact on Valuation: When evaluating the company’s valuation, analysts often use discounted cash flow (DCF) models. A higher interest rate increases the discount rate used in these models, leading to a lower present value of future cash flows. This can negatively impact OMV’s equity valuation and may influence investment decisions.
3. Investment and Capital Expenditure: Higher interest rates can lead to increased costs of capital, making new projects less attractive. This could result in delays or reductions in capital expenditures, impacting long-term growth prospects and potentially leading to a decline in revenue.
4. Economic Impact: Rising interest rates can cool economic growth, affecting demand for oil and gas products. If consumer spending and industrial activity decrease, OMV’s revenues may be negatively impacted, further affecting earnings and cash flow.
5. Hedging Strategies: Companies like OMV often use hedging strategies to manage interest rate risk. The effectiveness of these strategies will determine the extent to which changes in interest rates impact overall financial performance.
In summary, OMV’s sensitivity to interest rate changes can significantly affect its earnings, cash flow, and valuation through increased debt costs, changes in discount rates, impacts on investment, and broader economic effects.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BPTVbigJlz IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDPigJM1 IHllYXJzIG lzIGEgc3Vz dGFpbmVkIH RyYW5zaXRp b24gdG93YX JkcyByZW5l d2FibGUgZW 5lcmd5IGFu ZCBzdHJpbm dlbnQgZ2xv YmFsIHJlZ3 VsYXRpb25z IGFpbWVkIG F0IHJlZHVj aW5nIGNhcm JvbiBlbWlz c2lvbnMuIE FzIGdvdmVy bm1lbnRzIG Fyb3VuZCB0 aGUgd29ybG QgaW50ZW5z aWZ5IHRoZW lyIGVmZm9y dHMgdG8gY2 9tYmF0IGNs aW1hdGUgY2 hhbmdlLCB0 aGVyZSBtYX kgYmUgYSBz aWduaWZpY2 FudCBzaGlm dCBhd2F5IG Zyb20gZm9z c2lsIGZ1ZW xzLiA8YnI+ SW4gdGhpcy BzY2VuYXJp bywgcmVndW xhdG9yeSBm cmFtZXdvcm tzIGNvdWxk IGltcG9zZS BoZWF2eSB0 YXhlcyBvbi BjYXJib24g ZW1pc3Npb2 5zIGFuZCBt YW5kYXRlIH JlZHVjdGlv bnMgaW4gb2 lsIGFuZCBn YXMgcHJvZH VjdGlvbiBs ZXZlbHMuIE FkZGl0aW9u YWxseSwgYW R2YW5jZW1l bnRzIGluIG FsdGVybmF0 aXZlIGVuZX JneSB0ZWNo