SFS Group

Live  

The SFS Group is a Swiss corporation that specializes in manufacturing high-precision fastening components, engineered fastening systems, and precision formed parts for a variety of industries. The company was founded in 1928 and is headquartered in Switzerland.
The SFS Group operates globally and has over 10,000 employees in more than 80 locations around the world. The company's products are used in industries such as automotive, construction, electronics, aerospace, and medical technology.
One of the key strengths of the SFS Group is its expertise in developing innovative solutions for its customers. The company invests heavily in research and development to continuously improve its products and processes, and has a strong focus on sustainability and environmental responsibility.
The company is listed on the Swiss Stock Exchange and is a member of the Swiss Leader Index (SLI). It has a solid financial track record, with consistently high sales and profits.
In addition to its main business of producing fastening components, the SFS Group also offers engineering and logistics services, providing a full-service solution for its customers. The company prides itself on its strong customer relationships and its ability to deliver high-quality products and services.
Overall, the SFS Group is a well-respected and successful company with a strong global presence and a commitment to innovation, sustainability, and customer satisfaction.

U0ZTIEdyb3 VwIGlzIGEg Y29tcGFueS B0aGF0IG1h a2VzIHBhcn RzIGFuZCB0 b29scyB1c2 VkIGluIG1h bnkgZGlmZm VyZW50IHRo aW5ncywgbG lrZSBjYXJz LCBidWlsZG luZ3MsIGFu ZCBldmVuIG Z1cm5pdHVy ZS4gSW1hZ2 luZSBpZiB5 b3Ugd2VyZS BidWlsZGlu ZyB3aXRoIE xlZ287IFNG UyBHcm91cC Bwcm92aWRl cyBzb21lIG 9mIHRoZSBz cGVjaWFsIH BpZWNlcyB5 b3UgbmVlZC B0byBtYWtl IHNvbWV0aG luZyBzdHJv bmcgYW5kIH NhZmUuPGJy PlRoZSBjb2 1wYW55IG1h a2VzIG1vbm V5IGJ5IHNl bGxpbmcgdG hlc2UgcGFy dHMgdG8gb3 RoZXIgYnVz aW5lc3Nlcy B0aGF0IG5l ZWQgdGhlbS B0byBjcmVh dGUgdGhlaX Igb3duIHBy b2R1Y3RzLi BGb3IgZXhh bXBsZSwgYS BjYXIgY29t cGFueSBtaW dodCBidXkg c2NyZXdzIG Zyb20gU0ZT IEdyb3VwIH RvIGhvbGQg dG9nZXRoZX IgdGhlIGVu Z2luZS4gV2 hlbiBidXNp bmVzc2VzIG J1eSBhIGxv dCBvZiBwYX J0cywgU0ZT IEdyb3VwIG Vhcm5zIG1v bmV5Ljxicj 5TRlMgR3Jv dXAgaXMgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29ucy4gRm lyc3QsIHRo ZXkgbWFrZS BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMs IHdoaWNoIG 1lYW5zIHRo ZWlyIHBhcn RzIGFyZSBz dHJvbmcgYW 5kIGxhc3Qg YSBsb25nIH RpbWUuIFNl Y29uZCwgdG hleSBoYXZl IGdvb2Qgcm VsYXRpb25z aGlwcyB3aX RoIG1hbnkg Y29tcGFuaW VzIGFyb3Vu ZCB0aGUgd2 9ybGQsIHNv IHRoZXkgYW x3YXlzIGhh dmUgY3VzdG 9tZXJzIHdo byBuZWVkIH doYXQgdGhl eSBtYWtlLi BMYXN0bHks IHRoZXkga2 VlcCBsb29r aW5nIGZvci BuZXcgd2F5 cyB0byBpbX Byb3ZlIHRo ZWlyIHByb2 R1Y3RzIGFu