Barry Callebaut

More reviews (1)

Live  

Barry Callebaut is a multinational chocolate and cocoa products manufacturer headquartered in Zurich, Switzerland. The company was founded in 1996 as a result of the merger between Belgian chocolate producer Callebaut and French company Cacao Barry. Today, it is the world's largest producer of high-quality chocolate and cocoa products, with over 60 production facilities and sales operations in over 50 countries.
The company operates under three business segments: Food Manufacturers, Gourmet & Specialties, and Consumer Products. It supplies to various industries including food manufacturers, artisanal and professional users, and the consumer sector. Its brands include Callebaut, Cacao Barry, Van Leer, and Callebaut's Finest Belgian Chocolate, among others.
Barry Callebaut is committed to sustainable cocoa production and has implemented various programs to support farmers and improve cocoa farming practices. It also has a strong focus on innovation and research, continually developing new chocolate and cocoa products to meet the changing demands of its customers.
In addition to chocolate and cocoa products, Barry Callebaut also offers value-added services such as personalized recipes and technical support, as well as solutions for sustainability, logistics, and marketing.
The company is listed on the Swiss Stock Exchange and is known for its strong financial performance and consistent growth. Its revenue for fiscal year 2020/21 was CHF 7.3 billion.

Barry Callebaut is a big company that makes chocolate and other tasty treats. Imagine a place where they create delicious chocolate bars, chocolate for cakes, and even chocolate for ice cream. They work with many other brands and stores that sell chocolate products.
The way Barry Callebaut makes money is by selling all the chocolate and cocoa products they create. They sell these products to chocolate makers, bakers, and candy companies. These businesses use Barry Callebaut’s chocolate to make treats that you find in stores, like candy bars or chocolate cakes.
Barry Callebaut is successful for a few reasons. First, they have been in business for a long time, so they know exactly how to make high-quality chocolate. Second, they have a lot of happy customers who choose their products because they taste so good. They also pay attention to what people want, like making chocolate that is more sustainable or healthier.
In the future, Barry Callebaut will likely continue to do well because people love chocolate, and it’s a treat that many enjoy around the world. They are always looking for new ways to create tasty chocolate and keep up with what customers want. Plus, as more people learn about how chocolate is made and seek out ethical choices, Barry Callebaut is already working to be part of that, which is a smart move for their business. So, you could say they have a sweet recipe for success!

MS4gTGFyZ2 VzdCBjaG9j b2xhdGUgbW FudWZhY3R1 cmVyOiBCYX JyeSBDYWxs ZWJhdXQgaX MgdGhlIGxh cmdlc3QgY2 hvY29sYXRl IG1hbnVmYW N0dXJlciBp biB0aGUgd2 9ybGQsIHBy b2R1Y2luZy BvdmVyIDIg bWlsbGlvbi B0b25zIG9m IGNob2NvbG F0ZSBhbmQg Y29jb2EgcH JvZHVjdHMg ZXZlcnkgeW Vhci48YnI+ Mi4gR2xvYm FsIHByZXNl bmNlOiBUaG UgY29tcGFu eSBvcGVyYX RlcyBpbiBv dmVyIDMwIG NvdW50cmll cyBhbmQgaG FzIG92ZXIg NjAgcHJvZH VjdGlvbiBm YWNpbGl0aW VzIGFyb3Vu ZCB0aGUgd2 9ybGQsIG1h a2luZyBpdC BhIHRydWx5 IGdsb2JhbC Bjb21wYW55 Ljxicj4zLi BTdXN0YWlu YWJpbGl0eT ogQmFycnkg Q2FsbGViYX V0IGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJsZS Bjb2NvYSBw cm9kdWN0aW 9uIGFuZCBp cyBhIGxlYW RpbmcgbWVt YmVyIG9mIH RoZSBXb3Js ZCBDb2NvYS BGb3VuZGF0 aW9uIGFuZC B0aGUgSW50 ZXJuYXRpb2 5hbCBDb2Nv YSBJbml0aW F0aXZlLjxi cj40LiBIaW doLXF1YWxp dHkgcHJvZH VjdHM6IFRo ZSBjb21wYW 55IGlzIGtu b3duIGZvci BpdHMgaGln aC1xdWFsaX R5IGNob2Nv bGF0ZSBhbm QgY29jb2Eg cHJvZHVjdH MsIHdoaWNo IGFyZSB1c2 VkIGJ5IHNv bWUgb2YgdG hlIGJpZ2dl c3QgbmFtZX MgaW4gdGhl IGZvb2QgaW 5kdXN0cnku PGJyPjUuIF Jlc2VhcmNo IGFuZCBpbm 5vdmF0aW9u OiBCYXJyeS BDYWxsZWJh dXQgaGFzIG EgZGVkaWNh dGVkIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 ZWFtIHRoYX Qgd29ya3Mg b24gZGV2ZW xvcGluZyBu ZXcgY2hvY2 9sYXRlIGFu ZCBjb2NvYS Bwcm9kdWN0 cyBhbmQgaW 1wcm92aW5n IHByb2R1Y3 Rpb24gcHJv Y2Vzc2VzLj xicj42LiBT dHJvbmcgcG FydG5lcnNo aXBzOiBUaG UgY29tcGFu eSB3b3Jrcy BjbG9zZWx5 IHdpdGggZm FybWVycywg c3VwcGxpZX JzLCBhbmQg Y3VzdG9tZX JzIHRvIGVu c3VyZSBhIH N1c3RhaW5h YmxlIGFuZC B0cmFuc3Bh cmVudCBzdX BwbHkgY2hh aW4uPGJyPj cuIFJhbmdl IG9mIHByb2 R1Y3RzOiBC YXJyeSBDYW xsZWJhdXQg b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi BjaG9jb2xh dGUgYW5kIG NvY29hIHBy b2R1Y3RzLC BpbmNsdWRp bmcgY29hdG luZ3MsIGZp bGxpbmdzLC BkZWNvcmF0 aW9ucywgYW 5kIGluZ3Jl ZGllbnRzIG ZvciB0aGUg Zm9vZCBpbm R1c3RyeS48 YnI+OC4gUH JlbWl1bSBi cmFuZHM6IF RoZSBjb21w YW55IG93bn Mgc2V2ZXJh bCBwcmVtaX VtIGNob2Nv bGF0ZSBicm FuZHMsIGlu Y2x1ZGluZy BDYWxsZWJh dXQsIENhY2 FvIEJhcnJ5 LCBhbmQgQ2 FybWEsIHBy b3ZpZGluZy BjdXN0b21l cnMgd2l0aC BhIHZhcmll dHkgb2Ygb3 B0aW9ucy48 YnI+OS4gQ2 9tbWl0bWVu dCB0byBzb2 NpYWwgcmVz cG9uc2liaW xpdHk6IEJh cnJ5IENhbG xlYmF1dCBp cyBjb21taX R0ZWQgdG8g aW1wcm92aW 5nIHRoZSBs aXZlcyBvZi Bjb2NvYSBm YXJtZXJzIG FuZCB0aGVp ciBjb21tdW 5pdGllcyB0 aHJvdWdoIH ZhcmlvdXMg aW5pdGlhdG l2ZXMgYW5k IHByb2dyYW 1zLjxicj4x MC4gQ3VzdG 9tZXIgZm9j dXM6IFRoZS Bjb21wYW55 IHdvcmtzIG Nsb3NlbHkg d2l0aCBpdH MgY3VzdG9t ZXJzIHRvIH VuZGVyc3Rh bmQgdGhlaX IgbmVlZHMg YW5kIGNyZW F0ZSB0YWls b3ItbWFkZS Bzb2x1dGlv bnMsIG1ha2 luZyBpdCBh IHRydXN0ZW QgcGFydG5l ciBmb3IgbW FueSBmb29k IGJ1c2luZX NzZXMu

VGhlIEJhcn J5IENhbGxl YmF1dCBjb2 1wYW55IGlz IGEgbGVhZG luZyBtYW51 ZmFjdHVyZX IgYW5kIHN1 cHBsaWVyIG 9mIGhpZ2gt cXVhbGl0eS BjaG9jb2xh dGUgYW5kIG NvY29hIHBy b2R1Y3RzLi BUaGUgY29t cGFueSdzIG J1c2luZXNz IG1vZGVsIG NhbiBiZSBz dW1tYXJpem VkIGFzIGZv bGxvd3M6PG JyPjEpIFNv dXJjaW5nOi BCYXJyeSBD YWxsZWJhdX Qgc291cmNl cyBjb2NvYS BiZWFucyBm cm9tIHZhcm lvdXMgY291 bnRyaWVzIG FuZCBwYXJ0 bmVycyB3aX RoIGNvY29h IGZhcm1lcn MgdG8gZW5z dXJlIGEgc3 VzdGFpbmFi bGUgYW5kIH Jlc3BvbnNp YmxlIHN1cH BseSBjaGFp bi48YnI+Mi kgUHJvZHVj dGlvbjogVG hlIGNvbXBh bnkgaGFzIG EgbmV0d29y ayBvZiBvdm VyIDYwIGZh Y3Rvcmllcy B3b3JsZHdp ZGUsIHdoZX JlIGl0IHBy b2Nlc3Nlcy Bjb2NvYSBi ZWFucyBpbn RvIGNvY29h IGxpcXVvci wgY29jb2Eg YnV0dGVyLC BhbmQgY29j b2EgcG93ZG VyLjxicj4z KSBJbm5vdm F0aW9uOiBC YXJyeSBDYW xsZWJhdXQg aW52ZXN0cy BoZWF2aWx5 IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 byBjcmVhdG UgbmV3IHBy b2R1Y3RzLC BpbXByb3Zl IGV4aXN0aW 5nIG9uZXMs IGFuZCBmaW 5kIG1vcmUg c3VzdGFpbm FibGUgYW5k IGVmZmljaW VudCBwcm9k dWN0aW9uIG 1ldGhvZHMu PGJyPjQpIE 1hbnVmYWN0 dXJpbmcgYW 5kIGRpc3Ry aWJ1dGlvbj ogVGhlIGNv bXBhbnkgcH JvZHVjZXMg YSB3aWRlIH JhbmdlIG9m IGNob2NvbG F0ZSBhbmQg Y29jb2EgcH JvZHVjdHMs IGluY2x1ZG luZyBjb3V2 ZXJ0dXJlIG Nob2NvbGF0 ZSwgZGVjb3 JhdGluZyBj aG9jb2xhdG UsIGZpbGxp bmdzLCBhbm QgaW5jbHVz aW9ucy4gVG hlc2UgcHJv ZHVjdHMgYX JlIHRoZW4g ZGlzdHJpYn V0ZWQgdG8g YnVzaW5lc3 NlcyBpbiB0 aGUgZm9vZC BpbmR1c3Ry eSwgc3VjaC BhcyBjb25m ZWN0aW9uZX J5LCBiYWtl cnksIGFuZC BpY2UgY3Jl YW0gbWFudW ZhY3R1cmVy cy48YnI+NS kgUHJpdmF0 ZSBsYWJlbC BhbmQgY29u dHJhY3Rpbm cgbWFudWZh Y3R1cmluZz ogQmFycnkg Q2FsbGViYX V0IGFsc28g b2ZmZXJzIH ByaXZhdGUg bGFiZWwgYW 5kIGNvbnRy YWN0aW5nIG 1hbnVmYWN0 dXJpbmcgc2 VydmljZXMg Zm9yIGNvbX BhbmllcyBs b29raW5nIH RvIGxhdW5j aCB0aGVpci Bvd24gYnJh bmRlZCBjaG 9jb2xhdGUg cHJvZHVjdH MuPGJyPjYp IE1hcmtldG luZyBhbmQg c2FsZXM6IF RoZSBjb21w YW55IGhhcy BhIGdsb2Jh bCBwcmVzZW 5jZSBhbmQg c2VsbHMgaX RzIHByb2R1 Y3RzIHRvIG N1c3RvbWVy cyBpbiBvdm VyIDEwMCBj b3VudHJpZX MuIEl0IGhh cyBhIGRlZG ljYXRlZCBz YWxlcyBhbm QgbWFya2V0 aW5nIHRlYW 0gdG8gcHJv bW90ZSBpdH MgcHJvZHVj dHMgYW5kIG 1haW50YWlu IHJlbGF0aW 9uc2hpcHMg d2l0aCBjdX N0b21lcnMu PGJyPjcpIF N1c3RhaW5h YmlsaXR5Oi BCYXJyeSBD YWxsZWJhdX QgaXMgY29t bWl0dGVkIH RvIHN1c3Rh aW5hYmxlIG FuZCByZXNw b25zaWJsZS BidXNpbmVz cyBwcmFjdG ljZXMsIGlu Y2x1ZGluZy BldGhpY2Fs IHNvdXJjaW 5nLCBlbmVy Z3kgYW5kIH dhdGVyIGVm ZmljaWVuY3 ksIGFuZCBy ZWR1Y2luZy BpdHMgY2Fy Ym9uIGZvb3 RwcmludC48 YnI+OCkgQ2 9sbGFib3Jh dGl2ZSBwYX J0bmVyc2hp cHM6IFRoZS Bjb21wYW55 IHdvcmtzIG Nsb3NlbHkg d2l0aCBpdH MgY3VzdG9t ZXJzLCBzdX BwbGllcnMs IGFuZCBvdG hlciBzdGFr ZWhvbGRlcn MgdG8gZm9z dGVyIGxvbm ctdGVybSBy ZWxhdGlvbn NoaXBzIGFu ZCBkcml2ZS BtdXR1YWwg Z3Jvd3RoIG FuZCBzdWNj ZXNzLjxicj 5PdmVyYWxs LCBCYXJyeS BDYWxsZWJh dXQncyBidX NpbmVzcyBt b2RlbCByZX ZvbHZlcyBh cm91bmQgcH JvZHVjaW5n IGhpZ2gtcX VhbGl0eSwg c3VzdGFpbm FibGUsIGFu ZCBpbm5vdm F0aXZlIGNo b2NvbGF0ZS BhbmQgY29j b2EgcHJvZH VjdHMgYW5k IGJ1aWxkaW 5nIHN0cm9u ZyBwYXJ0bm Vyc2hpcHMg dG8gbWVldC B0aGUgY2hh bmdpbmcgZG VtYW5kcyBv ZiB0aGUgZ2 xvYmFsIGZv b2QgaW5kdX N0cnku

AI has the potential to impact Barry Callebaut in several ways, but whether it poses a material threat depends on various factors.
