Avingtrans

Live  

Avingtrans is a UK-based engineering group that designs, manufactures and supplies components, systems and services to the energy, medical and industrial markets. The company was founded in 1992 and is headquartered in Berkshire, England.
The company has five operating divisions: Aerospace, Medical, Energy, Process & Flow Control, and Metalcraft. Each division specializes in different sectors and serves a wide range of customers in various industries.
Avingtrans' Aerospace division supplies precision machined and fabricated components and assemblies for commercial and military aerospace programs. Its Medical division produces specialized medical equipment for the healthcare industry. The Energy division provides components and services for nuclear, alternative energy, and oil and gas markets. The Process & Flow Control division offers valves, actuators, and instrumentation for industrial applications. Lastly, the Metalcraft division produces high-quality metal components for a variety of industries including automotive, construction, and defense.
The company's vision is to be a global leader in engineering solutions, providing high-quality products and services to its customers. Avingtrans is also committed to sustainability and responsible business practices, which are reflected in its corporate values of innovation, excellence, integrity, and sustainability.
Avingtrans has a global presence with manufacturing facilities in the UK, Europe, and the US. The company's strong reputation and customer base have led to steady growth and expansion, making it a key player in the engineering industry.

Avingtrans is a company that makes special parts and equipment used in big machines and systems. Think about how a car has many different parts to help it run smoothly—like the wheels, engine, and brakes. Avingtrans creates important parts for things like trains, buses, and even space rockets!
The way Avingtrans makes money is by selling these parts to other businesses that need them to build their machines or to keep them working well. They might also help by offering services to make sure everything runs safely and efficiently. When more people or companies want new trains, airplanes, or energy solutions, they need Avingtrans’ parts.
Avingtrans is successful because they have been doing this for a long time and have built a reputation for making high-quality products. They also keep finding new ways to create parts for new technologies, like green energy, which is becoming more popular as people want to take care of the planet.
In the future, Avingtrans is likely to continue being successful because they are good at adapting to changes and finding new customers. As technology keeps getting better and people want clean energy and faster transportation, Avingtrans will be there to help make that happen with their important parts.

MS4gRGl2ZX JzZSBCdXNp bmVzcyBPcG VyYXRpb25z OiBBdmluZ3 RyYW5zIGlz IGEgZGl2ZX JzZSBlbmdp bmVlcmluZy Bncm91cCB3 aXRoIG9wZX JhdGlvbnMg YWNyb3NzIG 11bHRpcGxl IGluZHVzdH JpZXMsIGlu Y2x1ZGluZy BhZXJvc3Bh Y2UsIGVuZX JneSwgYW5k IG1lZGljYW wuIFRoaXMg ZGl2ZXJzaW ZpY2F0aW9u IGhlbHBzIH RoZSBjb21w YW55IG1pdG lnYXRlIHJp c2tzIGFuZC BjcmVhdGUg YSByb2J1c3 QgcG9ydGZv bGlvIG9mIH Byb2R1Y3Rz IGFuZCBzZX J2aWNlcy48 YnI+Mi4gQW R2YW5jZWQg RW5naW5lZX JpbmcgQ2Fw YWJpbGl0aW VzOiBBdmlu Z3RyYW5zIG hhcyBhIHN0 cm9uZyBmb2 N1cyBvbiBh ZHZhbmNlZC BlbmdpbmVl cmluZywgd2 l0aCBhIGRl ZGljYXRlZC B0ZWFtIG9m IGhpZ2hseS Bza2lsbGVk IGVuZ2luZW Vycy4gVGhp cyBhbGxvd3 MgdGhlIGNv bXBhbnkgdG 8gZGV2ZWxv cCBpbm5vdm F0aXZlIGFu ZCBoaWdoLX F1YWxpdHkg c29sdXRpb2 5zIGZvciBp dHMgY3VzdG 9tZXJzLjxi cj4zLiBTdH JvbmcgQ3Vz dG9tZXIgUm VsYXRpb25z aGlwczogVG hlIGNvbXBh bnkgaGFzIG J1aWx0IGxv bmctc3Rhbm RpbmcgcmVs YXRpb25zaG lwcyB3aXRo IGl0cyBjdX N0b21lcnMs IGluY2x1ZG luZyBtYWpv ciBhZXJvc3 BhY2UgYW5k IGVuZXJneS Bjb21wYW5p ZXMuIFRoaX MgcmVmbGVj dHMgdGhlIG hpZ2ggbGV2 ZWwgb2YgdH J1c3QgYW5k IHNhdGlzZm FjdGlvbiBj dXN0b21lcn MgaGF2ZSBp biBBdmluZ3 RyYW5zJyBw cm9kdWN0cy BhbmQgc2Vy dmljZXMuPG JyPjQuIEds b2JhbCBQcm VzZW5jZTog QXZpbmd0cm FucyBoYXMg YSBnbG9iYW wgcHJlc2Vu Y2Ugd2l0aC BvZmZpY2Vz IGFuZCBtYW 51ZmFjdHVy aW5nIGZhY2 lsaXRpZXMg aW4gdGhlIF VLLCBOb3J0 aCBBbWVyaW NhLCBhbmQg QXNpYS4gVG hpcyBhbGxv d3MgdGhlIG NvbXBhbnkg dG8gdGFwIG ludG8gbmV3 IG1hcmtldH MgYW5kIHNl cnZlIGl0cy BjdXN0b21l cnMgd29ybG R3aWRlLjxi cj41LiBDb2 1taXRtZW50 IHRvIFN1c3 RhaW5hYmls aXR5OiBBdm luZ3RyYW5z IGlzIGNvbW 1pdHRlZCB0 byBzdXN0YW luYWJpbGl0 eSBhbmQgb3 BlcmF0ZXMg aW4gYW4gZW 52aXJvbm1l bnRhbGx5IH Jlc3BvbnNp YmxlIG1hbm 5lci4gVGhl IGNvbXBhbn kgaGFzIGEg ZGVkaWNhdG VkIHN1c3Rh aW5hYmlsaX R5IHN0cmF0 ZWd5LCB3aG ljaCBpbmNs dWRlcyByZW R1Y2luZyBp dHMgY2FyYm 9uIGZvb3Rw cmludCwgcH JvbW90aW5n IGVjby1mcm llbmRseSBw cmFjdGljZX MsIGFuZCBz dXBwb3J0aW 5nIGxvY2Fs IGNvbW11bm l0aWVzLjxi cj42LiBGb2 N1cyBvbiBJ bm5vdmF0aW 9uOiBBdmlu Z3RyYW5zIG ludmVzdHMg aGVhdmlseS BpbiByZXNl YXJjaCBhbm QgZGV2ZWxv cG1lbnQgdG 8gc3RheSBh dCB0aGUgZm 9yZWZyb250 IG9mIHRlY2 hub2xvZ3kg YW5kIGlubm 92YXRpb24u IFRoaXMgaG FzIGhlbHBl ZCB0aGUgY2 9tcGFueSBk ZXZlbG9wIG N1dHRpbmct ZWRnZSBwcm 9kdWN0cyBh bmQgbWFpbn RhaW4gYSBj b21wZXRpdG l2ZSBlZGdl IGluIHRoZS BtYXJrZXQu PGJyPjcuIF N0cm9uZyBG aW5hbmNpYW wgUGVyZm9y bWFuY2U6IE F2aW5ndHJh bnMgaGFzIG Egc3Ryb25n IGZpbmFuY2 lhbCB0cmFj ayByZWNvcm QsIHdpdGgg Y29uc2lzdG VudCBncm93 dGggaW4gcm V2ZW51ZSBh bmQgcHJvZm l0LiBUaGlz IGRpc3BsYX lzIHRoZSBj b21wYW55J3 Mgc3Ryb25n IGJ1c2luZX NzIG1vZGVs IGFuZCBmaW 5hbmNpYWwg c3RhYmlsaX R5Ljxicj44 LiBFeHBlcm llbmNlZCBN YW5hZ2VtZW 50IFRlYW06 IEF2aW5ndH JhbnMgaGFz IGEgaGlnaG x5IGV4cGVy aWVuY2VkIG 1hbmFnZW1l bnQgdGVhbS B3aXRoIGlu LWRlcHRoIG tub3dsZWRn ZSBhbmQgZX hwZXJ0aXNl IGluIHRoZW lyIHJlc3Bl Y3RpdmUgaW 5kdXN0cmll cy4gVGhpcy BoYXMgcGxh eWVkIGEgY3 J1Y2lhbCBy b2xlIGluIH RoZSBjb21w YW55J3Mgc3 VjY2VzcyBh bmQgZ3Jvd3 RoIG92ZXIg dGhlIHllYX JzLg==

VGhlIEF2aW 5ndHJhbnMg Y29tcGFueS BpcyBhIGds b2JhbCBlbm dpbmVlcmlu ZyBjb21wYW 55IHRoYXQg c3BlY2lhbG l6ZXMgaW4g dGhlIGRlc2 lnbiwgbWFu dWZhY3R1cm UsIGFuZCBz dXBwbHkgb2 YgY3JpdGlj YWwgY29tcG 9uZW50cywg c3lzdGVtcy BhbmQgc2Vy dmljZXMgdG 8gdGhlIGFl cm9zcGFjZS wgZW5lcmd5 LCBtZWRpY2 FsIGFuZCBp bmR1c3RyaW FsIHNlY3Rv cnMuIEl0cy BidXNpbmVz cyBtb2RlbC BjYW4gYmUg c3VtbWFyaX plZCBhcyBm b2xsb3dzOj xicj4xLiBG b2N1cyBvbi BoaWdoIHRl Y2hub2xvZ3 kgYW5kIGNy aXRpY2FsIG VuZ2luZWVy aW5nOiBBdm luZ3RyYW5z IGZvY3VzZX Mgb24gZGVz aWduaW5nIG FuZCBtYW51 ZmFjdHVyaW 5nIGNvbXBs ZXggYW5kIG hpZ2gtcHJl Y2lzaW9uIG NvbXBvbmVu dHMgYW5kIH N5c3RlbXMg Zm9yIHRoZS BhZXJvc3Bh Y2UsIGVuZX JneSwgbWVk aWNhbCBhbm QgaW5kdXN0 cmlhbCBzZW N0b3JzLiBU aGVzZSBzZW N0b3JzIGhh dmUgaGlnaC BkZW1hbmQg Zm9yIHF1YW xpdHkgYW5k IHJlbGlhYm lsaXR5LCBh bmQgQXZpbm d0cmFucyBs ZXZlcmFnZX MgaXRzIGVu Z2luZWVyaW 5nIGV4cGVy dGlzZSB0by BtZWV0IHRo ZWlyIHNwZW NpZmljIHJl cXVpcmVtZW 50cy48YnI+ Mi4gRGl2ZX JzaWZpZWQg cHJvZHVjdC Bwb3J0Zm9s aW86IEF2aW 5ndHJhbnMg aGFzIGEgZG l2ZXJzZSBw cm9kdWN0IH BvcnRmb2xp byB0aGF0IG luY2x1ZGVz IGFkdmFuY2 VkIG1hbnVm YWN0dXJpbm cgc3lzdGVt cywgY29udH JvbCBhbmQg aW5zdHJ1bW VudGF0aW9u IHByb2R1Y3 RzLCBwcmVj aXNpb24gZW 5naW5lZXJp bmcgY29tcG 9uZW50cywg YW5kIGhpZ2 gtZGVtYW5k IGNvbXBvbm VudHMgZm9y IHRoZSBhZX Jvc3BhY2Ug aW5kdXN0cn kuIFRoaXMg aGVscHMgdG hlIGNvbXBh bnkgdG8gbW l0aWdhdGUg cmlza3MgYW 5kIGVuc3Vy ZXMgY29udG ludW91cyBy ZXZlbnVlIH N0cmVhbXMu PGJyPjMuIF BhcnRuZXJz aGlwIGFuZC Bjb2xsYWJv cmF0aW9uOi BBdmluZ3Ry YW5zIHdvcm tzIGNsb3Nl bHkgd2l0aC BpdHMgY3Vz dG9tZXJzIH RvIHVuZGVy c3RhbmQgdG hlaXIgbmVl ZHMgYW5kIH Byb3ZpZGUg Y3VzdG9taX plZCBzb2x1 dGlvbnMuIF RoZSBjb21w YW55IGFsc2 8gY29sbGFi b3JhdGVzIH dpdGggbGVh ZGluZyB0ZW Nobm9sb2dp Y2FsIGFuZC BpbmR1c3Ry eSBwYXJ0bm VycyB0byBk ZXZlbG9wIG 5ldyBwcm9k dWN0cywgZW 5oYW5jZSBp dHMgY2FwYW JpbGl0aWVz LCBhbmQgYW NjZXNzIG5l dyBtYXJrZX RzLjxicj40 LiBHbG9iYW wgcHJlc2Vu Y2U6IEF2aW 5ndHJhbnMg aGFzIGEgZ2 xvYmFsIHBy ZXNlbmNlIG FuZCBzZXJ2 ZXMgY3VzdG 9tZXJzIGlu IG92ZXIgNT AgY291bnRy aWVzLiBUaG lzIGFsbG93 cyB0aGUgY2 9tcGFueSB0 byB0YXAgaW 50byBkaWZm ZXJlbnQgbW Fya2V0cyBh bmQgdGFrZS BhZHZhbnRh Z2Ugb2YgdG hlIG9wcG9y dHVuaXRpZX MgYXZhaWxh YmxlIGluIH ZhcmlvdXMg cmVnaW9ucy 48YnI+NS4g Q29udGludW FsIGZvY3Vz IG9uIGlubm 92YXRpb246 IEF2aW5ndH JhbnMgcGxh Y2VzIGEgc3 Ryb25nIGVt cGhhc2lzIG 9uIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCB0by BkZXZlbG9w IGlubm92YX RpdmUgc29s dXRpb25zIH RoYXQgbWVl dCB0aGUgZX ZvbHZpbmcg bmVlZHMgb2 YgaXRzIGN1 c3RvbWVycy 4gVGhpcyBo ZWxwcyB0aG UgY29tcGFu eSB0byBzdG F5IGFoZWFk IG9mIHRoZS Bjb21wZXRp dGlvbiBhbm QgbWFpbnRh aW4gaXRzIH Bvc2l0aW9u IGFzIGEgbW Fya2V0IGxl YWRlci48Yn I+Ni4gQWNx dWlzaXRpb2 4gc3RyYXRl Z3k6IEF2aW 5ndHJhbnMg aGFzIGEgdG FyZ2V0ZWQg YWNxdWlzaX Rpb24gc3Ry YXRlZ3kgdG 8gZXhwYW5k IGl0cyBwcm 9kdWN0IHBv cnRmb2xpby wgZW50ZXIg bmV3IG1hcm tldHMsIGFu ZCBzdHJlbm d0aGVuIGl0 cyBjYXBhYm lsaXRpZXMu IFRoaXMgaG FzIGhlbHBl ZCB0aGUgY2 9tcGFueSB0 byBhY2hpZX ZlIHNpZ25p ZmljYW50IG dyb3d0aCBh bmQgZGl2ZX JzaWZ5IGl0 cyBidXNpbm Vzcy48YnI+ T3ZlcmFsbC wgQXZpbmd0 cmFucycgYn VzaW5lc3Mg bW9kZWwgaX MgZm9jdXNl ZCBvbiBwcm 92aWRpbmcg aGlnaC1xdW FsaXR5LCBp bm5vdmF0aX ZlIGFuZCBj dXN0b21pem VkIGVuZ2lu ZWVyaW5nIH NvbHV0aW9u cyB0byBpdH MgY3VzdG9t ZXJzIGluIG RpdmVyc2Ug c2VjdG9ycy wgd2hpbGUg YWxzbyBtYW ludGFpbmlu ZyBhIHN0cm 9uZyBmb2N1 cyBvbiBjb2 50aW51YWwg Z3Jvd3RoIG FuZCBleHBh bnNpb24u

The potential threat that AI poses to Avingtrans’ products, services, or competitive positioning can be assessed through several avenues: substitution, disintermediation, and margin pressure.
1. Substitution: AI can lead to the development of new technologies and products that may substitute traditional manufacturing processes and components that companies like Avingtrans offer. For example, advancements in automation and AI-driven manufacturing may allow competitors to produce similar or superior products with less labor and reduced costs. This could especially impact sectors where Avingtrans operates, such as aerospace, energy, and medical technology. If AI-driven alternatives emerge that offer a similar or better value proposition, Avingtrans could face significant competitive challenges.
2. Disintermediation: AI technologies may enable end-users to directly access products or services without going through traditional channels. This could affect the way Avingtrans interacts with its clients, as AI could enable customers to customize and source products more efficiently. If clients start adopting AI for supply chain management or product design, it could reduce their reliance on Avingtrans’ services, impacting sales and market presence.
3. Margin Pressure: As AI becomes more integrated into manufacturing and service processes, it can lead to increased efficiency and lower operational costs for competitors. If competitors use AI to lower their pricing, this could pressure Avingtrans to reduce margins to stay competitive. Additionally, if AI technology costs decrease as it becomes more prevalent, new entrants may emerge in the market, further intensifying competitive pressure and affecting pricing strategies across the industry.
In conclusion, while AI presents opportunities for innovation and improved efficiency, it also poses material risks to Avingtrans through potential substitution of products, disintermediation of services, and increased margin pressures. The company will need to adapt strategically to leverage AI’s benefits while mitigating these risks.

The sensitivity of Avingtrans company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several factors:
1. Earnings Sensitivity: Interest rates can impact Avingtrans’s cost of debt. If the company has variable-rate debt, higher interest rates could increase borrowing costs, affecting net earnings. Conversely, if interest rates rise, it might reduce capital expenditure and investment in growth, potentially leading to lower revenue growth.
2. Cash Flow Sensitivity: Changes in interest rates affect cash flow primarily through financing costs. Increased interest expenses will reduce operating cash flows, especially if the company relies heavily on debt. Higher interest rates can also impact customer spending and capital investment, which may reduce cash inflows.
3. Valuation Sensitivity: Valuation often relies on discounted cash flow (DCF) analysis, where future cash flows are discounted back to present value using a discount rate that reflects market interest rates. As interest rates rise, the discount rate increases, resulting in lower present values for future cash flows and potentially reducing the company’s valuation. Higher rates can also make alternative investments more attractive, which can lead to a decrease in the company’s market value.
In summary, Avingtrans’s earnings, cash flow, and valuation are likely to be sensitive to changes in interest rates, with potential adverse effects from increased borrowing costs, reduced cash inflows, and lower valuation multiples if rates rise significantly.