ZCBtYWtlIG 5ldyBvbmVz LCB3aGljaC BoZWxwcyB0 aGVtIHN0YX kgYWhlYWQg b2Ygb3RoZX IgY29tcGFu aWVzLjxicj 5JbiB0aGUg ZnV0dXJlLC BTRlMgR3Jv dXAgaXMgbG lrZWx5IHRv IHN0YXkgc3 VjY2Vzc2Z1 bCBiZWNhdX NlIHRoZXkg YWRhcHQgdG 8gY2hhbmdl cyBpbiB0ZW Nobm9sb2d5 IGFuZCBjdX N0b21lciBu ZWVkcy4gQX MgbmV3IGlu dmVudGlvbn MgY29tZSBv dXQsIGxpa2 UgZWxlY3Ry aWMgY2Fycy BvciBzbWFy dCBob21lcy wgdGhleSB3 aWxsIGNyZW F0ZSBuZXcg cGFydHMgZm 9yIHRob3Nl IHRoaW5ncy 4gV2l0aCB0 aGVpciBmb2 N1cyBvbiBx dWFsaXR5IG FuZCBpbm5v dmF0aW9uLC BTRlMgR3Jv dXAgaXMgc2 V0IHRvIGNv bnRpbnVlIG JlaW5nIGFu IGltcG9ydG FudCBjb21w YW55IGZvci BtYW55IHll YXJzIHRvIG NvbWUuPGJy Pg==

MS4gR2xvYm FsIFByZXNl bmNlOiBTRl MgR3JvdXAg aGFzIGEgZ2 xvYmFsIHBy ZXNlbmNlIH dpdGggb3Zl ciA3MCBsb2 NhdGlvbnMg aW4gMjQgY2 91bnRyaWVz LCBwcm92aW RpbmcgaXRz IHNlcnZpY2 VzIHRvIGN1 c3RvbWVycy B3b3JsZHdp ZGUuPGJyPj IuIE1hcmtl dCBMZWFkZX I6IFRoZSBj b21wYW55IG lzIGEgbWFy a2V0IGxlYW RlciBpbiBp dHMgY29yZS BidXNpbmVz cyBhcmVhcy BvZiBtZWNo YW5pY2FsIG Zhc3Rlbmlu ZyBzeXN0ZW 1zLCBwcmVj aXNpb24gbW 9sZGVkIHBh cnRzLCBhbm QgYXNzZW1i bGllcy48Yn I+My4gRGl2 ZXJzZSBQcm 9kdWN0IFBv cnRmb2xpbz ogU0ZTIEdy b3VwIG9mZm VycyBhIHdp ZGUgcmFuZ2 Ugb2YgcHJv ZHVjdHMgYW 5kIHNvbHV0 aW9ucyBhY3 Jvc3MgdmFy aW91cyBpbm R1c3RyaWVz LCBpbmNsdW RpbmcgYXV0 b21vdGl2ZS wgY29uc3Ry dWN0aW9uLC BlbGVjdHJv bmljcywgYW Vyb3NwYWNl LCBhbmQgbW VkaWNhbC48 YnI+NC4gSW 5ub3ZhdGlv biBhbmQgVG VjaG5vbG9n eTogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGZv Y3VzIG9uIG lubm92YXRp b24gYW5kIH RlY2hub2xv Z3ksIGNvbn N0YW50bHkg ZGV2ZWxvcG luZyBuZXcg YW5kIGFkdm FuY2VkIHBy b2R1Y3RzIH RvIG1lZXQg dGhlIGV2b2 x2aW5nIG5l ZWRzIG9mIG l0cyBjdXN0 b21lcnMuPG JyPjUuIFN1 c3RhaW5hYm lsaXR5OiBT RlMgR3JvdX AgaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmxlIG RldmVsb3Bt ZW50IGFuZC BoYXMgc2V0 IGFtYml0aW 91cyBlbnZp cm9ubWVudG FsIGdvYWxz LCBzdWNoIG FzIHJlZHVj aW5nIGl0cy BjYXJib24g Zm9vdHByaW 50IGFuZCBp bmNyZWFzaW 5nIHRoZSB1 c2Ugb2Ygcm VuZXdhYmxl IGVuZXJnaW VzLjxicj42 LiBDdXN0b2 1lci1DZW50 cmljIEFwcH JvYWNoOiBU aGUgY29tcG FueSBmb2xs b3dzIGEgY3 VzdG9tZXIt Y2VudHJpYy BhcHByb2Fj aCwgdW5kZX JzdGFuZGlu ZyBhbmQgbW VldGluZyB0 aGUgc3BlY2 lmaWMgbmVl ZHMgb2YgaX RzIGNsaWVu dHMgYnkgcH JvdmlkaW5n IGN1c3RvbW l6ZWQgc29s dXRpb25zIG FuZCBzZXJ2 aWNlcy48Yn I+Ny4gU3Ry b25nIEZpbm FuY2lhbCBQ ZXJmb3JtYW 5jZTogU0ZT IEdyb3VwIG hhcyBhIGhp c3Rvcnkgb2 Ygc3Ryb25n IGZpbmFuY2 lhbCBwZXJm b3JtYW5jZS wgd2l0aCBh IHN0ZWFkeS BpbmNyZWFz ZSBpbiByZX ZlbnVlIGFu ZCBwcm9maX RzIG92ZXIg dGhlIHllYX JzLjxicj44 LiBFbXBsb3 llZSBEZXZl bG9wbWVudD ogVGhlIGNv bXBhbnkgdm FsdWVzIGl0 cyBlbXBsb3 llZXMgYW5k IGludmVzdH MgaW4gdGhl aXIgZGV2ZW xvcG1lbnQg dGhyb3VnaC B0cmFpbmlu ZyBhbmQgZG V2ZWxvcG1l bnQgcHJvZ3 JhbXMsIGNy ZWF0aW5nIG EgcG9zaXRp dmUgd29yay BjdWx0dXJl Ljxicj45Li BDdWx0dXJl IG9mIEV4Y2 VsbGVuY2U6 IFNGUyBHcm 91cCBoYXMg YSBjdWx0dX JlIG9mIGV4 