Iberdrola

Live  

Iberdrola is a Spanish multinational electric utility company, headquartered in Bilbao, Spain. It is one of the largest electric utility companies in the world, serving over 100 million customers in several countries, including Spain, the United Kingdom, the United States, Brazil, and Mexico.
The company was founded in 1992 as a result of the merger between two regional utilities, Iberduero and Hidroeléctrica Española. It has since become a global leader in the production, distribution, and supply of electricity and natural gas.
Iberdrola's main business activities include:
1. Renewable energy: Iberdrola is a leader in renewable energy, with a portfolio consisting mostly of wind and hydro power plants. The company is committed to phasing out its fossil fuel generation capacity and increasing its renewables portfolio, with a goal of becoming carbon neutral by 2050.
2. Traditional energy: Iberdrola also operates traditional energy sources such as natural gas and coal power plants. However, these are being progressively replaced with renewable energy sources.
3. Electricity distribution: The company also owns and operates electricity distribution networks in several regions, ensuring a reliable supply of electricity to its customers.
4. Retail energy: Iberdrola supplies electricity and gas to both residential and business customers in its operating countries.
5. Energy storage: In addition to its renewable energy portfolio, Iberdrola is also investing in energy storage technologies, such as batteries, to support the integration of renewable energy sources into the grid.
As a global energy company, Iberdrola is committed to sustainability and has implemented various initiatives to reduce its environmental impact and promote social responsibility. These include the use of renewable energy sources, promoting energy efficiency, and investing in local communities through its social programs.

Iberdrola is a big company that provides electricity and gas to homes and businesses. Imagine if you had a toy store, and to keep all your toys running and looking nice, you needed some batteries. Those batteries come from a company like Iberdrola, which makes sure there’s energy for everyone.
Iberdrola makes money by selling electricity and gas to people and businesses. When you turn on the lights or use your game console, you’re using energy from a company like this. So, every time you use power, Iberdrola earns some money.
Iberdrola is successful for a few reasons. First, they are very good at using renewable energy sources, like wind and solar power. This is important because many people and countries want clean energy that doesn’t hurt the planet. They invest in wind farms, which are places with lots of tall windmills that capture wind and turn it into electricity.