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 bG9nb3MvdX V3SWhFaWtB aXdxb0NlS2 xiZlMud2Vi cCIgYWx0PS JBdmluZ3Ry YW5zIiB0aX RsZT0iQXZp bmd0cmFucy IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD05MC B3aWR0aD05 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 dCBBdmluZ3 RyYW5zPwog 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 ICAgICAg4p yFIERvd25s b2FkIDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g 4oCUIHRvdG FsbHkgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdRWFpwYm 0gZDBjbUZ1 Y3lCMyBZWE 1nWm05MWJt IFJsWkNCcG JpQXkgTURB MElHRnVaQy BCb1lYTWdh WFJ6IElHaG xZV1J4ZFcg RnlkR1Z5Y3 lCcCBiaUJE WVcxaWNtIG xrWjJVc0lG VnUgYVhSbF pDQkxhVyA1 blpHOXRMan hpIGNqNHlM aUJCZG0gbH VaM1J5WVc1 eiBJSE53Wl dOcFlXIHhw ZW1WeklHbH UgSUhSb1pT QmtaWCBOcF oyNGdZVzVr IElHMWhibl ZtWVcgTjBk WEpsSUc5bS BJR055YVhS cFkyIEZzSU dOdmJYQnYg Ym1WdWRITW dZVyA1a0lI TmxjblpwIF kyVnpJR1p2 Y2kgQjBhR1 VnWlc1bCBj bWQ1TENCdF pXIFJwWTJG c0xDQmggYm 1RZ2RISmhi biBOd2IzSj BJSE5sIFkz UnZjbk11UE cgSnlQak11 SUZSbyBaU0 JqYjIxd1lX IDU1SUhkaG N5QnYgY21s bmFXNWhiRy B4NUlHWnZj bTFsIFpDQj BhSEp2ZFcg ZG9JSFJvWl NCdCBaWEpu WlhJZ2IyIF lnWm05MWNp QmwgYzNSaF lteHBjMiBo bFpDQmxibW RwIGJtVmxj bWx1WnkgQm piMjF3WVc1 cCBaWE1nNG 9DVElFIE55 YjNkdUlGVn IgSUdGbGNt OHNJRSBsdW MzUnliMjRn IFZVc3NJRV psY24gSnZj MkZ1SUUxbC BaR2xqWVd3 Z1JHIFYyYV dObGN5Qmgg Ym1RZ1UybG 5iVyBFZ1VI SmxZMmx6IG FXOXVJRU52 YlggQnZibV Z1ZEhNdSBQ R0p5UGpRdU lFIEYyYVc1 bmRISmggYm 5NZ2FHRnpJ RyBFZ1oyeH ZZbUZzIElI SmxZV05vTE MgQjNhWFJv SUc5dyBaWE poZEdsdmJu IE1nYVc0Z1 JYVnkgYjNC bExDQk9iMy BKMGFDQkJi V1Z5IGFXTm hMQ0JoYm0g UWdRWE5wWV N3ZyBZVzVr SUdOMWMzIF J2YldWeWN5 QnAgYmlCdm RtVnlJRCBV d0lHTnZkVz UwIGNtbGxj eTQ4WW4gSS tOUzRnVkdo bCBJR052Yl hCaGJuIGtn YUdGeklHRW cgYzNSeWIy NW5JRyBadl kzVnpJRzl1 IElHbHVibT kyWVggUnBi MjRnWVc1ay BJR2x1ZG1W emRIIE1nYU dWaGRtbHMg ZVNCcGJpQn laWCBObFlY SmphQ0JoIG JtUWdaR1Yy WlcgeHZjRz FsYm5RcyBJ SGRwZEdnZ2 IzIFpsY2lB NEpTQnYgWm lCcGRITWdZ VyA1dWRXRn NJSEpsIGRt VnVkV1VnWV cgeHNiMk5o ZEdWayBJSF J2SUZJbVJD IEJoWTNScG RtbDAgYVdW ekxqeGljai A0MkxpQkpi aUF5IE1ERT RMQ0JCZG0g bHVaM1J5WV c1eiBJR0Zq Y1hWcGNtIF ZrSUVoaGVY ZGggY21RZ1 ZIbHNaWCBJ Z1IzSnZkWE FzIElHRWdi R1ZoWkcgbH VaeUJ0WVc1 MSBabUZqZE hWeVpYIEln WVc1a0lITm wgY25acFky VWdjSCBKdm RtbGtaWEln IGIyWWdaV3 hsWTMgUnlh V01nYlc5MC BiM0p6SUdG dVpDIEJ3ZF cxd2N5Qm0g YjNJZ2RHaG xJRyBWdVpY Sm5lU0J6IF pXTjBiM0lz SUcgVjRjR0 Z1WkdsdSBa eUJwZEhNZ1 kyIEZ3WVdK cGJHbDAgYV dWeklHRnVa QyBCdFlYSn JaWFFnIGNt VmhZMmd1UE cgSnlQamN1 SUZSbyBaU0 JqYjIxd1lX IDU1SUdoaG N5QmggSUdS cGRtVnljMi BVZ2NHOXlk R1p2IGJHbH ZJRzltSUgg QnliMlIxWT NSeiBJR0Z1 WkNCelpYIE oyYVdObGN5 d2cgYVc1am JIVmthVyA1 bklIQnlaV0 5wIGMybHZi aUJ0WVcgTm 9hVzVsWkNC aiBiMjF3Yj I1bGJuIFJ6 TENCbGJHVm ogZEhKdkxX MWxZMiBoaG JtbGpZV3dn IGMzbHpkR1 Z0Y3kgd2dZ VzVrSUdOMS BjM1J2Ylds NlpXIFFnYz I5c2RYUnAg YjI1eklHWn ZjaSBCMGFH VWdaVzVsIG NtZDVMQ0J0 WlcgUnBZMk ZzTENCaCBi bVFnZEhKaG JuIE53YjNK MElHbHUgWk hWemRISnBa WCBNdVBHSn lQamd1IElF RjJhVzVuZE ggSmhibk1n YUdGeiBJR0 VnYzNSeWIy IDVuSUdOdm JXMXAgZEcx bGJuUWdkRy A4Z2MzVnpk R0ZwIGJtRm lhV3hwZEgg a2dZVzVrSU doaCBjeUJw YlhCc1pXID FsYm5SbFpD QjIgWVhKcG IzVnpJRyBs dWFYUnBZWF JwIGRtVnpJ SFJ2SUggSm xaSFZqWlNC cCBkSE1nWl c1MmFYIEp2 Ym0xbGJuUm ggYkNCcGJY QmhZMyBRc0 lITjFZMmdn IFlYTWdjbV ZrZFcgTnBi bWNnWlc1bC BjbWQ1SUdO dmJuIE4xYl hCMGFXOXUg SUdGdVpDQj NZWCBOMFpT d2dZVzVrIE lIQnliMjF2 ZEcgbHVaeU J5WldONSBZ MnhwYm1jZ1 lXIDVrSUhK bGMzQnYgYm 5OcFlteGxJ SCBOdmRYSm phVzVuIExq eGljajQ1TG kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCb1lY IE1nZDI5dU lHMTEgYkhS cGNHeGxJRy BGM1lYSmtj eUJtIGIzSW dhWFJ6SUgg QnliMlIxWT NSeiBMQ0J6 WlhKMmFXIE 5sY3l3Z1lX NWsgSUdKMW MybHVaWCBO eklIQnlZV0 4wIGFXTmxj eXdnYVcgNW piSFZrYVc1 biBJSFJvWl NCUmRXIFZs YnVLQW1YTW cgUVhkaGNt UWdabSA5eU lFVnVkR1Z5 IGNISnBjMl VnYVcgNGdN akF4T1NCbS BiM0lnYjNW MGMzIFJoYm 1ScGJtY2cg WVdOb2FXVj JaVyAxbGJu UnpJR2x1IE lHbHVkR1Z5 Ym0gRjBhVz l1WVd3ZyBk SEpoWkdVdV BHIEp5UGpF d0xpQkIgZG 1sdVozUnlZ VyA1eklHaG hjeUJoIElI TjBjbTl1Wn kgQm1iMk4x Y3lCdiBiaU JqYjNKd2Iz IEpoZEdVZ2 MyOWogYVdG c0lISmxjMy BCdmJuTnBZ bWxzIGFYUj VJR0Z1WkMg QmhZM1JwZG 1WcyBlU0J6 ZFhCd2IzIE owY3lCMllY SnAgYjNWek lHTm9ZWCBK cGRHbGxjeU JoIGJtUWdZ Mjl0YlggVn VhWFI1SUhC eSBiMnBsWT NSeklIIFJv Y205MVoyZ2 cgWkc5dVlY UnBiMiA1ek lHRnVaQ0Iy IGIyeDFibl JsWlggSnBi bWNnYVc1cC BkR2xoZEds MlpYIE11Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==