Y2VsbGVuY2 UsIHN0cml2 aW5nIGZvci Bjb250aW51 b3VzIGltcH JvdmVtZW50 IGFuZCBzZX R0aW5nIGhp Z2ggc3Rhbm RhcmRzIGZv ciBxdWFsaX R5IGFuZCBj dXN0b21lci BzYXRpc2Zh Y3Rpb24uPG JyPjEwLiBD U1IgSW5pdG lhdGl2ZXM6 IFRoZSBjb2 1wYW55IGlz IGFjdGl2ZW x5IGludm9s dmVkIGluIH ZhcmlvdXMg Y29ycG9yYX RlIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eSBpbml0aW F0aXZlcyBh bmQgc3VwcG 9ydHMgdmFy aW91cyBzb2 NpYWwgYW5k IGVudmlyb2 5tZW50YWwg Y2F1c2VzIH RvIGdpdmUg YmFjayB0by B0aGUgY29t bXVuaXRpZX MgaXQgb3Bl cmF0ZXMgaW 4u

VGhlIFNGUy BHcm91cCBp cyBhIGdsb2 JhbCBjb21w YW55IHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gcHJlY2lz aW9uIGVuZ2 luZWVyaW5n IGFuZCBpbm R1c3RyaWFs IGZhc3Rlbm luZyBzb2x1 dGlvbnMuIF RoZWlyIGJ1 c2luZXNzIG 1vZGVsIGlz IGJhc2VkIG 9uIG9mZmVy aW5nIGhpZ2 gtcXVhbGl0 eSBwcm9kdW N0cyBhbmQg c2VydmljZX MgdG8gdGhl aXIgY2xpZW 50cywgcHJp bWFyaWx5IG luIHRoZSBh dXRvbW90aX ZlLCBhZXJv c3BhY2UsIG NvbnN0cnVj dGlvbiwgYW 5kIGNvbnN1 bWVyIGdvb2 RzIGluZHVz dHJpZXMuIF RoZXkgYWxz byBmb2N1cy BvbiBwcm92 aWRpbmcgaW 5ub3ZhdGl2 ZSBzb2x1dG lvbnMgdGhh dCBtZWV0IH RoZSBzcGVj aWZpYyBuZW VkcyBvZiB0 aGVpciBjdX N0b21lcnMs IGFzIHdlbG wgYXMgY29u dGludW91c2 x5IGltcHJv dmluZyB0aG VpciBwcm9j ZXNzZXMgYW 5kIHRlY2hu b2xvZ3kuPG JyPlRoZSBj b21wYW55IG 9wZXJhdGVz IHRocm91Z2 ggdGhyZWUg bWFpbiBkaX Zpc2lvbnM6 IEVuZ2luZW VyZWQgQ29t cG9uZW50cy wgRmFzdGVu aW5nIFN5c3 RlbXMsIGFu ZCBEaXN0cm lidXRpb24g JiBMb2dpc3 RpY3MuIFRo ZSBFbmdpbm VlcmVkIENv bXBvbmVudH MgZGl2aXNp b24gZGVzaW ducyBhbmQg cHJvZHVjZX MgY3VzdG9t aXplZCBmYX N0ZW5pbmcg c29sdXRpb2 5zIGZvciB0 aGUgYXV0b2 1vdGl2ZSwg Y29uc3RydW N0aW9uLCBh bmQgY29uc3 VtZXIgZ29v ZHMgaW5kdX N0cmllcy4g VGhlIEZhc3 RlbmluZyBT eXN0ZW1zIG RpdmlzaW9u IGZvY3VzZX Mgb24gcHJv dmlkaW5nIG N1c3RvbWVy cyB3aXRoIG NvbXBsZXRl IGZhc3Rlbm luZyBzeXN0 ZW1zLCBpbm NsdWRpbmcg c3RhbmRhcm QgYW5kIGN1 c3RvbWl6ZW QgY29tcG9u ZW50cywgdG 9vbHMsIGFu ZCBsb2dpc3 RpY3Mgc2Vy dmljZXMuIF RoZSBEaXN0 cmlidXRpb2 4gJiBMb2dp c3RpY3MgZG l2aXNpb24g b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi BmYXN0ZW5p bmcgcHJvZH VjdHMgZnJv bSB2YXJpb3 VzIG1hbnVm YWN0dXJlcn MgdGhyb3Vn aCBpdHMgZ2 xvYmFsIGRp c3RyaWJ1dG lvbiBuZXR3 b3JrLjxicj 5JbiBhZGRp dGlvbiB0by B0aGVpciBw cm9kdWN0cy wgdGhlIFNG UyBHcm91cC BhbHNvIG9m ZmVycyB0ZW NobmljYWwg c3VwcG9ydC BhbmQgY29u c3VsdGluZy BzZXJ2aWNl cyB0byBhc3 Npc3QgY3Vz dG9tZXJzIG luIGZpbmRp bmcgdGhlIG Jlc3Qgc29s dXRpb25zIG ZvciB0aGVp ciBzcGVjaW ZpYyBhcHBs aWNhdGlvbn MuIFRoZXkg YWxzbyBwcm lvcml0aXpl IHN1c3RhaW 5hYmlsaXR5 IGluIHRoZW lyIGJ1c2lu ZXNzIG1vZG VsLCBpbmNv cnBvcmF0aW 5nIGVudmly b25tZW50YW wgY29uc2lk ZXJhdGlvbn MgaW50byB0 aGVpciBwcm 9kdWN0aW9u IHByb2Nlc3 NlcyBhbmQg b3BlcmF0aW 9ucy48YnI+ T3ZlcmFsbC wgdGhlIFNG UyBHcm91cC dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG Fyb3VuZCBw cm92aWRpbm cgaGlnaC1x dWFsaXR5LC Bpbm5vdmF0 aXZlLCBhbm Qgc3VzdGFp bmFibGUgZm FzdGVuaW5n IHNvbHV0aW 9ucyB0byB0 aGVpciBnbG 9iYWwgY3Vz dG9tZXIgYm FzZSwgd2hp bGUgYWxzby Bjb250aW51 b3VzbHkgaW 1wcm92aW5n IGFuZCBkaX ZlcnNpZnlp bmcgdGhlaX IgcHJvZHVj dCBvZmZlcm luZ3Mu

