Computacenter

+7.14%

Live  

Computacenter is a leading independent technology partner, trusted by large corporate and public sector organisations. Established in the UK in 1981, Computacenter now operates globally, with over 16,000 employees across Europe, the Americas and Asia.
The company provides a wide range of services, solutions and products to help organisations manage and transform their IT infrastructure. This includes consultancy, procurement, implementation and managed services for workplace, infrastructure, networking, security, and cloud technologies.
Computacenter works with a variety of technology partners, including major vendors like Microsoft, Dell, HP and Cisco, to deliver tailored solutions to meet the specific needs of their clients. They also invest in their own research and development capabilities, through their subsidiary company R.D.Murray, to ensure they are at the forefront of new technology trends.
In addition to their technology services, Computacenter also offers educational and training opportunities through the CC Learning Academy. This allows individuals to develop their skills and knowledge in areas such as IT security, cloud computing and project management.
Computacenter is committed to sustainability and corporate social responsibility, and works to reduce their environmental impact and support local communities through various initiatives and partnerships. They also have a strong focus on diversity and inclusion, aiming to create a diverse workforce and promoting equal opportunities for all.
Overall, Computacenter is a trusted and established technology partner with a global reach, offering a wide range of services and solutions to help organisations manage and transform their IT infrastructure.

Q29tcHV0YW NlbnRlciBp cyBhIGNvbX BhbnkgdGhh dCBoZWxwcy BvdGhlciBi dXNpbmVzc2 VzIHVzZSB0 ZWNobm9sb2 d5IGJldHRl ci4gSW1hZ2 luZSBpZiBh IHNjaG9vbC B3YW50ZWQg bmV3IGNvbX B1dGVycyBv ciBzb2Z0d2 FyZSB0byBo ZWxwIHN0dW RlbnRzIGxl YXJuIG1vcm UuIENvbXB1 dGFjZW50ZX IgaXMgbGlr ZSBhIGhlbH BlciB0aGF0 IGZpbmRzIH RoZSByaWdo dCB0b29scy BhbmQgbWFr ZXMgc3VyZS BldmVyeXRo aW5nIHdvcm tzIHdlbGwg dG9nZXRoZX IuPGJyPlRo ZXkgbWFrZS Btb25leSBi eSBzZWxsaW 5nIHRlY2hu b2xvZ3kgcH JvZHVjdHMs IGxpa2UgY2 9tcHV0ZXJz IGFuZCBzb2 Z0d2FyZSwg YW5kIHRoZX kgYWxzbyBo ZWxwIHNldC B0aGVtIHVw IGFuZCBmaX ggcHJvYmxl bXMgd2hlbi Bzb21ldGhp bmcgZ29lcy B3cm9uZy4g SXTigJlzIH NpbWlsYXIg dG8gaG93IG Egc3RvcmUg c2VsbHMgdG 95cyBhbmQg YWxzbyBvZm ZlcnMgdG8g aGVscCBwdX QgdGhlIHRv eXMgdG9nZX RoZXIuPGJy PkNvbXB1dG FjZW50ZXIg aXMgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG 1hbnkgY29t cGFuaWVzIG 5lZWQgaGVs cCB3aXRoIH RlY2hub2xv Z3kgdG8gZG 8gdGhlaXIg d29yayBtb3 JlIGVmZmlj aWVudGx5Li BBcyB0ZWNo bm9sb2d5IG NvbnRpbnVl cyB0byBiZW NvbWUgbW9y