Beiersdorf

-20.13%

More reviews (5)

Live  

Beiersdorf is a German personal care company that specializes in skincare, hair care, and wound care products. It was founded in 1882 by pharmacist Paul C. Beiersdorf under the name “Beiersdorf & Co”. The company’s headquarters are located in Hamburg, Germany.
Beiersdorf’s most well-known brand is NIVEA, which was introduced in 1911 and is now sold in over 200 countries worldwide. Other popular brands under the Beiersdorf umbrella include Eucerin, La Prairie, and Labello.
The company has a strong focus on research and development, with dedicated research centers located in Germany, China, and Japan. They continuously strive to innovate and improve their products, using state-of-the-art technology and ingredients.
In addition to their commitment to producing high-quality skincare products, Beiersdorf also prioritizes sustainability and social responsibility. They have implemented sustainable practices in their production and supply chain processes and actively support various social and environmental initiatives.
Beiersdorf is a publicly-traded company and is listed on the German stock exchange. As of 2021, their global revenue reached €7.025 billion, with over 21,500 employees worldwide.
In summary, Beiersdorf is a renowned personal care company with a long history and a strong commitment to excellence, innovation, and sustainability. Their diverse range of popular brands and global presence has made them a leading player in the skincare industry.

QmVpZXJzZG 9yZiBpcyBh IGNvbXBhbn kgdGhhdCBt YWtlcyBtYW 55IHByb2R1 Y3RzIHRvIG hlbHAgcGVv cGxlIHRha2 UgY2FyZSBv ZiB0aGVpci Bza2luLiBZ b3UgbWlnaH Qga25vdyBz b21lIG9mIH RoZWlyIGZh bW91cyBicm FuZHMsIGxp a2UgTml2ZW EsIHdoaWNo IGNyZWF0ZX MgbG90aW9u cyBhbmQgY3 JlYW1zIHRv IGtlZXAgeW 91ciBza2lu IHNvZnQgYW 5kIGhlYWx0 aHkuIFRoZX kgYWxzbyBt YWtlIHRoaW 5ncyBsaWtl IEJhbmQtQW lkcyBhbmQg b3RoZXIgcH JvZHVjdHMg Zm9yIHdvdW 5kcy48YnI+ QmVpZXJzZG 9yZiBtYWtl cyBtb25leS BieSBzZWxs aW5nIHRoZX NlIHByb2R1 Y3RzIGluIH N0b3JlcyBh bGwgYXJvdW 5kIHRoZSB3 b3JsZC4gV2 hlbiB5b3Ug b3IgeW91ci BmYW1pbHkg YnV5cyBhIG NyZWFtIG9y IGEgbG90aW 9uLCB0aGF0 4oCZcyBob3 cgdGhlIGNv bXBhbnkgZW FybnMgbW9u ZXkuIFRoZX kgaGF2ZSBm YWN0b3JpZX Mgd2hlcmUg dGhleSBjcm VhdGUgdGhl aXIgcHJvZH VjdHMsIGFu ZCB0aGVuIH RoZXkgc2hp cCB0aGVtIH RvIGRpZmZl cmVudCBjb3 VudHJpZXMg c28gZXZlcn lvbmUgY2Fu IHVzZSB0aG VtLjxicj5P bmUgcmVhc2 9uIEJlaWVy c2RvcmYgaX Mgc3VjY2Vz c2Z1bCBpcy B0aGF0IHRo ZXkgZm9jdX MgYSBsb3Qg b24gcmVzZW FyY2ggYW5k IG1ha2luZy BoaWdoLXF1 YWxpdHkgcH