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.

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 ==

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+Tli BHZXQgaW5z aWdodHMgZn JvbSA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG 5vdyEKICAg 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 1TNGdWR2hs SUcgRmpjbT l1ZVcwZyBS MFZCSUhOMF lXIDVrY3lC bWIzSWcgUj J4dlltRnNJ RSBWdVoybH VaV1Z5IGFX NW5JRUZzYk cgbGhibU5s TGp4aSBjaj R5TGlCVWFH IFVnWTI5dG NHRnUgZVNC M1lYTWdabS A5MWJtUmxa Q0JwIGJpQX hPRGd4SUcg RnpJR0VnYl dWMCBZV3dn ZEhKaFpHIG x1WnlCaWRY TnAgYm1Wem N5QmllUyBC SFpYSnRZVz RnIFpXNTBj bVZ3Y20gVn VaWFZ5SUVw diBhR0Z1Ym lCTGJHIFZw Ym0xaGJtNH UgUEdKeVBq TXVJRSBkRl FTQkhjbTkx IGNDQnBjeU JvWlcgRmtj WFZoY25SbC BjbVZrSUds dUlFIFREdk hOelpXeGsg YjNKbUxDQk haWCBKdFlX NTVJR0Z1IF pDQnZjR1Z5 WVggUmxjeU JwYmlCdiBk bVZ5SURVd0 lHIE52ZFc1 MGNtbGwgY3 lCM2IzSnNa SCBkcFpHVX VQR0p5IFBq UXVJRlJvWl MgQmpiMjF3 WVc1NSBJR2 hoY3lCdmRt IFZ5SURFNE xEQXcgTUNC bGJYQnNiMy BsbFpYTWdZ VzVrIElHZG xibVZ5WVgg UmxaQ0JoSU hKbCBkbVZ1 ZFdVZ2IyIF lnNG9Lc05D NDUgSUdKcG JHeHBiMiA0 Z2FXNGdNak F5IE1DNDhZ bkkrTlMgNG dSMFZCSUVk eSBiM1Z3SU dseklHIEVn YkdWaFpHbH UgWnlCemRY QndiRyBsbG NpQnZaaUJ3 IGNtOWpaWE 56SUggUmxZ Mmh1YjJ4di BaM2tnWVc1 a0lHIE52Yl hCdmJtVnUg ZEhNZ1ptOX lJSCBSb1pT Qm1iMjlrIE lHRnVaQ0Jp WlggWmxjbU ZuWlNCcCBi bVIxYzNSeW VTIHdnWVhN Z2QyVnMgYk NCaGN5QmhJ SCBkcFpHVW djbUZ1IFoy VWdiMllnYj MgUm9aWEln YVc1ayBkWE 4wY21sbGN5 IEJwYm1Oc2 RXUnAgYm1j Z2NHaGhjbS AxaFkyVjFk R2xqIFlXeH pMQ0JqYUcg VnRhV05oYk hNcyBJR0Z1 WkNCbGJtIF Z5WjNrdVBH SnkgUGpZdU lGUm9aUyBC amIyMXdZVz U1IElHbHpJ Rzl5WjIgRn VhWHBsWkNC cCBiblJ2SU hSM2J5IEJp ZFhOcGJtVn ogY3lCelpX ZHRaVyA1MG N6b2dSMFZC IElFWmhjbT BnVkcgVmph RzV2Ykc5bi BhV1Z6TENC M2FHIGxqYU NCemNHVmog YVdGc2FYcG xjeSBCcGJp QmtZV2x5IG VTQmhibVFn YkcgbDJaWE 4wYjJOciBJ R1poY20xcG JtIGNnWlhG MWFYQnQgWl c1MExDQmhi bSBRZ1IwVk JJRVp2IGIy UWdVMjlzZF ggUnBiMjV6 TENCMyBhR2 xqYUNCd2Nt IDkyYVdSbG N5QncgY205 alpYTnphVy A1bklHRnVa Q0J3IFlXTn JZV2RwYm0g Y2djMjlzZF hScCBiMjV6 SUdadmNpIE IwYUdVZ1pt OXYgWkNCcG JtUjFjMyBS eWVTNDhZbk krIE55NGdS MFZCSUUgZH liM1Z3SUdo aCBjeUJoSU hOMGNtIDl1 WnlCbWIyTj EgY3lCdmJp QnpkWCBOMF lXbHVZV0pw IGJHbDBlU3 dnYVcgMXdi R1Z0Wlc1MC BhVzVuSUdW dWRtIGx5Yj I1dFpXNTAg WVd4c2VTQm 1jbSBsbGJt UnNlU0J3IG NtOWpaWE56 WlggTWdZVz VrSUhCeSBi MlIxWTNSek xDIEJoY3lC M1pXeHMgSU dGeklHRmpk RyBsMlpXeD VJSEpsIFpI VmphVzVuSU ggUm9aV2x5 SUc5MyBiaU JqWVhKaWIy IDRnWm05dm RIQnkgYVc1 MExqeGljai A0NExpQkpi aUF5IE1ERT VMQ0JIUlUg RWdSM0p2ZF hBZyBkMkZ6 SUc1aGJXIF ZrSUc5dVpT QnYgWmlCMG FHVWdkMiA5 eWJHVGlnSm x6IElHMXZj M1FnYzMgVn pkR0ZwYm1G aSBiR1VnWT I5dGNHIEZ1 YVdWeklHSj UgSUhSb1pT QkRiMyBKd2 IzSmhkR1Vn IFMyNXBaMm gwY3kgQkhi RzlpWVd3Zy BNVEF3SUVs dVpHIFY0TG p4aWNqNDUg TGlCVWFHVW dZMiA5dGNH RnVlU0JvIF lYTWdZU0Jz YjIgNW5JR2 hwYzNSdiBj bmtnYjJZZ2 FXIDV1YjNa aGRHbHYgYm lCaGJtUWdh RyBGeklHSm xaVzRnIFlY ZGhjbVJsWk MgQnVkVzFs Y205MSBjeU J3WVhSbGJu IFJ6SUdadm NpQjAgYUdW cGNpQmpkWC BSMGFXNW5M V1ZrIFoyVW dkR1ZqYUcg NXZiRzluYV dWeiBMQ0Jw Ym1Oc2RXIF JwYm1jZ1lT QjEgYm1seG RXVWdabSBW eWJXVnVkR0 YwIGFXOXVJ SE41YzMgUm xiU0JtYjNJ ZyBZbkpsZD JsdVp5IEJp WldWeUlHRn UgWkNCbmNt OTNhVyA1bk lIbGxZWE4w IExqeGljaj R4TUMgNGdT VzRnWVdSay BhWFJwYjI0 Z2RHIDhnZE dobGFYSWcg WTI5eVpTQm lkWCBOcGJt VnpjMlZ6IE xDQkhSVUVn UjMgSnZkWE FnWVd4eiBi eUJ2Wm1abG NuIE1nWlc1 bmFXNWwgWl hKcGJtY2dZ VyA1a0lIQn liMnBsIFkz UWdiV0Z1WV cgZGxiV1Z1 ZENCeiBaWE oyYVdObGN5 IEJtYjNJZ2 RtRnkgYVc5 MWN5QnBibS BSMWMzUnlh V1Z6IExDQm hjeUIzWlcg eHNJR0Z6SU cxaCBhVzUw Wlc1aGJtIE 5sSUdGdVpD QnkgWlhCaG FYSWdjMiBW eWRtbGpaWE 1nIFptOXlJ SFJvWlcgbH lJR1Z4ZFds dyBiV1Z1ZE M0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=
See Company Q&A