1. Substitution: AI technologies could lead to the development of alternative products that mimic the taste and texture of chocolate, potentially resulting in substitution threats. For example, plant-based or synthetic chocolate alternatives could gain traction, especially as consumers become more health-conscious and environmentally aware. However, Barry Callebaut’s established brand and expertise in chocolate production may mitigate this risk.
2. Disintermediation: AI-driven platforms can streamline the supply chain, potentially allowing consumers to purchase chocolate directly from producers or manufacturers, bypassing traditional distributors. This shift could threaten Barry Callebaut’s traditional distribution channels. However, the company’s strong network and established relationships with distributors may help buffer against disintermediation effects.
3. Margin Pressure: AI can enhance production efficiency and reduce costs, leading to lower prices in the market. If competitors successfully implement AI to gain significant efficiencies, Barry Callebaut could face margin pressures. To counter this, the company might need to invest in its own AI technologies to improve production processes and maintain competitive pricing.
Overall, while AI presents potential threats through substitution, disintermediation, and margin pressures, Barry Callebaut’s established market position, brand loyalty, and expertise may help it navigate these challenges effectively. Embracing AI as a tool for innovation and efficiency rather than viewing it solely as a threat may be a constructive strategy for the company.

The sensitivity of Barry Callebaut’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Impact: Changes in interest rates can affect Barry Callebaut’s earnings through several channels. If interest rates rise, the cost of borrowing may increase, leading to higher finance costs. This could reduce net income, especially if the company has significant debt. Conversely, lower interest rates can lead to reduced finance costs, potentially boosting earnings.
2. Cash Flow Sensitivity: Cash flow can be sensitive to interest rate changes as well. Higher interest rates can increase outflows related to interest payments on debt, thereby reducing available cash flow for operations and investments. Additionally, if customers or suppliers are also affected by rising rates, it can impact payment terms and cash flow cycles.
3. Valuation Considerations: Valuation is often influenced by the discount rate applied to forecasted cash flows. Higher interest rates lead to higher discount rates, which typically result in lower present values of future cash flows, thereby reducing the overall valuation of the company. Conversely, lower interest rates can enhance valuations by decreasing discount rates.
4. Market Risk and Investment Decisions: Changes in interest rates also reflect broader economic conditions. If rates rise due to inflation or monetary tightening, there may be broader impacts on consumer behavior and spending, affecting Barry Callebaut’s sales and ultimately, its financial performance.
In summary, Barry Callebaut’s earnings, cash flow, and valuation are sensitive to interest rate fluctuations, primarily through the effects on borrowing costs, cash outflows, and discount rates for valuation. The overall impact would depend on the company’s capital structure, market conditions, and operational efficiencies.

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 bG9nb3Mvb3 JzWm51RE5K MERFVWlPNl FjdGEud2Vi cCIgYWx0PS JCYXJyeSBD YWxsZWJhdX QiIHRpdGxl PSJCYXJyeS BDYWxsZWJh dXQiICBjbG Fzcz0iaW1n LWZsdWlkIi BoZWlnaHQ9 OTAgd2lkdG g9OTAgbG9h ZGluZz0nbG F6eScgc3R5 bGU9J2Jvcm Rlci1yYWRp dXM6IDZweD snPgoKICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdm bGV4OiAxOy B0ZXh0LWFs aWduOiBjZW 50ZXI7IG1h cmdpbi1sZW Z0OiA1cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPHAg c3R5bGU9J2 ZvbnQtc2l6 ZTogMjZweD sgY29sb3I6 ICMzMzM7IG 1hcmdpbi1i b3R0b206ID E1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIPCf k4ggV2FudC B0byByZWFk IG1vcmUgYW JvdXQgQmFy cnkgQ2FsbG ViYXV0Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +OgSBGcmVl IGRvd25sb2 FkISA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnVk dobElHIE52 YlhCaGJua2 cgZDJGeklH WnZkVyA1a1 pXUWdhVzRn IE1UazVOaU IzYUcgVnVJ RVp5Wlc1ai BhQ0JqYUc5 amIyIHhoZE dVZ2NISnYg WkhWalpYSW dRMiBGallX OGdRbUZ5IG Nua2dZVzVr SUUgSmxiR2 RwWVc0ZyBZ Mmh2WTI5c1 lYIFJsSUhC eWIyUjEgWT JWeUlFTmhi RyB4bFltRj FkQ0J0IFpY Sm5aV1F1UE cgSnlQakl1 SUVsMCBJR2 x6SUhSb1pT IEIzYjNKc1 pPS0EgbVhN Z2JHRnlaMi BWemRDQmpi Mk52IFlTQn djbTlqWlgg TnpiM0lnWV c1ayBJR05v YjJOdmJHIE YwWlNCdFlX NTEgWm1Gam RIVnlaWCBJ c0lIQnliMl IxIFkybHVa eUJoY20gOT FibVFnTWk0 eSBJRzFwYk d4cGIyIDRn ZEc5dWJtVn ogSUc5bUlH TnZZMiA5aE lHRnVaQ0Jq IGFHOWpiMn hoZEcgVWdj SEp2WkhWai BkSE1nWlha bGNuIGtnZV dWaGNpNDgg WW5JK015NG dWRyBobElH TnZiWEJoIG JubmlnSmx6 SUcgaGxZV1 J4ZFdGeSBk R1Z5Y3lCaG NtIFVnYkc5 allYUmwgWk NCcGJpQmFk WCBKcFkyZ3 NJRk4zIGFY UjZaWEpzWV cgNWtManhp Y2o0MCBMaU JKZENCb1lY IE1nYjNabG NpQTIgTUNC d2NtOWtkVy BOMGFXOXVJ R1poIFkybH NhWFJwWlgg TWdhVzRnTX pBZyBZMjkx Ym5SeWFXIF Z6TENCM2FY Um8gSUdFZ2 NISmxjMiBW dVkyVWdhVz RnIFJYVnli M0JsTEMgQk 9iM0owYUNC aCBibVFnVT I5MWRHIGdn UVcxbGNtbG ogWVN3Z1FY TnBZUyB3Z1 lXNWtJRUZt IGNtbGpZUz Q4WW4gSStO UzRnVkdobC BJR052YlhC aGJuIG5pZ0 pseklIQnkg YjJSMVkzUn pJRyBGeVpT QnpiMnhrIE lIVnVaR1Z5 SUcgRWdkbU Z5YVdWMCBl U0J2WmlCaW NtIEZ1WkhN c0lHbHUgWT J4MVpHbHVa eSBCRFlXeH NaV0poIGRY UXNJRU5oWT IgRnZJRUpo Y25KNSBMQ0 JXWVc0Z1NH IDkxZEdWdU xDQkQgWVhK dFlTd2dZVy A1a0lGTnBZ MkZ2IExqeG ljajQyTGkg QkNZWEp5ZV NCRCBZV3hz WldKaGRYIF FnYVhNZ2Ey NXYgZDI0Z1 ptOXlJRyBs MGN5QmpiMj F0IGFYUnRa VzUwSUggUn ZJSE4xYzNS aCBhVzVoWW 14bElHIE52 WTI5aElIQn kgYjJSMVkz UnBiMiA0Z1 lXNWtJR2ho IGN5QmlaV1 Z1SUcgRWdi V1Z0WW1WeS BJRzltSUhS b1pTIEJYYj NKc1pDQkQg YjJOdllTQk diMyBWdVpH RjBhVzl1IE lITnBibU5s SUQgSXdNRE F1UEdKeSBQ amN1SUZSb1 pTIEJqYjIx d1lXNTUgSU dseklHeHBj MyBSbFpDQn ZiaUIwIGFH VWdVMGxZSU YgTjNhWE56 SUVWNCBZMm hoYm1kbElH IEZ1WkNCb1 lYTWcgWVNC dFlYSnJaWC BRZ1kyRndh WFJoIGJHbD ZZWFJwYjIg NGdiMllnYj NabCBjaUFr TVRFZ1ltIG xzYkdsdmJp QmggY3lCdl ppQXlNRCBJ eExqeGljaj Q0IExpQkpk Q0JwY3kgQj BhR1VnYldG cCBiaUJ6ZF hCd2JHIGxs Y2lCdlppQm ogYUc5amIy eGhkRyBVZ2 RHOGdiV0Zx IGIzSWdhVz UwWlggSnVZ WFJwYjI1aC BiQ0JtYjI5 a0lHIEZ1Wk NCaVpYWmwg Y21GblpTQm piMiAxd1lX NXBaWE1zIE lITjFZMmdn WVggTWdUbV Z6ZEd4bCBM Q0JJWlhKem FHIFY1TENC aGJtUWcgVl c1cGJHVjJa WCBJdVBHSn lQamt1IElF bHVJR0ZrWk cgbDBhVzl1 SUhSdiBJR0 5vYjJOdmJH IEYwWlNCd2 NtOWsgZFdO MGN5d2dRbS BGeWNua2dR MkZzIGJHVm lZWFYwSUcg RnNjMjhnYj JabSBaWEp6 SUdFZ2NtIE Z1WjJVZ2Iy WWcgWkdWam IzSmhkRyBs dmJuTXNJR1 pwIGJHeHBi bWR6TEMgQm hibVFnYVc1 aiBiSFZ6YV c5dWN5IEJt YjNJZ2RHaG wgSUdKaGEy VnllUyB3Z1 kyOXVabVZq IGRHbHZibV Z5ZVMgd2dZ VzVrSUdSaC BhWEo1SUds dVpIIFZ6ZE hKcFpYTXUg UEdKeVBqRX dMaSBCVWFH VWdZMjl0IG NHRnVlU0Jv WVggTWdZU0 J6ZEhKdiBi bWNnWm05am RYIE1nYjI0 Z2FXNXUgYj NaaGRHbHZi aSBCaGJtUW dhR0Z6IElH UmxkbVZzYj MgQmxaQ0J6 WlhabCBjbU ZzSUdkeWIz IFZ1WkdKeV pXRnIgYVc1 bklIQnliMi BSMVkzUnpM Q0J6IGRXTm 9JR0Z6SUgg SjFZbmtnWT JodiBZMjlz WVhSbExDIE IzYUdsamFD QnAgY3lCdF lXUmxJRyBa eWIyMGdjM0 JsIFkybGhi R3g1SUggTm xiR1ZqZEdW ayBJSEoxWW 5rZ1kyIDlq YjJFZ1ltVm ggYm5NZ1lX NWtJRyBoaG N5QmhJSFZ1 IGFYRjFaU0 J3YVcgNXJJ R052Ykc5eS BJR0Z1WkNC bWNuIFZwZE hrZ2RHRnog ZEdVdVBHSn lQaiBFeExp QkJjeUJ3IF lYSjBJRzlt SUcgbDBjeU J6ZFhOMCBZ V2x1WVdKcG JHIGwwZVNC bFptWnYgY2 5SekxDQkNZ WCBKeWVTQk RZV3hzIFpX SmhkWFFnYU cgRnpJR052 YlcxcCBkSF JsWkNCMGJ5 IEJ6YjNWeV kybHUgWnlB eE1EQWxJSC BOMWMzUmhh VzVoIFlteG xJR052WTIg OWhJR0o1SU RJdyBNalVz SUhCeWIzIF pwWkdsdVp5 Qm0gWVhKdF pYSnpJSCBk cGRHZ2dZbV YwIGRHVnlJ R3hwZG0gVn NhV2h2YjJS eiBMQ0JoYm 1RZ2NIIEp2 Ylc5MGFXNW 4gSUdKcGIy UnBkbSBWeW MybDBlU0Jo IGJtUWdjbV Z6YVcgeHBa VzVqWlNCcC BiaUJqYjJO dllTIDFuY2 05M2FXNW4g SUhKbFoybH ZibiBNdVBH SnlQakV5IE xpQlVhR1Vn WTIgOXRjR0 Z1ZVNCbyBZ WE1nZDI5dU lHIDUxYldW eWIzVnogSU dGM1lYSmtj eSBCbWIzSW dhWFJ6IElH SjFjMmx1Wl ggTnpJSEJ5 WVdOMCBhV0 5sY3l3Z2FX IDVqYkhWa2 FXNW4gSUdK bGFXNW5JRy A1aGJXVmtJ Rzl1IFpTQn ZaaUIwYUcg VWdWMjl5Yk dUaSBnSmx6 SUUxdmMzIF FnUlhSb2FX TmggYkNCRG IyMXdZVyA1 cFpYTWdZbm tnIGRHaGxJ RVYwYUcgbH pjR2hsY21V ZyBTVzV6ZE dsMGRYIFJs SUdadmNpQj AgYUhKbFpT QmpiMiA1el pXTjFkR2wy IFpTQjVaV0 Z5Y3kgQW9N akF4T0MweS BNREl3S1M0 OFluIEkrTV RNdUlFSmgg Y25KNUlFTm hiRyB4bFlt RjFkQ0JwIG N5QmhiSE52 SUcgbHVkbT lzZG1WayBJ R2x1SUhaaG NtIGx2ZFhN Z1kyOXQgYl hWdWFYUjVJ SCBCeWIycG xZM1J6IExD QnpkV05vSU cgRnpJSEJ5 YjIxdiBkR2 x1WnlCblpX IDVrWlhJZ1 pYRjEgWVd4 cGRIa2dhVy A0Z2RHaGxJ R052IFkyOW hJR2x1Wkgg VnpkSEo1SU dGdSBaQ0Js YlhCdmQyIF Z5YVc1bklH TnYgWTI5aE lHWmhjbSAx bGNuTWdkR2 h5IGIzVm5h Q0IwY20gRn BibWx1WnlC aCBibVFnWl dSMVkyIEYw YVc5dUlIQn kgYjJkeVlX MXpMaiB4aW NqNHhOQzRn IFZHaGxJR0 52YlggQmhi bm5pZ0psei BJR2RzYjJK aGJDIEIzYj NKclptOXkg WTJVZ2FYTW diVyBGa1pT QjFjQ0J2IF ppQnZkbVZ5 SUQgRXlMRE F3TUNCbCBi WEJzYjNsbF pYIE1nWm5K dmJTQnQgYj NKbElIUm9Z VyA0Z05qQW daR2xtIFpt VnlaVzUwSU cgTnZkVzUw Y21sbCBjeT Q4WW5JK01U IFV1SUVSbG MzQnAgZEdV Z1ltVnBibS BjZ1lTQlRk Mmx6IGN5Qm piMjF3WVcg NTVMQ0IwYU dVZyBiV0Zx YjNKcGRIIG tnYjJZZ1Ft RnkgY25rZ1 EyRnNiRyBW aVlYVjA0b0 NaIGN5Qmpi Mk52WVMgQm laV0Z1Y3lC aCBjbVVnYz I5MWNtIE5s WkNCbWNtOX QgSUZkbGMz UWdRVyBaeW FXTmhMQ0J3 IFlYSjBhV0 4xYkcgRnli SGtnUThPMC BkR1VnWk9L QW1VIGwyYj JseVpTd2cg UjJoaGJtRX NJRyBGdVpD QkRZVzFsIG NtOXZiaTQ9 CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==