ZSBpbXBvcn RhbnQgaW4g b3VyIGxpdm VzLCBjb21w YW5pZXMgd2 lsbCBrZWVw IG5lZWRpbm cgZXhwZXJ0 cyB0byBndW lkZSB0aGVt LiBUaGlzIG 1lYW5zIENv bXB1dGFjZW 50ZXIgaGFz IGxvdHMgb2 Ygb3Bwb3J0 dW5pdGllcy B0byBoZWxw IG1vcmUgYn VzaW5lc3Nl cyBpbiB0aG UgZnV0dXJl Ljxicj5Bcy Bsb25nIGFz IGNvbXBhbm llcyBuZWVk IHRlY2hub2 xvZ3kgdG8g Z3JvdyBhbm QgaW1wcm92 ZSwgYW5kIG FzIGxvbmcg YXMgQ29tcH V0YWNlbnRl ciBjb250aW 51ZXMgdG8g cHJvdmlkZS BncmVhdCBz ZXJ2aWNlIG FuZCBrZWVw cyB1cCB3aX RoIG5ldyB0 ZWNobm9sb2 d5LCBpdCB3 aWxsIGxpa2 VseSBzdGF5 IHN1Y2Nlc3 NmdWwgZm9y IG1hbnkgeW VhcnMgdG8g Y29tZS48Yn I+

MS4gR2xvYm FsIFJlYWNo OiBDb21wdX RhY2VudGVy IG9wZXJhdG VzIGluIG92 ZXIgNzAgY2 91bnRyaWVz LCBtYWtpbm cgaXQgYSB0 cnVseSBnbG 9iYWwgY29t cGFueSB3aX RoIGEgd2lk ZSBjdXN0b2 1lciBiYXNl Ljxicj4yLi BMb25nLXN0 YW5kaW5nIE hpc3Rvcnk6 IFRoZSBjb2 1wYW55IGhh cyBiZWVuIG luIG9wZXJh dGlvbiBmb3 Igb3ZlciAz NSB5ZWFycy wgd2l0aCBh IHRyYWNrIH JlY29yZCBv ZiBzdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl IGFuZCBncm 93dGguPGJy PjMuIFN0cm 9uZyBQYXJ0 bmVyc2hpcH M6IENvbXB1 dGFjZW50ZX IgaGFzIHN0 cm9uZyBwYX J0bmVyc2hp cHMgd2l0aC BsZWFkaW5n IHRlY2hub2 xvZ3kgY29t cGFuaWVzIH N1Y2ggYXMg TWljcm9zb2 Z0LCBEZWxs LCBhbmQgSF AsIGFsbG93 aW5nIHRoZW 0gdG8gb2Zm ZXIgY3V0dG luZy1lZGdl IHNvbHV0aW 9ucyB0byBj dXN0b21lcn MuPGJyPjQu IERpdmVyc2 UgUG9ydGZv bGlvOiBUaG UgY29tcGFu eSBvZmZlcn MgYSB3aWRl IHJhbmdlIG 9mIHNlcnZp Y2VzIGluY2 x1ZGluZyBj b25zdWx0aW 5nLCBpbXBs ZW1lbnRhdG lvbiwgYW5k IG9uZ29pbm cgc3VwcG9y dCBmb3IgSV QgaW5mcmFz dHJ1Y3R1cm UsIG1ha2lu ZyB0aGVtIG Egb25lLXN0 b3Atc2hvcC Bmb3IgdGhl aXIgY3VzdG 9tZXJzJyBu ZWVkcy48Yn I+NS4gRm9j dXMgb24gSW 5ub3ZhdGlv bjogQ29tcH V0YWNlbnRl ciBpbnZlc3 RzIGhlYXZp bHkgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 LCBlbnN1cm luZyB0aGF0 IHRoZXkgc3 RheSBhdCB0 aGUgZm9yZW Zyb250IG9m IG5ldyB0ZW Nobm9sb2d5 IGFkdmFuY2 VtZW50cy48 YnI+Ni4gQ3 VzdG9tZXIt Y2VudHJpYy BBcHByb2Fj aDogVGhlIG NvbXBhbnkg cHV0cyBhIH N0cm9uZyBl bXBoYXNpcy BvbiB1bmRl cnN0YW5kaW 5nIHRoZWly IGN1c3RvbW VycycgbmVl ZHMgYW5kIH Byb3ZpZGlu ZyB0YWlsb3 JlZCBzb2x1 dGlvbnMgdG 8gbWVldCB0 aG9zZSBuZW Vkcy48YnI+ Ny4gU3Ryb2 5nIEVtcGxv eWVlIEVuZ2 FnZW1lbnQ6 IFdpdGggb3 ZlciAxNyww MDAgZW1wbG 95ZWVzLCBD b21wdXRhY2 VudGVyIHBy aW9yaXRpem VzIGVtcGxv eWVlIGRldm Vsb3BtZW50 IGFuZCBlbm dhZ2VtZW50 LCByZXN1bH RpbmcgaW4g YSBoaWdobH kgbW90aXZh dGVkIGFuZC Bza2lsbGVk IHdvcmtmb3 JjZS48YnI+ OC4gRW52aX Jvbm1lbnRh bCBTdXN0YW luYWJpbGl0 eTogVGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGNv bW1pdG1lbn QgdG8gcmVk dWNpbmcgaX RzIGVudmly b25tZW50YW wgaW1wYWN0 LCB3aXRoIG luaXRpYXRp dmVzIHN1Y2 ggYXMgZ3Jl ZW4gZGF0YS BjZW50ZXJz IGFuZCBjYX Jib24tbmV1 dHJhbCBvcG VyYXRpb25z Ljxicj45Li BUaG91Z2h0 IExlYWRlcn NoaXA6IENv bXB1dGFjZW 50ZXIgcmVn dWxhcmx5IH B1Ymxpc2hl cyB0aG91Z2 h0IGxlYWRl cnNoaXAgYX J0aWNsZXMg YW5kIGhvc3 RzIGV2ZW50 cywgZGVtb2 5zdHJhdGlu ZyB0aGVpci BleHBlcnRp c2UgYW5kIG tub3dsZWRn ZSBpbiB0aG UgcmFwaWRs eSBldm9sdm luZyBJVCBp bmR1c3RyeS 48YnI+MTAu IEF3YXJkLX dpbm5pbmc6 IFRoZSBjb2 1wYW55IGhh cyB3b24gbn VtZXJvdXMg YXdhcmRzIG ZvciBpdHMg dGVjaG5vbG 9neSBzb2x1 dGlvbnMsIH NlcnZpY2Vz LCBhbmQgd2 9ya3BsYWNl IGN1bHR1cm UsIGZ1cnRo ZXIgc2hvd2 Nhc2luZyB0 aGVpciBleG NlbGxlbmNl IGluIHRoZS BpbmR1c3Ry eS4=

Q29tcHV0YW NlbnRlciBp cyBhIHByb3 ZpZGVyIG9m IElUIGluZn Jhc3RydWN0 dXJlIHNlcn ZpY2VzIGFu ZCBzb2x1dG lvbnMsIHNw ZWNpYWxpem luZyBpbiB0 aGUgYXJlYX Mgb2YgZGln aXRhbCB0cm Fuc2Zvcm1h dGlvbiwgd2 9ya3NwYWNl LCBjbG91ZC wgYW5kIG5l dHdvcmtpbm cuIFRoZSBj b21wYW55J3 MgYnVzaW5l c3MgbW9kZW wgY2FuIGJl IHN1bW1hcm l6ZWQgYXMg Zm9sbG93cz o8YnI+MS4g U2VydmljZX MtYmFzZWQg YXBwcm9hY2 g6IENvbXB1 dGFjZW50ZX IncyBwcmlt YXJ5IHJldm VudWUgc3Ry ZWFtIGNvbW VzIGZyb20g cHJvdmlkaW 5nIElUIHNl cnZpY2VzIH RvIGl0cyBj bGllbnRzLi BUaGlzIGlu Y2x1ZGVzIG NvbnN1bHRp bmcsIGRlc2 lnbiwgaW1w bGVtZW50YX Rpb24sIGFu ZCBzdXBwb3 J0IHNlcnZp Y2VzLjxicj 4yLiBDbGll bnQtZm9jdX NlZCBzdHJh dGVneTogVG hlIGNvbXBh bnkgZm9jdX NlcyBvbiBi dWlsZGluZy Bsb25nLXRl cm0gcmVsYX Rpb25zaGlw cyB3aXRoIG l0cyBjbGll bnRzLCB1bm RlcnN0YW5k aW5nIHRoZW lyIHVuaXF1 ZSBidXNpbm VzcyBuZWVk cywgYW5kIH Byb3ZpZGlu ZyBjdXN0b2 1pemVkIHNv bHV0aW9ucy 48YnI+My4g SGlnaGx5IH NraWxsZWQg d29ya2Zvcm NlOiBDb21w dXRhY2VudG VyIGludmVz dHMgaGVhdm lseSBpbiBo aXJpbmcgYW 5kIGRldmVs b3BpbmcgaG lnaGx5IHNr aWxsZWQgYW 5kIGNlcnRp ZmllZCBJVC Bwcm9mZXNz aW9uYWxzLi BUaGlzIGVu YWJsZXMgdG hlbSB0byBk ZWxpdmVyIG hpZ2gtcXVh bGl0eSBzZX J2aWNlcyB0 byB0aGVpci BjbGllbnRz Ljxicj40Li BTdHJvbmcg cGFydG5lcn NoaXBzOiBU aGUgY29tcG FueSBoYXMg Zm9ybWVkIH N0cmF0ZWdp YyBhbGxpYW 5jZXMgYW5k IHBhcnRuZX JzaGlwcyB3 aXRoIGxlYW RpbmcgdGVj aG5vbG9neS B2ZW5kb3Jz IHRvIG9mZm VyIGEgd2lk ZSByYW5nZS BvZiBwcm9k dWN0cyBhbm Qgc29sdXRp b25zIHRvIG l0cyBjbGll bnRzLjxicj 41LiBWYWx1 ZS1hZGRlZC ByZXNlbGxl ciAoVkFSKS Btb2RlbDog SW4gYWRkaX Rpb24gdG8g cHJvdmlkaW 5nIHNlcnZp Y2VzLCBDb2 1wdXRhY2Vu dGVyIGFsc2 8gYWN0cyBh cyBhIHZhbH VlLWFkZGVk IHJlc2VsbG VyIG9mIGhh cmR3YXJlIG FuZCBzb2Z0 d2FyZSBwcm 9kdWN0cyBm cm9tIGl0cy BwYXJ0bmVy cywgYWxsb3 dpbmcgY2xp ZW50cyB0by BwdXJjaGFz ZSBJVCBzb2 x1dGlvbnMg ZGlyZWN0bH kgZnJvbSB0 aGVtLjxicj 42LiBUYXJn ZXRpbmcga2 V5IGluZHVz dHJpZXM6IE NvbXB1dGFj ZW50ZXIgZm 9jdXNlcyBv biBzZXJ2aW 5nIGEgd2lk ZSByYW5nZS BvZiBpbmR1 c3RyaWVzIH N1Y2ggYXMg ZmluYW5jaW FsIHNlcnZp Y2VzLCByZX RhaWwsIG1h bnVmYWN0dX JpbmcsIGhl YWx0aGNhcm UsIGFuZCBn b3Zlcm5tZW 50LCBhbW9u ZyBvdGhlcn MuPGJyPjcu IEdsb2JhbC BwcmVzZW5j ZTogVGhlIG NvbXBhbnkg b3BlcmF0ZX MgaW4gb3Zl ciA3MCBjb3 VudHJpZXMs IHdpdGggYS BzdHJvbmcg cHJlc2VuY2 UgaW4gRXVy b3BlIGFuZC B0aGUgQW1l cmljYXMuIF RoaXMgYWxs b3dzIHRoZW 0gdG8gc2Vy dmUgY2xpZW 50cyBvbiBh IGdsb2JhbC BzY2FsZSBh bmQgcHJvdm lkZXMgdGhl bSB3aXRoIG EgZGl2ZXJz ZSBjbGllbn QgYmFzZS48 YnI+T3Zlcm FsbCwgQ29t cHV0YWNlbn RlcidzIGJ1 c2luZXNzIG 1vZGVsIGlz IGNlbnRlcm VkIGFyb3Vu ZCBwcm92aW RpbmcgYSBj b21wcmVoZW 5zaXZlIHNl dCBvZiBJVC BzZXJ2aWNl cyBhbmQgc2 9sdXRpb25z IHRvIGhlbH Agb3JnYW5p emF0aW9ucy BpbXByb3Zl IHRoZWlyIG J1c2luZXNz IHBlcmZvcm 1hbmNlIHRo cm91Z2ggdG VjaG5vbG9n eS4=