AI does have the potential to pose a material threat to SFS Group’s products, services, or competitive positioning in several ways:
1. Substitution: AI can lead to the development of new materials or products that could substitute traditional offerings from SFS Group. For instance, advancements in manufacturing techniques powered by AI may allow competitors to produce similar or superior products more efficiently and at a lower cost.
2. Disintermediation: The integration of AI in supply chain management and manufacturing processes may enable companies to streamline operations and reduce dependency on third-party suppliers. This could diminish the role of SFS Group as a supplier if customers choose to adopt more direct and automated means of sourcing materials.
3. Margin Pressure: AI-driven innovations often lead to cost efficiencies, which can intensify competition by allowing competitors to offer lower prices. As competitors leverage AI to enhance productivity and reduce costs, SFS Group may face pressure to lower prices as well, potentially impacting profit margins.
Overall, while AI can also create opportunities for innovation and efficiency, SFS Group must remain vigilant in monitoring these developments to mitigate risks related to substitution, disintermediation, and margin pressure.

The sensitivity of SFS Group company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Earnings Sensitivity: SFS Group’s earnings can be impacted by interest rate changes in various ways. If the company has significant debt, rising interest rates may increase interest expenses, thereby reducing net income. Conversely, if the company holds cash reserves, higher interest rates could enhance income from interest-earning assets.
2. Cash Flow Sensitivity: Changes in interest rates affect cash flow through the cost of financing and the returns on cash holdings. Increased rates may lead to higher borrowing costs, which would decrease operating cash flow available for investment or distribution. Additionally, fluctuations in interest rates can affect customer spending and investment decisions, further influencing cash flow.
3. Valuation Sensitivity: The valuation of SFS Group can be sensitive to interest rate changes due to discounting future cash flows. Higher interest rates generally lead to a higher discount rate, which can reduce the present value of future earnings and cash flows, thereby lowering the company’s valuation. This is especially relevant in a discounted cash flow (DCF) analysis where cash flows are estimated over several years.