Another reason they are likely to stay successful is because many governments and people want to reduce pollution and fight climate change. This means companies that provide clean energy, like Iberdrola, are going to be very important in the future.
Lastly, they have a lot of experience and have been in business for many years. Being reliable and having a good reputation helps them keep customers happy and attract new ones. So, as the world moves more toward clean energy, Iberdrola is in a good place to continue growing and being successful!

MS4gT25lIG 9mIHRoZSBs YXJnZXN0IH JlbmV3YWJs ZSBlbmVyZ3 kgY29tcGFu aWVzOiBJYm VyZHJvbGEg aXMgb25lIG 9mIHRoZSB3 b3JsZCdzIG xhcmdlc3Qg cmVuZXdhYm xlIGVuZXJn eSBjb21wYW 5pZXMsIHdp dGggYSBzdH JvbmcgZm9j dXMgb24gd2 luZCBhbmQg c29sYXIgcG 93ZXIuIEl0 IGlzIGEgbG VhZGVyIGlu IHRoZSBlbm VyZ3kgdHJh bnNpdGlvbi B0b3dhcmRz IGNsZWFuIG FuZCBzdXN0 YWluYWJsZS BzeXN0ZW1z Ljxicj4yLi BHbG9iYWwg cHJlc2VuY2 U6IEliZXJk cm9sYSBpcy BwcmVzZW50 IGluIG92ZX IgNDAgY291 bnRyaWVzLC BtYWtpbmcg aXQgYSB0cn VseSBnbG9i YWwgY29tcG FueS4gSXQg aGFzIGEgc3 Ryb25nIHBy ZXNlbmNlIG luIEV1cm9w ZSwgdGhlIF VuaXRlZCBT dGF0ZXMsIG FuZCBMYXRp biBBbWVyaW NhLCBhbmQg aXMgY29udG ludW91c2x5 IGV4cGFuZG luZyBpbnRv IG5ldyBtYX JrZXRzLjxi cj4zLiBTdX N0YWluYWJp bGl0eSBmb2 N1czogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIG NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi aWxpdHksIH dpdGggYSBj bGVhciBzdH JhdGVneSB0 byByZWR1Y2 UgaXRzIGNh cmJvbiBmb2 90cHJpbnQg YW5kIHByb2 1vdGUgY2xl YW4gZW5lcm d5LiBJdCBo YXMgc2V0IG FtYml0aW91 cyB0YXJnZX RzIHRvIGJl Y29tZSBjYX Jib24gbmV1 dHJhbCBieS AyMDUwIGFu ZCBpbnZlc3 RzIGhlYXZp bHkgaW4gcm VzZWFyY2gg YW5kIGRldm Vsb3BtZW50 IG9mIG5ldy B0ZWNobm9s b2dpZXMuPG JyPjQuIElu bm92YXRpdm UgYW5kIHRl Y2hub2xvZ2 ljYWwgbGVh ZGVyOiBJYm VyZHJvbGEg aXMga25vd2 4gZm9yIGl0 cyBpbm5vdm F0aXZlIGFw cHJvYWNoIH RvIGVuZXJn eSBwcm9kdW N0aW9uIGFu ZCBkaXN0cm lidXRpb24u IEl0IGhhcy BiZWVuIGF0 IHRoZSBmb3 JlZnJvbnQg b2YgZGV2ZW xvcGluZyBu ZXcgdGVjaG 5vbG9naWVz LCBzdWNoIG FzIGVuZXJn eSBzdG9yYW dlIHN5c3Rl bXMgYW5kIH NtYXJ0IGdy aWRzLCB0by BpbXByb3Zl IGVmZmljaW VuY3kgYW5k IGluY29ycG 9yYXRlIHJl bmV3YWJsZS Bzb3VyY2Vz IGludG8gdG hlIGdyaWQu PGJyPjUuIF N0cm9uZyBm aW5hbmNpYW wgcGVyZm9y bWFuY2U6IE liZXJkcm9s YSBoYXMgYS BzdHJvbmcg ZmluYW5jaW FsIHRyYWNr IHJlY29yZC BhbmQgaXMg dmFsdWVkIG J5IGludmVz dG9ycyBhcy BhIHJlbGlh YmxlIGFuZC Bwcm9maXRh YmxlIGVuZX JneSBjb21w YW55LiBJdC BoYXMgYSBz b2xpZCBjcm VkaXQgcmF0 aW5nIGFuZC BoYXMgY29u c2lzdGVudG x5IGRlbGl2 ZXJlZCBzdH JvbmcgZmlu YW5jaWFsIH Jlc3VsdHMu PGJyPjYuIF NvY2lhbCBy ZXNwb25zaW JpbGl0eTog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGNvbW1p dG1lbnQgdG 8gc29jaWFs IHJlc3Bvbn NpYmlsaXR5 IGFuZCBpcy BpbnZvbHZl ZCBpbiB2YX Jpb3VzIGlu aXRpYXRpdm VzIHRvIHN1 cHBvcnQgY2 9tbXVuaXRp ZXMgYW5kIH Byb21vdGUg ZGl2ZXJzaX R5LCBpbmNs dXNpb24sIG FuZCBnZW5k ZXIgZXF1YW xpdHkuIEl0 IGFsc28gaG FzIHByb2dy YW1zIGluIH BsYWNlIHRv IGVkdWNhdG UgYW5kIGVu Z2FnZSB0aG UgcHVibGlj IG9uIHN1c3 RhaW5hYmxl IGVuZXJneS BwcmFjdGlj ZXMuPGJyPj cuIElubm92 YXRpb24gYW 5kIHJlc2Vh cmNoIHBhcn RuZXJzaGlw czogSWJlcm Ryb2xhIHBh cnRuZXJzIH dpdGggbGVh ZGluZyB1bm l2ZXJzaXRp ZXMgYW5kIH Jlc2VhcmNo IGluc3RpdH V0aW9ucyB0 byBkcml2ZS Bpbm5vdmF0 aW9uIGFuZC Bwcm9tb3Rl IHRoZSBkZX ZlbG9wbWVu dCBvZiBuZX cgc3VzdGFp bmFibGUgZW 5lcmd5IHRl Y2hub2xvZ2 llcy4gVGhp cyBoZWxwcy B0aGUgY29t cGFueSBzdG F5IGFoZWFk IG9mIHRoZS BjdXJ2ZSBh bmQgbWFpbn RhaW4gaXRz IHBvc2l0aW 9uIGFzIGEg dGVjaG5vbG 9naWNhbCBs ZWFkZXIgaW 4gdGhlIGlu ZHVzdHJ5Lg ==

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE liZXJkcm9s YSBpcyBiYX NlZCBvbiBi ZWluZyBhIG xlYWRpbmcg bXVsdGluYX Rpb25hbCBl bmVyZ3kgY2 9tcGFueSBm b2N1c2VkIG 9uIGRlbGl2 ZXJpbmcgc3 VzdGFpbmFi bGUgYW5kIG VmZmljaWVu dCBlbmVyZ3 kgc29sdXRp b25zIHRvIG N1c3RvbWVy cyBhcm91bm QgdGhlIHdv cmxkLiBUaG VpciBjb3Jl IGJ1c2luZX NzIGFjdGl2 aXRpZXMgaW 5jbHVkZSBl bGVjdHJpY2 l0eSBnZW5l cmF0aW9uLC B0cmFuc21p c3Npb24sIG Rpc3RyaWJ1 dGlvbiwgYW 5kIHJldGFp bCB0byBib3 RoIHJlc2lk ZW50aWFsIG FuZCBjb21t ZXJjaWFsIG N1c3RvbWVy cy4gVGhleS BvcGVyYXRl IGluIHZhcm lvdXMgZW5l cmd5IG1hcm tldHMsIGlu Y2x1ZGluZy BnYXMsIHdp bmQsIHNvbG FyLCBudWNs ZWFyLCBhbm QgaHlkcm8g cG93ZXIsIG FzIHdlbGwg YXMgaW5ub3 ZhdGl2ZSB0 ZWNobm9sb2 dpZXMgc3Vj aCBhcyBlbm VyZ3kgc3Rv cmFnZSBhbm QgZWxlY3Ry aWMgdmVoaW NsZSBjaGFy Z2luZy48Yn I+SWJlcmRy b2xhIGFsc2 8gaGFzIGEg c3Ryb25nIG NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi aWxpdHksIH dpdGggYSBm b2N1cyBvbi ByZWR1Y2lu ZyB0aGVpci BjYXJib24g Zm9vdHByaW 50IGFuZCBw cm9tb3Rpbm cgcmVuZXdh YmxlIGVuZX JneSBzb3Vy Y2VzLiBUaG V5IGludmVz dCBoZWF2aW x5IGluIHJl c2VhcmNoIG FuZCBkZXZl bG9wbWVudC B0byBjb250 aW51b3VzbH kgaW1wcm92 ZSB0aGVpci BlbmVyZ3kg c29sdXRpb2 5zIGFuZCBk ZXZlbG9wIG 5ldyB0ZWNo bm9sb2dpZX MuPGJyPklu IGFkZGl0aW 9uIHRvIHRo ZWlyIGVuZX JneSBvcGVy YXRpb25zLC BJYmVyZHJv bGEgYWxzby BoYXMgYSBz aWduaWZpY2 FudCBwcmVz ZW5jZSBpbi B0aGUgZ2Fz IG1hcmtldC wgd2l0aCBh IHN0cmF0ZW dpYyBmb2N1 cyBvbiBuYX R1cmFsIGdh cyBhbmQgbG lxdWVmaWVk IG5hdHVyYW wgZ2FzIChM TkcpLiBUaG V5IGFsc28g aGF2ZSBhIG dyb3dpbmcg cHJlc2VuY2 UgaW4gdGhl IHRlbGVjb2 1tdW5pY2F0 aW9ucyBzZW N0b3IsIG9m ZmVyaW5nIG ZpYmVyLW9w dGljIGJyb2 FkYmFuZCBz ZXJ2aWNlcy BpbiBTcGFp biBhbmQgQn JhemlsLjxi cj5PdmVyYW xsLCBJYmVy ZHJvbGEncy BidXNpbmVz cyBtb2RlbC BpcyBjZW50 ZXJlZCBvbi Bwcm92aWRp bmcgY2xlYW 4sIHJlbGlh YmxlLCBhbm QgYWZmb3Jk YWJsZSBlbm VyZ3kgc29s dXRpb25zIH doaWxlIHBy b21vdGluZy BzdXN0YWlu YWJpbGl0eS BhbmQgaW5u b3ZhdGlvbi 4gVGhleSBz dHJpdmUgdG 8gYmUgYSBs ZWFkZXIgaW 4gdGhlIGds b2JhbCBlbm VyZ3kgc2Vj dG9yIHRocm 91Z2ggc3Ry YXRlZ2ljIG ludmVzdG1l bnRzLCBlZm ZpY2llbnQg b3BlcmF0aW 9ucywgYW5k IHN0cm9uZy BwYXJ0bmVy c2hpcHMgd2 l0aCBvdGhl ciBjb21wYW 5pZXMgYW5k IHN0YWtlaG 9sZGVycy4=

AI can indeed pose potential threats to Iberdrola’s products, services, and competitive positioning in several ways:
1. Substitution: AI technologies can facilitate the development of alternative energy solutions, such as decentralized energy systems or innovative energy storage solutions. For instance, advancements in battery technologies and AI-driven energy management software could lead to increased adoption of solar panels and battery systems by consumers, reducing their dependency on traditional utility services provided by companies like Iberdrola.
2. Disintermediation: With the rise of smart technologies and the Internet of Things (IoT), consumers are increasingly able to produce their own energy (e.g., through solar panels) and utilize energy management systems to optimize consumption. This trend can lead to disintermediation, where traditional utilities lose their central role in energy supply, as consumers become more self-sufficient.
3. Margin Pressure: The integration of AI in the energy sector can also lead to increased competition, as new entrants may leverage AI to lower operational costs and provide more efficient services. This competitive pressure can force established companies like Iberdrola to reduce their prices or increase investments in AI and technology to maintain their market share, potentially impacting their profit margins.
In summary, while AI presents opportunities for improved efficiency and innovation, it also introduces risks related to substitution, disintermediation, and margin pressure that Iberdrola must navigate to maintain its competitive position in the energy market.

Iberdrola, like other utility companies, can be sensitive to changes in interest rates for several reasons, primarily related to its capital structure and operational financing needs.
1. Earnings Sensitivity: Iberdrola’s earnings can be impacted by changes in interest rates due to the company’s debt levels. If interest rates rise, the cost of servicing existing debt increases, which can reduce net income. Additionally, higher interest rates may lead to a slowdown in economic activity, potentially affecting energy demand and revenue.
2. Cash Flow Sensitivity: Cash flows are closely tied to interest rates, as higher rates increase the cost of financing for infrastructure projects and other capital expenditures. A significant portion of Iberdrola’s operations requires substantial capital investment, and if interest rates rise, the company may face higher costs to finance these investments. This can lead to tighter cash flows, affecting the ability to fund dividends or reinvest in the business.
3. Valuation Sensitivity: The valuation of Iberdrola is influenced by interest rates because utility stocks are often valued based on discounted cash flow models. When interest rates increase, the discount rate used in these models also increases, leading to a decrease in the present value of future cash flows. Consequently, the stock price may decline as investors adjust their expectations for future earnings and dividends.