AI can pose a material threat to Computacenter’s products, services, and competitive positioning in several ways:
1. Substitution: Advanced AI technologies can lead to the development of new products and services that may serve as alternatives to what Computacenter offers. For example, AI-driven automation tools can replace certain IT service management tasks, reducing the need for human intervention and potentially replacing traditional managed services that Computacenter provides.
2. Disintermediation: As AI enables companies to develop their ihouse capabilities, clients may opt to utilize AI tools to manage their IT infrastructure directly without relying on a third-party service provider like Computacenter. This trend could reduce the demand for certain services, affecting the company’s traditional role as an intermediary in IT service delivery.
3. Margin Pressure: The integration of AI into IT operations can lead to cost efficiencies that competitors may leverage to offer lower prices. If competitors adopt AI capabilities and can reduce their operational costs significantly, Computacenter may face pressure to lower its prices, which could erode margins and affect overall profitability.
While AI also presents opportunities for innovation and the enhancement of existing services, the potential for substitution, disintermediation, and margin pressure must be carefully managed to mitigate its impact on Computacenter’s business model and competitive advantage.

The sensitivity of Computacenter’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives.
1. Earnings Sensitivity: In general, higher interest rates may increase borrowing costs for companies, which can affect their profitability. For Computacenter, a technology services provider, the impact may be limited as they often have a mix of service-based revenues and hardware sales. If interest rates rise significantly, this could increase financing costs for clients, potentially slowing their IT spending and affecting Computacenter’s revenue growth.
2. Cash Flow Sensitivity: Changes in interest rates can influence cash flow through both operational and financing activities. If Computacenter has outstanding debt, an increase in interest rates would lead to higher interest expenses, reducing net cash flow. Conversely, if interest rates decline, this could lower interest expenses, enhancing cash flow. Additionally, changes in client spending driven by interest rate movements can also impact cash inflows.
3. Valuation Sensitivity: Valuation is often driven by discounted cash flow models, where interest rates play a critical role in the discount rate applied to future cash flows. Higher interest rates would typically lead to a higher discount rate, potentially lowering the present value of future earnings and cash flows, thus negatively affecting valuation. Conversely, lower interest rates would have the opposite effect, potentially increasing the valuation of the company.
Overall, while Computacenter’s sensitivity to interest rate changes exists, it may not be as pronounced as in more capital-intensive industries. Factors such as the company’s debt levels, client spending behavior, and overall economic conditions will significantly influence the extent of this sensitivity.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQ2 9tcHV0YWNl bnRlcuKAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMy01IH llYXJzIG1p Z2h0IGludm 9sdmUgYSBz aWduaWZpY2 FudCBhbmQg cHJvbG9uZ2 VkIGRvd250 dXJuIGluIH RoZSB0ZWNo bm9sb2d5IH NlcnZpY2Vz IHNlY3Rvci wgZXhhY2Vy YmF0ZWQgYn kgYSBjb21i aW5hdGlvbi BvZiBmYWN0 b3JzIHN1Y2 ggYXMgYSBt YWpvciBnbG 9iYWwgZWNv bm9taWMgcm VjZXNzaW9u LCBzaGlmdH MgaW4gdGVj aG5vbG9neS BkZW1hbmRz LCBhbmQgaW 50ZW5zaWZp ZWQgY29tcG V0aXRpb24u PGJyPkluIH RoaXMgc2Nl bmFyaW8sIH Byb2xvbmdl ZCBlY29ub2 1pYyBpbnN0 YWJpbGl0eS Bjb3VsZCBs ZWFkIHRvIH JlZHVjZWQg SVQgc3Blbm RpbmcgYW1v bmcgYnVzaW 5lc3NlcyBh cyBjb21wYW 5pZXMgcHJp b3JpdGl6ZS Bjb3N0LWN1 dHRpbmcgbW Vhc3VyZXMg dG8gbmF2aW dhdGUgdGhl aXIgZmluYW 5jaWFsIGNo YWxsZW5nZX MuIFRoaXMg d291bGQgbG lrZWx5IHJl c3VsdCBpbi ByZWR1Y2Vk IGRlbWFuZC Bmb3IgQ29t cHV0YWNlbn RlcuKAmXMg c2VydmljZX MsIHN1Y2gg YXMgbWFuYW dlZCBzZXJ2 aWNlcyBhbm QgSVQgc29s dXRpb25zLi BBdCB0aGUg c2FtZSB0aW 1lLCBhbiBh Y2NlbGVyYX RlZCBzaGlm dCB0byBjbG 91ZCBjb21w dXRpbmcgYW 5kIGRpZ2l0 YWwgc29sdX Rpb25zIGNv dWxkIGxlYX ZlIHRyYWRp dGlvbmFsIE lUIHNlcnZp Y2UgcHJvdm lkZXJzIGF0 IGEgZGlzYW R2YW50YWdl LCBwYXJ0aW N1bGFybHkg aWYgdGhleS BmYWlsIHRv IHBpdm90IH N3aWZ0bHku IEFkZGl0aW 9uYWxseSwg aWYgY29tcG V0aXRvcnMg d2l0aCBtb3 JlIGFnaWxl IGJ1c2luZX NzIG1vZGVs cyBnYWluIG 1hcmtldCBz aGFyZSwgQ2 9tcHV0YWNl bnRlciBtYX kgc3RydWdn bGUgdG8gbW FpbnRhaW4g aXRzIGN1c3 RvbWVyIGJh c2UuPGJyPk FzIGEgcmVz dWx0IG9mIH RoZXNlIGZh Y3RvcnMsIE NvbXB1dGFj ZW50ZXLigJ lzIG1hcmdp bnMgY291bG