Interroll Holding

-8.1%

More reviews (1)

Live  

Interroll Holding is a global manufacturer of products and services for material handling and internal logistics solutions. The company was founded in 1959 and is headquartered in Sant'Antonino, Switzerland.
Interroll offers a wide range of products including conveyor rollers, drives, and controls, as well as pallet and carton flow systems. These products are used in a variety of industries such as food processing, retail, and e-commerce.
The company has a global presence with manufacturing facilities and sales offices in over 30 countries. It serves customers in more than 100 countries and employs over 2,200 people worldwide.
Interroll is committed to sustainability in its operations and products, with a focus on reducing energy consumption, promoting recycling, and using sustainable materials.
The company is publicly traded on the Swiss stock exchange and has a strong financial track record. In recent years, Interroll has experienced steady growth and has received several awards for its innovation and performance.

SW50ZXJyb2 xsIEhvbGRp bmcgaXMgYS Bjb21wYW55 IHRoYXQgaG VscHMgb3Ro ZXIgYnVzaW 5lc3NlcyBt b3ZlIHRoaW 5ncyBhcm91 bmQsIGVzcG VjaWFsbHkg aW4gYmlnIH dhcmVob3Vz ZXMgYW5kIG ZhY3Rvcmll cy4gVGhleS BjcmVhdGUg c3BlY2lhbC BlcXVpcG1l bnQgbGlrZS Bjb252ZXlv ciBiZWx0cy BhbmQgcm9s bGVyIHN5c3 RlbXMgdGhh dCB0cmFuc3 BvcnQgaXRl bXMgc21vb3 RobHkgZnJv bSBvbmUgcG xhY2UgdG8g YW5vdGhlci 4gV2hlbiB5 b3UgdGhpbm sgYWJvdXQg aG93IGdvb2 RzLCBsaWtl IHRveXMgb3 IgZm9vZCwg bmVlZCB0by BiZSBtb3Zl ZCBxdWlja2 x5IGFuZCBz YWZlbHksIE ludGVycm9s bCBpcyB0aG UgY29tcGFu eSB0aGF0IH Byb3ZpZGVz IHRoZSBzeX N0ZW1zIHRv IGRvIHRoYX QhPGJyPklu dGVycm9sbC BtYWtlcyBt b25leSBieS BzZWxsaW5n IHRoZXNlIG 1hY2hpbmVz IGFuZCBlcX VpcG1lbnQg dG8gb3RoZX IgY29tcGFu aWVzLiBUaG V5IGFsc28g aGVscCBpbn N0YWxsIGFu ZCBtYWludG FpbiB0aGVz ZSBzeXN0ZW 1zLiBCZWNh dXNlIG1hbn kgYnVzaW5l c3NlcyBuZW VkIHRvIG1v dmUgcHJvZH VjdHMgZWZm aWNpZW50bH ksIEludGVy cm9sbCBoYX MgYSBsb3Qg b2YgY3VzdG 9tZXJzIHdo byBwYXkgdG hlbSBmb3Ig dGhlaXIgcH JvZHVjdHMg YW5kIHNlcn ZpY2VzLjxi cj5PbmUgcm Vhc29uIElu dGVycm9sbC BpcyBzdWNj ZXNzZnVsIG lzIHRoYXQg dGhleSBrZW VwIGZpbmRp bmcgbmV3IH dheXMgdG8g aW1wcm92ZS B0aGVpciBw cm9kdWN0cy 4gVGhleSBh cmUgYWx3YX lzIGxvb2tp bmcgZm9yIH dheXMgdG8g bWFrZSBtb3 ZpbmcgZ29v ZHMgZXZlbi BmYXN0ZXIg YW5kIHNhZm VyLCB3aGlj aCBoZWxwcy B0aGVpciBj dXN0b21lcn Mgd29yayBi ZXR0ZXIuIE Fsc28sIGFz IG1vcmUgcG VvcGxlIGJ1 eSBvbmxpbm UgYW5kIGNv bXBhbmllcy BuZWVkIHRv IHNoaXAgdG hpbmdzIHF1 aWNrbHksIH RoZSBuZWVk IGZvciBnb2 9kIHRyYW5z cG9ydGF0aW 9uIHN5c3Rl bXMgaW4gd2 FyZWhvdXNl cyBpcyBncm 93aW5nLiA8 YnI+TG9va2 luZyBhaGVh ZCwgSW50ZX Jyb2xsIGlz IGV4cGVjdG VkIHRvIHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIH RoZXkgYXJl IGluIGEgZm llbGQgdGhh dCBpcyBleH BhbmRpbmcu IE1vcmUgYW 5kIG1vcmUg YnVzaW5lc3 NlcyBuZWVk IGhlbHAgd2 l0aCBtb3Zp bmcgaXRlbX MgcXVpY2ts eSwgYW5kIE ludGVycm9s bCBoYXMgdG hlIGV4cGVy aWVuY2UgYW 5kIHRlY2hu b2xvZ3kgdG 8gbWVldCB0 aGF0IGRlbW FuZC4gU28s IGFzIGxvbm cgYXMgdGhl cmUgYXJlIG dvb2RzIHRv IG1vdmUsIE ludGVycm9s bCB3aWxsIG xpa2VseSBj b250aW51ZS B0byB0aHJp dmUgYW5kIG dyb3chPGJy Pg==

MS4gR2xvYm FsIExlYWRl ciBpbiBNYX RlcmlhbCBI YW5kbGluZy BTb2x1dGlv bnM6IEludG Vycm9sbCBI b2xkaW5nIG lzIGEgbGVh ZGluZyBnbG 9iYWwgc3Vw cGxpZXIgb2 YgbWF0ZXJp YWwgaGFuZG xpbmcgZXF1 aXBtZW50LC B0ZWNobm9s b2d5LCBhbm Qgc2Vydmlj ZXMuIFRoZX kgc2VydmUg YSB3aWRlIH JhbmdlIG9m IGluZHVzdH JpZXMgc3Vj aCBhcyBmb2 9kIHByb2Nl c3NpbmcsIG xvZ2lzdGlj cywgYWlycG 9ydHMsIGFu ZCBlLWNvbW 1lcmNlLjxi cj4yLiBJbm 5vdmF0aXZl IFRlY2hub2 xvZ3k6IFRo ZSBjb21wYW 55IGlzIGtu b3duIGZvci BpdHMgaW5u b3ZhdGl2ZS BhbmQgc3Rh dGUtb2YtdG hlLWFydCBw cm9kdWN0cy wgd2hpY2gg aGVscCBjdX N0b21lcnMg aW1wcm92ZS B0aGVpciBl ZmZpY2llbm N5LCByZWxp YWJpbGl0eS wgYW5kIHN1 c3RhaW5hYm lsaXR5Ljxi cj4zLiBTdH JvbmcgR2xv YmFsIFByZX NlbmNlOiBJ bnRlcnJvbG wgaGFzIGEg c3Ryb25nIG dsb2JhbCBw cmVzZW5jZS B3aXRoIG1v cmUgdGhhbi AzMiBvcGVy YXRpbmcgY2 9tcGFuaWVz IGFuZCBhcm 91bmQgMiww MDAgZW1wbG 95ZWVzIGlu IG92ZXIgMz QgY291bnRy aWVzLiBUaG lzIGFsbG93 cyB0aGVtIH RvIHNlcnZl IGN1c3RvbW VycyB3b3Js ZHdpZGUgYW 5kIHByb3Zp ZGVzIGEgZG VlcCB1bmRl cnN0YW5kaW 5nIG9mIHJl Z2lvbmFsIG FuZCBsb2Nh bCBuZWVkcy 48YnI+NC4g U3VzdGFpbm FibGUgU29s dXRpb25zOi BUaGUgY29t cGFueSBpcy Bjb21taXR0 ZWQgdG8gc3 VzdGFpbmFi aWxpdHkgYW 5kIG9mZmVy cyBlY28tZn JpZW5kbHkg cHJvZHVjdH MgYW5kIHNv bHV0aW9ucy B0aGF0IHJl ZHVjZSBlbm VyZ3kgY29u c3VtcHRpb2 4gYW5kIENP MiBlbWlzc2 lvbnMuPGJy PjUuIEN1c3 RvbWVyLUNl bnRyaWMgQX Bwcm9hY2g6 IEludGVycm 9sbCBiZWxp ZXZlcyBpbi Bwcm92aWRp bmcgdGhlIG Jlc3QgcG9z c2libGUgc2 9sdXRpb25z IHRvIGl0cy BjdXN0b21l cnMuIFRoZX kgd29yayBj bG9zZWx5IH dpdGggdGhl aXIgY2xpZW 50cyB0byB1 bmRlcnN0YW 5kIHRoZWly IG5lZWRzIG FuZCBkZXZl bG9wIHRhaW xvci1tYWRl IHNvbHV0aW 9ucyB0byBt ZWV0IHRoZW lyIHNwZWNp ZmljIHJlcX VpcmVtZW50 cy48YnI+Ni 4gSW5kdXN0 cnkgUmVjb2 duaXRpb246 IEludGVycm 9sbCBIb2xk aW5nIGhhcy BiZWVuIHJl Y29nbml6ZW QgYXMgYSB0 cnVzdGVkIH BhcnRuZXIg YnkgbWFueS BsZWFkaW5n IGNvbXBhbm llcyBhbmQg aGFzIHJlY2 VpdmVkIG51 bWVyb3VzIG F3YXJkcyBm b3IgaW5ub3 ZhdGlvbiwg cmVsaWFiaW xpdHksIGFu ZCBzdXN0YW luYWJpbGl0 eS48YnI+Ny 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogSW50ZXJy b2xsIGhhcy BhIHN0cm9u ZyBmaW5hbm NpYWwgdHJh Y2sgcmVjb3 JkIGFuZCBo YXMgYmVlbi Bjb25zaXN0 ZW50bHkgZ3 Jvd2luZyBp dHMgcmV2ZW 51ZXMgYW5k IHByb2ZpdH MuIFRoaXMg bWFrZXMgdG hlbSBhIHJl bGlhYmxlIG FuZCBzdGFi bGUgcGFydG 5lciBmb3Ig dGhlaXIgY3 VzdG9tZXJz Ljxicj44Li BGb2N1cyBv biBSZXNlYX JjaCBhbmQg RGV2ZWxvcG 1lbnQ6IFRo ZSBjb21wYW 55IGludmVz dHMgaGVhdm lseSBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QgdG8gbWFp bnRhaW4gaX RzIGNvbXBl dGl0aXZlIG VkZ2UgYW5k IGRldmVsb3 AgbmV3IGFu ZCBpbm5vdm F0aXZlIHBy b2R1Y3RzIH RvIG1lZXQg dGhlIGV2b2 x2aW5nIG5l ZWRzIG9mIG N1c3RvbWVy cy48YnI+OS 4gU3Ryb25n IENvbXBhbn kgQ3VsdHVy ZTogSW50ZX Jyb2xsIGhh cyBhIHN0cm 9uZyBjb21w YW55IGN1bH R1cmUgdGhh dCBwcm9tb3 RlcyBkaXZl cnNpdHksIG lubm92YXRp b24sIGFuZC B0ZWFtd29y ay4gVGhpcy BoZWxwcyB0 aGVtIGF0dH JhY3QgYW5k IHJldGFpbi B0b3AgdGFs ZW50IGFuZC BjcmVhdGUg YSBwb3NpdG l2ZSBhbmQg ZHluYW1pYy B3b3JrIGVu dmlyb25tZW 50Ljxicj4x MC4gQ29tbW l0bWVudCB0 byBRdWFsaX R5IGFuZCBT ZXJ2aWNlOi BXaXRoIG92 ZXIgNjAgeW VhcnMgb2Yg ZXhwZXJpZW 5jZSwgSW50 ZXJyb2xsIG hhcyBlc3Rh Ymxpc2hlZC BhIHJlcHV0 YXRpb24gZm 9yIHByb3Zp ZGluZyBoaW doLXF1YWxp dHkgcHJvZH VjdHMgYW5k IGV4Y2VwdG lvbmFsIGN1 c3RvbWVyIH NlcnZpY2Uu IFRoaXMgaG FzIGVhcm5l ZCB0aGVtIH RoZSB0cnVz dCBhbmQgbG 95YWx0eSBv ZiB0aGVpci BjdXN0b21l cnMgd29ybG R3aWRlLg==

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE ludGVycm9s bCBIb2xkaW 5nIGlzIHRv IHByb3ZpZG UgaW5ub3Zh dGl2ZSBzb2 x1dGlvbnMg Zm9yIGludG VybmFsIGxv Z2lzdGljcy BhbmQgc3Vw cGx5IGNoYW luIG1hbmFn ZW1lbnQuIF RoZXkgb2Zm ZXIgYSB3aW RlIHJhbmdl IG9mIHByb2 R1Y3RzIGFu ZCBzZXJ2aW NlcywgaW5j bHVkaW5nIG NvbnZleW9y IHN5c3RlbX MsIGRydW0g bW90b3JzLC BwYWxsZXQg aGFuZGxpbm cgc29sdXRp b25zLCBhbm QgYXV0b21h dGVkIHNvcn RlcnMuIFRo ZWlyIGJ1c2 luZXNzIG1v ZGVsIGlzIG Jhc2VkIG9u IGRldmVsb3 BpbmcsIG1h bnVmYWN0dX JpbmcsIGFu ZCBzZWxsaW 5nIHRoZXNl IHByb2R1Y3 RzIHRvIGlu ZHVzdHJpZX Mgc3VjaCBh cyBmb29kIH Byb2Nlc3Np bmcsIGFpcn BvcnRzLCBh bmQgZS1jb2 1tZXJjZS4g VGhleSBhbH NvIHByb3Zp ZGUgYWZ0ZX Itc2FsZXMg c2VydmljZX MsIHRlY2hu aWNhbCBzdX Bwb3J0LCBh bmQgY29uc3 VsdGluZyB0 byBoZWxwIH RoZWlyIGN1 c3RvbWVycy BvcHRpbWl6 ZSB0aGVpci Bsb2dpc3Rp Y3MgcHJvY2 Vzc2VzLiBB ZGRpdGlvbm FsbHksIElu dGVycm9sbC BIb2xkaW5n IG9wZXJhdG VzIGEgZ2xv YmFsIG5ldH dvcmsgb2Yg c2FsZXMgYW 5kIHNlcnZp Y2UgcGFydG 5lcnMgdG8g ZW5zdXJlIG Egc3Ryb25n IG1hcmtldC BwcmVzZW5j ZSBhbmQgY3 VzdG9tZXIg c2F0aXNmYW N0aW9uLiBP dmVyYWxsLC B0aGVpciBi dXNpbmVzcy Btb2RlbCBp cyBmb2N1c2 VkIG9uIHBy b3ZpZGluZy BlZmZpY2ll bnQgYW5kIH JlbGlhYmxl IHNvbHV0aW 9ucyB0byBp bXByb3ZlIH RoZSBmbG93 IG9mIGdvb2 RzIHdpdGhp biB0aGUgc3 VwcGx5IGNo YWluLg==

AI presents both opportunities and challenges for Interroll Holding, which specializes in products and services related to logistics and transportation solutions, such as material handling systems, conveyor solutions, and automation technology.
1. Substitution: AI-powered automation and robotics can enhance the efficiency and effectiveness of material handling systems. While this could lead to the development of new products that might substitute for traditional systems, Interroll can leverage AI to innovate its existing product lines. The introduction of AI-driven solutions could enhance their offerings rather than replace them entirely.
2. Disintermediation: The use of AI in logistics can streamline operations and reduce reliance on intermediaries. If companies choose to implement complete AI-driven solutions without relying on traditional service providers, it could affect Interroll’s market position. However, Interroll can adapt by integrating AI technologies into their systems, thereby maintaining their relevance and possibly expanding their market share.
3. Margin Pressure: As AI solutions become more commonplace, market competition may increase, leading to potential price erosion. Companies that adopt AI can improve efficiencies, which might drive down costs. This could exert pressure on Interroll to innovate and optimize its operations to maintain competitive margins.
In summary, while AI poses certain threats, it also presents significant opportunities for Interroll. The company can use AI to enhance its products and services, thereby positioning itself more favorably in the market rather than being adversely affected by these trends.

The sensitivity of Interroll Holding’s earnings, cash flow, and valuation to changes in interest rates can be understood through several factors:
1. Earnings: Interest rates can affect Interroll’s earnings primarily through the cost of borrowing. Higher interest rates may increase the cost of debt if the company needs to finance operations or growth through loans. This could lead to reduced profit margins and lower overall earnings. Conversely, if interest rates are low, borrowing costs decrease, allowing for improved profitability.
2. Cash Flow: Cash flows are also sensitive to interest rate changes. Increased rates can lead to higher interest payments on existing debt, reducing free cash flow available for reinvestment or dividends. Conversely, lower interest rates can improve cash flow by reducing financing costs and possibly increasing consumer spending in the markets where Interroll operates, leading to higher sales and cash generation.
3. Valuation: Valuation is often assessed using discounted cash flow (DCF) models, which rely heavily on interest rates as they influence the discount rate applied to future cash flows. An increase in interest rates typically results in a higher discount rate, reducing the present value of future cash flows and, consequently, the company’s valuation. Conversely, lower interest rates can enhance valuation by lowering the discount rate, making future cash flows seem more valuable.
