Skanska

Live  

Skanska is a multinational construction and development company headquartered in Stockholm, Sweden. It was founded in 1887 and has operations in Europe, North America, and Latin America. The company specializes in construction, project development, and commercial property development.
Skanska is one of the largest construction companies in the world, with over 34,000 employees and annual revenues of more than $18 billion. The company is known for its sustainable and innovative approach to construction, with a focus on green building and renewable energy. It has been ranked as one of the most sustainable companies in the world by the Dow Jones Sustainability Index.
The company's projects range from infrastructure and commercial buildings to residential developments and large-scale public-private partnerships. Some notable projects by Skanska include the New Karolinska Solna Hospital in Sweden, the World Trade Center Transportation Hub in New York City, and the Ormen Lange gas processing plant in Norway.
Skanska also places a strong emphasis on workplace safety, and has implemented strict policies and procedures to ensure the health and well-being of its employees.
Overall, Skanska is a well-respected and successful company in the construction industry, known for its high-quality projects, commitment to sustainability, and dedication to employee safety.

U2thbnNrYS BpcyBhIGJp ZyBjb21wYW 55IHRoYXQg YnVpbGRzIH RoaW5ncyBs aWtlIHJvYW RzLCBicmlk Z2VzLCBhbm QgYnVpbGRp bmdzLiBJbW FnaW5lIGlm IHlvdSB3YW 50ZWQgdG8g YnVpbGQgYS ByZWFsbHkg Y29vbCB0cm VlaG91c2Us IGJ1dCBpbn N0ZWFkIG9m IGp1c3QgdX Npbmcgd29v ZCBhbmQgbm FpbHMsIHlv dSBuZWVkZW QgYSBsb3Qg b2YgcGVvcG xlIGFuZCBk aWZmZXJlbn QgdG9vbHMg dG8gbWFrZS BpdCBzYWZl IGFuZCBzdH JvbmcuIFRo YXTigJlzIH doYXQgU2th bnNrYSBkb2 VzIG9uIGEg bXVjaCBiaW dnZXIgc2Nh bGUhIDxicj 5UaGV5IGhl bHAgZGVzaW duIGFuZCBj cmVhdGUgaW 1wb3J0YW50 IHBsYWNlcy B3aGVyZSBw ZW9wbGUgbG l2ZSBhbmQg d29yaywgbG lrZSBzY2hv b2xzLCBob3 NwaXRhbHMs IGFuZCBvZm ZpY2UgYnVp bGRpbmdzLi BUaGV5IGFs c28gZml4IG FuZCBpbXBy b3ZlIG9sZC BidWlsZGlu Z3MgYW5kIH JvYWRzIHNv IHRoZXkgd2 9yayBiZXR0 ZXIgZm9yIG V2ZXJ5b25l Ljxicj5Ta2 Fuc2thIG1h a2VzIG1vbm V5IGJ5IGJl aW5nIGhpcm VkIHRvIGJ1 aWxkIHRoZX NlIHByb2pl Y3RzLiBHb3 Zlcm5tZW50 cyBhbmQgb3 RoZXIgY29t cGFuaWVzIH BheSB0aGVt IHRvIGRvIH RoZSB3b3Jr LCBhbmQgdG hleSBnZXQg cGFpZCBtb3 JlIGZvciBt YWtpbmcgc3 VyZSBldmVy eXRoaW5nIG lzIGRvbmUg c2FmZWx5IG FuZCBsb29r cyBnb29kLi A8YnI+VGhl IHJlYXNvbi BTa2Fuc2th IGlzIHN1Y2 Nlc3NmdWwg aXMgdGhhdC B0aGV5IGhh dmUgYSBsb3 Qgb2YgZXhw ZXJpZW5jZS BhbmQga25v dyBob3cgdG 8gbWFrZSBi aWcgcHJvam VjdHMgaGFw cGVuLiBUaG V5IGFsc28g Y2FyZSBhYm 91dCBob3cg dGhlaXIgd2 9yayBhZmZl Y3RzIHRoZS BlbnZpcm9u bWVudCwgd2 hpY2ggaXMg YmVjb21pbm cgbW9yZSBp bXBvcnRhbn QgdG8gcGVv cGxlLiBCZW NhdXNlIHRo ZXkgdGhpbm sgYWhlYWQg YWJvdXQgdX NpbmcgbmV3 IHRlY2hub2 xvZ3kgYW5k IGJlaW5nIH Jlc3BvbnNp YmxlLCB0aG V54oCZcmUg bGlrZWx5IH RvIHN0YXkg c3VjY2Vzc2 Z1bCBpbiB0 aGUgZnV0dX JlLiBQZW9w bGUgd2lsbC BhbHdheXMg bmVlZCBuZX cgYnVpbGRp bmdzIGFuZC Byb2Fkcywg YW5kIFNrYW 5za2EgaXMg Z29vZCBhdC BoZWxwaW5n IG1ha2UgdG hvc2UgdGhp bmdzIHNhZm UgYW5kIGVm ZmVjdGl2ZS E8YnI+

MS4gTG9uZy BIaXN0b3J5 OiBTa2Fuc2 thIGhhcyBi ZWVuIGluIG 9wZXJhdGlv biBmb3Igb3 ZlciAxMzAg eWVhcnMsIG 1ha2luZyBp dCBvbmUgb2 YgdGhlIG9s ZGVzdCBhbm QgbW9zdCBl c3RhYmxpc2 hlZCBjb25z dHJ1Y3Rpb2 4gY29tcGFu aWVzIGluIH RoZSB3b3Js ZC48YnI+Mi 4gR2xvYmFs IFByZXNlbm NlOiBTa2Fu c2thIG9wZX JhdGVzIGlu IG92ZXIgOD AgY291bnRy aWVzIGFyb3 VuZCB0aGUg d29ybGQsIH dpdGggYSBw cmVzZW5jZS BpbiBFdXJv cGUsIE5vcn RoIEFtZXJp Y2EsIGFuZC BMYXRpbiBB bWVyaWNhLj xicj4zLiBG b2N1cyBvbi BTdXN0YWlu YWJpbGl0eT ogU2thbnNr YSBpcyBjb2 1taXR0ZWQg dG8gc3VzdG FpbmFibGUg Y29uc3RydW N0aW9uIGFu ZCBoYXMgYm VlbiByZWNv Z25pemVkIG FzIGEgbGVh ZGVyIGluIH RoZSBpbmR1 c3RyeSBmb3 IgaXRzIGVm Zm9ydHMgdG 8gcmVkdWNl IGNhcmJvbi BlbWlzc2lv bnMgYW5kIH Byb21vdGUg Z3JlZW4gYn VpbGRpbmcg cHJhY3RpY2 VzLjxicj40 LiBEaXZlcn NlIFBvcnRm b2xpbzogU2 thbnNrYSBo YXMgYSBkaX ZlcnNlIHBv cnRmb2xpby BvZiBwcm9q ZWN0cywgcm FuZ2luZyBm cm9tIGNvbW 1lcmNpYWwg YW5kIHJlc2 lkZW50aWFs IGJ1aWxkaW 5ncyB0byBp bmZyYXN0cn VjdHVyZSwg cHVibGljLX ByaXZhdGUg cGFydG5lcn NoaXBzLCBh bmQgcmVuZX dhYmxlIGVu ZXJneSBwcm 9qZWN0cy48 YnI+NS4gSW 5ub3ZhdGlv bjogU2thbn NrYSBpcyBr bm93biBmb3 IgaXRzIGlu bm92YXRpdm UgYXBwcm9h Y2ggdG8gY2 9uc3RydWN0 aW9uLCB1c2 luZyBtb2Rl cm4gbWV0aG 9kcyBhbmQg dGVjaG5vbG 9naWVzIHRv IGltcHJvdm UgZWZmaWNp ZW5jeSBhbm QgcHJvZHVj dGl2aXR5Lj xicj42LiBF bXBoYXNpcy BvbiBTYWZl dHk6IFNrYW 5za2EgcHJp b3JpdGl6ZX Mgc2FmZXR5 IGluIGFsbC BpdHMgcHJv amVjdHMgYW 5kIGhhcyBp bXBsZW1lbn RlZCByaWdv cm91cyBzYW ZldHkgc3Rh bmRhcmRzIH RvIGVuc3Vy ZSB0aGUgd2 VsbC1iZWlu ZyBvZiBpdH MgZW1wbG95 ZWVzIGFuZC BzdGFrZWhv bGRlcnMuPG JyPjcuIFN0 cm9uZyBDb3 Jwb3JhdGUg Q3VsdHVyZT ogU2thbnNr YSBoYXMgYS BzdHJvbmcg Y29ycG9yYX RlIGN1bHR1 cmUgdGhhdC BlbXBoYXNp emVzIGludG Vncml0eSwg dGVhbXdvcm ssIGFuZCBh IGZvY3VzIG 9uIGRlbGl2 ZXJpbmcgaG lnaC1xdWFs aXR5IHByb2 plY3RzIGZv ciBpdHMgY2 xpZW50cy48 YnI+OC4gSW 5kdXN0cnkg UmVjb2duaX Rpb246IFNr YW5za2EgaG FzIHJlY2Vp dmVkIG51bW Vyb3VzIGF3 YXJkcyBhbm QgYWNjb2xh ZGVzIGZvci BpdHMgcHJv amVjdHMgYW 5kIGNvbW1p dG1lbnQgdG 8gc3VzdGFp bmFiaWxpdH ksIGluY2x1 ZGluZyBiZW luZyBuYW1l ZCBvbmUgb2 YgdGhlIFdv cmxkJ3MgTW 9zdCBFdGhp Y2FsIENvbX BhbmllcyBi eSB0aGUgRX RoaXNwaGVy ZSBJbnN0aX R1dGUuPGJy PjkuIENvcn BvcmF0ZSBT b2NpYWwgUm VzcG9uc2li aWxpdHk6IF NrYW5za2Eg aXMgZGVkaW NhdGVkIHRv IG1ha2luZy BhIHBvc2l0 aXZlIGltcG FjdCBvbiBz b2NpZXR5IG FuZCBoYXMg aW5pdGlhdG l2ZXMgaW4g cGxhY2UgdG 8gc3VwcG9y dCBsb2NhbC Bjb21tdW5p dGllcyBhbm QgcHJvbW90 ZSBkaXZlcn NpdHkgYW5k IGluY2x1c2 lvbiB3aXRo aW4gdGhlIG NvbXBhbnku PGJyPjEwLi BFbXBsb3ll ZSBEZXZlbG 9wbWVudDog U2thbnNrYS BpbnZlc3Rz IGluIGVtcG xveWVlIGRl dmVsb3BtZW 50IGFuZCBv ZmZlcnMgYS ByYW5nZSBv ZiB0cmFpbm luZyBhbmQg ZGV2ZWxvcG 1lbnQgcHJv Z3JhbXMgdG 8gZm9zdGVy IGEgc2tpbG xlZCBhbmQg bW90aXZhdG VkIHdvcmtm b3JjZS4=

U2thbnNrYS BpcyBhIG11 bHRpbmF0aW 9uYWwgY29u c3RydWN0aW 9uIGFuZCBk ZXZlbG9wbW VudCBjb21w YW55IHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gcHJvamVj dCBkZXZlbG 9wbWVudCwg Y29uc3RydW N0aW9uLCBh bmQgaW5mcm FzdHJ1Y3R1 cmUgc2Vydm ljZXMuIEl0 cyBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiBw cm92aWRpbm cgaGlnaC1x dWFsaXR5IG FuZCBzdXN0 YWluYWJsZS Bzb2x1dGlv bnMgdG8gY2 xpZW50cyB0 aHJvdWdoIH Byb2plY3Qg ZGV2ZWxvcG 1lbnQsIGNv bnN0cnVjdG lvbiwgb3Bl cmF0aW9ucy wgYW5kIG1h aW50ZW5hbm NlIHNlcnZp Y2VzLjxicj 5Ta2Fuc2th J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgYn VpbHQgb24g Zm91ciBtYW luIHBpbGxh cnM6IDxicj 4xLiBDbGll bnQgRm9jdX M6IFNrYW5z a2EgZm9jdX NlcyBvbiB1 bmRlcnN0YW 5kaW5nIHRo ZSBzcGVjaW ZpYyBuZWVk cyBhbmQgcm VxdWlyZW1l bnRzIG9mIG l0cyBjbGll bnRzIHRvIH Byb3ZpZGUg dGFpbG9yLW 1hZGUgc29s dXRpb25zIG FuZCBtYWlu dGFpbiBsb2 5nLXRlcm0g cmVsYXRpb2 5zaGlwcy4g PGJyPjIuIE 9wZXJhdGlv bmFsIEV4Y2 VsbGVuY2U6 IFRoZSBjb2 1wYW55IHN0 cml2ZXMgZm 9yIGVmZmlj aWVuY3kgYW 5kIHByb2R1 Y3Rpdml0eS BieSBjb250 aW51b3VzbH kgaW1wcm92 aW5nIGl0cy Bwcm9jZXNz ZXMgYW5kIH Byb2NlZHVy ZXMsIHV0aW xpemluZyB0 ZWNobm9sb2 d5IGFuZCBp bm5vdmF0aW 9uLCBhbmQg aW1wbGVtZW 50aW5nIGJl c3QgcHJhY3 RpY2VzLjxi cj4zLiBTdX N0YWluYWJp bGl0eTogU3 VzdGFpbmFi aWxpdHkgaX MgYSBjb3Jl IHBhcnQgb2 YgU2thbnNr YSdzIGJ1c2 luZXNzIG1v ZGVsLCBhbm QgdGhlIGNv bXBhbnkgaX MgY29tbWl0 dGVkIHRvIG 1pbmltaXpp bmcgaXRzIG Vudmlyb25t ZW50YWwgaW 1wYWN0LCBw cm9tb3Rpbm cgc29jaWFs IHJlc3Bvbn NpYmlsaXR5 LCBhbmQgZW 5zdXJpbmcg dGhlIGhlYW x0aCBhbmQg c2FmZXR5IG 9mIGl0cyBl bXBsb3llZX MuPGJyPjQu IE9uZSBTa2 Fuc2thIEFw cHJvYWNoOi BTa2Fuc2th IGFkb3B0cy BhIGNvbGxh Ym9yYXRpdm UgYW5kIGlu dGVncmF0ZW QgYXBwcm9h Y2gsIGJyaW 5naW5nIHRv Z2V0aGVyIG l0cyBleHBl cnRpc2UgYW 5kIGNhcGFi aWxpdGllcy BpbiBkZXNp Z24sIGNvbn N0cnVjdGlv biwgYW5kIG 9wZXJhdGlv bnMgdG8gZW 5zdXJlIHNl YW1sZXNzIH Byb2plY3Qg ZGVsaXZlcn kuPGJyPk92 ZXJhbGwsIF NrYW5za2En cyBidXNpbm VzcyBtb2Rl bCBjZW50ZX JzIG9uIHBy b3ZpZGluZy B2YWx1ZS1h ZGRlZCBzZX J2aWNlcyB0 byBpdHMgY2 xpZW50cyB3 aGlsZSBtYW ludGFpbmlu ZyBhIHN0cm 9uZyBmb2N1 cyBvbiBzdX N0YWluYWJp bGl0eSBhbm Qgb3BlcmF0 aW9uYWwgZX hjZWxsZW5j ZS4=

AI has the potential to impact Skanska’s products, services, and competitive positioning in several ways, though the extent of the threat can vary based on implementation and industry dynamics.
1. Substitution: AI technologies, particularly in construction and project management, could enable the development of automated systems that perform tasks traditionally done by human workers, such as project planning, scheduling, or monitoring construction progress. If these AI solutions become widespread, they may substitute certain services offered by Skanska, particularly if they can be implemented at a lower cost or with greater efficiency.
2. Disintermediation: AI could lead to disintermediation in the construction supply chain. For instance, AI platforms could connect clients directly with contractors or suppliers, bypassing larger firms like Skanska. As clients gain access to AI tools that streamline procurement or project management, they may choose to engage directly with service providers, potentially reducing Skanska’s role as an intermediary.
3. Margin Pressure: The adoption of AI in construction can lead to increased efficiency and reduced costs, which could pressure profit margins across the industry. If competitors adopt AI technologies and can deliver projects more efficiently or at a lower price, Skanska may face challenges maintaining its pricing structure. Additionally, if AI tools facilitate more competition by lowering barriers to entry, new players could emerge, further exerting pressure on margins.
In summary, while AI does pose potential threats to Skanska’s competitive positioning through substitution, disintermediation, and margin pressure, it also offers opportunities for innovation and improved efficiency if embraced strategically. The overall impact will depend on how effectively Skanska adapts to these technological changes and incorporates AI into its operations.

The sensitivity of Skanska’s earnings, cash flow, and valuation to changes in interest rates can be assessed from several perspectives, as the construction and real estate sectors are notably impacted by interest rate fluctuations.
1. Earnings: Higher interest rates typically lead to increased borrowing costs for financing projects. This can reduce profit margins, especially if Skanska is engaged in fixed-price contracts where the company cannot pass through these costs to clients. Additionally, if higher rates dampen overall economic activity, there may be a slowdown in construction demand, impacting overall earnings negatively.
2. Cash Flow: Skanska’s cash flow may be affected by interest rate changes in two ways: operational cash flow and financing cash flow. Increased rates may lead to higher interest expenses on existing debt, thus lowering operational cash flows. Furthermore, if interest rates lead to a slowdown in new project development, it could result in delayed cash inflows from project completions, also hurting overall cash flow dynamics.
3. Valuation: Valuations are often influenced by the prevailing interest rates through the discount rate applied to future cash flows. Higher interest rates generally raise the discount rate, which decreases the present value of anticipated future earnings, thereby negatively impacting Skanska’s valuation. Conversely, if rates are low, the present value of future cash flows increases, enhancing the valuation of the company.
Overall, Skanska’s financial performance is significantly affected by interest rate movements, which can influence earnings, cash flows, and valuations in interlinked ways. The company’s strategy in managing financial risks and maintaining leverage will play a crucial role in mitigating these sensitivities.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTa2Fuc2th 4oCZcyBlY2 9ub21pY3Mg b3ZlciB0aG UgbmV4dCAz 4oCTNSB5ZW FycyBpcyBh IHNpZ25pZm ljYW50IGFu ZCBwcm9sb2 5nZWQgZG93 bnR1cm4gaW 4gdGhlIGNv bnN0cnVjdG lvbiBhbmQg cmVhbCBlc3 RhdGUgZGV2 ZWxvcG1lbn Qgc2VjdG9y cyBkdWUgdG 8gYSBjb21i aW5hdGlvbi BvZiBmYWN0 b3JzLCBpbm NsdWRpbmcg YW4gZWNvbm 9taWMgcmVj ZXNzaW9uLC BpbmNyZWFz ZWQgbWF0ZX JpYWwgY29z dHMsIGFuZC Bwb3RlbnRp YWwgY2hhbm dlcyBpbiBn b3Zlcm5tZW 50IHJlZ3Vs YXRpb25zIH JlZ2FyZGlu ZyBpbmZyYX N0cnVjdHVy ZSBpbnZlc3 RtZW50cy48 YnI+SWYgYS BzZXZlcmUg cmVjZXNzaW 9uIHdlcmUg dG8gb2NjdX IsIGl0IGNv dWxkIGxlYW QgdG8gZGVj cmVhc2VkIG RlbWFuZCBm b3IgbmV3IG NvbnN0cnVj dGlvbiBwcm 9qZWN0cy4g VGhpcyByZW R1Y2VkIGRl bWFuZCBjb3 VsZCBzdGVt IGZyb20gZm FjdG9ycyBz dWNoIGFzIH Jpc2luZyB1 bmVtcGxveW 1lbnQsIHJl ZHVjZWQgY2 9uc3VtZXIg Y29uZmlkZW 5jZSwgYW5k IGJ1c2luZX NzZXMgc2Nh bGluZyBiYW NrIGV4cGFu c2lvbiBwbG Fucy4gQ29u c2VxdWVudG x5LCBTa2Fu c2thIG1pZ2 h0IGV4cGVy aWVuY2UgYS BzaGFycCBk ZWNsaW5lIG luIHRoZSB2 b2x1bWUgb2 YgbmV3IGNv bnRyYWN0cy wgbGVhZGlu ZyB0byBsb3 dlciByZXZl bnVlcy48Yn I+SW4gYWRk aXRpb24sIG lmIG1hdGVy aWFsIGNvc3 RzIHJlbWFp biBoaWdoIG R1ZSB0byBn bG9iYWwgc3 VwcGx5IGNo YWluIGRpc3 J1cHRpb25z IG9yIHBlcn Npc3RlbnQg aW5mbGF0aW 9uLCBTa2Fu c2thIGNvdW xkIHNlZSBp dHMgcHJvZm l0IG1hcmdp bnMgc3F1ZW V6ZWQuIFRo ZSBjb21wYW 55IG1heSBz dHJ1Z2dsZS B0byBwYXNz IHRoZXNlIG Nvc3RzIG9u dG8gY2xpZW 50cyBpbiBh IGNvbXBldG l0aXZlIGJp ZGRpbmcgZW 52aXJvbm1l bnQsIHJlc3 VsdGluZyBp biByZWR1Y2 VkIHByb2Zp dGFiaWxpdH kuIEluY3Jl YXNlZCBvcG VyYXRpb25h bCBjb3N0cy wgY29tYmlu ZWQgd2l0aC Bsb3dlciBy ZXZlbnVlcy wgY291bGQg cHV0IHNpZ2 5pZmljYW50 IHByZXNzdX JlIG9uIHRo ZSBjb21wYW 554oCZcyBj YXNoIGZsb3 csIGxlYWRp bmcgdG8gdG lnaHRlciBs aXF1aWRpdH kuPGJyPk9u IHRoZSBiYW xhbmNlIHNo ZWV0LCBwcm 9sb25nZWQg cmV2ZW51ZS BkZWNsaW5l cyBjb3VsZC BsZWFkIHRv IGluY3JlYX NlZCBhY2Nv dW50cyByZW NlaXZhYmxl IGFuZCBwb3 RlbnRpYWxs eSBoaWdoZX IgYmFkIGRl YnQgYXMgY2 xpZW50cyBm YWNlIHRoZW lyIG93biBm aW5hbmNpYW wgZGlmZmlj dWx0aWVzLi BUaGlzIHNp dHVhdGlvbi Bjb3VsZCBy ZWR1Y2UgYX NzZXQgcXVh bGl0eSBhbm QgbGVhZCB0 byBhIGRldG VyaW9yYXRp b24gaW4gbG V2ZXJhZ2Ug cmF0aW9zLi BJZiBTa2Fu c2thIGlzIH VuYWJsZSB0 byBnZW5lcm F0ZSBzdWZm aWNpZW50IG 9wZXJhdGlu ZyBjYXNoIG Zsb3cgdG8g Y292ZXIgaX RzIG9ibGln YXRpb25zLC BpdCBtYXkg bmVlZCB0by ByZWx5IG9u IGV4dGVybm FsIGZpbmFu Y2luZywgd2 hpY2ggY291 bGQgaW1wYW N0IGl0cyBj cmVkaXQgcm F0aW5nIGFu ZCBpbmNyZW FzZSBpdHMg Y29zdCBvZi BjYXBpdGFs Ljxicj5Pdm VyYWxsLCBp biB0aGlzIH NjZW5hcmlv LCBTa2Fuc2 th4oCZcyBt YXJnaW5zIG NvdWxkIHNo cmluayBzaW duaWZpY2Fu dGx5LCB3aX RoIEVCSVRE QSBtYXJnaW 5zIHBvdGVu dGlhbGx5IG Ryb3BwaW5n IGludG8gdG hlIHNpbmds ZSBkaWdpdH MuIENhc2gg ZmxvdyBmcm 9tIG9wZXJh dGlvbnMgY2 91bGQgdHVy biBuZWdhdG l2ZSwgZm9y Y2luZyB0aG UgY29tcGFu eSB0byBwcm lvcml0aXpl IGNvc3QtY3 V0dGluZyBt ZWFzdXJlcy wgc3VjaCBh cyByZWR1Y2 luZyBoZWFk Y291bnQgb3 IgZGVsYXlp bmcgY2FwaX RhbCBleHBl bmRpdHVyZX MuIFRoZSBi YWxhbmNlIH NoZWV0IG1p Z2h0IHJlZm xlY3QgaW5j cmVhc2VkIG RlYnQgbGV2 ZWxzLCBsb3 dlciByZXRh aW5lZCBlYX JuaW5ncyBk dWUgdG8gcm VkdWNlZCBw cm9maXRhYm lsaXR5LCBh bmQgYW4gb3 ZlcmFsbCBk ZWNsaW5lIG luIHNoYXJl aG9sZGVyIG VxdWl0eSwg aW1wYWlyaW 5nIHRoZSBj b21wYW554o CZcyBsb25n LXRlcm0gZm luYW5jaWFs IGhlYWx0aC BhbmQgZ3Jv d3RoIHByb3 NwZWN0cy48 YnI+

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 bG9nb3MvZn NpcFlBVGlE d3dFamVTTX I4Uzgud2Vi cCIgYWx0PS JTa2Fuc2th IiB0aXRsZT 0iU2thbnNr YSIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBTa2Fu c2thPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+S oSBMZWFybi BzbWFydGVy IHN0b2NrIH BpY2tzIHdp dGggPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1Uy dGhibiBOcl lTQjNZWE1n IFptOTFibV JsWkMgQnBi aUF4T0RnMy BJR2x1SUZO M1pXIFJsYm lCaWVTQmgg SUcxaGJpQn VZVyAxbFpD QlNkV1J2IG JHWWdSbkps WkggSnBheU JDWlhKbiBM anhpY2o0eU xpIEJVYUdV Z2JtRnQgWl NCVGEyRnVj MiB0aElHTn ZiV1Z6IElH WnliMjBnZE cgaGxJRk4z WldScCBjMm dnZDI5eVpD IEJ6YTJGdW MyRXMgSUhk b2FXTm9JRy AxbFlXNXpJ SE5wIGRHVX VQR0p5UGog TXVJRk5yWV c1eiBhMkVn YVhNZ2IyID VsSUc5bUlI Um8gWlNCc1 lYSm5aWCBO MElHTnZibk 4wIGNuVmpk R2x2YmkgQm hibVFnY0hK diBhbVZqZE NCa1pYIFps Ykc5d2JXVn UgZENCamIy MXdZVyA1cF pYTWdhVzRn IGRHaGxJSG R2Y20geGtM Q0IzYVhSby BJRzl3WlhK aGRHIGx2Ym 5NZ2FXNGcg UlhWeWIzQm xMQyBCMGFH VWdWVk1zIE lHRnVaQ0JN WVggUnBiaU JCYldWeSBh V05oTGp4aW NqIDQwTGlC VWFHVWcgWT I5dGNHRnVl ZSBLQW1YTW dabWx5IGMz UWdiV0ZxYj MgSWdjSEp2 YW1WaiBkQ0 IzWVhNZ2RH IGhsSUdOdm JuTjAgY25W amRHbHZiaS BCdlppQmhJ SEpoIGFXeD NZWGtnZEgg VnVibVZzSU dsdSBJRk4w YjJOcmFHID lzYlN3Z1Uz ZGwgWkdWdU xqeGljaiA0 MUxpQlRhMk Z1IGMydGhJ R2hoY3kgQm laV1Z1SUds dSBkbTlzZG 1Wa0lHIGx1 SUcxaGJua2 cgYVdOdmJt bGpJSCBCeW IycGxZM1J6 IExDQnBibU 5zZFcgUnBi bWNnZEdobC BJR0oxYVd4 a2FXIDVuSU c5bUlIUm8g WlNCVWNuVn RjQyBCVWIz ZGxjaUJwIG JpQk9aWGNn V1cgOXlheU JEYVhSNSBJ R0Z1WkNCMG FHIFVnY21W amIyNXogZE hKMVkzUnBi MiA0Z2IyWW dkR2hsIElG ZHZjbXhrSU YgUnlZV1Js SUVObCBibl JsY2lCaFpu IFJsY2lCMG FHVWcgT1M4 eE1TQjBaWC BKeWIzSnBj M1FnIFlYUj BZV05yY3kg NDhZbkkrTm k0ZyBTVzRn TWpBeE9TIH dnVTJ0aGJu TnIgWVNCM1 lYTWdjbSBG dWEyVmtJR0 Z6IElIUm9a U0E1ZEcgZ2 diR0Z5WjJW eiBkQ0JqYj I1emRIIEox WTNScGIyNG cgWTI5dGNH RnVlUyBCcG JpQjBhR1Vn IGQyOXliR1 FnWW4ga2dj bVYyWlc1MS BaUzQ4WW5J K055IDRnVk dobElHTnYg YlhCaGJua2 dhWCBNZ2Ey NXZkMjRnIF ptOXlJR2ww Y3kgQmpiMj F0YVhSdCBa VzUwSUhSdk lIIE4xYzNS aGFXNWggWW 1sc2FYUjVM QyBCM2FYUm 9JR0VnIFoy OWhiQ0IwYn kgQmhZMmhw WlhabCBJSH BsY204Z1ky IEZ5WW05dU lHVnQgYVhO emFXOXVjeS BCaGJtUWdl bVZ5IGJ5Qm hZMk5wWkcg VnVkSE1nYj I0ZyBZV3hz SUdsMGN5IE J3Y205cVpX TjAgY3k0OF luSStPQyA0 Z1UydGhibk 5yIFlTQnBj eUJoYkggTn ZJR0VnYkdW aCBaR1Z5SU dsdUlHIFJw ZG1WeWMybD AgZVNCaGJt UWdhVyA1am JIVnphVzl1 IExDQjNhWF JvSUcgRWda MjloYkNCMC BieUJoWTJo cFpYIFpsSU dkbGJtUmwg Y2lCaVlXeG hibSBObElH RmpjbTl6IG N5QmhiR3dn YkcgVjJaV3 h6SUc5bSBJ SFJvWlNCdm NtIGRoYm1s NllYUnAgYj I0Z1lua2dN aiBBeU1DND hZbkkrIE9T NGdWR2hsSU cgTnZiWEJo Ym5rZyBhR0 Z6SUdKbFpX IDRnWVhkaG NtUmwgWkNC dWRXMWxjbS A5MWN5QmhZ Mk52IGJHRm taWE1nWm0g OXlJR2wwY3 lCMyBiM0py TENCcGJtIE 5zZFdScGJt Y2cgWW1WcG JtY2dibSBG dFpXUWdiMj VsIElHOW1J SFJvWlMgQl hiM0pzWk9L QSBtWE1nVF c5emRDIEJG ZEdocFkyRn MgSUVOdmJY QmhibSBsbG N5QmllU0Iw IGFHVWdSWF JvYVggTndh R1Z5WlNCSi Bibk4wYVhS MWRHIFVnWm 05eUlITmwg ZG1WdUlHTn ZibiBObFkz VjBhWFpsIE lIbGxZWEp6 TGogeGljaj R4TUM0ZyBT VzRnWVdSa2 FYIFJwYjI0 Z2RHOGcgYV hSeklHTnZi biBOMGNuVm pkR2x2IGJp QmhibVFnY0 ggSnZhbVZq ZENCayBaWF psYkc5d2JX IFZ1ZENCel pYSjIgYVdO bGN5d2dVMi B0aGJuTnJZ U0JoIGJITn ZJRzltWm0g VnljeUJ6Wl hKMiBhV05s Y3lCcGJpIE JqYjIxdFpY SmogYVdGc0 lHRnVaQyBC eVpYTnBaR1 Z1IGRHbGhi Q0JrWlggWm xiRzl3YldW dSBkQ3dnYV c1bWNtIEZ6 ZEhKMVkzUj EgY21VZ1pH VjJaVyB4dm NHMWxiblFz IElHRnVaQ0 JtWVcgTnBi R2wwZVNCdC BZVzVoWjJW dFpXIDUwTG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=