bm9sb2d5LC Bjb21iaW5l ZCB3aXRoIG EgZ3Jvd2lu ZyBwcmVmZX JlbmNlIGZv ciBzdXN0YW luYWJsZSBz b2x1dGlvbn MgZnJvbSBj b25zdW1lcn MgYW5kIGJ1 c2luZXNzZX MsIGNvdWxk IGxlYWQgdG 8gZGVjcmVh c2VkIGRlbW FuZCBmb3Ig b2lsIGFuZC BnYXMuIDxi cj5TaG91bG QgT01WIGZh aWwgdG8gdH JhbnNpdGlv biBpdHMgYn VzaW5lc3Mg bW9kZWwgZW ZmZWN0aXZl bHkgb3IgaW 52ZXN0IGFk ZXF1YXRlbH kgaW4gcmVu ZXdhYmxlIG VuZXJneSBw cm9qZWN0cy wgdGhlIGNv bXBhbnkgY2 91bGQgZXhw ZXJpZW5jZS BhIHN1YnN0 YW50aWFsIG RlY2xpbmUg aW4gcmV2ZW 51ZXMgYXMg aXRzIHRyYW RpdGlvbmFs IG9pbCBhbm QgZ2FzIG9w ZXJhdGlvbn MgYmVjb21l IGxlc3MgcH JvZml0YWJs ZSBvciBmYW NlIGRlY2xp bmluZyBkZW 1hbmQuPGJy PkFzIGEgcm VzdWx0LCBt YXJnaW5zIH dvdWxkIGVy b2RlIHNpZ2 5pZmljYW50 bHkgZHVlIH RvIGluY3Jl YXNlZCBvcG VyYXRpb25h bCBjb3N0cy BsaW5rZWQg dG8gY29tcG xpYW5jZSB3 aXRoIG5ldy ByZWd1bGF0 aW9ucywgZG VwbGV0aW9u IG9mIHJlc2 VydmVzIHdp dGhvdXQgc3 VmZmljaWVu dCByZXBsYW NlbWVudCwg YW5kIHBvdG VudGlhbGx5 IGhpZ2ggY2 9zdHMgYXNz b2NpYXRlZC B3aXRoIHJl dHJvZml0dG luZyBjdXJy ZW50IG9wZX JhdGlvbnMg Zm9yIGxvd2 VyIGVtaXNz aW9ucy4gQ2 FzaCBmbG93 IHdvdWxkIG Fsc28gbGlr ZWx5IHRha2 UgYSBoaXQg YXMgcmV2ZW 51ZXMgZGVj cmVhc2UsIG xlYWRpbmcg dG8gdGlnaH RlciBsaXF1 aWRpdHkuID xicj5JbiB0 ZXJtcyBvZi B0aGUgYmFs YW5jZSBzaG VldCwgT01W IGNvdWxkIG ZhY2UgbW91 bnRpbmcgZG VidCBsZXZl bHMgYXMgdG hlIGNvbXBh bnkgbWF5IG 5lZWQgdG8g Ym9ycm93IH RvIGludmVz dCBpbiBuZX cgdGVjaG5v bG9naWVzIG 9yIGZ1bmQg b3BlcmF0aW 9ucyBkdXJp bmcgbGVhbm VyIHRpbWVz LiBXaXRob3 V0IGEgcm9i dXN0IGFkYX B0YXRpb24g c3RyYXRlZ3 ksIHRoZSBj b21wYW55IG NvdWxkIHNl ZSBpdHMgY3 JlZGl0IHJh dGluZyBkcm 9wLCBpbmNy ZWFzaW5nIH RoZSBjb3N0 IG9mIGJvcn Jvd2luZy4g TG9uZy10ZX JtIGFzc2V0 IHZhbHVlcy Bjb3VsZCBk ZWNsaW5lIG FzIG9pbCBh bmQgZ2FzIH Jlc2VydmVz 4oCZIHdvcn RoIGRpbWlu aXNoZXMgaW 4gYSB0cmFu c2l0aW9uaW 5nIG1hcmtl dCwgbGVhZG luZyB0byBh c3NldCBpbX BhaXJtZW50 cyBvbiB0aG UgYmFsYW5j ZSBzaGVldC 4gPGJyPk92 ZXJhbGwsIH RoZSBjb21i aW5hdGlvbi BvZiBkZWNs aW5pbmcgcm V2ZW51ZXMs IHNxdWVlem VkIG1hcmdp bnMsIHJlZH VjZWQgY2Fz aCBmbG93LC BhbmQgYSB3 ZWFrZW5lZC BiYWxhbmNl IHNoZWV0IG NvdWxkIHBv c2Ugc2lnbm lmaWNhbnQg Y2hhbGxlbm dlcyB0aGF0 IHdvdWxkIG ltcGFpciBP TVbigJlzIG NvbXBldGl0 aXZlIHBvc2 l0aW9uIGlu IHRoZSBlbm VyZ3kgc2Vj dG9yIGZvci B5ZWFycyB0 byBjb21lLj xicj4=

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 bG9nb3MvYU YxbU1zMmNV RE9zS0I3NH VwZ08ud2Vi cCIgYWx0PS JPTVYiIHRp dGxlPSJPTV YiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG 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 dXQgT01WPw 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+RpSBGcm VlIGVCb29r IGZvciBuZX cgdXNlcnM6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdUMDFX SUggTjBZVz VrY3lCbSBi M0lnVDJWem RHIFZ5Y21W cFkyaHAgYz JOb1pTQk5h VyA1bGNtRn NiMlZzIGRt VnlkMkZzZE ggVnVaeXdn ZDJocCBZMm dnZEhKaGJu IE5zWVhSbG N5QjAgYnlC QmRYTjBjbS BsaGJpQk5h VzVsIGNtRn NJRTlwYkMg QkJaRzFwYm 1seiBkSEpo ZEdsdmJpID RnVkdobElH TnYgYlhCaG Jua2dkMiBG eklHWnZkVz VrIFpXUWdh VzRnUVggVn pkSEpwWVNC cCBiaUF4T1 RVMkxDIEJo Ym1RZ2FYUn ogSUdobFlX UnhkVyBGeW RHVnljeUJo IGNtVWdjM1 JwYkcgd2di RzlqWVhSbC BaQ0JwYmlC V2FXIFZ1Ym 1FdVBHSnkg UGpJdUlFOU 5WaSBCcGN5 QjBhR1VnIG JHRnlaMlZ6 ZEMgQnZhV3 dnWVc1ayBJ R2RoY3lCam IyIDF3WVc1 NUlHbHUgSU VObGJuUnlZ VyB3Z1lXNW tJRVZoIGMz UmxjbTRnUl ggVnliM0Js TENCMyBhWF JvSUc5d1pY IEpoZEdsdm JuTWcgYVc0 Z2JXOXlaUy BCMGFHRnVJ RE13IElHTn ZkVzUwY20g bGxjeTQ4WW 5JKyBNeTRn VkdobElHIE 52YlhCaGJu a2cgYVhNZ2 NISnBiVyBG eWFXeDVJR2 x1IGRtOXNk bVZrSUcgbH VJSFJvWlNC dyBjbTlrZF dOMGFXIDl1 TENCeVpXWn AgYm1sdVp5 d2dZVyA1a0 lHMWhjbXRs IGRHbHVaeU J2WmkgQnZh V3dnWVc1ay BJR2RoY3lC d2NtIDlrZF dOMGN5d2cg YVc1amJIVm thVyA1bklH VjRjR3h2IG NtRjBhVzl1 SUcgRnVaQ0 J3Y205ayBk V04wYVc5dU xDIEJ5Wlda cGJtbHUgWn l3Z2NHVjBj bSA5amFHVn RhV05oIGJI TXNJR0Z1Wk MgQm5ZWE1n Y0dsdyBaV3 hwYm1Wekxq IHhpY2o0ME xpQlAgVFZi aWdKbHpJRy B4aGNtZGxj M1FnIGNISn ZaSFZqZEcg bHZiaUJoYm 1RZyBjbVZt YVc1cGJtIG NnYjNCbGNt RjAgYVc5dW N5QmhjbSBV Z2JHOWpZWF JsIFpDQnBi aUJCZFggTj BjbWxoTENC aSBkWFFnZE dobElHIE52 YlhCaGJua2 cgWVd4emJ5 Qm9ZWCBNZ2 MybG5ibWxt IGFXTmhibl FnYjMgQmxj bUYwYVc5dS BjeUJwYmlC U2IyIDFoYm 1saElHRnUg WkNCMGFHVW dUbSA5eWRH Z2dVMlZoIE xqeGljajQx TGkgQkpiaU JoWkdScCBk R2x2YmlCMG J5IEJ3Y205 a2RXTnAgYm 1jZ1lXNWtJ SCBKbFptbH VhVzVuIElH OXBiQ0JoYm 0gUWdaMkZ6 TENCUCBUVl lnYVhNZ1lX IHh6YnlCaE lHMWggYW05 eUlIQnNZWC BsbGNpQnBi aUIwIGFHVW djbVZ1Wlgg ZGhZbXhsSU dWdSBaWEpu ZVNCelpXIE 4wYjNJc0lI QmggY25ScF kzVnNZWCBK c2VTQnBiaU JpIGFXOW1k V1ZzY3kgQm hibVFnZDJs dSBaQ0J3Yj NkbGNpIDQ4 WW5JK05pNG cgVkdobElH TnZiWCBCaG Jua2dhR0Z6 IElHRWdjM1 J5YjIgNW5J R1p2WTNWei BJRzl1SUhO MWMzIFJoYV c1aFltbHMg YVhSNUlHRn VaQyBCb1lY TWdjMlYwIE lHRWdaMjlo YkMgQjBieU J5WldSMSBZ MlVnYVhSek lHIE5oY21K dmJpQnAgYm 5SbGJuTnBk SCBrZ1lua2 dNVGtsIElH SjVJREl3TW ogVXVQR0p5 UGpjdSBJRT lOVmlCb1lY IE1nWVNCem RISnYgYm1j Z2NISmxjMi BWdVkyVWdh VzRnIGRHaG xJSEpsZEcg RnBiQ0J6Wl dOMCBiM0lz SUhkcGRHIG dnYjNabGNp QXkgTERBd0 1DQnpaWCBK MmFXTmxJSE 4wIFlYUnBi MjV6SUcgRm pjbTl6Y3lC RiBkWEp2Y0 dVc0lIIE5s Ykd4cGJtY2 cgWm5WbGJD d2diSCBWaW NtbGpZVzUw IGN5d2dZVz VrSUcgOTBh R1Z5SUhCeS BiMlIxWTNS ekxqIHhpY2 o0NExpQlUg YUdVZ1kyOX RjRyBGdWVT QnBjeUJoIG JITnZJR2x1 ZG0gOXNkbV ZrSUdsdSBJ SEpsYzJWaG NtIE5vSUdG dVpDQmsgWl habGJHOXdi VyBWdWRDd2 djR0Z5IGRH bGpkV3hoY2 0geDVJR2x1 SUhSbyBaU0 JoY21WaGN5 IEJ2WmlCbG JtVnkgWjNr Z1pXWm1hVy BOcFpXNWpl U0JoIGJtUW dZMkZ5WW0g OXVJR05oY0 hSMSBjbVVn WVc1a0lIIE 4wYjNKaFoy VXUgUEdKeV Bqa3VJRSA5 TlZpQnBjeU JoIElHMWhh bTl5SUggTn diMjV6YjNJ ZyBiMllnWT NWc2RIIFZ5 WVd3Z1lXNW sgSUhOd2Iz SjBhVyA1bk lHVjJaVzUw IGN5QnBiaU JCZFggTjBj bWxoTENCcC BibU5zZFdS cGJtIGNnZE dobElGWnAg Wlc1dVlTQl RkRyBGMFpT QlBjR1Z5IF lTd2dkR2hs SUYgTmhiSH BpZFhKbiBJ RVpsYzNScG RtIEZzTENC aGJtUWcgZE dobElGWnBa VyA1dVlTQk RhWFI1IElF MWhjbUYwYU cgOXVManhp Y2o0eCBNQz RnVDAxV0lH IGhoY3lCbV lXTmwgWkNC amNtbDBhVy BOcGMyMGda bTl5IElHbD BjeUJwYm4g WnZiSFpsYl dWdSBkQ0Jw YmlCamIyID UwY205MlpY SnogYVdGc0 lIQnliMiBw bFkzUnpMQ0 J6IGRXTm9J R0Z6SUggUm 9aU0JPYjNK ayBJRk4wY2 1WaGJTIEF5 SUdkaGN5Qn cgYVhCbGJH bHVaUyBCaV pYUjNaV1Z1 IElGSjFjM0 5wWVMgQmhi bVFnUjJWeS BiV0Z1ZVN3 Z2QyIGhwWT JnZ2FHRnog SUdKbFpXNG dZMyBKcGRH bGphWHBsIF pDQm1iM0ln YVggUnpJSE J2ZEdWdSBk R2xoYkNCbG JuIFpwY205 dWJXVnUgZE dGc0lHbHRj RyBGamRDQm hibVFnIFoy VnZjRzlzYV ggUnBZMkZz SUdsdCBjR3 hwWTJGMGFX IDl1Y3k0Z1 ZHaGwgSUdO dmJYQmhibi BrZ2FHRnpJ R0ZzIGMyOG dabUZqWlcg UWdZM0pwZE dsaiBhWE50 Y3lCbWIzIE lnYVhSeklH bHUgZG05c2 RtVnRaVyA1 MElHbHVJRz lwIGJDQmhi bVFnWjIgRn pJR1Y0Y0d4 diBjbUYwYV c5dUlHIGx1 SUhObGJuTn AgZEdsMlpT QmhjbSBWaG N5d2djM1Zq IGFDQmhjeU IwYUcgVWdR WEpqZEdsai BMZz09CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==