Overall, while the specific sensitivity of Interroll to interest rate changes would require detailed financial analysis and modeling, the company would generally experience negative impacts on earnings and cash flow during periods of rising rates, with a corresponding effect on valuation.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgSW 50ZXJyb2xs IEhvbGRpbm figJlzIGVj b25vbWljcy BvdmVyIHRo ZSBuZXh0ID MtNSB5ZWFy cyBpcyBhIH NpZ25pZmlj YW50IGdsb2 JhbCBlY29u b21pYyBkb3 dudHVybiBj b21iaW5lZC B3aXRoIGEg bWFqb3Igc2 hpZnQgaW4g dGVjaG5vbG 9naWNhbCBz dGFuZGFyZH MgaW4gYXV0 b21hdGlvbi BhbmQgbG9n aXN0aWNzIH NvbHV0aW9u cy4gVGhpcy BzY2VuYXJp byBjb3VsZC BpbnZvbHZl IHRoZSBmb2 xsb3dpbmcg a2V5IGVsZW 1lbnRzOjxi cj4xLiA8c3 Ryb25nPkVj b25vbWljIE Rvd250dXJu PC9zdHJvbm c+OiBBIHBy b2xvbmdlZC ByZWNlc3Np b24gY291bG QgbGVhZCB0 byByZWR1Y2 VkIGRlbWFu ZCBmb3IgYX V0b21hdGlv biBhbmQgbW F0ZXJpYWwg aGFuZGxpbm cgcHJvZHVj dHMuIEluZH VzdHJpZXMg c3VjaCBhcy BtYW51ZmFj dHVyaW5nLC ByZXRhaWws IGFuZCBsb2 dpc3RpY3Ms IHdoaWNoIG 9mdGVuIHJl bHkgb24gSW 50ZXJyb2xs 4oCZcyBzb2 x1dGlvbnMs IG1pZ2h0IG N1dCBiYWNr IG9uIGNhcG l0YWwgZXhw ZW5kaXR1cm VzLCBsZWFk aW5nIHRvIG xvd2VyIG9y ZGVycyBhbm Qgc2FsZXMu PGJyPjIuID xzdHJvbmc+ VGVjaG5vbG 9naWNhbCBE aXNydXB0aW 9uPC9zdHJv bmc+OiBBIH N1ZGRlbiBz aGlmdCB0b3 dhcmRzIG5l d2VyLCBtb3 JlIGFkdmFu Y2VkIHRlY2 hub2xvZ2ll c+KAlHBlcm hhcHMgaW52 b2x2aW5nIG VudGlyZWx5 IGRpZmZlcm VudCBtYXRl cmlhbHMgb3 IgZGlnaXRh bCBwbGF0Zm 9ybXPigJRj b3VsZCByZW 5kZXIgSW50 ZXJyb2xs4o CZcyBleGlz dGluZyBwcm 9kdWN0IGxp bmVzIGxlc3 MgY29tcGV0 aXRpdmUuIE ZvciBleGFt cGxlLCBhIH JhcGlkIGlu Y3JlYXNlIG luIHRoZSBh ZG9wdGlvbi BvZiBhcnRp ZmljaWFsIG ludGVsbGln ZW5jZSAoQU kpIGFuZCBy b2JvdGljcy BtaWdodCBs ZWFkIHRvIG EgcHJlZmVy ZW5jZSBmb3 IgaW50ZWdy YXRlZCBzeX N0ZW1zIHRo YXQgSW50ZX Jyb2xsIGRv ZXMgbm90IH Byb3ZpZGUu PGJyPjMuID xzdHJvbmc+ U3VwcGx5IE NoYWluIENo YWxsZW5nZX M8L3N0cm9u Zz46IE9uZ2 9pbmcgZ2xv YmFsIHN1cH BseSBjaGFp biBkaXNydX B0aW9ucyBj b3VsZCBleG FjZXJiYXRl IGNvc3RzLC BhZmZlY3Rp bmcgbWFyZ2 lucy4gSWYg a2V5IGNvbX BvbmVudHMg YmVjb21lIH NjYXJjZSBv ciBtb3JlIG V4cGVuc2l2 ZSwgSW50ZX Jyb2xsIG1h eSBmYWNlIG luY3JlYXNl ZCBwcm9kdW N0aW9uIGNv c3RzIHdoaW xlIG5lZWRp bmcgdG8gcH JvdGVjdCBw cmljaW5nLC BsZWFkaW5n IHRvIGNvbX ByZXNzZWQg bWFyZ2lucy 48YnI+SWYg dGhpcyBzY2 VuYXJpbyBt YXRlcmlhbG l6ZXMsIHRo ZSBjb21wYW 554oCZcyBm aW5hbmNpYW wgbWV0cmlj cyBtaWdodC Bsb29rIGFz IGZvbGxvd3 M6PGJyPi0g PHN0cm9uZz 5NYXJnaW5z PC9zdHJvbm c+OiBPcGVy YXRpbmcgbW FyZ2lucyB3 b3VsZCBsaW tlbHkgZGVj bGluZSBzaW duaWZpY2Fu dGx5IGR1ZS B0byBsb3dl ciBzYWxlcy B2b2x1bWUg YW5kIGluY3 JlYXNlZCBj b3N0IHByZX NzdXJlcy4g VGhlIHJlZH VjZWQgcHJp Y2luZyBwb3 dlciBpbiBh IGNvbXBldG l0aXZlIGVu dmlyb25tZW 50IGNvdWxk IGxlYWQgdG 8gYSBkZWNy ZWFzZSBpbi Bwcm9maXQg bWFyZ2lucy wgcG90ZW50 aWFsbHkgZH JvcHBpbmcg ZnJvbSBoaX N0b3JpY2Fs IHJhbmdlcy Aob2Z0ZW4g aW4gdGhlIG 1pZCB0byBo aWdoIHRlZW 5zIGZvciBv cGVyYXRpbm cgbWFyZ2lu cykgdG8gc2 luZ2xlLWRp Z2l0IGZpZ3 VyZXMuPGJy Pi0gPHN0cm 9uZz5DYXNo IEZsb3c8L3 N0cm9uZz46 IENhc2ggZm xvdyBmcm9t IG9wZXJhdG lvbnMgd291 bGQgZGVjbG luZSBhcyBy ZXZlbnVlcy Bkcm9wIHNp Z25pZmljYW 50bHkuIE5l Z2F0aXZlIG Nhc2ggZmxv dyBjb3VsZC ByZXN1bHQg ZnJvbSByZW R1Y2VkIHNh bGVzIGFuZC BpbmNyZWFz ZWQgY29zdH Mgb2YgbWF0 ZXJpYWxzIG FuZCBvcGVy YXRpb25zLC Bwb3RlbnRp YWxseSBmb3 JjaW5nIElu dGVycm9sbC B0byBjdXQg YmFjayBvbi BSJmFtcDtE IG9yIGNhcG l0YWwgaW52 ZXN0bWVudH MsIHdoaWNo IG1pZ2h0IG hhcm0gbG9u Zy10ZXJtIG NvbXBldGl0 aXZlbmVzcy 48YnI+LSA8 c3Ryb25nPk JhbGFuY2Ug U2hlZXQ8L3 N0cm9uZz46 IFRoZSBiYW xhbmNlIHNo ZWV0IGNvdW xkIGJlY29t ZSBzdHJhaW 5lZCB1bmRl ciB0aGVzZS Bjb25kaXRp b25zLiBXaX RoIHJlZHVj ZWQgcmV2ZW 51ZXMsIGFj Y291bnRzIH JlY2VpdmFi bGUgbWlnaH QgaW5jcmVh c2UgYXMgY2 xpZW50cyBl eHRlbmQgcG F5bWVudCB0 ZXJtcyBkdW UgdG8gdGhl aXIgb3duIG ZpbmFuY2lh bCBzdHJ1Z2 dsZXMuIElu dmVudG9yeS BsZXZlbHMg Y291bGQgcm lzZSBpZiBw cm9kdWN0cy BhcmVu4oCZ dCBzb2xkIG luIGEgdGlt ZWx5IG1hbm 5lciwgbGVh ZGluZyB0by Bwb3RlbnRp YWwgd3JpdG UtZG93bnMu IFRoZSBjb2 1wYW55IGNv dWxkIGFsc2 8gZmFjZSBj aGFsbGVuZ2 VzIG1lZXRp bmcgZGVidC BvYmxpZ2F0 aW9ucywgZX NwZWNpYWxs eSBpZiBjYX NoIGZsb3cg YmVjb21lcy B1bnJlbGlh YmxlLCBwcm 9tcHRpbmcg YSByaXNlIG luIGxldmVy YWdlIHJhdG lvcyBhbmQg d2Vha2VuaW 5nIG9mIGVx dWl0eS48Yn I+T3ZlcmFs bCwgdGhlIG NvbWJpbmVk IGVmZmVjdH Mgb2YgcmVk dWNlZCBkZW 1hbmQsIG1h cmdpbiBjb2 1wcmVzc2lv biwgYW5kIG 9wZXJhdGlv bmFsIGluZW ZmaWNpZW5j aWVzIGNvdW xkIGxlYWQg SW50ZXJyb2 xsIEhvbGRp bmcgdG8gYS BzdGF0ZSB3 aGVyZSBpdC BzdHJ1Z2ds ZXMgdG8gbW FpbnRhaW4g cHJvZml0YW JpbGl0eSBh bmQgY29tcG V0aXRpdmVu ZXNzIGluIH RoZSBtYXJr ZXQuIFRoaX Mgc2l0dWF0 aW9uIHdvdW xkIG5lY2Vz c2l0YXRlIH Byb2ZvdW5k IHN0cmF0ZW dpYyByZWV2 YWx1YXRpb2 4gYW5kIGNv dWxkIHJlc3 VsdCBpbiBs b25nLXRlcm 0gY2hhbmdl cyB0byBpdH Mgb3BlcmF0 aW9uYWwgcH JhY3RpY2Vz Ljxicj4=

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 bG9nb3Mvcm JQZnBlZ09U R2VVUVdBST V6V1Aud2Vi cCIgYWx0PS JJbnRlcnJv bGwgSG9sZG luZyIgdGl0 bGU9IkludG Vycm9sbCBI b2xkaW5nIi AgY2xhc3M9 ImltZy1mbH VpZCIgaGVp Z2h0PTUwIH dpZHRoPTUw IGxvYWRpbm c9J2xhenkn IHN0eWxlPS dib3JkZXIt cmFkaXVzOi A2cHg7Jz4K CiAgICAgIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nZmxleD ogMTsgdGV4 dC1hbGlnbj ogY2VudGVy OyBtYXJnaW 4tbGVmdDog NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdmb250 LXNpemU6ID I2cHg7IGNv bG9yOiAjMz MzOyBtYXJn aW4tYm90dG 9tOiAxNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICDwn5OIIF dhbnQgdG8g cmVhZCBtb3 JlIGFib3V0 IEludGVycm 9sbCBIb2xk aW5nPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+a gCBEb27igJ l0IG1pc3Mg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiDigJQg ZnJlZSEKIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9wPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxMnB4OyBm b250LXNpem U6IDEzcHg7 IGNvbG9yOi AjNDQ0Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG 5vdyBhbmQg Z2V0IG91ci BmcmVlIGVC b29rIAogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGI+VG hlIENoZWNr bGlzdCBWYW x1ZSBJbnZl c3RvciDigJ QgQSBTbWFy dGVyIFdheS B0byBQaWNr IFN0b2Nrcz wvYj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDE2 cHg7IGZvbn Qtc2l6ZTog MTRweDsgY2 9sb3I6ICM0 NDQ7IGZvbn QtZmFtaWx5 OiAtYXBwbG Utc3lzdGVt LCBCbGlua0 1hY1N5c3Rl bUZvbnQsIF NlZ29lIFVJ LCBSb2JvdG 8sIEhlbHZl dGljYSBOZX VlLCBzYW5z LXNlcmlmOy BsaW5lLWhl aWdodDogMS 42Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBIYXZl IHlvdSBoZW FyZCBhYm91 dCBvdXIgc2 hvcnQgPHN0 cm9uZyBzdH lsZT0nZm9u dC13ZWlnaH Q6IDYwMDsn PkRhaWx5IF ZpZGVvIE5l d3NsZXR0ZX I8L3N0cm9u Zz4/CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdodHRw czovL3d3dy 5pbnNpZ2h0 ZnVsdmFsdW UuY29tL25l d3NsZXR0ZX IucGhwJyB0 YXJnZXQ9J1 9ibGFuaycg c3R5bGU9J2 NvbG9yOiAj MDA3QkZGOy B0ZXh0LWRl Y29yYXRpb2 46IG5vbmU7 IGZvbnQtd2 VpZ2h0OiA1 MDA7IG1hcm dpbi1sZWZ0 OiA2cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBGaW5k IG91dCBtb3 JlCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2E+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgCiAgIC AgICAgCiAg ICAgICAgPH NwYW4gY2xh c3M9J2JsdX JyZWQtdGV4 dCc+CiAgIC AgICAgICAg IE1TNGdTVz UwWlggSnli MnhzSUhkaC BjeUJtYjNW dVpHIFZrSU dsdUlERTUg TlRrZ2FXNG dWMiBWeWJX VnNjMnRwIG NtTm9aVzRz SUUgZGxjbT FoYm5rZyBZ VzVrSUdsek lHIGhsWVdS eGRXRnkgZE dWeVpXUWdh VyA0Z1UyRn VkT0tBIG1V RnVkRzl1YV cgNXZMQ0JU ZDJsMCBlbV Z5YkdGdVpD IDQ4WW5JK0 1pNGcgVkdo bElHTnZiWC BCaGJua2dh R0Z6IElHMW hiblZtWVcg TjBkWEpwYm 1jcyBJSE5o YkdWekxDIE JoYm1RZ2My VnkgZG1sal pTQm1ZVyBO cGJHbDBhV1 Z6IElHbHVJ RzF2Y20gVW dkR2hoYmlB eiBNQ0JqYj NWdWRIIEpw WlhNZ1lYSn YgZFc1a0lI Um9aUyBCM2 IzSnNaQzQ4 IFluSStNeT RnU1cgNTBa WEp5YjJ4cy A0b0NaY3lC d2NtIDlrZF dOMGN5Qmgg Ym1RZ2MyOX NkWCBScGIy NXpJR0Z5IF pTQjFjMlZr SUcgbHVJSF poY21sdiBk WE1nYVc1a2 RYIE4wY21s bGN5d2cgYz NWamFDQmhj eSBCbWIyOW tJSEJ5IGIy TmxjM05wYm 0gY3NJR3h2 WjJseiBkR2 xqY3l3Z2Nt IFYwWVdsc0 xDQmggYm1R Z1lXbHljRy A5eWRDQmlZ V2RuIFlXZG xJR2hoYm0g UnNhVzVuTG p4aSBjajQw TGlCVWFHIF VnWTI5dGNH RnUgZWVLQW 1YTWdiVyA5 emRDQjNaV3 hzIExXdHVi M2R1SUggQn liMlIxWTNR ZyBhWE1nZE dobElHIDF2 ZEc5eWFYcG wgWkNCa2Nu VnRMQyBCM2 FHbGphQ0Jw IGN5QjFjMl ZrSUggUnZJ R1J5YVhabC BJR052Ym5a bGVXIDl5SU dKbGJIUnog SUdsdUlHMW hkRyBWeWFX RnNJR2hoIG JtUnNhVzVu SUggTjVjM1 JsYlhNdSBQ R0p5UGpVdU lFIGx1ZEdW eWNtOXMgYk NCcGN5QmhJ RyBkc2IySm hiQ0JzIFpX RmtaWElnYV cgNGdkR2hs SUdacCBaV3 hrSUc5bUlH IGx1ZEdWeW JtRnMgSUd4 dloybHpkRy BsamN5Qmhi bVFnIFlYVj BiMjFoZEcg bHZiaXdnZD JsMCBhQ0Jo SUdOMWMzIF J2YldWeUlH SmggYzJVZ2 RHaGhkQyBC cGJtTnNkV1 JsIGN5QnRZ V3B2Y2kgQm piMjF3WVc1 cCBaWE1nYk dsclpTIEJC YldGNmIyNH MgSUVOdlky RXRRMiA5c1 lTd2dZVzVr IElFMWpSRz l1WVcgeGs0 b0NaY3k0OC BZbkkrTmk0 Z1NXIDRnTW pBeE9Td2cg U1c1MFpYSn liMiB4c0lI ZGhjeUJzIG FYTjBaV1Fn YjIgNGdkR2 hsSUZOMyBh WE56SUhOMG IyIE5ySUdW NFkyaGggYm 1kbElHRnVa QyBCcGN5Qm pkWEp5IFpX NTBiSGtnYV cgNWpiSFZr WldRZyBhVz RnZEdobElG IE5OU1NCRm VIQmggYm1S bFpDQkpibS BSbGVDd2dk MmhwIFkyZ2 djbVZ3Y20g VnpaVzUwY3 lCMCBhR1Vn TXpBZ2JHIE Z5WjJWemRD QmggYm1RZ2 JXOXpkQyBC c2FYRjFhV1 FnIFUzZHBj M01nYzMgUn ZZMnR6TGp4 aSBjajQzTG lCVWFHIFVn WTI5dGNHRn UgZVNCb1lY TWdZUyBCem RISnZibWNn IFptOWpkWE 1nYjIgNGdj M1Z6ZEdGcC BibUZpYVd4 cGRIIGtnWV c1a0lHaGgg Y3lCeVpXTm xhWCBabFpD QnRkV3gwIG FYQnNaU0Jo ZDIgRnlaSE 1nWm05eSBJ R2wwY3lCbG JuIFpwY205 dWJXVnUgZE dGc2JIa2da biBKcFpXNW tiSGtnIFlX NWtJR1Z1Wl ggSm5lUzFs Wm1acCBZMm xsYm5RZ2NI IEp2WkhWam RITXUgUEdK eVBqZ3VJRS BsdWRHVnlj bTlzIGJDQn dhVzl1Wlcg VnlaV1FnZE dobCBJR1Js ZG1Wc2IzIE J0Wlc1MElH OW0gSUcxdl pHVnliaSBC amIyNTJaWG x2IGNpQnpl WE4wWlcgMX pMQ0JwYm1O cyBkV1JwYm 1jZ1pIIEox YlNCdGIzUn YgY25NZ1lX NWtJRyAxdl pIVnNZWEln IFkyOXVkbV Y1YjMgSWdj R3hoZEdadi BjbTF6TGp4 aWNqIDQ1TG lCSmJpQmgg WkdScGRHbH ZiaSBCMGJ5 QnRZWFJsIG NtbGhiQ0Jv WVcgNWtiR2 x1WnlCeiBl WE4wWlcxek xDIEJKYm5S bGNuSnYgYk d3Z1lXeHpi eSBCdlptWm xjbk1nIGMy OXNkWFJwYj IgNXpJR1p2 Y2lCayBlVz VoYldsaklI IE4wYjNKaF oyVWcgWVc1 a0lITnZjbi BScGJtY3NJ R0Z6IElIZG xiR3dnWVgg TWdjR0ZqYT JGbiBhVzVu SUdGdVpDIE J3WVd4c1pY UnAgZW1sdV p5NDhZbiBJ K01UQXVJRl JvIFpTQmpi MjF3WVcgNT VJR2hoY3lC aCBJSE4wY2 05dVp5IEJq YjIxdGFYUn QgWlc1MElI UnZJRyBsdW JtOTJZWFJw IGIyNGdZVz VrSUcgbHVk bVZ6ZEhNZy BhR1ZoZG1s c2VTIEJwYm lCeVpYTmwg WVhKamFDQm hibSBRZ1pH VjJaV3h2IG NHMWxiblFz SUggZHBkR2 dnYjNabCBj aUF6TlNCd1 lYIFJsYm5S eklHaGwgYk dRZ1lua2dk RyBobElHTn ZiWEJoIGJu a3UKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg