EMS-Chemie Holding

More reviews (1)

Live  

EMS-Chemie Holding AG is a Swiss company that specializes in the production of high-performance plastics and other specialty chemicals. The company was founded in 1936 and is headquartered in Domat/Ems, Switzerland. It is listed on the Swiss stock exchange and has over 25 production sites worldwide.
Products and services
EMS-Chemie Holding produces a wide range of high-performance plastics, including engineering plastics, compounds, and foams. These materials are used in various industries such as automotive, aerospace, electronics, and medical technology.
The company also offers specialty chemicals for the agrochemical, construction, and textile industries. These include additives, resins, and pigments.
In addition, EMS-Chemie Holding provides a variety of services, including technical advice, material testing, and product development.
Global presence
EMS-Chemie Holding has a strong global presence, with production sites in 14 countries across Europe, the Americas, and Asia. The company also has sales offices in over 50 countries, making it a truly international company.
Sustainability
EMS-Chemie Holding is committed to sustainability and takes measures to reduce its environmental impact and promote the responsible use of resources. The company has implemented various measures to reduce its carbon footprint, such as investing in renewable energy sources and using recycled materials in its production processes.
Moreover, EMS-Chemie Holding is involved in research and development to create more sustainable products, such as bio-based materials and products with a lower environmental impact.
In addition, the company has implemented a Code of Conduct to ensure ethical and responsible business practices in all aspects of its operations, including labor and human rights, environmental protection, and anti-corruption.
Future outlook
EMS-Chemie Holding aims to continue its growth and innovation in the high-performance plastics and specialty chemicals industry. The company is constantly investing in research and development to develop new products and technologies to meet the evolving needs of its customers.
Furthermore, EMS-Chemie Holding aims to further expand its global presence and strengthen its position as a leading provider of high-performance materials and services. The company also remains committed to sustainability, and will continue to implement measures to reduce its environmental impact and promote responsible business practices.

MS4gSW5ub3 ZhdGlvbiBh bmQgVGVjaG 5vbG9neTog RU1TLUNoZW 1pZSBpcyBr bm93biBmb3 IgaXRzIGNv bnN0YW50IG ZvY3VzIG9u IGlubm92YX Rpb24gYW5k IG1vZGVybi B0ZWNobm9s b2dpZXMuIF RoZSBjb21w YW55IGludm VzdHMgc2ln bmlmaWNhbn QgcmVzb3Vy Y2VzIGluIH Jlc2VhcmNo IGFuZCBkZX ZlbG9wbWVu dCB0byBjb2 50aW51b3Vz bHkgaW1wcm 92ZSBpdHMg cHJvZHVjdH MgYW5kIHBy b2Nlc3Nlcy 48YnI+Mi4g U3VzdGFpbm FibGUgQXBw cm9hY2g6IE VNUy1DaGVt aWUgaGFzIG Egc3Ryb25n IGNvbW1pdG 1lbnQgdG8g c3VzdGFpbm FiaWxpdHkg YW5kIGVudm lyb25tZW50 YWwgcmVzcG 9uc2liaWxp dHkuIFRoZS Bjb21wYW55 IHBsYWNlcy BncmVhdCBl bXBoYXNpcy BvbiByZWR1 Y2luZyBlbm VyZ3kgYW5k IHJlc291cm NlIGNvbnN1 bXB0aW9uLC BhcyB3ZWxs IGFzIG1pdG lnYXRpbmcg dGhlIGltcG FjdCBvZiBp dHMgb3Blcm F0aW9ucyBv biB0aGUgZW 52aXJvbm1l bnQuPGJyPj MuIEdsb2Jh bCBQcmVzZW 5jZTogRU1T LUNoZW1pZS BoYXMgYSBn bG9iYWwgcH Jlc2VuY2Ug d2l0aCBwcm 9kdWN0aW9u IGZhY2lsaX RpZXMsIHNh bGVzIG9mZm ljZXMsIGFu ZCByZXNlYX JjaCBhbmQg ZGV2ZWxvcG 1lbnQgY2Vu dGVycyBsb2 NhdGVkIGlu IHZhcmlvdX MgY291bnRy aWVzIGFyb3 VuZCB0aGUg d29ybGQuIF RoaXMgaGVs cHMgdGhlIG NvbXBhbnkg dG8gc2Vydm UgaXRzIGRp dmVyc2UgY3 VzdG9tZXIg YmFzZSBhbm QgYWRhcHQg dG8gcmVnaW 9uYWwgbWFy a2V0IG5lZW RzLjxicj40 LiBQcm9kdW N0IERpdmVy c2lmaWNhdG lvbjogVGhl IGNvbXBhbn kgaGFzIGEg ZGl2ZXJzZS Bwcm9kdWN0 IHBvcnRmb2 xpbyB0aGF0 IGluY2x1ZG VzIGhpZ2gt cGVyZm9ybW FuY2UgcG9s eW1lcnMsIH NwZWNpYWx0 eSBjaGVtaW NhbHMsIGFu ZCBleHRydX Npb24gdGVj aG5vbG9neS Bwcm9kdWN0 cy4gVGhpcy BkaXZlcnNp ZmljYXRpb2 4gaGVscHMg RU1TLUNoZW 1pZSB0byBv cGVyYXRlIG luIHZhcmlv dXMgaW5kdX N0cmllcyBh bmQgcmVkdW NlIGl0cyBk ZXBlbmRlbm N5IG9uIHNw ZWNpZmljIG 1hcmtldHMu PGJyPjUuIE xvbmctVGVy bSBQZXJzcG VjdGl2ZTog RU1TLUNoZW 1pZSBmb2xs b3dzIGEgbG 9uZy10ZXJt IHBlcnNwZW N0aXZlIGlu IGl0cyBidX NpbmVzcyBz dHJhdGVneS wgZm9jdXNp bmcgb24gc3 VzdGFpbmFi bGUgZ3Jvd3 RoIHJhdGhl ciB0aGFuIH Nob3J0LXRl cm0gcHJvZm l0cy4gVGhp cyBhcHByb2 FjaCBoYXMg YWxsb3dlZC B0aGUgY29t cGFueSB0by ByZW1haW4g c3VjY2Vzc2 Z1bCBmb3Ig b3ZlciA4MC B5ZWFycy48 YnI+Ni4gRm luYW5jaWFs IFN0YWJpbG l0eTogRU1T LUNoZW1pZS BoYXMgYSBz dHJvbmcgZm luYW5jaWFs IHBvc2l0aW 9uIHdpdGgg YSB0cmFjay ByZWNvcmQg b2YgY29uc2 lzdGVudCBw cm9maXRhYm lsaXR5IGFu ZCBwb3NpdG l2ZSBjYXNo IGZsb3cuIF RoaXMgc3Rh YmlsaXR5IG FuZCByZWxp YWJpbGl0eS BtYWtlIHRo ZSBjb21wYW 55IGFuIGF0 dHJhY3Rpdm UgaW52ZXN0 bWVudCBmb3 Igc2hhcmVo b2xkZXJzIG FuZCBwYXJ0 bmVycy48Yn I+Ny4gRW1w bG95ZWUgRG V2ZWxvcG1l bnQ6IEVNUy 1DaGVtaWUg dmFsdWVzIG l0cyBlbXBs b3llZXMgYW 5kIGludmVz dHMgaW4gdG hlaXIgZGV2 ZWxvcG1lbn QgYW5kIHdl bGwtYmVpbm cuIFRoZSBj b21wYW55IH Byb3ZpZGVz IHZhcmlvdX MgdHJhaW5p bmcgYW5kIG RldmVsb3Bt ZW50IHByb2 dyYW1zIHRv IGhlbHAgZW 1wbG95ZWVz IGdyb3cgYW 5kIGFkdmFu Y2UgaW4gdG hlaXIgY2Fy ZWVycy48Yn I+OC4gQ29y cG9yYXRlIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog RU1TLUNoZW 1pZSBoYXMg YSBzdHJvbm cgY29tbWl0 bWVudCB0by Bjb3Jwb3Jh dGUgc29jaW FsIHJlc3Bv bnNpYmlsaX R5IGFuZCBh Y3RpdmVseS BlbmdhZ2Vz IGluIHZhcm lvdXMgaW5p dGlhdGl2ZX MgdG8gaW1w cm92ZSB0aG UgY29tbXVu aXRpZXMgaW 4gd2hpY2gg aXQgb3Blcm F0ZXMuIFRo aXMgaW5jbH VkZXMgc3Vw cG9ydGluZy BlZHVjYXRp b24sIGN1bH R1cmUsIGFu ZCBzb2NpYW wgcHJvamVj dHMuPGJyPj kuIFN0cm9u ZyBDb3Jwb3 JhdGUgQ3Vs dHVyZTogVG hlIGNvbXBh bnkgaGFzIG Egc3Ryb25n IGNvcnBvcm F0ZSBjdWx0 dXJlIGJhc2 VkIG9uIHJl c3BlY3QsIH Jlc3BvbnNp YmlsaXR5LC BhbmQgdHJ1 c3QuIFRoaX MgY3VsdHVy ZSBoYXMgYm VlbiBjcnVj aWFsIGluIG Zvc3Rlcmlu ZyBhIHBvc2 l0aXZlIHdv cmsgZW52aX Jvbm1lbnQg YW5kIGRyaX ZpbmcgdGhl IGNvbXBhbn nigJlzIHN1 Y2Nlc3MuPG JyPjEwLiBB d2FyZHMgYW 5kIFJlY29n bml0aW9uOi BFTVMtQ2hl bWllIGhhcy BiZWVuIHJl Y29nbml6ZW QgZm9yIGl0 cyBvdXRzdG FuZGluZyBw ZXJmb3JtYW 5jZSBhbmQg Y29tbWl0bW VudCB0byBz dXN0YWluYW JpbGl0eSwg aW5ub3ZhdG lvbiwgYW5k IHNvY2lhbC ByZXNwb25z aWJpbGl0eS 4gVGhpcyBp bmNsdWRlcy Bhd2FyZHMg c3VjaCBhcy B0aGUgRXVy b3BlYW4gSW 52ZW50b3Ig QXdhcmQsIH RoZSBTd2lz cyBFdGhpY3 MgQXdhcmQs IGFuZCB0aG UgRG93IEpv bmVzIFN1c3 RhaW5hYmls aXR5IFdvcm xkIEluZGV4 Lg==

VGhlIEVNUy 1DaGVtaWUg SG9sZGluZy Bjb21wYW55 IGlzIGEgc3 BlY2lhbHR5 IGNoZW1pY2 FscyBtYW51 ZmFjdHVyZX IgYmFzZWQg aW4gU3dpdH plcmxhbmQu IEl0cyBidX NpbmVzcyBt b2RlbCBjYW 4gYmUgZGVz Y3JpYmVkIG FzIGZvbGxv d3M6PGJyPj EuIENvcmUg Rm9jdXMgb2 4gU3BlY2lh bHR5IENoZW 1pY2Fsczog RU1TLUNoZW 1pZSBIb2xk aW5n4oCZcy BtYWluIGJ1 c2luZXNzIG lzIHRoZSBw cm9kdWN0aW 9uIGFuZCBz YWxlIG9mIH NwZWNpYWx0 eSBjaGVtaW NhbHMuIFRo ZXNlIGFyZS BjaGVtaWNh bHMgd2l0aC B1bmlxdWUg cHJvcGVydG llcyBhbmQg YXBwbGljYX Rpb25zLCBv ZnRlbiB1c2 VkIGluIGhp Z2gtZ3Jvd3 RoIGluZHVz dHJpZXMgc3 VjaCBhcyBh dXRvbW90aX ZlLCBlbGVj dHJvbmljcy wgYW5kIGNv bnN0cnVjdG lvbi48YnI+ Mi4gR2xvYm FsIFByZXNl bmNlIGFuZC BEaXZlcnNp ZmljYXRpb2 46IFRoZSBj b21wYW55IG 9wZXJhdGVz IGdsb2JhbG x5LCB3aXRo IHByb2R1Y3 Rpb24gZmFj aWxpdGllcy BhbmQgc2Fs ZXMgb2ZmaW NlcyBpbiBF dXJvcGUsIE 5vcnRoIEFt ZXJpY2EsIG FuZCBBc2lh LiBUaGlzIG FsbG93cyBp dCB0byBkaX ZlcnNpZnkg aXRzIGN1c3 RvbWVyIGJh c2UgYW5kIG 1pdGlnYXRl IHJpc2tzIG Fzc29jaWF0 ZWQgd2l0aC BlY29ub21p YyBmbHVjdH VhdGlvbnMg aW4gYW55IG 9uZSByZWdp b24uPGJyPj MuIFZlcnRp Y2FsIEludG VncmF0aW9u OiBFTVMtQ2 hlbWllIEhv bGRpbmcgaG FzIGEgaGln aCBsZXZlbC BvZiB2ZXJ0 aWNhbCBpbn RlZ3JhdGlv biwgd2l0aC BhIGZvY3Vz IG9uIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCwg cHJvZHVjdG lvbiwgYW5k IG1hcmtldG luZy4gVGhp cyBlbmFibG VzIHRoZSBj b21wYW55IH RvIGNvbnRy b2wgdGhlIG VudGlyZSBz dXBwbHkgY2 hhaW4gYW5k IG1haW50YW luIGhpZ2gt cXVhbGl0eS BzdGFuZGFy ZHMgZm9yIG l0cyBwcm9k dWN0cy48Yn I+NC4gQ3Vz dG9tZXItQ2 VudHJpYyBB cHByb2FjaD ogVGhlIGNv bXBhbnkgd2 9ya3MgY2xv c2VseSB3aX RoIGl0cyBj dXN0b21lcn MgdG8gdW5k ZXJzdGFuZC B0aGVpciBz cGVjaWZpYy BuZWVkcyBh bmQgcHJvdm lkZSBjdXN0 b21pemVkIH NvbHV0aW9u cy4gVGhpcy BjdXN0b21l ci1jZW50cm ljIGFwcHJv YWNoIGhlbH BzIHRvIGJ1 aWxkIGxvbm ctdGVybSBw YXJ0bmVyc2 hpcHMgYW5k IGVuc3VyZS B0aGUgZGVs aXZlcnkgb2 YgcHJvZHVj dHMgdGhhdC BtZWV0IHRo ZWlyIHJlcX VpcmVtZW50 cy48YnI+NS 4gSW5ub3Zh dGlvbiBhbm QgU3VzdGFp bmFiaWxpdH k6IEVNUy1D aGVtaWUgSG 9sZGluZyBw bGFjZXMgYS BzdHJvbmcg ZW1waGFzaX Mgb24gaW5u b3ZhdGlvbi BhbmQgc3Vz dGFpbmFiaW xpdHkuIEl0 IGludmVzdH MgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIGRldmVs b3AgbmV3IH Byb2R1Y3Rz IGFuZCBwcm 9jZXNzZXMs IGFzIHdlbG wgYXMgdG8g aW1wcm92ZS BleGlzdGlu ZyBvbmVzLi BUaGUgY29t cGFueSBhbH NvIGZvbGxv d3Mgc3VzdG FpbmFibGUg cHJhY3RpY2 VzIGluIGl0 cyBvcGVyYX Rpb25zLCBz dWNoIGFzIH JlZHVjaW5n IGVuZXJneS Bjb25zdW1w dGlvbiBhbm Qgd2FzdGUg Z2VuZXJhdG lvbi48YnI+ Ni4gU3RyYX RlZ2ljIEFj cXVpc2l0aW 9uczogRU1T LUNoZW1pZS BIb2xkaW5n IGhhcyBhIG hpc3Rvcnkg b2YgZXhwYW 5kaW5nIGl0 cyBidXNpbm VzcyB0aHJv dWdoIHN0cm F0ZWdpYyBh Y3F1aXNpdG lvbnMgb2Yg Y29tcGxlbW VudGFyeSBj b21wYW5pZX MuIFRoaXMg aGFzIGhlbH BlZCB0aGUg Y29tcGFueS B0byBzdHJl bmd0aGVuIG l0cyBwcm9k dWN0IHBvcn Rmb2xpbywg YnJvYWRlbi BpdHMgY3Vz dG9tZXIgYm FzZSwgYW5k IGV4cGFuZC BpdHMgZ2xv YmFsIHJlYW NoLjxicj5P dmVyYWxsLC BFTVMtQ2hl bWllIEhvbG RpbmfigJlz IGJ1c2luZX NzIG1vZGVs IGZvY3VzZX Mgb24gcHJv ZHVjaW5nIG hpZ2gtcXVh bGl0eSBzcG VjaWFsdHkg Y2hlbWljYW xzLCBtYWlu dGFpbmluZy BhIGdsb2Jh bCBwcmVzZW 5jZSBhbmQg ZGl2ZXJzaW ZpY2F0aW9u LCBhbmQgcH Jpb3JpdGl6 aW5nIGN1c3 RvbWVyIG5l ZWRzLCBpbm 5vdmF0aW9u LCBhbmQgc3 VzdGFpbmFi aWxpdHkgdG 8gYWNoaWV2 ZSBncm93dG ggYW5kIHBy b2ZpdGFiaW xpdHku

The sensitivity of EMS-Chemie Holding’s earnings, cash flow, and valuation to changes in interest rates can be influenced by several factors:
1. Earnings Sensitivity: EMS-Chemie operates in the specialty chemicals sector, where interest rates can indirectly affect earnings through the cost of borrowing and consumer demand. If interest rates rise, borrowing costs increase, which can pressure margins if the company relies on debt for growth or operations. Conversely, lower interest rates can facilitate expansion and investment, potentially boosting earnings.
2. Cash Flow Sensitivity: Interest rate changes can impact the company’s cash flow through various channels. Higher rates may reduce cash flow if the company has variable-rate debt, leading to increased interest expenses. Additionally, increased borrowing costs can limit capital investments and operational flexibility. Lower rates can enhance cash flow by reducing debt servicing costs, freeing up capital for reinvestment.
3. Valuation Sensitivity: The valuation of EMS-Chemie, like many companies, is influenced by discounted cash flow (DCF) models, which use interest rates as a key component in determining the discount rate. Rising interest rates generally increase the discount rate, leading to lower present values of future cash flows, thus negatively impacting the company’s valuation. On the other hand, falling rates can enhance valuation by lowering the discount rate.
In summary, EMS-Chemie’s earnings, cash flow, and valuation are sensitive to interest rate changes, with higher rates potentially leading to negative impacts on earnings and valuation, while lower rates can create positive effects. The extent of sensitivity would depend on the company’s specific financial structure, debt levels, and market conditions.

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 bG9nb3MvaG d3cUV0U3g1 blJoNXh3Tk ZZbFEud2Vi cCIgYWx0PS JFTVMtQ2hl bWllIEhvbG RpbmciIHRp dGxlPSJFTV MtQ2hlbWll IEhvbGRpbm ciICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG 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 dXQgRU1TLU NoZW1pZSBI b2xkaW5nPw 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+OgSBGcm VlIGRvd25s b2FkISA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn UlUxVExVIE 5vWlcxcFpT QkkgYjJ4a2 FXNW5JRyBs eklHRWdVM2 RwIGMzTWdi WFZzZEcgbH VZWFJwYjI1 aCBiQ0JqYj Ixd1lXIDU1 SUhSb1lYUW cgYzNCbFky bGhiRyBsNl pYTWdhVzRn IGRHaGxJSE J5YjIgUjFZ M1JwYjI0Zy BiMllnYUds bmFDIDF3Wl hKbWIzSnQg WVc1alpTQn diMiB4NWJX VnljeUJoIG JtUWdjM0Js WTIgbGhiSF I1SUdObyBa VzFwWTJGc2 N5IDQ4WW5J K01pNGcgVk dobElHTnZi WCBCaGJua2 dkMkZ6IElH WnZkVzVrWl cgUWdhVzRn TVRreiBOaU JpZVNCR2Nt IGwwZWlCVG RIVmsgWlhJ c0lHRWdZMi BobGJXbHpk Q0JoIGJtUW daVzUwY20g VndjbVZ1Wl hWeSBMQ0Jw YmlCRWIyID FoZEM5RmJY TXMgSUZOM2 FYUjZaWCBK c1lXNWtMan hpIGNqNHpM aUJGVFYgTX RRMmhsYlds bCA0b0NaY3 lCcGJtIGww YVdGc2N5Qn ogZEdGdVpD Qm1iMyBJZ1 JYVm5aVzRn IFRjTzhiR3 hsY2kgQlRk SFZrWlhJcy BJSFJvWlNC bWRXIHhzSU c1aGJXVWcg YjJZZ2RHaG xJRyBadmRX NWtaWEl1IF BHSnlQalF1 SUYgUm9aU0 JqYjIxdyBZ VzU1NG9DWm N5IEJ0WVds dUlHWnYgWT NWeklHbHpJ RyA5dUlHUm xkbVZzIGIz QnBibWNnWV cgNWtJSEJ5 YjJSMSBZMm x1WnlCb2FX IGRvTFhCbG NtWnYgY20x aGJtTmxJSC BCdmJIbHRa WEp6IElHWn ZjaUIyWVgg SnBiM1Z6SU dsdSBaSFZ6 ZEhKcFpYIE 1zSUdsdVky eDEgWkdsdV p5QmhkWCBS dmJXOTBhWF psIExDQmxi R1ZqZEggSn ZibWxqY3l3 ZyBiV1ZrYV dOaGJDIHdn WVc1a0lITn cgYjNKMGN5 NDhZbiBJK0 5TNGdSVTFU IExVTm9aVz FwWlMgQnZj R1Z5WVhSbC BjeUJ3Y205 a2RXIE4wYV c5dUlITnAg ZEdWeklHbH VJRSBWMWNt OXdaU3dnIF RtOXlkR2dn UVcgMWxjbW xqWVN3ZyBZ VzVrSUVGem FXIEVzSUhk cGRHZ2cgWV NCMGIzUmhi QyBCdlppQn ZkbVZ5IElE SXdJR3h2WT IgRjBhVzl1 Y3lCMyBiM0 pzWkhkcFpH IFV1UEdKeV BqWXUgSUZS b1pTQmpiMi Axd1lXNTVJ R1Z0IGNHeH ZlWE1nWVgg SnZkVzVrSU RJcyBPREF3 SUhCbGIzIE JzWlNCaGJt UWcgYUdGek lITmhiRyBW eklHOW1JRz kyIFpYSWdN U0JpYVcgeH NhVzl1SUVO SSBSaUFvVT NkcGMzIE1n Um5KaGJtTn ogS1M0OFlu SStOeSA0Z1 JVMVRMVU5v IFpXMXBaU0 JwY3kgQnla V052WjI1cC BlbVZrSUdG eklHIEVnYk dWaFpHbHUg WnlCd2NtOT JhVyBSbGNp QnZaaUJ6IG NHVmphV0Zz ZEgga2djRz lzZVcxbCBj bk1zSUhkcG RHIGdnWVNC emRISnYgYm 1jZ1ptOWpk WCBNZ2IyNG djbVZ6IFpX RnlZMmdnWV cgNWtJR1Js ZG1WcyBiM0 J0Wlc1MExq IHhpY2o0NE xpQkogYmlC aFpHUnBkRy BsdmJpQjBi eUJ3IGNtOW tkV05wYm0g Y2djRzlzZV cxbCBjaUJ0 WVhSbGNtIG xoYkhNc0lF Vk4gVXlCaG JITnZJRyA5 bVptVnljeU J6IGNHVmph V0ZzYVggcG xaQ0J6WlhK MiBhV05sY3 lCemRXIE5v SUdGeklIQn kgYjJSMVkz UWdaRyBWem FXZHVMQ0Js IGJtZHBibV ZsY20gbHVa eXdnWVc1ay BJSFJsWTJo dWFXIE5oYk NCemRYQncg YjNKMExqeG ljaiA0NUxp QlVhR1VnIF kyOXRjR0Z1 ZWUgS0FtWE 1nY0hKdiBa SFZqZEhNZ1 lYIEpsSUhW elpXUWcgYV c0Z1lTQjNh VyBSbElISm hibWRsIElH OW1JR0Z3Y0 cgeHBZMkYw YVc5dSBjeX dnYVc1amJI IFZrYVc1bk lHTmggY2lC cGJuUmxjbS BsdmNuTXNJ RzFsIFpHbG pZV3dnWkcg VjJhV05sY3 l3ZyBaV3hs WTNSeWIyID VwWXlCd1lX TnIgWVdkcG JtY3NJRyBG dVpDQnpjRz l5IGRITWda WEYxYVggQn RaVzUwTGp4 aSBjajR4TU M0Z1JVIDFU TFVOb1pXMX AgWlNCcGN5 QnJibSA5M2 JpQm1iM0ln IGFYUnpJR0 52YlcgMXBk RzFsYm5RZy BkRzhnYzNW emRHIEZwYm 1GaWFXeHAg ZEhrZ1lXNW tJRyBWdWRt bHliMjV0IF pXNTBZV3dn Y20gVnpjRz l1YzJsaSBh V3hwZEhrdU lGIFJvWlNC amIyMXcgWV c1NUlHaGhj eSBCaElITj BjbTl1IFp5 Qm1iMk4xY3 kgQnZiaUJ5 WldSMSBZMm x1WnlCcGRI IE1nWlc1Mm FYSnYgYm0x bGJuUmhiQy BCbWIyOTBj SEpwIGJuUW dZVzVrSUcg aGhjeUJ5Wl dObCBhWFps WkNCdWRXID FsY205MWN5 QmggZDJGeV pITWdabSA5 eUlHbDBjeU JsIFptWnZj blJ6SUcgbH VJSFJvYVhN ZyBZWEpsWV M0OFluIEkr TVRFdUlFbH UgSURJd01U SXNJRSBWTl V5MURhR1Z0 IGFXVWdkMk Z6SUcgRjNZ WEprWldRZy BkR2hsSUZO M2FYIE56SU VWdWRtbHkg YjI1dFpXNT BZVyB3Z1VI SnBlbVVnIF ptOXlJR2ww Y3kgQnBibT V2ZG1GMCBh WFpsSUdGdV pDIEJ6ZFhO MFlXbHUgWV dKc1pTQndj bSA5a2RXTj BhVzl1IElI QnliMk5sYz MgTmxjeTQ4 WW5JKyBNVE l1SUZSb1pT IEJqYjIxd1 lXNTUgSUdo aGN5QmhiSC BOdklHSmxa VzRnIGNtVm piMmR1YVgg cGxaQ0JtYj NJZyBhWFJ6 SUhOdlkyIG xoYkNCeVpY TncgYjI1em FXSnBiRyBs MGVTd2dhVz VqIGJIVmth VzVuSUcgbD BjeUJsWm1a diBjblJ6SU hSdklIIEJ5 YjIxdmRHVW cgWkdsMlpY SnphWCBSNU lHRnVaQ0Jw IGJtTnNkWE 5wYjIgNGdh VzRnZEdobC BJSGR2Y210 d2JHIEZqWl M0OFluSSsg TVRNdUlFVk 5VeSAxRGFH VnRhV1VnIG FHRnpJR0Vn YzMgUnliMj VuSUdkcyBi MkpoYkNCd2 NtIFZ6Wlc1 alpTd2cgZD JsMGFDQnBk SCBNZ2NISn ZaSFZqIGRI TWdZbVZwYm 0gY2djMjlz WkNCcCBiaU J2ZG1WeUlE IGt3SUdOdm RXNTAgY21s bGN5QmhjbS A5MWJtUWdk R2hsIElIZH ZjbXhrTGog eGljajR4Tk M0ZyBWR2hs SUdOdmJYIE JoYm5uaWdK bHogSUdobF lXUnhkVyBG eWRHVnljeU JwIGN5QnNi Mk5oZEcgVm tJR2x1SUVS diBiV0YwTD BWdGN5IHdn VTNkcGRIcG wgY214aGJt UXNJRyBGdV pDQnBjeUJ6 IGFYUjFZWF JsWkMgQnBi aUJoSUhCcC BZM1IxY21W emNYIFZsSU d4dlkyRjAg YVc5dUlITj FjbiBKdmRX NWtaV1FnIF lua2dkR2hs SUYgTjNhWE 56SUVGcyBj SE11UEdKeV BqIEUxTGlC RVpYTncgYV hSbElHbDBj eSBCemRXTm paWE56IElH RnVaQ0JwYm 4gUmxjbTVo ZEdsdiBibU ZzSUhCeVpY IE5sYm1ObE xDQkYgVFZN dFEyaGxiVy BsbElISmxi V0ZwIGJuTW dZU0JtWVcg MXBiSGt0Yj NkdSBaV1Fn WW5WemFXID VsYzNNc0lI ZHAgZEdnZ2 RHaGxJRyBa dmRXNWtaWE xpIGdKbHpJ R2R5WVcgNW tZMmhwYkdS eSBaVzRnYm 05M0lHIEps YVc1bklHbH UgZG05c2Rt VmtJRyBsdU lIUm9aU0Jq IGIyMXdZVz U1NG8gQ1pj eUJ0WVc1aC BaMlZ0Wlc1 MExnID09Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==
See Company Q&A