JvZHVjdHMu IFRoZXkgdH J5IHRvIHVu ZGVyc3Rhbm Qgd2hhdCBw ZW9wbGUgbm VlZCBmb3Ig dGhlaXIgc2 tpbiBhbmQg bWFrZSB0aG luZ3MgdGhh dCB3b3JrIH dlbGwuIFRo ZXkgYWxzby BzcGVuZCB0 aW1lIGFkdm VydGlzaW5n IHRoZWlyIH Byb2R1Y3Rz LCBzbyBwZW 9wbGUga25v dyBhYm91dC B0aGVtIGFu ZCB3YW50IH RvIGJ1eSB0 aGVtLjxicj 5Mb29raW5n IGludG8gdG hlIGZ1dHVy ZSwgQmVpZX JzZG9yZiBp cyBsaWtlbH kgdG8gY29u dGludWUgYm Vpbmcgc3Vj Y2Vzc2Z1bC BiZWNhdXNl IGV2ZXJ5b2 5lIHdhbnRz IHRvIHRha2 UgY2FyZSBv ZiB0aGVpci Bza2luLiBB cyBtb3JlIH Blb3BsZSBh cm91bmQgdG hlIHdvcmxk IGxlYXJuIG Fib3V0IHRo ZSBpbXBvcn RhbmNlIG9m IHNraW4gY2 FyZSwgdGhl eSB3aWxsIG tlZXAgYnV5 aW5nIHRoZX NlIGtpbmRz IG9mIHByb2 R1Y3RzLiBU aGUgY29tcG FueSBhbHNv IGtlZXBzIG lubm92YXRp bmcgYW5kIG ZpbmRpbmcg bmV3IHdheX MgdG8gaGVs cCBwZW9wbG UsIHdoaWNo IG1lYW5zIH RoZXkgY2Fu IGNyZWF0ZS BuZXcgcHJv ZHVjdHMgdG hhdCBwZW9w bGUgd2lsbC B3YW50Ljxi cj5TbywgQm VpZXJzZG9y ZiBoZWxwcy BwZW9wbGUg ZmVlbCBnb2 9kIGluIHRo ZWlyIHNraW 4sIG1ha2Vz IG1vbmV5IG Zyb20gdGhh dCwgYW5kIG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGV5IGNhcm UgYWJvdXQg cXVhbGl0eS BhbmQgZmlu ZGluZyB3aG F0IHBlb3Bs ZSBuZWVkIT xicj4=

Rm91bmRlZC BpbiAxODgy LCBCZWllcn Nkb3JmIGlz IGEgbGVhZG luZyBpbnRl cm5hdGlvbm FsIHNraW4g Y2FyZSBjb2 1wYW55IGtu b3duIGZvci BpdHMgaWNv bmljIGJyYW 5kIE5pdmVh LiBIZXJlIG FyZSBzb21l IGtleSBhc3 BlY3RzIHRo YXQgbWFrZS B0aGUgY29t cGFueSBzcG VjaWFsOjxi cj4xLiBJbm 5vdmF0aXZl IGFuZCBIaW doLVF1YWxp dHkgUHJvZH VjdHM6IEJl aWVyc2Rvcm YgaXMga25v d24gZm9yIG l0cyBpbm5v dmF0aXZlIG FuZCBoaWdo LXF1YWxpdH kgc2tpbiBj YXJlIHByb2 R1Y3RzLiBJ dHMgcmVzZW FyY2ggYW5k IGRldmVsb3 BtZW50IHRl YW0gY29uc2 lzdGVudGx5 IHdvcmtzIH RvIGNyZWF0 ZSBuZXcsIG VmZmVjdGl2 ZSwgYW5kIH NhZmUgcHJv ZHVjdHMgdG hhdCBjYXRl ciB0byBldm 9sdmluZyBj b25zdW1lci BuZWVkcy48 YnI+Mi4gRm 9jdXMgb24g U3VzdGFpbm FiaWxpdHkg YW5kIFNvY2 lhbCBSZXNw b25zaWJpbG l0eTogQmVp ZXJzZG9yZi BpcyBjb21t aXR0ZWQgdG 8gc3VzdGFp bmFiaWxpdH kgYW5kIHNv Y2lhbCByZX Nwb25zaWJp bGl0eS4gSX QgaGFzIHNl dCBhbWJpdG lvdXMgZ29h bHMgdG8gcm VkdWNlIGl0 cyBjYXJib2 4gZm9vdHBy aW50LCBpbm NyZWFzZSB0 aGUgdXNlIG 9mIHN1c3Rh aW5hYmxlIH BhY2thZ2lu ZyBtYXRlcm lhbHMsIGFu ZCBwcm9tb3 RlIGZhaXIg d29ya2luZy Bjb25kaXRp b25zIGFjcm 9zcyBpdHMg Z2xvYmFsIG 9wZXJhdGlv bnMuPGJyPj MuIE5pdmVh IGFzIGEgR2 xvYmFsIEJy YW5kOiBOaX ZlYSwgdGhl IGZsYWdzaG lwIGJyYW5k IG9mIEJlaW Vyc2RvcmYs IGlzIHNvbG QgaW4gb3Zl ciAyMDAgY2 91bnRyaWVz IGFuZCBpcy BvbmUgb2Yg dGhlIG1vc3 QgcmVjb2du aXplZCBhbm QgdHJ1c3Rl ZCBicmFuZH MgaW4gdGhl IHdvcmxkLi BJdCBvZmZl cnMgYSB3aW RlIHJhbmdl IG9mIHByb2 R1Y3RzIGZv ciBkaWZmZX JlbnQgc2tp biB0eXBlcy BhbmQgaGFz IGEgbG95YW wgY3VzdG9t ZXIgYmFzZS 48YnI+NC4g U3Ryb25nIE NvcnBvcmF0 ZSBDdWx0dX JlOiBCZWll cnNkb3JmIH ZhbHVlcyBp dHMgZW1wbG 95ZWVzIGFu ZCBoYXMgYS BzdHJvbmcg Y29ycG9yYX RlIGN1bHR1 cmUgY2VudG VyZWQgb24g b3BlbiBjb2 1tdW5pY2F0 aW9uLCBpbm 5vdmF0aW9u LCBhbmQgY2 9sbGFib3Jh dGlvbi4gVG hpcyBjcmVh dGVzIGEgcG 9zaXRpdmUg d29yayBlbn Zpcm9ubWVu dCB0aGF0IG Zvc3RlcnMg Y3JlYXRpdm l0eSBhbmQg Y29udHJpYn V0ZXMgdG8g dGhlIGNvbX BhbnkncyBz dWNjZXNzLj xicj41LiBS ZXNwZWN0IG ZvciBEaXZl cnNpdHkgYW 5kIEluY2x1 c2lvbjogVG hlIGNvbXBh bnkgcHJvbW 90ZXMgZGl2 ZXJzaXR5IG FuZCBpbmNs dXNpb24gaW 4gaXRzIHdv cmtmb3JjZS BhbmQgaGFz IGJlZW4gcm Vjb2duaXpl ZCBnbG9iYW xseSBmb3Ig aXRzIGVmZm 9ydHMuIEl0 IGhhcyBhbH NvIGxhdW5j aGVkIGluaX RpYXRpdmVz IHRvIGVtcG 93ZXIgd29t ZW4gYW5kIH N1cHBvcnQg Z2VuZGVyIG VxdWFsaXR5 IGluIHRoZS B3b3JrcGxh Y2UuPGJyPj YuIENvbW1p dG1lbnQgdG 8gUmVzZWFy Y2ggYW5kIE RldmVsb3Bt ZW50OiBCZW llcnNkb3Jm IGludmVzdH Mgc2lnbmlm aWNhbnRseS BpbiByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQsIH dpdGggZml2 ZSBzdGF0ZS 1vZi10aGUt YXJ0IFImRC BjZW50ZXJz IGFyb3VuZC B0aGUgd29y bGQuIFRoaX MgZm9jdXMg b24gcmVzZW FyY2ggZW5h YmxlcyB0aG UgY29tcGFu eSB0byBjb2 50aW51YWxs eSBpbXByb3 ZlIGFuZCBl eHBhbmQgaX RzIHByb2R1 Y3QgcG9ydG ZvbGlvLjxi cj43LiBFdG hpY2FsIEJ1 c2luZXNzIF ByYWN0aWNl czogQmVpZX JzZG9yZiBo YXMgYSBzdH JvbmcgY29t bWl0bWVudC B0byBldGhp Y2FsIGJ1c2 luZXNzIHBy YWN0aWNlcy BhbmQgaGFz IGJlZW4gcm Vjb2duaXpl ZCBmb3IgaX RzIHRyYW5z cGFyZW50IG FuZCByZXNw b25zaWJsZS BhY3Rpb25z LiBJdCBwbG FjZXMgYSBz dHJvbmcgZW 1waGFzaXMg b24gY29tcG xpYW5jZSBh bmQgd29ya3 MgdG8gbWFp bnRhaW4gaG lnaCBldGhp Y2FsIHN0YW 5kYXJkcyBp biBhbGwgYX NwZWN0cyBv ZiBpdHMgb3 BlcmF0aW9u cy48YnI+SW 4gc3VtbWFy eSwgQmVpZX JzZG9yZiBp cyBhIHVuaX F1ZSBjb21w YW55IHRoYX QgY29tYmlu ZXMgaXRzIH JpY2ggaGlz dG9yeSB3aX RoIGEgZm9j dXMgb24gaW 5ub3ZhdGlv biwgc3VzdG FpbmFiaWxp dHksIGFuZC Bzb2NpYWwg cmVzcG9uc2 liaWxpdHku IEl0cyBzdH JvbmcgY29y cG9yYXRlIG N1bHR1cmUs IGdsb2JhbC ByZWFjaCwg YW5kIGNvbW 1pdG1lbnQg dG8gZXRoaW NhbCBwcmFj dGljZXMgbW FrZSBpdCBh IHN0YW5kb3 V0IGluIHRo ZSBza2luY2 FyZSBpbmR1 c3RyeS4=

VGhlIEJlaW Vyc2RvcmYg Y29tcGFueS BpcyBhIGds b2JhbCBza2 luIGNhcmUg YW5kIHBlcn NvbmFsIGNh cmUgY29tcG FueSB0aGF0 IGZvbGxvd3 MgYSBjb25z dW1lci1vcm llbnRlZCwg bXVsdGktYn JhbmQsIG11 bHRpLWNoYW 5uZWwgYnVz aW5lc3MgbW 9kZWwuIFRo ZSBjb21wYW 55J3MgYnVz aW5lc3MgbW 9kZWwgaXMg YmFzZWQgb2 4gZm91ciBj b3JlIHBpbG xhcnM6IHN0 cm9uZyBicm FuZHMsIGlu bm92YXRpdm UgcHJvZHVj dHMsIGludG VybmF0aW9u YWwgcHJlc2 VuY2UsIGFu ZCBlZmZpY2 llbnQgcHJv Y2Vzc2VzLj xicj4xLiBT dHJvbmcgQn JhbmRzOiBC ZWllcnNkb3 JmIGhhcyBh IGRpdmVyc2 UgcG9ydGZv bGlvIG9mIH N0cm9uZywg d2VsbC1rbm 93biBicmFu ZHMgc3VjaC BhcyBOaXZl YSwgRXVjZX JpbiwgTGEg UHJhaXJpZS wgYW5kIEhh bnNhcGxhc3 QuIFRoZXNl IGJyYW5kcy BoYXZlIGEg aGlnaCBsZX ZlbCBvZiBj b25zdW1lci B0cnVzdCBh bmQgbG95YW x0eSwgYW5k IGFyZSBwcm VzZW50IGlu IGRpZmZlcm VudCBjYXRl Z29yaWVzIG FuZCBwcmlj ZSBzZWdtZW 50cyB0byBj YXRlciB0by BhIHdpZGUg cmFuZ2Ugb2 YgY3VzdG9t ZXIgbmVlZH MuPGJyPjIu IElubm92YX RpdmUgUHJv ZHVjdHM6IF RoZSBjb21w YW55IGZvY3 VzZXMgb24g Y29uc3Rhbn RseSBkZXZl bG9waW5nIG FuZCBpbXBy b3ZpbmcgaX RzIHByb2R1 Y3RzIHRvIG 1lZXQgY2hh bmdpbmcgY2 9uc3VtZXIg ZGVtYW5kcy BhbmQgcHJl ZmVyZW5jZX MuIEJlaWVy c2RvcmYgaW 52ZXN0cyBo ZWF2aWx5IG luIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCB0by BjcmVhdGUg aW5ub3ZhdG l2ZSBhbmQg aGlnaC1xdW FsaXR5IHBy b2R1Y3RzIH RoYXQgZGVs aXZlciByZW FsIGJlbmVm aXRzIHRvIG N1c3RvbWVy cy48YnI+My 4gSW50ZXJu YXRpb25hbC BQcmVzZW5j ZTogQmVpZX JzZG9yZiBo YXMgYSBzdH JvbmcgZ2xv YmFsIHByZX NlbmNlLCB3 aXRoIGl0cy Bwcm9kdWN0 cyBhdmFpbG FibGUgaW4g b3ZlciAxNT AgY291bnRy aWVzLiBUaG UgY29tcGFu eSBvcGVyYX RlcyBpbiBi b3RoIGRldm Vsb3BlZCBh bmQgZW1lcm dpbmcgbWFy a2V0cywgbG V2ZXJhZ2lu ZyBpdHMgaW 50ZXJuYXRp b25hbCBleH BlcnRpc2Ug YW5kIGxvY2 FsIGtub3ds ZWRnZSB0by BjYXRlciB0 byBkaXZlcn NlIGNvbnN1 bWVyIG5lZW RzLjxicj40 LiBFZmZpY2 llbnQgUHJv Y2Vzc2VzOi BUaGUgY29t cGFueSBmb2 xsb3dzIGEg bGVhbiBhbm QgZWZmaWNp ZW50IGFwcH JvYWNoIHRv IGJ1c2luZX NzIG9wZXJh dGlvbnMsIH doaWNoIGhl bHBzIHRvIG 9wdGltaXpl IGNvc3RzIG FuZCBtYXhp bWl6ZSBwcm 9maXRhYmls aXR5LiBCZW llcnNkb3Jm IGFsc28gcH Jpb3JpdGl6 ZXMgc3VzdG FpbmFiaWxp dHkgaW4gYW xsIGl0cyBw cm9jZXNzZX MsIGZyb20g c291cmNpbm cgcmF3IG1h dGVyaWFscy B0byBwcm9k dWN0aW9uIG FuZCBkaXN0 cmlidXRpb2 4uPGJyPk92 ZXJhbGwsIE JlaWVyc2Rv cmYncyBidX NpbmVzcyBt b2RlbCBjZW 50ZXJzIGFy b3VuZCBkZW xpdmVyaW5n IGhpZ2gtcX VhbGl0eSwg aW5ub3ZhdG l2ZSBwcm9k dWN0cyB0aH JvdWdoIGEg ZGl2ZXJzZS Bwb3J0Zm9s aW8gb2Ygc3 Ryb25nIGJy YW5kcywgd2 hpbGUgbWFp bnRhaW5pbm cgYSBnbG9i YWwgcHJlc2 VuY2UgYW5k IGZvY3VzIG 9uIGVmZmlj aWVuY3kgYW 5kIHN1c3Rh aW5hYmlsaX R5Lg==

AI could potentially pose a material threat to Beiersdorf’s products, services, and competitive positioning in several ways:
1. Substitution: AI technologies can lead to the development of new products that may substitute for Beiersdorf’s existing offerings. For instance, personalized skincare solutions powered by AI and data analytics can emerge, providing personalized skincare regimens tailored to individual skin types and conditions. If new market entrants use AI to create more effective or cheaper alternatives, Beiersdorf could lose market share.
2. Disintermediation: AI can facilitate direct-to-consumer models, allowing consumers to access skincare and cosmetic products without traditional retail intermediaries. This could change the dynamics of how Beiersdorf sells its products, forcing the company to adapt its distribution strategies. Moreover, AI-driven platforms may enable new competitors to reach consumers more efficiently than established brands, increasing competition.
3. Margin Pressure: The integration of AI can streamline production processes and reduce costs for competitors. If these competitors can produce similar or superior products at lower prices due to AI efficiencies, Beiersdorf might face margin pressure as they compete to maintain market share. Additionally, if consumers increasingly prefer personalized or AI-enhanced products, Beiersdorf may need to invest heavily in AI capabilities to keep up, further impacting margins.
In summary, while AI presents opportunities for innovation and efficiency improvement, it also poses risks to Beiersdorf’s existing products, market positioning, and profitability through potential substitution, disintermediation, and adverse impacts on margins. The company will need to strategically navigate these challenges to maintain its competitive edge.

The sensitivity of Beiersdorf company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings: Changes in interest rates can impact Beiersdorf’s earnings primarily through two channels: cost of borrowing and consumer spending. If interest rates rise, the company’s cost of debt may increase if it has variable-rate loans. This can compress profit margins if the company is unable to pass those costs onto consumers. Higher rates can also lead to decreased consumer spending as individuals face higher borrowing costs and reduced disposable income, which may negatively affect sales of Beiersdorf’s products.
2. Cash Flow: Similar to earnings, cash flow is affected by interest rates through the cost of financing and economic conditions. If interest rates increase, the company may experience higher interest payments, which can reduce free cash flow. Moreover, a slowdown in consumer spending due to higher interest rates may also lead to lower revenues, further impacting cash flow. Conversely, if interest rates drop, Beiersdorf may benefit from lower financing costs and improved cash flow.
3. Valuation: The valuation of Beiersdorf, like any company, is influenced by interest rates through the discount rate used in valuation models. Higher interest rates typically lead to a higher discount rate, reducing the present value of future cash flows and, consequently, the company’s valuation. On the other hand, lower rates tend to increase valuations by decreasing the discount rate applied to future cash flows. This effect is often magnified in companies with significant growth prospects, as larger future cash flows become more sensitive to changes in the discount rate.
Overall, Beiersdorf’s financial performance and market valuation are somewhat sensitive to interest rate changes, particularly given its reliance on consumer spending and investment in growth initiatives. However, the degree of sensitivity can vary based on the broader economic environment and the company’s specific financial strategies.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQm VpZXJzZG9y ZuKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg My01IHllYX JzIG1pZ2h0 IGludm9sdm UgYSBzaWdu aWZpY2FudC BhbmQgc3Vz dGFpbmVkIG Rpc3J1cHRp b24gaW4gaX RzIHN1cHBs eSBjaGFpbi BkdWUgdG8g dmFyaW91cy BnbG9iYWwg ZmFjdG9ycy 4gVGhlc2Ug ZmFjdG9ycy Bjb3VsZCBp bmNsdWRlIG dlb3BvbGl0 aWNhbCB0ZW 5zaW9ucywg Y2xpbWF0ZS BjaGFuZ2Ug aW1wYWN0cy BsZWFkaW5n IHRvIHJhdy BtYXRlcmlh bCBzaG9ydG FnZXMsIG9y IGFuIG9uZ2 9pbmcgcGFu ZGVtaWMgdG hhdCBsZWFk cyB0byBvcG VyYXRpb25h bCBpbnRlcn J1cHRpb25z Ljxicj5JZi BCZWllcnNk b3JmIHdlcm UgdG8gZXhw ZXJpZW5jZS BzdWNoIGRp c3J1cHRpb2 5zLCB0aGUg aW1wbGljYX Rpb25zIGZv ciBpdHMgbW FyZ2lucywg Y2FzaCBmbG 93LCBhbmQg YmFsYW5jZS BzaGVldCBj b3VsZCBiZS BzZXZlcmU6 PGJyPjEuID xzdHJvbmc+ TWFyZ2lucz wvc3Ryb25n PjogVGhlIG NvbXBhbnni gJlzIHByb2 ZpdCBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBzaHJpbm sgZHVlIHRv IGluY3JlYX NlZCBjb3N0 cyBmb3Igcm F3IG1hdGVy aWFscyBhbm QgbG9naXN0 aWNzLiBJZi BCZWllcnNk b3JmIGZhY2 VzIHNjYXJj aXR5IG9mIG tleSBpbmdy ZWRpZW50cy BuZWVkZWQg Zm9yIGl0cy Bwcm9kdWN0 cywgaXQgbW F5IGhhdmUg dG8gc291cm NlIGFsdGVy bmF0aXZlcy BhdCBhIGhp Z2hlciBjb3 N0LiBBZGRp dGlvbmFsbH ksIGlmIGl0 IGNhbm5vdC BwYXNzIHRo ZXNlIGNvc3 RzIG9udG8g Y29uc3VtZX JzIGR1ZSB0 byBjb21wZX RpdGl2ZSBw cmVzc3VyZX MsIG9wZXJh dGluZyBtYX JnaW5zIGNv dWxkIGV4cG VyaWVuY2Ug YSBzaWduaW ZpY2FudCBk b3dudHVybi 48YnI+Mi4g PHN0cm9uZz 5DYXNoIEZs b3c8L3N0cm 9uZz46IFRo ZSBjb21wYW 554oCZcyBj YXNoIGZsb3 cgd291bGQg YmUgbmVnYX RpdmVseSBh ZmZlY3RlZC BhcyBpdCBm YWNlcyByaX NpbmcgY29z dHMgYW5kIH BvdGVudGlh bGx5IGxvd2 VyIHNhbGVz IHZvbHVtZS BkdWUgdG8g c3VwcGx5IG lzc3VlcyBh bmQgcG9zc2 libGUgcHJp Y2UgaW5jcm Vhc2VzIHRo YXQgY291bG QgZGV0ZXIg Y29uc3VtZX IgcHVyY2hh c2VzLiBJZi Bjb25zdW1l ciBzZW50aW 1lbnQgc2hp ZnRzIGR1ZS B0byByaXNp bmcgcHJpY2 VzLCBzYWxl cyBjb3VsZC BkZWNsaW5l LCBmdXJ0aG VyIGV4YWNl cmJhdGluZy BjYXNoIGZs b3cgaXNzdW VzLiBUaGlz IGRvd250dX JuIGluIGNh c2ggZmxvdy Bjb3VsZCBs aW1pdCBCZW llcnNkb3Jm 4oCZcyBhYm lsaXR5IHRv IGludmVzdC BpbiBuZXcg cHJvZHVjdH Mgb3IgbWFy a2V0aW5nLC BjcmVhdGlu ZyBhIHZpY2 lvdXMgY3lj bGUgb2YgZG VjbGluZS48 YnI+My4gPH N0cm9uZz5C YWxhbmNlIF NoZWV0PC9z dHJvbmc+Oi BPdmVyIHRp bWUsIGlmIH RoZSBzaXR1 YXRpb24gcG Vyc2lzdHMs IHRoZSBiYW xhbmNlIHNo ZWV0IGNvdW xkIHdlYWtl biBjb25zaW RlcmFibHku IEluY3JlYX NlZCBsaWFi aWxpdGllcy BtYXkgYXJp c2UgZnJvbS B1bmRlcnBl cmZvcm1pbm cgaW5jb21l IGlmIHRoZS Bjb21wYW55 IG5lZWRzIH RvIGZpbmFu Y2UgaXRzIG 9wZXJhdGlv bnMgYnkgaW 5jcmVhc2lu ZyBkZWJ0Li BBcyBjYXNo IHJlc2Vydm VzIGR3aW5k bGUsIEJlaW Vyc2RvcmYg d291bGQgYm UgdW5kZXIg cHJlc3N1cm UgdG8gbWFp bnRhaW4gbG lxdWlkaXR5 LCBwb3NzaW JseSBsZWFk aW5nIHRvIG hpZ2hlciBs ZXZlcmFnZS ByYXRpb3Mg YW5kIGxvd2 VyIGVxdWl0 eSB2YWx1ZS 4gVGhpcyBk ZXRlcmlvcm F0aW9uIGNv dWxkIGxpbW l0IHRoZSBj b21wYW554o CZcyBhYmls aXR5IHRvIH Jlc3BvbmQg dG8gZnV0dX JlIG9wcG9y dHVuaXRpZX Mgb3IgY2hh bGxlbmdlcy wgZnVydGhl ciBpbXBhaX JpbmcgaXRz IGNvbXBldG l0aXZlbmVz cyBpbiB0aG UgbWFya2V0 Ljxicj5Jbi BzdW1tYXJ5 LCBhIHN1cH BseSBjaGFp biBkaXNydX B0aW9uIGNv dWxkIHNpZ2 5pZmljYW50 bHkgaW1wYW lyIEJlaWVy c2RvcmbigJ lzIGVjb25v bWljIGZ1bm RhbWVudGFs cywgaGFybW luZyBpdHMg bWFyZ2lucy wgcmVkdWNp bmcgY2FzaC BmbG93LCBh bmQgd2Vha2 VuaW5nIGl0 cyBiYWxhbm NlIHNoZWV0 LiBUaGlzIG NvdWxkIGNy ZWF0ZSBsb2 5nLXRlcm0g Y2hhbGxlbm dlcyBpbiBt YWludGFpbm luZyBpdHMg bWFya2V0IH Bvc2l0aW9u IGFuZCBpbn Zlc3Rpbmcg aW4gZ3Jvd3 RoLjxicj4=

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 bG9nb3Mvc3 FyRHBlOGtt R0lrWENib3 djVlAud2Vi cCIgYWx0PS JCZWllcnNk b3JmIiB0aX RsZT0iQmVp ZXJzZG9yZi IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBCZWllcn Nkb3JmPwog 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 +TpSBHZXQg b3VyIGZyZW UgZUJvb2sg bm93OiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn UW1WcFpYIE p6Wkc5eVpp QkIgUnlCM1 lYTWdabSA5 MWJtUmxaQ0 JwIGJpQXhP RGd5SUcgSj VJRkJoZFd3 ZyBReTRnUW 1WcFpYIEp6 Wkc5eVppQn AgYmlCSVlX MWlkWCBKbk xDQkhaWEp0 IFlXNTVMaU JVYUcgVWdZ Mjl0Y0dGdS BlU0J2Y21s bmFXIDVoYk d4NUlIQnkg YjJSMVkyVm tJRyAxbFpH bGpZV3dnIG NHeGhjM1Js Y24gTXNJR0 oxZENCcyBZ WFJsY2lCbG VIIEJoYm1S bFpDQnAgYm 5SdklITnJh VyA0Z1lXNW tJR2hoIGFY SWdZMkZ5Wl MgQndjbTlr ZFdOMCBjeT Q4WW5JK01p IDRnVkdobE lHTnYgYlhC aGJubmlnSi BseklHMXZj M1FnIGQyVn NiQzFyYm0g OTNiaUJpY2 1GdSBaQ0Jw Y3lCT2FYIF psWVN3Z2Qy aHAgWTJnZ2 QyRnpJRyB4 aGRXNWphR1 ZrIElHbHVJ REU1TVQgRX VJRlJvWlNC dSBZVzFsSU dOdmJXIFZ6 SUdaeWIyMG cgZEdobElF eGhkRyBsdU lIZHZjbVFn IFptOXlJSE 51YjMgY3NJ SEpsWm1WeS BaVzVqYVc1 bklIIFJvWl NCd2RYSmwg SUhkb2FYUm xJRyBOdmJH OXlJRzltIE lIUm9aU0J3 Y20gOWtkV0 4wTGp4aSBj ajR6TGlCRW RYIEpwYm1j Z1YyOXkgYk dRZ1YyRnlJ RSBsSkxDQk NaV2xsIGNu TmtiM0ptSU ggQnliMlIx WTJWayBJRz FsWkdsallX IHdnYzNWd2 NHeHAgWlhN Z1ptOXlJSC BSb1pTQkha WEp0IFlXNG diV2xzYVgg Umhjbmt1SU ZSbyBaU0Jq YjIxd1lXID U1NG9DWmN5 Qm0gWVdOMG IzSnBaWCBN Z2QyVnlaU0 J6IFpYWmxj bVZzZVMgQm tZVzFoWjJW ayBJR0o1SU dKdmJXIEpw Ym1jc0lHSj EgZENCd2Nt OWtkVyBOMG FXOXVJSEps IGMzVnRaV1 FnYVcgNGdN VGswT1M0OC BZbkkrTkM0 Z1NXIDRnTV RrM05Dd2cg UW1WcFpYSn paRyA5eVpp QmxlSEJoIG JtUmxaQ0Jw Ym4gUnZJSF JvWlNCViBV eUJ0WVhKcl pYIFFnWW5r Z1lXTnggZF dseWFXNW5J RSBOdmNIQm xjblJ2IGJt VXNJR0VnY0 cgOXdkV3ho Y2lCeiBkVz V6WTNKbFpX IDRnWW5KaG JtUXUgSUZS b2FYTWdiVy BGeWEyVmtJ SFJvIFpTQm piMjF3WVcg NTU0b0NaY3 lCbSBhWEp6 ZENCdFlXIH B2Y2lCcGJu UmwgY201aG RHbHZibSBG c0lHRmpjWF ZwIGMybDBh Vzl1TGogeG ljajQxTGlC SiBiaUF4T1 RnNUxDIEJD WldsbGNuTm sgYjNKbUlH eGhkVyA1am FHVmtJRVYx IFkyVnlhVz RzSUcgRWda R1Z5YldGMC BiMnh2WjJs emRDIDF5Wl dOdmJXMWwg Ym1SbFpDQn phMiBsdUlH TmhjbVVnIF luSmhibVF1 SUUgbDBJR2 hoY3lCeiBh VzVqWlNCaV pXIE52YldV Z2IyNWwgSU c5bUlIUm9a UyBCc1pXRm thVzVuIElH SnlZVzVrY3 kgQm1iM0ln YzJWdSBjMm wwYVhabElI IE5yYVc0Z2 FXNGcgZEdo bElHZHNiMi BKaGJDQnRZ WEpyIFpYUX VQR0p5UGog WXVJRUpsYV dWeSBjMlJ2 Y21ZZ2IzIG R1Y3lCdmRt VnkgSURjd0 1DQmhZMyBS cGRtVWdjR0 YwIFpXNTBj eUJoYm0gUW dhVzUyWlhO MCBjeUJoY2 05MWJtIFFn TlRBd0lHMX AgYkd4cGIy NGdaWCBWeW IzTWdaV0Zq IGFDQjVaV0 Z5SUcgbHVJ SEpsYzJWaC BjbU5vSUdG dVpDIEJrWl habGJHOXcg YldWdWRDND hZbiBJK055 NGdWR2hsIE lHTnZiWEJo Ym4ga2dhR0 Z6SUdFZyBj M1J5YjI1bk lHIE52Ylcx cGRHMWwgYm 5RZ2RHOGdj MyBWemRHRn BibUZpIGFX eHBkSGtzSU ggZHBkR2dn YVhSeiBJRm RsSUdOaGNt IFVnYVc1cG RHbGggZEds MlpTQm1iMi BOMWMybHVa eUJ2IGJpQj FjMmx1Wnkg QmxiblpwY2 05dSBiV1Z1 ZEdGc2JIIG tnY21WemNH OXUgYzJsaW JHVWdjSCBK dlkyVnpjMl Z6IElHRnVa Q0J3WVcgTn JZV2RwYm1j ZyBiV0YwWl hKcFlXIHh6 TGp4aWNqND QgTGlCQmNH RnlkQyBCbW NtOXRJSE5y IGFXNWpZWE psSUcgRnVa Q0J3WlhKei BiMjVoYkNC allYIEpsSU hCeWIyUjEg WTNSekxDQk NaVyBsbGNu TmtiM0ptIE lHRnNjMjhn YUcgRnpJR0 VnYkdGeSBa MlVnY0c5eW RHIFp2Ykds dklHbHUgSU hSb1pTQmha RyBobGMybD JaU0IwIFpX Tm9ibTlzYj IgZDVJR2x1 WkhWeiBkSE o1TGlCSmRI IE1nWVdSb1 pYTnAgZG1V Z1luSmhibS BRc0lGUmxj MkVzIElHbH pJSFZ6Wlcg UWdhVzRnZG 1GeSBhVzkx Y3lCcGJtIF IxYzNSeWFX RnMgSUdGdV pDQm9iMyBW elpXaHZiR1 FnIFlYQndi R2xqWVggUn BiMjV6TGp4 aSBjajQ1TG lCQ1pXIGxs Y25Oa2IzSm 0gSUc5d1pY SmhkRyBWek lHbHVJRzky IFpYSWdNVG N3SUcgTnZk VzUwY21sbC BjeUJoYm1R Z2FHIEZ6SU dGeWIzVnUg WkNBeU1Dd3 dNRCBBZ1pX MXdiRzk1IF pXVnpJSGR2 Y20geGtkMm xrWlM0OCBZ bkkrTVRBdU lGIFJvWlNC amIyMXcgWV c1NUlHbHpJ RyB4cGMzUm xaQ0J2IGJp QjBhR1VnUj IgVnliV0Z1 SUhOMCBiMk 5ySUdWNFky IGhoYm1kbE xDQjMgYVhS b0lHbDBjeS BCdFlXcHZj bWwwIGVTQn phR0Z5Wlcg aHZiR1JsY2 lCaSBaV2x1 WnlCMGFHIF VnVFdGNGFX NW4gZG1Wem RDQkJSeSB3 Z2IzZHVaV1 FnIFlua2dk R2hsSUUgaG xjbm9nWm1G dCBhV3g1TG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=