QgZmFjZSBz aWduaWZpY2 FudCBwcmVz c3VyZSBhcy ByZXZlbnVl cyBkZWNsaW 5lLiBUaGUg Y29tcGFueS BtaWdodCBy ZXNvcnQgdG 8gcHJpY2Ug ZGlzY291bn RzIHRvIHJl dGFpbiBjbG llbnRzLCBm dXJ0aGVyIH NxdWVlemlu ZyBwcm9maX QgbWFyZ2lu cy4gQXMgcH JvZml0YWJp bGl0eSBkZW NsaW5lcywg Y2FzaCBmbG 93IHdvdWxk IGJlIG5lZ2 F0aXZlbHkg aW1wYWN0ZW QsIHBvc3Np Ymx5IGxlYW RpbmcgdGhl IGNvbXBhbn kgaW50byBh IGNhc2ggZm xvdyBkZWZp Y2l0LiBUaG UgZGVjbGlu ZSBpbiBvcG VyYXRpb25h bCBwZXJmb3 JtYW5jZSB3 b3VsZCBhbH NvIG1ha2Ug aXQgY2hhbG xlbmdpbmcg dG8gaW52ZX N0IGluIGdy b3d0aCBpbm l0aWF0aXZl cywgbGVhZG luZyB0byBh IHZpY2lvdX MgY3ljbGUg b2YgcmVkdW NlZCBjb21w ZXRpdGl2ZW 5lc3MuPGJy Pk9uIHRoZS BiYWxhbmNl IHNoZWV0IH NpZGUsIGEg ZGVjbGluZS BpbiByZXZl bnVlIHdvdW xkIGxpa2Vs eSBwcm9tcH QgQ29tcHV0 YWNlbnRlci B0byB0YWtl IG9uIG1vcm UgZGVidCBh cyBpdCBzZW VrcyB0byBt YWludGFpbi BsaXF1aWRp dHkgYW5kIG 1hbmFnZSBv cGVyYXRpb2 5hbCBjb3N0 cy4gVGhpcy Bjb3VsZCBy ZXN1bHQgaW 4gaGlnaGVy IGxldmVyYW dlIHJhdGlv cywgcG90ZW 50aWFsbHkg Y2F1c2luZy Bjb25jZXJu cyBhbW9uZy BpbnZlc3Rv cnMgYW5kIH JhdGluZyBh Z2VuY2llcy 4gU2hvdWxk IHRoZSBjb2 1wYW55IGFs c28gZmFjZS Bhc3NldCBp bXBhaXJtZW 50IGNoYXJn ZXPigJRkdW UgdG8gcmVk dWNlZCB2YW x1YXRpb25z IG9mIGl0cy BpbnRhbmdp YmxlIGFzc2 V0cyBvciBw aHlzaWNhbC BpbmZyYXN0 cnVjdHVyZe KAlHRoZSBp bXBhY3Qgb2 4gc2hhcmVo b2xkZXJz4o CZIGVxdWl0 eSBjb3VsZC BiZSBzdWJz dGFudGlhbC 48YnI+SW4g Y29uY2x1c2 lvbiwgaWYg dGhpcyBzY2 VuYXJpbyB1 bmZvbGRlZC wgQ29tcHV0 YWNlbnRlcu KAmXMgZWNv bm9taWNzIG NvdWxkIGJl IGNoYXJhY3 Rlcml6ZWQg YnkgZGltaW 5pc2hlZCBv cGVyYXRpbm cgbWFyZ2lu cywgbmVnYX RpdmUgY2Fz aCBmbG93LC BhbmQgYSB3 ZWFrZW5lZC BiYWxhbmNl IHNoZWV0LC B1bHRpbWF0 ZWx5IGltcG FpcmluZyBp dHMgYWJpbG l0eSB0byBj b21wZXRlIG VmZmVjdGl2 ZWx5IGFuZC BpbnZlc3Qg Zm9yIGZ1dH VyZSBncm93 dGguPGJyPg ==

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 bG9nb3MvY3 U2NU9zbk9a YzNTNXQ1eG 84bzEud2Vi cCIgYWx0PS JDb21wdXRh Y2VudGVyIi B0aXRsZT0i Q29tcHV0YW NlbnRlciIg IGNsYXNzPS JpbWctZmx1 aWQiIGhlaW dodD01MCB3 aWR0aD01MC Bsb2FkaW5n PSdsYXp5Jy BzdHlsZT0n Ym9yZGVyLX JhZGl1czog NnB4Oyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J2ZsZXg6 IDE7IHRleH QtYWxpZ246 IGNlbnRlcj sgbWFyZ2lu LWxlZnQ6ID VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8cCBzdHls ZT0nZm9udC 1zaXplOiAy NnB4OyBjb2 xvcjogIzMz MzsgbWFyZ2 luLWJvdHRv bTogMTVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TiCBX YW50IHRvIH JlYWQgbW9y ZSBhYm91dC BDb21wdXRh Y2VudGVyPw 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 4pyFIERvd2 5sb2FkIDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4g4oCUIHRv dGFsbHkgZn JlZSEKICAg 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 1TNGdRMjl0 Y0ggVjBZV0 5sYm5SbCBj aUIzWVhNZ1 ptIDkxYm1S bFpDQnAgYm lBeE9UZ3hJ RyBKNUlIUj NieUJDIGNt bDBhWE5vSU cgVnVkSEps Y0hKbCBibV YxY25Nc0lG IEJvYVd4cG NDQkkgZFd4 dFpTQmhibS BRZ1VHVjBa WElnIFQyZG taVzRzSUcg SnZkR2dnYj JZZyBkMmh2 YlNCM1pYIE psSUdwMWMz UWcgTWpFZ2 VXVmhjbiBN Z2IyeGtJR0 YwIElIUm9a U0IwYVcgMW xManhpY2o0 eSBMaUJVYU dVZ1kyIDl0 Y0dGdWVTQm 8gWVhNZ2FY UnpJRyBobF lXUnhkV0Z5 IGRHVnljeU JwYmkgQklZ WFJtYVdWcy BaQ3dnU0dW eWRHIFp2Y2 1SemFHbHkg WlN3Z1ZXNX BkRyBWa0lF dHBibWRrIG IyMHNJSGRw ZEcgZ2diM0 JsY21GMCBh Vzl1Y3lCcG JpIEJ6Wlha bGNtRnMgSU c5MGFHVnlJ RyBOdmRXNT BjbWxsIGN5 QnBibU5zZF cgUnBibWNn ZEdobCBJRT VsZEdobGNt IHhoYm1Sek xDQkggWlhK dFlXNTVMQy BCR2NtRnVZ MlVzIElHRn VaQ0IwYUcg VWdWVzVwZE dWayBJRk4w WVhSbGN5ID Q4WW5JK015 NGcgUTI5dG NIVjBZVyBO bGJuUmxjdU tBIG1YTWdh VzVwZEcgbG hiQ0JtYjJO MSBjeUIzWV hNZ2IyIDRn Y0hKdmRtbG sgYVc1bklF bFVJRyBsdV puSmhjM1J5 IGRXTjBkWE psSUggTmxj blpwWTJWei BJSFJ2SUd4 aGNtIGRsSU dWdWRHVnkg Y0hKcGMyVn pJRyBGdVpD Qm5iM1psIG NtNXRaVzUw SUcgOXlaMk Z1YVhwaCBk R2x2Ym5NdU lFIGh2ZDJW MlpYSXMgSU dsMElHaGhj eSBCemFXNW paU0JsIGVI QmhibVJsWk MgQjBieUJo YkhOdiBJRz ltWm1WeUlH IE52Ym5OMW JIUnAgYm1j c0lIUmxZMi BodWIyeHZa M2tnIGMyOT FjbU5wYm0g Y3NJR0Z1Wk NCdCBZVzVo WjJWa0lIIE 5sY25acFky VnogTGp4aW NqNDBMaSBC SmJpQXhPVG t4IExDQkRi MjF3ZFggUm hZMlZ1ZEdW eSBJR0psWT JGdFpTIEIw YUdVZ1ptbH kgYzNRZ1JY VnliMyBCbF lXNGdZMjl0 IGNHRnVlU0 IwYnkgQmhZ MmhwWlhabC BJR0VnVFds amNtIDl6Yj JaMElGTnYg YkhWMGFXOX VJRiBCeWIz WnBaR1Z5IE lGQmhjblJ1 WlggSWdRMl Z5ZEdsbSBh V05oZEdsdm JpIHdnYzI5 c2FXUnAgWm 5scGJtY2dh WCBSeklITj BZWFIxIGN5 QmhjeUJoSU cgeGxZV1Jw Ym1jZyBjSE p2ZG1sa1pY IElnYjJZZ1 NWUWcgYzJW eWRtbGpaWC BNdVBHSnlQ alV1IElGUm 9aU0JqYjIg MXdZVzU1SU doaCBjeUJ5 WldObGFYIF psWkNCdWRX MWwgY205MW N5QnBibSBS MWMzUnllU0 JoIFkyTnZi R0ZrWlggTX NJR2x1WTJ4 MSBaR2x1Wn lCelpYIFps Y21Gc0lHRj MgWVhKa2N5 Qm1iMyBJZ2 FYUnpJR04x IGMzUnZiV1 Z5SUggTmxj blpwWTJVZy BZVzVrSUhS bFkyIGh1YV dOaGJDQmwg ZUdObGJHeG xibSBObExp QkpiaUF5IE 1ERTNMQ0Jw ZEMgQjNZWE 1nYm1GdCBa