In summary, Iberdrola’s earnings, cash flow, and valuation are sensitive to changes in interest rates primarily due to the company’s reliance on debt financing, its capital expenditure requirements, and the impact of discount rates on its valuation.

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 bG9nb3Mvbn haU3NUcXYx V0NQaGpSen pEblgud2Vi cCIgYWx0PS JJYmVyZHJv bGEiIHRpdG xlPSJJYmVy ZHJvbGEiIC 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 SWJlcmRyb2 xhPwogICAg 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+TmC BDbGFpbSB5 b3VyIGZyZW UgZUJvb2s6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg 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 1TNGdTV0ps Y20gUnliMn hoSUdseiBJ R0VnYlhWc2 RHIGx1WVhS cGIyNWggYk NCbGJtVnla MyBrZ1kyOX RjR0Z1IGVT QmlZWE5sWk MgQnBiaUJU Y0dGcCBiaU JoYm1RZ2FY IE1nYjI1bE lHOW0gSUhS b1pTQnNZWC BKblpYTjBJ R1ZzIFpXTj BjbWxqYVgg UjVJR052Yl hCaCBibWxs Y3lCcGJpIE IwYUdVZ2Qy OXkgYkdRdV BHSnlQaiBJ dUlGUm9aU0 JqIGIyMXdZ VzU1SUggZG hjeUJtYjNW dSBaR1ZrSU dsdUlEIEU1 T1RJZ2RHaH kgYjNWbmFD QjBhRyBVZ2 JXVnlaMlZ5 IElHOW1JSF IzYnkgQlRj R0Z1YVhOby BJR1Z1WlhK bmVTIEJqYj Ixd1lXNXAg WlhNZ1lXNW tJRyBoaGN5 QnphVzVqIF pTQm5jbTkz YmkgQjBieU JpWldOdiBi V1VnWVNCbm JHIDlpWVd3 Z2JHVmggWk dWeUlHbHVJ SCBSb1pTQm xibVZ5IFoz a2djMlZqZE cgOXlManhp Y2o0eiBMaU JKWW1WeVpI IEp2YkdFZ2 FYTWcgY0hK cGJXRnlhVy B4NUlHWnZZ M1Z6IFpXUW diMjRnZEcg aGxJSEJ5Yj JSMSBZM1Jw YjI0c0lHIF JwYzNSeWFX SjEgZEdsdm Jpd2dZVyA1 a0lITjFjSE JzIGVTQnZa aUJsYkcgVm pkSEpwWTJs MCBlU3dnWV hNZ2QyIFZz YkNCaGN5Qn kgWlc1bGQy RmliRyBVZ1 pXNWxjbWQ1 IExqeGljaj QwTGkgQlVh R1VnWTI5dC BjR0Z1ZVNC dmNHIFZ5WV hSbGN5QnAg YmlCdmRtVn lJRCBRd0lH TnZkVzUwIG NtbGxjeUJo Ym0gUWdhR0 Z6SUc5MiBa WElnTXpZZ2 JXIGxzYkds dmJpQmogZF hOMGIyMWxj biBNZ2QyOX liR1IzIGFX UmxManhpY2 ogNDFMaUJK YmlCMCBaWE p0Y3lCdlpp IEJ5Wlc1bG QyRmkgYkdV Z1pXNWxjbS BkNUxDQkpZ bVZ5IFpISn ZiR0VnYVgg TWdkR2hsSU d4aCBjbWRs YzNRZ2NIIE p2WkhWalpY SWcgYjJZZ2 