Overall, the extent of sensitivity depends on the company’s capital structure, liquidity position, and the prevailing economic conditions. To fully assess this sensitivity, a detailed analysis of the company’s financial statements, debt maturity profile, and market conditions would be necessary.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTRlMgR3Jv dXDigJlzIG Vjb25vbWlj cyBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIGxhc3 RpbmcgZGVj bGluZSBpbi BkZW1hbmQg d2l0aGluIH RoZWlyIGtl eSBtYXJrZX RzLCBwYXJ0 aWN1bGFybH kgaW4gdGhl IGF1dG9tb3 RpdmUgYW5k IGNvbnN0cn VjdGlvbiBz ZWN0b3JzLi BUaGlzIHdv dWxkIGxpa2 VseSBiZSBk cml2ZW4gYn kgYSBjb21i aW5hdGlvbi BvZiBmYWN0 b3JzLCBpbm NsdWRpbmc6 PGJyPjEuID xzdHJvbmc+ RWNvbm9taW MgcmVjZXNz aW9uPC9zdH Jvbmc+OiBB IGdsb2JhbC BvciByZWdp b25hbCBlY2 9ub21pYyBk b3dudHVybi Bjb3VsZCBs ZWFkIHRvIH JlZHVjZWQg Y29uc3VtZX Igc3BlbmRp bmcsIGltcG FjdGluZyBp bmR1c3RyaW VzIHdoZXJl IFNGUyBHcm 91cCBvcGVy YXRlcy48Yn I+Mi4gPHN0 cm9uZz5TdX BwbHkgY2hh aW4gZGlzcn VwdGlvbnM8 L3N0cm9uZz 46IFByb2xv bmdlZCBkaX NydXB0aW9u cywgcG90ZW 50aWFsbHkg ZHVlIHRvIG dlb3BvbGl0 aWNhbCB0ZW 5zaW9ucyBv ciBuYXR1cm FsIGRpc2Fz dGVycywgY2 91bGQgcmFp c2UgY29zdH MgYW5kIGxl YWQgdG8gcH JvZHVjdGlv biBkZWxheX MsIGRlY3Jl YXNpbmcgY2 9tcGV0aXRp dmVuZXNzLj xicj4zLiA8 c3Ryb25nPl RlY2hub2xv Z2ljYWwgc2 hpZnRzPC9z dHJvbmc+Oi BSYXBpZCBh ZHZhbmNlbW VudHMgaW4g YWx0ZXJuYX RpdmUgbWF0 ZXJpYWxzIG 9yIG1hbnVm YWN0dXJpbm cgcHJvY2Vz c2VzIGNvdW xkIHJlbmRl ciBTRlPigJ lzIHRyYWRp dGlvbmFsIH Byb2R1Y3Rz IGxlc3Mgcm VsZXZhbnQg b3Igb2Jzb2 xldGUuIEZv ciBpbnN0YW 5jZSwgdGhl IHJpc2Ugb2 YgZWxlY3Ry aWMgdmVoaW NsZXMgdGhh dCByZXF1aX JlIGRpZmZl cmVudCBjb2 1wb25lbnRz Ljxicj40Li A8c3Ryb25n PlJlZ3VsYX RvcnkgY2hh bmdlczwvc3 Ryb25nPjog U3RyaWN0ZX IgZW52aXJv bm1lbnRhbC ByZWd1bGF0 aW9ucyBtYX kgaW5jcmVh c2UgY29tcG xpYW5jZSBj b3N0cyBvci BuZWNlc3Np dGF0ZSBzaW duaWZpY2Fu dCBpbnZlc3 RtZW50IGlu IHJldG9vbG luZyBhbmQg ZGV2ZWxvcG luZyBuZXcg cHJvZHVjdH MuPGJyPklu IHN1Y2ggYS BzY2VuYXJp bywgU0ZTIE dyb3Vw4oCZ cyBtYXJnaW 5zIHdvdWxk IGxpa2VseS BzaHJpbmsg c2lnbmlmaW NhbnRseSBh cyBmaXhlZC Bjb3N0cyBy ZW1haW4gd2 hpbGUgc2Fs ZXMgZGVjbG luZS4gVGhp cyBjb3VsZC BsZWFkIHRv IGFuIGVyb3 Npb24gb2Yg b3BlcmF0aW 5nIHByb2Zp dCBtYXJnaW 5zLCB3aXRo IHBvdGVudG lhbCBmb3Ig bmVnYXRpdm Ugb3BlcmF0 aW5nIGluY2 9tZSBpZiBz YWxlcyBkcm 9wIHN0ZWVw bHkgZW5vdW doLiA8YnI+ Q2FzaCBmbG 93IHdvdWxk IGJlIGFkdm Vyc2VseSBh ZmZlY3RlZC BhcyBsb3dl ciByZXZlbn VlcyB3b3Vs ZCBsZWFkIH RvIHJlZHVj ZWQgb3Blcm F0aW5nIGNh c2ggZmxvdy 4gVGhlIGNv bXBhbnkgbW F5IGFsc28g ZXhwZXJpZW 5jZSBpbmNy ZWFzZWQgY2 FzaCBvdXRm bG93cyBkdW UgdG8gZWZm b3J0cyB0by BtYW5hZ2Ug ZXhjZXNzIG ludmVudG9y eSBvciBtaX RpZ2F0ZSBz dXBwbHkgY2 hhaW4gaXNz dWVzLiBJbn Zlc3RtZW50 IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCBt YXkgYmUgY3 VydGFpbGVk IGR1ZSB0by BmaW5hbmNp YWwgY29uc3 RyYWludHMs IHdoaWNoIG NvdWxkIGZ1 cnRoZXIgZX hhY2VyYmF0 ZSB0aGUgZG VjbGluZSBp biBjb21wZX RpdGl2ZW5l c3MuPGJyPk 9uIHRoZSBi YWxhbmNlIH NoZWV0LCBT RlMgR3JvdX AgbWlnaHQg c2VlIGFuIG luY3JlYXNl IGluIGxldm VyYWdlIGFz IHRoZXkgdG FrZSBvbiBt b3JlIGRlYn QgdG8gbWFp bnRhaW4gbG lxdWlkaXR5 IGluIHRoZS BmYWNlIG9m IGRlY2xpbm luZyBzYWxl cy4gQXNzZX QgdmFsdWVz IGNvdWxkIG Fsc28gZGVj cmVhc2UgaW YgdGhlIGNv bXBhbnkgaX MgZm9yY2Vk IHRvIGltcG FpciBjZXJ0 YWluIGxvbm ctdGVybSBh c3NldHMgcH JldmlvdXNs eSBleHBlY3 RlZCB0byBn ZW5lcmF0ZS ByZXR1cm5z LiBBZGRpdG lvbmFsbHks IHdvcmtpbm cgY2FwaXRh bCBtYW5hZ2 VtZW50IGNv dWxkIGJlY2 9tZSBzdHJh aW5lZCwgbG VhZGluZyB0 byBoaWdoZX IgZGF5cyBz YWxlcyBvdX RzdGFuZGlu ZyBhbmQgbG 93ZXIgaW52 ZW50b3J5IH R1cm5vdmVy IGR1ZSB0by BkZWNyZWFz ZWQgZGVtYW 5kLjxicj5P dmVyYWxsLC BpZiBvbmUg b2YgdGhlc2 Ugc2NlbmFy aW9zIHVuZm 9sZGVkLCBT RlMgR3JvdX AgY291bGQg ZmFjZSBzaW duaWZpY2Fu dCBjaGFsbG VuZ2VzIGlu IG1haW50YW luaW5nIGl0 cyBmaW5hbm NpYWwgaGVh bHRoIGFuZC Bjb21wZXRp dGl2ZW5lc3 MgaW4gdGhl IG1hcmtldH BsYWNlLCB3 aXRoIGxhc3 RpbmcgaW1w bGljYXRpb2 5zIGZvciBp dHMgZWNvbm 9taWMgc3Ry dWN0dXJlLj 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 lueW5VOVVi NXJiRVA3MH Z5Y1Uud2Vi cCIgYWx0PS JTRlMgR3Jv dXAiIHRpdG xlPSJTRlMg R3JvdXAiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9NTAgd2 lkdGg9NTAg bG9hZGluZz 0nbGF6eScg c3R5bGU9J2 JvcmRlci1y YWRpdXM6ID ZweDsnPgoK ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdmbGV4Oi AxOyB0ZXh0 LWFsaWduOi BjZW50ZXI7 IG1hcmdpbi 1sZWZ0OiA1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PHAgc3R5bG U9J2ZvbnQt c2l6ZTogMj ZweDsgY29s b3I6ICMzMz M7IG1hcmdp bi1ib3R0b2 06IDE1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IPCfk4ggV2 FudCB0byBy ZWFkIG1vcm UgYWJvdXQg U0ZTIEdyb3 VwPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+OgS BGcmVlIGRv d25sb2FkIS A8aT4iVGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2NrcyI8 L2k+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv cD4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT JweDsgZm9u dC1zaXplOi AxM3B4OyBj b2xvcjogIz Q0NDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgU2ln biB1cCBub3 cgYW5kIGdl dCBvdXIgZn JlZSBlQm9v ayAKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxiPlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3M8L2 I+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxNnB4 OyBmb250LX NpemU6IDE0 cHg7IGNvbG 9yOiAjNDQ0 OyBmb250LW ZhbWlseTog LWFwcGxlLX N5c3RlbSwg QmxpbmtNYW NTeXN0ZW1G b250LCBTZW dvZSBVSSwg Um9ib3RvLC BIZWx2ZXRp Y2EgTmV1ZS wgc2Fucy1z ZXJpZjsgbG luZS1oZWln aHQ6IDEuNj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgSGF2ZSB5 b3UgaGVhcm QgYWJvdXQg b3VyIHNob3 J0IDxzdHJv bmcgc3R5bG U9J2ZvbnQt d2VpZ2h0Oi A2MDA7Jz5E YWlseSBWaW RlbyBOZXdz bGV0dGVyPC 9zdHJvbmc+ PwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naHR0cHM6 Ly93d3cuaW 5zaWdodGZ1 bHZhbHVlLm NvbS9uZXdz bGV0dGVyLn BocCcgdGFy Z2V0PSdfYm xhbmsnIHN0 eWxlPSdjb2 xvcjogIzAw N0JGRjsgdG V4dC1kZWNv cmF0aW9uOi Bub25lOyBm b250LXdlaW dodDogNTAw OyBtYXJnaW 4tbGVmdDog NnB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgRmluZCBv dXQgbW9yZQ ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg IAogICAgIC AgIAogICAg ICAgIDxzcG FuIGNsYXNz PSdibHVycm VkLXRleHQn PgogICAgIC AgICAgICBM U0JUUmxNZ1 IzIEp2ZFhB Z2FYTWcgWV NCVGQybHpj eSBCdGRXeD BhVzVoIGRH bHZibUZzSU cgTnZiWEJo Ym5rZyBkR2 hoZENCemNH IFZqYVdGc2 FYcGwgY3lC cGJpQjBhRy BVZ2JXRnVk V1poIFkzUj FjbVVnWVcg NWtJR1JwYz NSeSBhV0ox ZEdsdmJpIE J2WmlCdFpX Tm8gWVc1cF kyRnNJRyBa aGMzUmxibW x1IFp5Qnpl WE4wWlcgMX pJR0Z1WkNC dyBjbVZqYV hOcGIyIDRn WTI5dGNHOX UgWlc1MGN5 NDhZbiBJK0 xTQlVhR1Vn IFkyOXRjR0 Z1ZVMgQjNZ WE1nWm05MS BibVJsWkNC cGJpIEF4T1 RJNElHSjUg SUVwMWJHbD FjeSBCSFpX bG5lUzFUIF kyaDNaV2w2 WlggSWdhVz RnV25WeSBh V05vTENCVG QyIGwwZW1W eWJHRnUgWk M0OFluSStM UyBCVWFHVW dibUZ0IFpT QlRSbE1nYz MgUmhibVJ6 SUdadiBjaU JUY0hKbGJt IGR6ZEc5bV ppQkcgWVdK eWFXc2dVMi BOb2QyVnBl aXdnIGQyaH BZMmdnYlcg Vmhibk1nVT NkcCBjM01n Ulhod2JHID l6YVhabElF WmggWTNSdm Nua2dhVyA0 Z1JXNW5iR2 x6IGFDNGdW R2hsSUcgTn ZiWEJoYm5r ZyBiM0pwWj JsdVlXIHhz ZVNCd2NtOW sgZFdObFpD QmxlSCBCc2 IzTnBkbVZ6 IElHWnZjaU IwYUcgVWdV M2RwYzNNZy BRWEp0ZVNC aVpXIFp2Y2 1VZ2MyaHAg Wm5ScGJtY2 dhWCBSeklH WnZZM1Z6IE lIUnZJRzFs WTIgaGhibW xqWVd3ZyBa bUZ6ZEdWdW FXIDVuSUhO NWMzUmwgYl hNdVBHSnlQ aSAwZ1UwWl RJRWR5IGIz VndJR2hoY3 kgQnZkbVZ5 SURFdyBNQ0 I1WldGeWN5 IEJ2WmlCbG VIQmwgY21s bGJtTmxJRy BsdUlIUm9a U0JwIGJtUj FjM1J5ZVMg QmhibVFnYV hNZyBZU0Jz WldGa2FXID VuSUdkc2Iy SmggYkNCem RYQndiRyBs bGNpQnZaaU J0IFpXTm9Z VzVwWTIgRn NJR1poYzNS bCBibWx1Wn lCemVYIE4w WlcxekxqeG kgY2o0dElG Um9aUyBCam IyMXdZVzU1 IElHaGhjeU J2ZG0gVnlJ RGd3SUhCeS BiMlIxWTNS cGIyIDRnYz JsMFpYTWcg WVc1a0lHMX ZjbSBVZ2RH aGhiaUF4IE 1Dd3dNREFn WlcgMXdiRz k1WldWeiBJ SGR2Y214a2 QyIGxrWlN3 Z2QybDAgYU NCaElIQnla WCBObGJtTm xJR2x1IElE STNJR052ZF cgNTBjbWxs Y3k0OCBZbk krTFNCVFJs IE1nUjNKdm RYRGkgZ0ps eklHaGhjeS BCbWIzVnlJ RzFoIGFXNG daR2wyYVgg TnBiMjV6T2 lCQiBkWFJ2 Ylc5MGFYIF psTENCRGIy NXogZEhKMV kzUnBiMiA0 c0lFbHVaSF Z6IGRISnBZ V3dzSUcgRn VaQ0JGYkdW aiBkSEp2Ym 1samN5IHdn YzJWeWRtbH UgWnlCamRY TjBiMiAxbG NuTWdhVzRn IGRtRnlhVz kxY3kgQnBi bVIxYzNSeS BhV1Z6SUhO MVkyIGdnWV hNZ1lYVjAg YjIxdmRHbD JaUyB3Z1ky OXVjM1J5IG RXTjBhVzl1 TEMgQnBibV IxYzNSeSBh V0ZzSUcxaG JuIFZtWVdO MGRYSnAgYm 1jc0lHRnVa QyBCbGJHVm pkSEp2IGJt bGpjeTQ4WW 4gSStMU0JV YUdVZyBZMj l0Y0dGdWVT IEJwY3lCcm JtOTMgYmlC bWIzSWdhWC BSeklHbHVi bTkyIFlYUn BkbVVnY0gg SnZaSFZqZE NCayBaWFps Ykc5d2JXIF Z1ZENCaGJt UWcgYUdGek lHOTJaWCBJ Z05Dd3dNRE FnIFlXTjBh WFpsSUggQm hkR1Z1ZEhN dSBQR0p5UG kwZ1UwIFpU SUVkeWIzVn cgSUdoaGN5 QnlaVyBObG FYWmxaQ0J1 IGRXMWxjbT kxY3kgQmhk MkZ5WkhNZy BZVzVrSUhK bFkyIDluYm 1sMGFXOXUg Y3lCbWIzSW dhWCBSeklI TjFjM1JoIG FXNWhZbXhs SUggQnlZV0 4wYVdObCBj eXdnYVc1am JIIFZrYVc1 bklHSmwgYV c1bklHeHBj MyBSbFpDQn BiaUIwIGFH VWdSRzkzSU UgcHZibVZ6 SUZOMSBjM1 JoYVc1aFlt IGxzYVhSNU lFbHUgWkdW NElHRnVaQy BCM2FXNXVh VzVuIElIUm 9aU0JUZDIg bHpjeUJGVk VnZyBVM1Z6 ZEdGcGJtIE ZpYVd4cGRI a2cgUVhkaG NtUWdhVyA0 Z01qQXhPUz Q4IFluSStM U0JKYmkgQm haR1JwZEds diBiaUIwYn lCcGRIIE1n WTI5eVpTQm kgZFhOcGJt VnpjeSB3Z2 RHaGxJR052 IGJYQmhibm tnYVggTWdZ V3h6YnlCai BiMjF0YVhS MFpXIFFnZE c4Z1kyOXkg Y0c5eVlYUm xJSCBOdlky bGhiQ0J5IF pYTndiMjV6 YVcgSnBiR2 wwZVN3ZyBa Rzl1WVhScG JtIGNnZEc4 Z2RtRnkgYV c5MWN5Qmph RyBGeWFYUm hZbXhsIElH TmhkWE5sY3 kgQmhibVFn Y0hKdiBiVz kwYVc1bklH IFZ0Y0d4dm VXVmwgSUha dmJIVnVkRy BWbGNtbHpi U0IwIGFISn ZkV2RvSUcg bDBjeUJUUm xNZyBRMkZ5 WlhNZ2NIIE p2WjNKaGJT NDggWW5JK0 xTQlRSbCBN Z1IzSnZkWE FnIGFYTWdi R2x6ZEcgVm tJRzl1SUhS byBaU0JUZD JsemN5IEJ6 ZEc5amF5Qm wgZUdOb1lX NW5aUyBCaG JtUWdhR0Zr IElHRWdjbV YyWlcgNTFa U0J2WmlBeC BMamdnWW1s c2JHIGx2Ym lCVGQybHog Y3lCbWNtRn VZMyBNZ2FX NGdNakF5IE 1DND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg