GEA Group

Live  

The GEA Group is a multinational company based in Germany that specializes in industrial process technology and components for the food and energy industries. The company was founded in 1881 by Otto Happel as Gesellschaft für Entstaubungs-Anlagen (Society for De-dusting Systems) and has since grown into a global leader in its field.
The GEA Group operates in over 50 countries and has more than 18,000 employees worldwide. The company's main focus is on providing solutions for food and beverage processing, as well as custom-designed equipment and technology for the dairy, brewery, chemical, pharmaceutical, and other industries.
In addition to its primary focus on process technology, the GEA Group also offers a range of services including consulting, engineering, installation, and maintenance. The company prides itself on its technological innovation, quality engineering, and commitment to sustainability and environmental protection.
The GEA Group is listed on the German stock exchange and is a member of the MDAX index, which tracks the performance of the 50 largest non-technology companies in Germany. The company's headquarters are in Düsseldorf, Germany, but it has numerous subsidiaries and production sites located around the world.
Overall, the GEA Group is a well-respected and well-established company in the field of industrial process technology, known for its high-quality products and services, global presence, and commitment to innovation and sustainability.

GEA Group is a big company that helps other companies, especially in the food and drink industries, make their products. Think of it like a superhero for factories! They create machines and technologies that help make everything from ice cream to cheese to drinks. So, when you eat a yummy snack or drink something refreshing, GEA might have helped make it!
They make money by selling these special machines and systems to different factories that need them. Companies pay GEA to get the right tools to make their products better, faster, and safer. They also provide services to help these factories run smoothly and fix any problems.
GEA Group is successful because they have a lot of experience and know-how in their field. They use the latest technology and keep improving their machines to make them even better. People trust them because they help factories make tasty and safe products and are known for their good customer service.
In the future, GEA is likely to stay successful because there will always be a need for food and drinks, and companies will keep looking for ways to make their production better. Plus, as the world changes, there will be new opportunities, like healthier food options or eco-friendly packaging, which GEA can help create. So, they are well-prepared to keep growing and supporting the companies that help feed and hydrate the world!

MS4gR2xvYm FsIFByZXNl bmNlOiBHRU EgR3JvdXAg aXMgYSBnbG 9iYWwgY29t cGFueSB3aX RoIG9wZXJh dGlvbnMgaW 4gbW9yZSB0 aGFuIDYwIG NvdW50cmll cywgbWFraW 5nIGl0IG9u ZSBvZiB0aG UgbGFyZ2Vz dCBwbGF5ZX JzIGluIHRo ZSBlbmdpbm VlcmluZyBh bmQgdGVjaG 5vbG9neSBz ZWN0b3IuPG JyPjIuIERp dmVyc2UgUH JvZHVjdCBQ b3J0Zm9saW 86IEdFQSBH cm91cCBvZm ZlcnMgYSBk aXZlcnNlIH JhbmdlIG9m IHByb2R1Y3 RzIGFuZCBz b2x1dGlvbn MgaW4gdmFy aW91cyBpbm R1c3RyaWVz IGluY2x1ZG luZyBmb29k IGFuZCBiZX ZlcmFnZSwg aGVhbHRoY2 FyZSwgY2hl bWljYWwsIG FuZCBlbnZp cm9ubWVudG FsIHRlY2hu b2xvZ3kuPG JyPjMuIEZv Y3VzIG9uIE lubm92YXRp b246IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBm b2N1cyBvbi Bpbm5vdmF0 aW9uIGFuZC BpbnZlc3Rz IGhlYXZpbH kgaW4gcmVz ZWFyY2ggYW 5kIGRldmVs b3BtZW50IH RvIHN0YXkg YXQgdGhlIG ZvcmVmcm9u dCBvZiB0ZW Nobm9sb2d5 IGFuZCBwcm 92aWRlIGN1 dHRpbmctZW RnZSBzb2x1 dGlvbnMgdG 8gaXRzIGN1 c3RvbWVycy 48YnI+NC4g U3VzdGFpbm FibGUgU29s dXRpb25zOi BHRUEgR3Jv dXAgaXMgY2 9tbWl0dGVk IHRvIHN1c3 RhaW5hYmls aXR5IGFuZC BzdHJpdmVz IHRvIGRldm Vsb3AgZW52 aXJvbm1lbn RhbGx5IGZy aWVuZGx5IH NvbHV0aW9u cyBmb3IgaX RzIGN1c3Rv bWVycy4gVG hpcyBtYWtl cyBpdCBhIH ByZWZlcnJl ZCBwYXJ0bm VyIGZvciBj b21wYW5pZX MgbG9va2lu ZyBmb3Igc3 VzdGFpbmFi bGUgc29sdX Rpb25zLjxi cj41LiBTdH JvbmcgUmVw dXRhdGlvbj ogR0VBIEdy b3VwIGhhcy BhIHN0cm9u ZyByZXB1dG F0aW9uIGlu IHRoZSBtYX JrZXQgZm9y IGl0cyBoaW doLXF1YWxp dHkgcHJvZH VjdHMsIGlu bm92YXRpdm Ugc29sdXRp b25zLCBhbm QgZXhjZWxs ZW50IGN1c3 RvbWVyIHNl cnZpY2UuPG JyPjYuIEN1 c3RvbWVyLW NlbnRyaWMg QXBwcm9hY2 g6IFRoZSBj b21wYW55IG hhcyBhIGN1 c3RvbWVyLW NlbnRyaWMg YXBwcm9hY2 gsIHdoaWNo IG1lYW5zIG l0IHdvcmtz IGNsb3NlbH kgd2l0aCBp dHMgY2xpZW 50cyB0byB1 bmRlcnN0YW 5kIHRoZWly IG5lZWRzIG FuZCBwcm92 aWRlIGN1c3 RvbWl6ZWQg c29sdXRpb2 5zIHRoYXQg bWVldCB0aG VpciBzcGVj aWZpYyByZX F1aXJlbWVu dHMuPGJyPj cuIEV4cGVy aWVuY2VkIG FuZCBTa2ls bGVkIFdvcm tmb3JjZTog R0VBIEdyb3 VwIGhhcyBh IHRlYW0gb2 YgZXhwZXJp ZW5jZWQgYW 5kIHNraWxs ZWQgcHJvZm Vzc2lvbmFs cyB3aG8gaG F2ZSBpbi1k ZXB0aCBrbm 93bGVkZ2Ug YW5kIGV4cG VydGlzZSBp biB0aGVpci ByZXNwZWN0 aXZlIGZpZW xkcy4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gcHJvdmlk ZSB0aGUgYm VzdCBzb2x1 dGlvbnMgYW 5kIHNlcnZp Y2VzIHRvIG l0cyBjdXN0 b21lcnMuPG JyPjguIFN0 cm9uZyBGaW 5hbmNpYWwg UGVyZm9ybW FuY2U6IEdF QSBHcm91cC BoYXMgYSB0 cmFjayByZW NvcmQgb2Yg c3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZSwg ZGVtb25zdH JhdGluZyBp dHMgc3RhYm lsaXR5IGFu ZCByZWxpYW JpbGl0eSBh cyBhIGJ1c2 luZXNzIHBh cnRuZXIuPG JyPjkuIENv bW1pdG1lbn QgdG8gQ29y cG9yYXRlIF NvY2lhbCBS ZXNwb25zaW JpbGl0eTog VGhlIGNvbX BhbnkgaXMg Y29tbWl0dG VkIHRvIGNv cnBvcmF0ZS Bzb2NpYWwg cmVzcG9uc2 liaWxpdHkg YW5kIGhhcy B2YXJpb3Vz IGluaXRpYX RpdmVzIGlu IHBsYWNlIH RvIGdpdmUg YmFjayB0by B0aGUgY29t bXVuaXR5IG FuZCBwcm9t b3RlIHNvY2 lhbCB3ZWxm YXJlLjxicj 4xMC4gQ29u dGludW91cy BHcm93dGgg YW5kIEV4cG Fuc2lvbjog R0VBIEdyb3 VwIGhhcyBi ZWVuIGNvbn RpbnVvdXNs eSBleHBhbm RpbmcgaXRz IHByb2R1Y3 QgcG9ydGZv bGlvIGFuZC BnbG9iYWwg cmVhY2ggdG hyb3VnaCBz dHJhdGVnaW MgYWNxdWlz aXRpb25zLC BwYXJ0bmVy c2hpcHMsIG FuZCBjb2xs YWJvcmF0aW 9ucywgcG9z aXRpb25pbm cgaXRzZWxm IGFzIGEgbG VhZGVyIGlu IHRoZSBpbm R1c3RyeS4=

VGhlIEdFQS BHcm91cCBp cyBhIGdsb2 JhbCBwcm92 aWRlciBvZi Bwcm9jZXNz IHNvbHV0aW 9ucyBmb3Ig dmFyaW91cy BpbmR1c3Ry aWVzIGluY2 x1ZGluZyBm b29kIGFuZC BiZXZlcmFn ZSwgcGhhcm 1hY2V1dGlj YWwsIGNoZW 1pY2FsLCBh bmQgZW5lcm d5LiBUaGVp ciBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiBw cm92aWRpbm cgaW5ub3Zh dGl2ZSBhbm QgZWZmaWNp ZW50IHNvbH V0aW9ucyBm b3IgdGhlaX IgY3VzdG9t ZXJzJyBwcm 9kdWN0aW9u IHByb2Nlc3 Nlcy48YnI+ VGhlIGNvbX Bhbnkgb2Zm ZXJzIGEgd2 lkZSByYW5n ZSBvZiBwcm 9kdWN0cyBh bmQgc2Vydm ljZXMsIGlu Y2x1ZGluZy Bwcm9jZXNz IGVuZ2luZW VyaW5nLCBl cXVpcG1lbn QgYW5kIGNv bXBvbmVudH MsIGFzIHdl bGwgYXMgc3 lzdGVtIGFu ZCBwbGFudC Bjb25zdHJ1 Y3Rpb24uIF RoZXkgYWxz byBvZmZlci BtYWludGVu YW5jZSwgcm VwYWlyLCBh bmQgYWZ0ZX Itc2FsZXMg c2VydmljZX MsIGFzIHdl bGwgYXMgb3 B0aW1pemF0 aW9uIGFuZC BhdXRvbWF0 aW9uIHNlcn ZpY2VzLjxi cj5UaGUgR0 VBIEdyb3Vw J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgZm 9jdXNlZCBv biBjcmVhdG luZyB2YWx1 ZSBmb3IgdG hlaXIgY3Vz dG9tZXJzIG J5IHVuZGVy c3RhbmRpbm cgdGhlaXIg bmVlZHMgYW 5kIGRlbGl2 ZXJpbmcgY3 VzdG9taXpl ZCBzb2x1dG lvbnMuIFRo ZXkgc3RyaX ZlIHRvIGNv bnRpbnVvdX NseSBpbm5v dmF0ZSBhbm QgaW1wcm92 ZSB0aGVpci Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg dG8gbWVldC B0aGUgZXZv bHZpbmcgZG VtYW5kcyBv ZiB0aGVpci BjdXN0b21l cnMgYW5kIH RoZSBtYXJr ZXQuPGJyPk luIGFkZGl0 aW9uLCB0aG UgY29tcGFu eSBhbHNvIG FpbXMgdG8g bWFpbnRhaW 4gYSBzdHJv bmcgZ2xvYm FsIHByZXNl bmNlIGFuZC BidWlsZCBs b25nLWxhc3 RpbmcgcmVs YXRpb25zaG lwcyB3aXRo IHRoZWlyIG N1c3RvbWVy cyBieSBwcm 92aWRpbmcg cmVsaWFibG UgYW5kIGhp Z2gtcXVhbG l0eSBwcm9k dWN0cyBhbm Qgc2Vydmlj ZXMuPGJyPk Z1cnRoZXJt b3JlLCB0aG UgR0VBIEdy b3VwIGFsc2 8gcHJpb3Jp dGl6ZXMgc3 VzdGFpbmFi aWxpdHkgYW 5kIHJlc3Bv bnNpYmxlIG J1c2luZXNz IHByYWN0aW NlcyBpbiB0 aGVpciBvcG VyYXRpb25z LCBhaW1pbm cgdG8gcmVk dWNlIHRoZW lyIGVudmly b25tZW50YW wgaW1wYWN0 IGFuZCBjb2 50cmlidXRl IHRvIHRoZS Bjb21tdW5p dGllcyBpbi B3aGljaCB0 aGV5IG9wZX JhdGUuPGJy Pk92ZXJhbG wsIHRoZSBH RUEgR3JvdX AncyBidXNp bmVzcyBtb2 RlbCBpcyBj ZW50ZXJlZC Bhcm91bmQg cHJvdmlkaW 5nIHZhbHVl LCBpbm5vdm F0aW9uLCBh bmQgc3VzdG FpbmFiaWxp dHkgdG8gdG hlaXIgY3Vz dG9tZXJzIG FuZCBzdGFr ZWhvbGRlcn MsIHdoaWxl IGNvbnRpbn VvdXNseSBz dHJpdmluZy Bmb3IgZ3Jv d3RoIGFuZC Bwcm9maXRh YmlsaXR5Lg ==

AI has the potential to impact various industries, including those in which GEA Group operates, through multiple avenues. Here’s an analysis of how AI might pose a threat:
1. Substitution: AI technologies can lead to new products or services that may substitute for traditional offerings. For instance, automation and smart systems can enhance efficiency and reduce reliance on human labor, potentially offering alternatives to certain products or services provided by GEA Group. If competitors successfully develop AI-driven solutions that provide greater value or efficiency, this could impact GEA’s market share.
2. Disintermediation: AI can streamline processes, reducing the need for intermediaries in supply chains and operational workflows. This can impact GEA Group’s business model if customers begin to utilize AI tools that enable them to bypass traditional services. For instance, direct integration of AI into manufacturing or food processing could allow clients to manage these operations ihouse rather than relying on GEA’s expertise.
3. Margin Pressure: The introduction of AI can lead to increased competition and innovation, which can pressure margins. As companies leverage AI to reduce costs and improve efficiency, they can offer competitive pricing that may force GEA to lower its prices or invest more in R&D to maintain its market position. This can significantly impact profit margins if GEA does not keep pace with technological advancements.
In conclusion, while AI presents opportunities for growth and innovation, it also poses material threats to GEA Group’s products, services, and competitive positioning through substitution, disintermediation, and margin pressure. To mitigate these risks, GEA may need to invest in AI technologies, adapt its business model, and continuously innovate to stay ahead in the market.

The sensitivity of GEA Group’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several angles:
1. Cost of Debt: If GEA Group has substantial debt, higher interest rates will increase the cost of servicing that debt. This can reduce net income and cash flow, impacting overall profitability. Conversely, decreasing rates can lower interest expenses and improve financial performance.
2. Investment Decisions: Changes in interest rates can affect the company’s capital expenditure plans. Higher rates might deter investment in new projects due to increased borrowing costs, hindering growth. On the other hand, lower rates can encourage investment and expansion, positively influencing future earnings.
3. Valuation Models: Many valuation methods, such as discounted cash flow (DCF), are sensitive to interest rates. A higher discount rate (often influenced by prevailing interest rates) will lead to a lower present value of future cash flows, negatively impacting valuation. If interest rates decrease, the present value of future earnings increases, improving the company’s valuation.
4. Economic Conditions: Interest rates often correlate with economic activity. Rising rates might signal an attempt to cool down an overheating economy, potentially reducing demand for GEA Group’s products and affecting revenue growth. Conversely, lower rates can stimulate the economy and increase demand for its offerings.
5. Competition and Market Dynamics: Changes in interest rates can also affect GEA Group’s competitive position. Companies that can finance operations more cheaply may gain an advantage in pricing and market share, impacting GEA’s market dynamics.
In summary, GEA Group’s earnings, cash flow, and valuation are interconnected and sensitive to fluctuations in interest rates. Understanding this sensitivity is crucial for assessing financial health and strategic decisiomaking.

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 bG9nb3MvaX VudWlhR1li SFQ5N01LYX N2Rzcud2Vi cCIgYWx0PS JHRUEgR3Jv dXAiIHRpdG xlPSJHRUEg R3JvdXAiIC BjbGFzcz0i aW1nLWZsdW lkIiBoZWln aHQ9OTAgd2 lkdGg9OTAg 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 R0VBIEdyb3 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+Gky BEaXNjb3Zl ciA8aT4iVG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcy I8L2k+IOKA lCBmcmVlIG VCb29rIQog 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 AgTVM0Z1ZH aGxJRyBGam NtOXVlVzBn IFIwVkJJSE 4wWVcgNWtj eUJtYjNJZy BSMnh2WW1G c0lFIFZ1Wj JsdVpXVnkg YVc1bklFRn NiRyBsaGJt TmxManhpIG NqNHlMaUJV YUcgVWdZMj l0Y0dGdSBl U0IzWVhNZ1 ptIDkxYm1S bFpDQnAgYm lBeE9EZ3hJ RyBGeklHRW diV1YwIFlX d2dkSEpoWk cgbHVaeUJp ZFhOcCBibV Z6Y3lCaWVT IEJIWlhKdF lXNGcgWlc1 MGNtVndjbS BWdVpYVnlJ RXB2IGFHRn ViaUJMYkcg VnBibTFoYm 00dSBQR0p5 UGpNdUlFIG RGUVNCSGNt OTEgY0NCcG N5Qm9aVyBG a2NYVmhjbl JsIGNtVmtJ R2x1SUUgVE R2SE56Wld4 ayBiM0ptTE NCSFpYIEp0 WVc1NUlHRn UgWkNCdmNH VnlZWCBSbG N5QnBiaUJ2 IGRtVnlJRF V3SUcgTnZk VzUwY21sbC BjeUIzYjNK c1pIIGRwWk dVdVBHSnkg UGpRdUlGUm 9aUyBCamIy MXdZVzU1IE lHaGhjeUJ2 ZG0gVnlJRE U0TERBdyBN Q0JsYlhCc2 IzIGxsWlhN Z1lXNWsgSU dkbGJtVnlZ WCBSbFpDQm hJSEpsIGRt VnVkV1VnYj IgWWc0b0tz TkM0NSBJR0 pwYkd4cGIy IDRnYVc0Z0 1qQXkgTUM0 OFluSStOUy A0Z1IwVkJJ RWR5IGIzVn dJR2x6SUcg RWdiR1ZoWk dsdSBaeUJ6 ZFhCd2JHIG xsY2lCdlpp QncgY205al pYTnpJSCBS bFkyaHViMn h2IFoza2dZ VzVrSUcgTn ZiWEJ2Ym1W dSBkSE1nWm 05eUlIIFJv WlNCbWIyOW sgSUdGdVpD QmlaWCBabG NtRm5aU0Jw IGJtUjFjM1 J5ZVMgd2dZ WE1nZDJWcy BiQ0JoY3lC aElIIGRwWk dVZ2NtRnUg WjJVZ2IyWW diMyBSb1pY SWdhVzVrIG RYTjBjbWxs Y3kgQnBibU 5zZFdScCBi bWNnY0doaG NtIDFoWTJW MWRHbGogWV d4ekxDQmph RyBWdGFXTm hiSE1zIElH RnVaQ0JsYm 0gVnlaM2t1 UEdKeSBQal l1SUZSb1pT IEJqYjIxd1 lXNTUgSUds eklHOXlaMi BGdWFYcGxa Q0JwIGJuUn ZJSFIzYnkg QmlkWE5wYm 1WeiBjeUJ6 WldkdFpXID UwY3pvZ1Iw VkIgSUVaaG NtMGdWRyBW amFHNXZiRz luIGFXVnpM Q0IzYUcgbG phQ0J6Y0dW aiBhV0ZzYV hwbGN5IEJw YmlCa1lXbH kgZVNCaGJt UWdiRyBsMl pYTjBiMk5y IElHWmhjbT FwYm0gY2da WEYxYVhCdC BaVzUwTENC aGJtIFFnUj BWQklFWnYg YjJRZ1UyOX NkWCBScGIy NXpMQ0IzIG FHbGphQ0J3 Y20gOTJhV1 JsY3lCdyBj bTlqWlhOem FXIDVuSUdG dVpDQncgWV dOcllXZHBi bSBjZ2MyOX NkWFJwIGIy NXpJR1p2Y2 kgQjBhR1Vn Wm05diBaQ0 JwYm1SMWMz IFJ5ZVM0OF luSSsgTnk0 Z1IwVkJJRS BkeWIzVndJ R2hoIGN5Qm hJSE4wY20g OXVaeUJtYj JOMSBjeUJ2 YmlCemRYIE 4wWVdsdVlX SnAgYkdsMG VTd2dhVyAx d2JHVnRaVz UwIGFXNW5J R1Z1ZG0gbH liMjV0Wlc1 MCBZV3hzZV NCbWNtIGxs Ym1Sc2VTQn cgY205alpY TnpaWCBNZ1 lXNWtJSEJ5 IGIyUjFZM1 J6TEMgQmhj eUIzWld4cy BJR0Z6SUdG amRHIGwyWl d4NUlISmwg WkhWamFXNW 5JSCBSb1pX bHlJRzkzIG JpQmpZWEpp YjIgNGdabT l2ZEhCeSBh VzUwTGp4aW NqIDQ0TGlC SmJpQXkgTU RFNUxDQkhS VSBFZ1IzSn ZkWEFnIGQy RnpJRzVoYl cgVmtJRzl1 WlNCdiBaaU IwYUdVZ2Qy IDl5YkdUaW dKbHogSUcx dmMzUWdjMy BWemRHRnBi bUZpIGJHVW dZMjl0Y0cg RnVhV1Z6SU dKNSBJSFJv WlNCRGIzIE p3YjNKaGRH VWcgUzI1cF oyaDBjeSBC SGJHOWlZV3 dnIE1UQXdJ RWx1WkcgVj RManhpY2o0 NSBMaUJVYU dVZ1kyIDl0 Y0dGdWVTQm 8gWVhNZ1lT QnNiMiA1bk lHaHBjM1J2 IGNua2diMl lnYVcgNXVi M1poZEdsdi BiaUJoYm1R Z2FHIEZ6SU dKbFpXNGcg WVhkaGNtUm xaQyBCdWRX MWxjbTkxIG N5QndZWFJs Ym4gUnpJR1 p2Y2lCMCBh R1ZwY2lCam RYIFIwYVc1 bkxXVmsgWj JVZ2RHVmph RyA1dmJHOW 5hV1Z6IExD QnBibU5zZF cgUnBibWNn WVNCMSBibW x4ZFdVZ1pt IFZ5YldWdW RHRjAgYVc5 dUlITjVjMy BSbGJTQm1i M0lnIFluSm xkMmx1Wnkg QmlaV1Z5SU dGdSBaQ0Ju Y205M2FXID VuSUhsbFlY TjAgTGp4aW NqNHhNQyA0 Z1NXNGdZV1 JrIGFYUnBi MjRnZEcgOG dkR2hsYVhJ ZyBZMjl5Wl NCaWRYIE5w Ym1WemMyVn ogTENCSFJV RWdSMyBKdm RYQWdZV3h6 IGJ5QnZabV psY24gTWda VzVuYVc1bC BaWEpwYm1j Z1lXIDVrSU hCeWIycGwg WTNRZ2JXRn VZVyBkbGJX VnVkQ0J6IF pYSjJhV05s Y3kgQm1iM0 lnZG1GeSBh VzkxY3lCcG JtIFIxYzNS eWFXVnogTE NCaGN5QjNa VyB4c0lHRn pJRzFoIGFX NTBaVzVoYm 0gTmxJR0Z1 WkNCeSBaWE JoYVhJZ2My IFZ5ZG1sal pYTWcgWm05 eUlIUm9aVy BseUlHVnhk V2x3IGJXVn VkQzQ9CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==