V1FnZEdobE lFIEpsYzNR Z1VHeGggWT JVZ2RHOGdW MiA5eWF5Qn BiaUJKIFZD QmllU0JEYj IgMXdkWFJs Y2lCWCBaV1 ZyYkhrdVBH IEp5UGpZdU lESXcgTVRn Z2JXRnlhMi BWa0lHRWdj MmxuIGJtbG 1hV05oYm4g UWdiV2xzWl hOMCBiMjVs SUdadmNpIE JEYjIxd2RY UmggWTJWdW RHVnlJRyBG eklHbDBJR0 ZqIGFHbGxk bVZrSU0gS2 pOQ0JpYVd4 cyBhVzl1SU dsdUlIIEps ZG1WdWRXVX MgSUdFZ01U WWxJRyBsdV kzSmxZWE5s IElHWnliMj BnZEcgaGxJ SEJ5WlhacC BiM1Z6SUhs bFlYIEl1UE dKeVBqY3Ug SUVOdmJYQj FkRyBGalpX NTBaWElnIG FHRnpJR0Vn YzMgUnliMj VuSUdOdiBi VzFwZEcxbG JuIFFnZEc4 Z2MzVnogZE dGcGJtRmlh VyB4cGRIa3 NJR2x0IGNH eGxiV1Z1ZE cgbHVaeUJs Ym5acCBjbT l1YldWdWRH IEZzYkhrZ1 puSnAgWlc1 a2JIa2djSC BKaFkzUnBZ MlZ6IElHRn VaQ0J5Wlcg UjFZMmx1Wn lCcCBkSE1n WTJGeVltID l1SUdadmIz UncgY21sdW RDNGdTVyA0 Z01qQXlNQ3 dnIGFYUWdk MkZ6SUcgRj NZWEprWldR ZyBkR2hsSU VWamIxIFpo WkdseklHZH YgYkdRZ2JX VmtZVyB3Z1 ptOXlJR2ww IGN5QmpiM0 p3YjMgSmhk R1VnYzI5ai BhV0ZzSUhK bGMzIEJ2Ym 5OcFltbHMg YVhSNUlHVm 1abSA5eWRI TXVQR0p5IF BqZ3VJRlJv WlMgQmpiMj F3WVc1NSBJ R0ZzYzI4Z2 FHIEZ6SUdF Z2MzUnkgYj I1bklHWnZZ MyBWeklHOX VJR1JwIGRt VnljMmwwZV MgQmhibVFn YVc1aiBiSF Z6YVc5dUxD IEIzYVhSb0 lHRWcgWjI5 aGJDQnZaaS BCb1lYWnBi bWNnIFlTQj NiM0pyWm0g OXlZMlVnZE doaCBkQ0J5 Wldac1pXIE 4wY3lCMGFH VWcgWkdsMl pYSnphWCBS NUlHOW1JR2 wwIGN5Qmpk WE4wYjIgMW xjbk1nWVc1 ayBJR052Yl cxMWJtIGww YVdWekxpQk ogYmlBeU1E SXdMQyBCcG RDQjNZWE1n IGNtVmpiMm R1YVggcGxa Q0JoY3lCaC BJRlJ2Y0NB MU1DIEJWU3 lCRmJYQnMg YjNsbGNpQm 1iMyBJZ1Yy OXRaVzRnIF lua2dWR2hs SUYgUnBiV1 Z6TGp4aSBj ajQ1TGlCSm JpIEJoWkdS cGRHbHYgYm lCMGJ5QnBk SCBNZ1kyOX ljRzl5IFlY UmxJRzl3Wl ggSmhkR2x2 Ym5NcyBJRU 52YlhCMWRH IEZqWlc1MF pYSWcgWVd4 emJ5Qm9ZWC BNZ1lTQmph R0Z5IGFYUm hZbXhsSUcg RnliU3dnZE dobCBJRU52 YlhCMWRHIE ZqWlc1MFpY SWcgUTJoaG NtbDBZVyBK c1pTQkdiM1 Z1IFpHRjBh Vzl1TEMgQj NhR2xqYUNC eiBkWEJ3Yj NKMGN5IEIy WVhKcGIzVn ogSUdOb1lY SnBkRyBsbG N5QmhibVFn IFkyOXRiWF Z1YVggUjVJ SEJ5YjJwbC BZM1J6TGp4 aWNqIDR4TU M0Z1EyOXQg Y0hWMFlXTm xibiBSbGN1 S0FtWE1nIF kyeHBaVzUw Y3kgQnBibU 5zZFdSbCBJ SE52YldVZ2 IyIFlnZEdo bElIZHYgY2 14azRvQ1pj eSBCc1lYSm 5aWE4wIElH TnZiWEJoYm 0gbGxjeUJo Ym1RZyBjSF ZpYkdsaklI IE5sWTNSdm NpQnYgY21k aGJtbDZZWC BScGIyNXpM Q0J6IGRXTm 9JR0Z6SUUg bHVkR1ZzTE NCViBibWxz WlhabGNpIH dnWVc1a0lI Um8gWlNCVl N5Qk5hVyA1 cGMzUnllU0 J2IFppQkVa V1psYm0gTm xMZz09CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==