QybHVaQyBC d2IzZGxjaU JwIGJpQjBh R1VnZDIgOX liR1FnWVc1 ayBJR2hoY3 lCaElHIGR5 YjNkcGJtY2 cgY0c5eWRH WnZiRyBsdk lHbHVJSE52 IGJHRnlJR0 Z1WkMgQm9l V1J5YjJWcy BaV04wY21s aklHIFZ1Wl hKbmVTNDgg WW5JK05pNG dWRyBobElH TnZiWEJoIG Jua2dhR0Z6 SUcgRWdjM1 J5YjI1biBJ R052YlcxcG RHIDFsYm5R Z2RHOGcgYz NWemRHRnBi bSBGaWFXeH BkSGtnIFlX NWtJR2hoY3 kgQmlaV1Z1 SUhKbCBZMj luYm1sNlpX IFFnWm05eU lHbDAgY3lC bFptWnZjbi BSeklHbHVJ SEpsIFpIVm phVzVuSUcg VnRhWE56YV c5dSBjeUJo Ym1RZ2NIIE p2Ylc5MGFX NW4gSUdOc1 pXRnVJRyBW dVpYSm5lUz Q4IFluSStO eTRnU1cgSm xjbVJ5YjJ4 aCBJR2hoY3 lCd2JHIEY1 WldRZ1lTQn QgWVdwdmNp QnliMiB4bE lHbHVJSFJv IFpTQmtaWF psYkcgOXdi V1Z1ZENCdi BaaUJ5Wlc1 bGQyIEZpYk dVZ1pXNWwg Y21kcFpYTW dhVyA0Z1Uz QmhhVzRzIE lHRnVaQ0Jv WVggTWdZV3 h6YnlCcCBi blpsYzNSbF pDIEJwYmlC eVpXNWwgZD JGaWJHVWdj SCBKdmFtVm pkSE1nIGFX NGdiM1JvWl ggSWdZMjkx Ym5SeSBhV1 Z6SUhOMVky IGdnWVhNZ2 RHaGwgSUZW dWFYUmxaQy BCVGRHRjBa WE1zIElGVn VhWFJsWkMg QkxhVzVuWk c5dCBMQ0Jo Ym1RZ1FuIE poZW1sc0xq eGkgY2o0NE xpQlVhRyBV Z1kyOXRjR0 Z1IGVTQm9Z WE1nWVMgQn pkSEp2Ym1j ZyBjbVZ6Wl dGeVkyIGdn WVc1a0lHUm wgZG1Wc2Iz QnRaVyA1ME lHUmxjR0Z5 IGRHMWxibl FzSUcgbHVk bVZ6ZEdsdS BaeUJvWldG MmFXIHg1SU dsdUlHNWwg ZHlCMFpXTm 9ibSA5c2Iy ZHBaWE1nIF lXNWtJR2x1 Ym0gOTJZWF JwYjI1eiBJ R2x1SUhSb1 pTIEJsYm1W eVoza2cgYz JWamRHOXlM aiB4aWNqND VMaUJKIFlt VnlaSEp2Yk cgRWdhWE1n YkdseiBkR1 ZrSUc5dUlI IFJvWlNCR2 IzSmkgWlhN Z1IyeHZZbS BGc0lESXdN REFnIGJHbH pkQ3dnY20g RnVhMmx1Wn lCaCBiVzl1 WnlCMGFHIF VnZEc5d0lH TnYgYlhCaG JtbGxjeSBC cGJpQjBhR1 VnIGQyOXli R1F1UEcgSn lQakV3TGlC SiBiaUJoWk dScGRHIGx2 YmlCMGJ5Qn AgZEhNZ1pX NWxjbSBkNU lHOXdaWEpo IGRHbHZibk 1zSUggUm9a U0JqYjIxdy BZVzU1SUds eklHIEZzYz I4Z2FXNTIg YjJ4MlpXUW dhVyA0Z2Rt RnlhVzkxIG N5QnpiMk5w WVcgd2dZVz VrSUdOMSBi SFIxY21Gc0 lHIGx1YVhS cFlYUnAgZG 1WekxDQnBi bSBOc2RXUn BibWNnIGNI SnZiVzkwYV cgNW5JR1Zr ZFdOaCBkR2 x2YmlCaGJt IFFnYzNWd2 NHOXkgZEds dVp5QjBhRy BVZ1lYSjBj eTQ9CiAgIC AgICAgPC9z cGFuPgogIC AgICAgIAog ICAgICAgIA ==