Goodwin plc

-8.65%

Live  

Goodwin plc is a global engineering group that provides a variety of products and services in different industrial sectors. The company was founded in 1883 by Samuel Goodwin and has since expanded its operations to various countries, including the United States, Canada, Brazil, China, and Australia.
The company operates in three main divisions: Foundry, Castings, and Refractory. The Foundry division produces iron castings for the automotive, construction, and mining industries. The Castings division provides a range of products, including valves, pumps, and compressors, for the oil and gas, marine, and power generation industries.
The Refractory division specializes in the manufacture of refractory products, which are used in high-temperature applications in industries such as steel, glass, and cement.
Goodwin plc also has a research and development center, which focuses on developing new materials and technologies to meet the evolving needs of its customers.
The company prides itself on its commitment to sustainability, with a focus on reducing its environmental impact and promoting social responsibility. It also has a strong emphasis on employee safety and is committed to providing a safe working environment for its employees.
Goodwin plc is listed on the London Stock Exchange and has a strong financial performance, with a history of consistent dividends and a strong balance sheet. The company’s leadership team is made up of experienced professionals with a strong understanding of the industries in which it operates.

R29vZHdpbi BwbGMgaXMg YSBjb21wYW 55IHRoYXQg ZG9lcyBzb2 1lIHJlYWxs eSBpbnRlcm VzdGluZyB0 aGluZ3MsIG 1vc3RseSBp biBhIGZpZW xkIGNhbGxl ZCBlbmdpbm VlcmluZyBh bmQgbWFudW ZhY3R1cmlu Zy4gVGhleS BtYWtlIHNw ZWNpYWwgcG FydHMgYW5k IGVxdWlwbW VudCB0aGF0 IGFyZSB1c2 VkIGluIHZh cmlvdXMgaW 5kdXN0cmll cywgbGlrZS BlbmVyZ3ks IHdhdGVyLC BhbmQgZXZl biBpbiBtYW tpbmcgdGhp bmdzIGluIG ZhY3Rvcmll cy4gSW1hZ2 luZSB5b3Ug bmVlZGVkIG Egc3VwZXJo ZXJvIHRvb2 wgZm9yIGJ1 aWxkaW5nIG 9yIGZpeGlu ZyB0aGluZ3 M7IEdvb2R3 aW4gcHJvZH VjZXMgdG9v bHMgYW5kIH BhcnRzIHRo YXQgaGVscC BvdGhlciBj b21wYW5pZX MgZG8gdGhl aXIgam9icy BiZXR0ZXIg YW5kIG1vcm UgZWZmaWNp ZW50bHkuPG JyPk5vdywg aG93IGRvZX MgR29vZHdp biBtYWtlIG 1vbmV5PyBU aGV5IHNlbG wgdGhlc2Ug c3BlY2lhbC BwYXJ0cyBh bmQgZXF1aX BtZW50IHRv IG90aGVyIG J1c2luZXNz ZXMuIFdoZW 4gdGhvc2Ug YnVzaW5lc3 NlcyB1c2Ug R29vZHdpbu KAmXMgcHJv ZHVjdHMgdG 8gbWFrZSBv ciBmaXggdG hpbmdzLCB0 aGV5IGNhbi BydW4gdGhl aXIgb3Blcm F0aW9ucyBt b3JlIHNtb2 90aGx5LCBh bmQgdGhhdC BvZnRlbiBs ZWFkcyB0by Btb3JlIHNh bGVzIGZvci B0aGVtLiBT bywgYnkgaG VscGluZyBv dGhlciBjb2 1wYW5pZXMg c3VjY2VlZC B3aXRoIHRo ZWlyIHN0cm 9uZyBhbmQg cmVsaWFibG UgcHJvZHVj dHMsIEdvb2 R3aW4gZWFy bnMgbW9uZX kgaW4gcmV0 dXJuLjxicj 5Hb29kd2lu IGlzIHN1Y2 Nlc3NmdWwg Zm9yIGEgZm V3IG1haW4g cmVhc29ucy 4gRmlyc3Qs IHRoZXkgZm 9jdXMgb24g aGlnaC1xdW FsaXR5IHBy b2R1Y3RzLC B3aGljaCBt ZWFucyB0aG VpciBwYXJ0 cyBsYXN0IG EgbG9uZyB0 aW1lIGFuZC B3b3JrIHZl cnkgd2VsbC 4gV2hlbiBj dXN0b21lcn MgYXJlIGhh cHB5IHdpdG ggd2hhdCB0 aGV5IGJ1eS wgdGhleSBv ZnRlbiBjb2 1lIGJhY2sg Zm9yIG1vcm UgYW5kIHRl bGwgb3RoZX IgcGVvcGxl IGFib3V0IG l0LiBTZWNv bmQsIEdvb2 R3aW4gaGFz IGEgZ29vZC ByZXB1dGF0 aW9uIGFuZC BhIGxvdCBv ZiBleHBlcm llbmNlIGlu IHRoZSBpbm R1c3RyeSwg c28gbWFueS BidXNpbmVz c2VzIHRydX N0IHRoZW0u PGJyPkxvb2 tpbmcgaW50 byB0aGUgZn V0dXJlLCBH b29kd2luIG lzIGxpa2Vs eSB0byBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSB0 aGV5IGNvbn RpbnVlIHRv IGlubm92YX RlLCB3aGlj aCBtZWFucy B0aGV5IGtl ZXAgY29taW 5nIHVwIHdp dGggbmV3IG FuZCBiZXR0 ZXIgcHJvZH VjdHMuIFRo ZXkgYWxzby BwYXkgYXR0 ZW50aW9uIH RvIHRoZSBu ZWVkcyBvZi B0aGUgaW5k dXN0cmllcy B0aGV5IHNl cnZlLCBhZG FwdGluZyBh bmQgaW1wcm 92aW5nIHRv IGtlZXAgdX Agd2l0aCBu ZXcgdGVjaG 5vbG9naWVz IGFuZCB0cm VuZHMuIFBs dXMsIHdpdG ggdGhlIHdv cmxkIG5lZW RpbmcgYmV0 dGVyIHdheX MgdG8gbWFu YWdlIGVuZX JneSBhbmQg d2F0ZXIgYW 5kIHRvIG1h a2UgcHJvZH VjdHMgZWZm aWNpZW50bH ksIEdvb2R3 aW7igJlzIG V4cGVydGlz ZSB3aWxsIG Fsd2F5cyBi ZSBpbiBkZW 1hbmQuIFNv LCBhcyB0aG V5IGtlZXAg Z3Jvd2luZy BhbmQgbWVl dGluZyB0aG VzZSBuZWVk cywgdGhleS B3aWxsIHBy b2JhYmx5IH N0YXkgYSBz dHJvbmcgY2 9tcGFueSBm b3IgeWVhcn MgdG8gY29t ZSE8YnI+

R29vZHdpbi BwbGMgaXMg YSBsYXJnZS BlbmdpbmVl cmluZyBhbm QgbWFudWZh Y3R1cmluZy Bjb21wYW55 IGJhc2VkIG luIHRoZSBV bml0ZWQgS2 luZ2RvbS4g SXQgaGFzIG EgaGlzdG9y eSBkYXRpbm cgYmFjayB0 byB0aGUgbW lkLTE5dGgg Y2VudHVyeS BhbmQgaGFz IGVzdGFibG lzaGVkIGl0 c2VsZiBhcy BhIGxlYWRl ciBpbiBpdH MgZmllbGQu IFNvbWUgb2 YgdGhlIGtl eSBmYWN0b3 JzIHRoYXQg bWFrZSBHb2 9kd2luIHBs YyBzcGVjaW FsIGFyZTo8 YnI+MS4gRG l2ZXJzZSBw cm9kdWN0IH BvcnRmb2xp bzogR29vZH dpbiBwbGMg b2ZmZXJzIG Egd2lkZSBy YW5nZSBvZi Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMg aW5jbHVkaW 5nIHZhbHZl cywgcHVtcC BzeXN0ZW1z LCBwcmVjaX Npb24gZW5n aW5lZXJpbm cgY29tcG9u ZW50cywgYW 5kIG1vdG9y cy4gVGhpcy BkaXZlcnNp dHkgaGFzIG hlbHBlZCB0 aGUgY29tcG FueSB0byBi ZSByZXNpbG llbnQgdG8g bWFya2V0IG ZsdWN0dWF0 aW9ucyBhbm QgZ2VuZXJh dGUgY29uc2 lzdGVudCBy ZXZlbnVlLj xicj4yLiBT dHJvbmcgYn JhbmQgcmVw dXRhdGlvbj ogV2l0aCBv dmVyIDE1MC B5ZWFycyBv ZiBleHBlcm llbmNlLCBH b29kd2luIH BsYyBoYXMg YnVpbHQgYS BzdHJvbmcg YW5kIHJlcH V0YWJsZSBi cmFuZCBpbi B0aGUgZW5n aW5lZXJpbm cgYW5kIG1h bnVmYWN0dX JpbmcgaW5k dXN0cnkuIE l0cyBwcm9k dWN0cyBhcm Uga25vd24g Zm9yIHRoZW lyIHF1YWxp dHksIHJlbG lhYmlsaXR5 LCBhbmQgaW 5ub3ZhdGlv bi48YnI+My 4gR2xvYmFs IHByZXNlbm NlOiBHb29k d2luIHBsYy BoYXMgYSBz dHJvbmcgZ2 xvYmFsIHBy ZXNlbmNlIH dpdGggbWFu dWZhY3R1cm luZyBmYWNp bGl0aWVzLC BzYWxlcyBv ZmZpY2VzLC BhbmQgY3Vz dG9tZXIgc3 VwcG9ydCBj ZW50ZXJzIG Fjcm9zcyBF dXJvcGUsIE 5vcnRoIEFt ZXJpY2EsIG FuZCBBc2lh LiBUaGlzIG FsbG93cyB0 aGUgY29tcG FueSB0byBz ZXJ2ZSBhIH dpZGUgcmFu Z2Ugb2YgY3 VzdG9tZXJz IGluIGRpZm ZlcmVudCBp bmR1c3RyaW VzLjxicj40 LiBDb21taX RtZW50IHRv IHJlc2Vhcm NoIGFuZCBk ZXZlbG9wbW VudDogR29v ZHdpbiBwbG MgaGFzIGEg ZGVkaWNhdG VkIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCB0ZW FtIHRoYXQg Y29udGludW 91c2x5IHdv cmtzIHRvd2 FyZHMgZGV2 ZWxvcGluZy BuZXcgYW5k IGlubm92YX RpdmUgcHJv ZHVjdHMuIF RoaXMgaGFz IGhlbHBlZC B0aGUgY29t cGFueSB0by BzdGF5IGFo ZWFkIG9mIG l0cyBjb21w ZXRpdG9ycy BhbmQgbWFp bnRhaW4gaX RzIHBvc2l0 aW9uIGFzIG EgbWFya2V0 IGxlYWRlci 48YnI+NS4g RW1waGFzaX Mgb24gc3Vz dGFpbmFiaW xpdHk6IEdv b2R3aW4gcG xjIGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJsZS BkZXZlbG9w bWVudCBhbm QgaGFzIGlt cGxlbWVudG VkIHZhcmlv dXMgaW5pdG lhdGl2ZXMg dG8gcmVkdW NlIGl0cyBl bnZpcm9ubW VudGFsIGlt cGFjdC4gVG hpcyBpbmNs dWRlcyB1c2 luZyBncmVl biBwcm9jZX NzZXMsIHJl ZHVjaW5nIH dhc3RlLCBh bmQgaW52ZX N0aW5nIGlu IHJlbmV3YW JsZSBlbmVy Z3kgc291cm Nlcy48YnI+ Ni4gU3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZTogRGVzcG l0ZSBlY29u b21pYyBkb3 dudHVybnMg YW5kIG1hcm tldCBjaGFs bGVuZ2VzLC BHb29kd2lu IHBsYyBoYX MgY29uc2lz dGVudGx5IG RlbGl2ZXJl ZCBzdHJvbm cgZmluYW5j aWFsIHJlc3 VsdHMuIFRo aXMgaXMgYS B0ZXN0YW1l bnQgdG8gaX RzIHNvdW5k IGJ1c2luZX NzIHN0cmF0 ZWd5IGFuZC BlZmZlY3Rp dmUgbWFuYW dlbWVudC48 YnI+Ny4gUH JvdmVuIHRy YWNrIHJlY2 9yZDogT3Zl ciB0aGUgeW VhcnMsIEdv b2R3aW4gcG xjIGhhcyBz dWNjZXNzZn VsbHkgY29t cGxldGVkIG 51bWVyb3Vz IHByb2plY3 RzLCBwcm92 aWRpbmcgZW 5naW5lZXJp bmcgc29sdX Rpb25zIHRv IG1ham9yIG NvbXBhbmll cyBhbmQgaW 5kdXN0cmll cyBhcm91bm QgdGhlIHdv cmxkLiBJdH MgZXhwZXJ0 aXNlLCBleH BlcmllbmNl LCBhbmQgdH JhY2sgcmVj b3JkIG1ha2 UgaXQgYSBw cmVmZXJyZW QgcGFydG5l ciBmb3IgbW FueSBjbGll bnRzLjxicj 44LiBFbXBs b3llZSBkZX ZlbG9wbWVu dCBhbmQgcm V0ZW50aW9u OiBHb29kd2 luIHBsYyB2 YWx1ZXMgaX RzIGVtcGxv eWVlcyBhbm QgaGFzIGEg c3Ryb25nIG ZvY3VzIG9u IHRoZWlyIG RldmVsb3Bt ZW50IGFuZC B3ZWxsLWJl aW5nLiBUaG lzIGhhcyBo ZWxwZWQgdG hlIGNvbXBh bnkgdG8gYX R0cmFjdCBh bmQgcmV0YW luIHRvcCB0 YWxlbnQsIG Vuc3VyaW5n IGEgc2tpbG xlZCBhbmQg ZGVkaWNhdG VkIHdvcmtm b3JjZS48Yn I+OS4gQ29y cG9yYXRlIH NvY2lhbCBy ZXNwb25zaW JpbGl0eTog R29vZHdpbi BwbGMgaXMg Y29tbWl0dG VkIHRvIGdp dmluZyBiYW NrIHRvIHRo ZSBjb21tdW 5pdHkgdGhy b3VnaCB2YX Jpb3VzIHNv Y2lhbCBhbm QgY2hhcml0 YWJsZSBpbm l0aWF0aXZl cy4gVGhpcy ByZWZsZWN0 cyBpdHMgdm FsdWVzIGFu ZCBjb21taX RtZW50IHRv IG1ha2luZy BhIHBvc2l0 aXZlIGltcG FjdCBvbiBz b2NpZXR5Lj xicj5PdmVy YWxsLCB0aG UgY29tYmlu YXRpb24gb2 YgaXRzIGRp dmVyc2UgcH JvZHVjdCBw b3J0Zm9saW 8sIHN0cm9u ZyBicmFuZC ByZXB1dGF0 aW9uLCBnbG 9iYWwgcHJl c2VuY2UsIG NvbW1pdG1l bnQgdG8gc3 VzdGFpbmFi aWxpdHkgYW 5kIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eSwgYW5kIG l0cyB0cmFj ayByZWNvcm Qgb2Ygc3Vj Y2VzcyBtYW tlcyBHb29k d2luIHBsYy BhIHNwZWNp YWwgYW5kIG hpZ2hseSBy ZXNwZWN0ZW QgY29tcGFu eSBpbiB0aG UgZW5naW5l ZXJpbmcgYW 5kIG1hbnVm YWN0dXJpbm cgaW5kdXN0 cnku

PGJyPlRoZS BHb29kd2lu IHBsYyBjb2 1wYW554oCZ cyBidXNpbm VzcyBtb2Rl bCBpcyBiYX NlZCBvbiB0 aGUgcHJvZH VjdGlvbiBh bmQgc3VwcG x5IG9mIGhp Z2gtcXVhbG l0eSwgZW5n aW5lZXJlZC BhbmQgZ2Vu ZXJhbC1wdX Jwb3NlIGNh c3RpbmdzLC BhbmQgaGFz IGEgZm9jdX Mgb24gY29u dGludWFsIG dyb3d0aCBh bmQgZGV2ZW xvcG1lbnQg dGhyb3VnaC Bpbm5vdmF0 aW9uLCBleH BlcnRpc2Ug YW5kIGV4cG VyaWVuY2Uu IFRoaXMgaW 5jbHVkZXMg dGhlIGRlc2 lnbiBhbmQg bWFudWZhY3 R1cmUgb2Yg dmFsdmVzLC BwdW1wcywg bW90b3JzLC BhbmQgc3Rl ZWwgY2FzdG luZyBjb21w b25lbnRzIG ZvciB2YXJp b3VzIGluZH VzdHJpZXMg c3VjaCBhcy BvaWwgYW5k IGdhcywgcG 93ZXIgZ2Vu ZXJhdGlvbi wgbWluaW5n LCBhbmQgY2 9uc3RydWN0 aW9uLiBUaG UgY29tcGFu eSBhbHNvIG 9mZmVycyBh IHJhbmdlIG 9mIHRlY2hu aWNhbCBzZX J2aWNlcywg aW5jbHVkaW 5nIGluc3Rh bGxhdGlvbi wgbWFpbnRl bmFuY2UsIG FuZCByZXBh aXIgc2Vydm ljZXMgZm9y IGl0cyBwcm 9kdWN0cy4g VGhlIHByaW 1hcnkgb2Jq ZWN0aXZlcy BvZiBHb29k d2luIHBsYy BhcmUgdG8g ZGVsaXZlci B2YWx1ZSB0 byBpdHMgY3 VzdG9tZXJz LCBhY2hpZX ZlIHN1c3Rh aW5hYmxlIG dyb3d0aCBh bmQgcHJvZm l0YWJpbGl0 eSwgYW5kIG VzdGFibGlz aCBpdHNlbG YgYXMgYSBs ZWFkZXIgaW 4gaXRzIGlu ZHVzdHJ5Li A8YnI+

To assess whether AI poses a material threat to Goodwin plc’s products, services, or competitive positioning, we can consider several factors related to substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can offer alternative solutions that might compete with Goodwin plc’s offerings. For instance, if Goodwin plc specializes in manufacturing certain industrial products, innovations in AI-driven automation or machine learning could potentially lead to the development of more efficient, high-tech products or services that serve the same purpose. If competitors harness AI to create superior or more cost-effective alternatives, this could threaten Goodwin plc’s market share.
2. Disintermediation: AI can streamline processes and eliminate the need for intermediaries in various sectors. If Goodwin plc relies on distributors or intermediaries to reach customers, AI-driven direct-to-consumer models might disrupt this traditional distribution channel. This could lead to a shift in how customers access Goodwin’s products, impacting their sales and customer relationships.
3. Margin Pressure: The integration of AI into business operations can affect profit margins in multiple ways. On one hand, AI can improve efficiency and reduce costs, potentially benefiting Goodwin plc. However, if competitors leverage AI to cut costs and reduce prices, Goodwin may face margin pressure as it competes against lower-priced alternatives. Additionally, if the company does not adopt AI technologies, it may fall behind competitors who utilize AI for cost reduction, operational efficiency, or product innovation.
In conclusion, AI certainly poses potential threats to Goodwin plc through substitution, disintermediation, and margin pressure. It’s essential for the company to evaluate its competitive landscape, adopt innovative technologies when appropriate, and consider how AI can be integrated into its strategies to mitigate these risks.

The sensitivity of Goodwin plc’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several lenses:
1. Earnings Sensitivity: If Goodwin plc has significant debt, an increase in interest rates would lead to higher interest expenses, negatively impacting net earnings. Conversely, if interest rates decrease, the cost of servicing debt may lower, potentially boosting earnings. Additionally, interest rates can affect consumer spending and investment, influencing demand for Goodwin’s products and, in turn, affecting revenues and earnings.
2. Cash Flow Sensitivity: Cash flow is closely linked to interest rates, particularly if the company relies on variable-rate debt. Rising rates could strain cash flow due to higher interest payments, limiting available cash for operations, investments, or dividends. In contrast, lower rates would alleviate cash flow pressures. Moreover, changes in the economic environment due to interest rate fluctuations can alter customer behavior, affecting cash inflows.
3. Valuation Sensitivity: The valuation of Goodwin plc is typically constructed using discounted cash flow (DCF) models, which are sensitive to changes in the discount rate. As interest rates rise, the discount rate increases, leading to a lower present value of future cash flows and, consequently, a lower valuation. On the other hand, reduced interest rates would lower the discount rate, increasing the present value and potentially enhancing the company’s valuation.
In summary, Goodwin plc’s earnings, cash flow, and overall valuation are all sensitive to changes in interest rates, with higher rates generally exerting negative pressure and lower rates having the opposite effect, assuming all else is equal. The specific impact would depend on the company’s capital structure, operational dynamics, and market conditions at the time of the interest rate changes.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BHb29kd2lu IHBsY+KAmX MgZWNvbm9t aWNzIG92ZX IgdGhlIG5l eHQgMyB0by A1IHllYXJz IGlzIGEgc2 lnbmlmaWNh bnQgYW5kIH Byb2xvbmdl ZCBkaXNydX B0aW9uIGlu IGdsb2JhbC BzdXBwbHkg Y2hhaW5zLi BUaGlzIGRp c3J1cHRpb2 4gY291bGQg YmUgY2F1c2 VkIGJ5IHZh cmlvdXMgZm FjdG9ycywg c3VjaCBhcy Blc2NhbGF0 aW5nIGdlb3 BvbGl0aWNh bCB0ZW5zaW 9ucywgZWNv bm9taWMgc2 FuY3Rpb25z LCBvciBzZX ZlcmUgY2xp bWF0ZS1yZW xhdGVkIGV2 ZW50cy48Yn I+SW4gdGhp cyBzY2VuYX JpbywgdGhl IGNvbXBhbn nigJlzIGFi aWxpdHkgdG 8gc291cmNl IHJhdyBtYX RlcmlhbHMg YW5kIGNvbX BvbmVudHMg bWF5IGJlIH NldmVyZWx5 IGhhbXBlcm VkLCBsZWFk aW5nIHRvIG luY3JlYXNl ZCBwcm9kdW N0aW9uIGNv c3RzIGFuZC BkZWxheXMg aW4gZnVsZm lsbGluZyBv cmRlcnMuIF RoZSBpbmFi aWxpdHkgdG 8gbWFpbnRh aW4gdGltZW x5IGRlbGl2 ZXJpZXMgY2 91bGQgZHJp dmUgYXdheS BjbGllbnRz LCBwYXJ0aW N1bGFybHkg aW4gc2VjdG 9ycyB0aGF0 IGRlbWFuZC ByZWxpYWJp bGl0eSBhbm QgcXVpY2sg dHVybmFyb3 VuZCB0aW1l cy48YnI+TW FyZ2lucyB3 b3VsZCBsaW tlbHkgc3Vm ZmVyIGNvbn NpZGVyYWJs eSBhcyB0aG UgY29zdHMg b2YgYWx0ZX JuYXRpdmUg c291cmNpbm csIHBvc3Np Ymx5IGZyb2 0gbGVzcyBl ZmZpY2llbn Qgc3VwcGxp ZXJzLCBpbm NyZWFzZS4g VGhpcyB3b3 VsZCByZXN1 bHQgaW4gYS Bjb21wcmVz c2lvbiBvZi Bwcm9maXQg bWFyZ2lucy wgd2hpY2gg d291bGQgYm UgZGV0cmlt ZW50YWwgdG 8gdGhlIG92 ZXJhbGwgcH JvZml0YWJp bGl0eSBvZi B0aGUgY29t cGFueS4gQW RkaXRpb25h bGx5LCB3aX RoIHJpc2lu ZyBjb3N0cy BhbmQgZGVj bGluaW5nIH JldmVudWVz IGR1ZSB0by Bsb3N0IGJ1 c2luZXNzLC B0aGUgcHJv Zml0IG1hcm dpbnMgbWln aHQgc2xpcC BiZWxvdyBz dXN0YWluYW JsZSBsZXZl bHMsIHBvdG VudGlhbGx5 IGxlYWRpbm cgdG8gbG9z c2VzLjxicj 5DYXNoIGZs b3cgd291bG QgYWxzbyBi ZSBuZWdhdG l2ZWx5IGlt cGFjdGVkLi BPcGVyYXRp b25hbCBpbm VmZmljaWVu Y2llcyBhbm QgdGhlIHBv dGVudGlhbC BuZWVkIGZv ciBhZGRpdG lvbmFsIHdv cmtpbmcgY2 FwaXRhbCB0 byBkZWFsIH dpdGggdGhl IHN1cHBseS BjaGFpbiBk aXNydXB0aW 9ucyBjb3Vs ZCBzdHJhaW 4gY2FzaCBy ZXNlcnZlcy 4gSWYgcmV2 ZW51ZSBkZW NsaW5lcyBw ZXJzaXN0IG Fsb25nc2lk ZSBpbmNyZW FzZWQgY29z dHMsIEdvb2 R3aW4gcGxj IGNvdWxkIG ZhY2UgZGlm ZmljdWx0aW VzIGluIG1h aW50YWluaW 5nIGhlYWx0 aHkgY2FzaC BmbG93LCBw b3RlbnRpYW xseSBsZWFk aW5nIHRvIG Nhc2ggc2hv cnRhZ2VzLj xicj5BcyBm b3IgdGhlIG JhbGFuY2Ug c2hlZXQsIH RoZSBsb25n LXRlcm0gaW 1wYWlybWVu dCBvZiBidX NpbmVzcyBl Y29ub21pY3 MgY291bGQg cmVzdWx0IG luIGRldGVy aW9yYXRpbm cgZmluYW5j aWFsIHJhdG lvcy4gVGhl IGNvbXBhbn kgbWF5IGFj Y3VtdWxhdG UgbW9yZSBk ZWJ0IHRvIG 1hbmFnZSBj YXNoIGZsb3 cgaXNzdWVz IG9yIHRvIG ludmVzdCBp biBhbHRlcm 5hdGl2ZSBz b3VyY2luZy Bzb2x1dGlv bnMsIGluY3 JlYXNpbmcg bGlhYmlsaX RpZXMuIEZ1 cnRoZXJtb3 JlLCBkaW1p bmlzaGVkIH Byb2ZpdGFi aWxpdHkgY2 91bGQgbGVh ZCB0byBsb3 dlciByZXRh aW5lZCBlYX JuaW5ncyBh bmQgbmVnYX RpdmVseSBp bXBhY3QgZX F1aXR5LCBy ZWR1Y2luZy B0aGUgY29t cGFueeKAmX Mgb3ZlcmFs bCBmaW5hbm NpYWwgc3Rh YmlsaXR5Lj xicj5JbiB0 aGlzIHNjZW 5hcmlvLCBH b29kd2luIH BsYyB3b3Vs ZCBmaW5kIG l0c2VsZiBp biBhIGNoYW xsZW5naW5n IHBvc2l0aW 9uLCBmYWNp bmcgYSBjb2 1iaW5hdGlv biBvZiByaX Npbmcgb3Bl cmF0aW9uYW wgY29zdHMg YW5kIGRlY2 xpbmluZyBy ZXZlbnVlcy B0aGF0IHdv dWxkIGNvbX Byb21pc2Ug aXRzIGZpbm FuY2lhbCBo ZWFsdGggb3 ZlciB0aGUg bG9uZyB0ZX JtLjxicj4=

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 bG9nb3Mvdk Z1VGNrVlUz cnZ6UGhHa2 VmdnAud2Vi cCIgYWx0PS JHb29kd2lu IHBsYyIgdG l0bGU9Ikdv b2R3aW4gcG xjIiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT UwIHdpZHRo PTUwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IEdvb2 R3aW4gcGxj PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag4pqhIElu c3RhbnRseS BhY2Nlc3Mg 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 IE1TNGdSMj l2WkggZHBi aUJ3YkdNZy BhWE1nWVNC Q2NtIGwwYV hOb0lHVnUg WjJsdVpXVn lhVyA1bklH TnZiWEJoIG Jua2dkMmww YUMgQmhJR2 hwYzNSdiBj bmtnWkdGMG FXIDVuSUdK aFkyc2cgZE c4Z01UZzRN eSB3Z2QyaG xiaUJwIGRD QjNZWE1nWm 0gOTFibVJs WkNCaCBjeU JIYjI5a2Qy IGx1SUZOMF pXVnMgSUVO aGMzUnBibS BkeklFeHBi V2wwIFpXUX VQR0p5UGog SXVJRlJvWl NCaiBiMjF3 WVc1NTRvIE NaY3lCdFlX bHUgSUdobF lXUnhkVyBG eWRHVnljeU JoIGNtVWdi RzlqWVggUm xaQ0JwYmlC VCBkRzlyWl MxdmJpIDFV Y21WdWRDd2 cgUlc1bmJH RnVaQyB3Z1 lXNWtJR2ww IElHaGhjeU J2Wm0gWnBZ MlZ6SUdGdS BaQ0J0WVc1 MVptIEZqZE hWeWFXNW4g SUdaaFkybH NhWCBScFpY TWdhVzRnIG IzUm9aWEln WTIgOTFibl J5YVdWeiBJ SE4xWTJnZ1 lYIE1nZEdo bElGVnUgYV hSbFpDQlRk RyBGMFpYTX NJRU5vIGFX NWhMQ0JoYm 0gUWdTVzVr YVdFdSBQR0 p5UGpNdUlF IGR2YjJSM2 FXNGcgY0d4 aklHbHpJSC BCeWFXMWhj bWxzIGVTQn JibTkzYmkg Qm1iM0lnYV hSeiBJR1Y0 Y0dWeWRHIG x6WlNCcGJp QjAgYUdVZ2 NISnZaSCBW amRHbHZiaU J2IFppQm9h V2RvTFggRj FZV3hwZEhr ZyBZMkZ6ZE dsdVozIE1n WVc1a0lHMW ggWTJocGJt VmtJRyBOdm JYQnZibVZ1 IGRITWdabT l5SUcgRWdk bUZ5YVdWMC BlU0J2WmlC cGJtIFIxYz NSeWFXVnog TENCcGJtTn NkVyBScGJt Y2dZWFYwIG IyMXZkR2wy WlMgd2djRz kzWlhJZyBa MlZ1WlhKaG RHIGx2Yml3 Z2IybHMgSU dGdVpDQm5Z WCBNc0lHRn VaQ0J0IGFX NXBibWN1UE cgSnlQalF1 SUZSbyBaU0 JqYjIxd1lX IDU1SUdoaG N5QmggSUdS cGRtVnljMi BVZ2NHOXlk R1p2IGJHbH ZJRzltSUgg QnliMlIxWT NSeiBMQ0Jw Ym1Oc2RXIF JwYm1jZ2Rt RnMgZG1Wek xDQndkVyAx d2N5d2dZM2 xzIGFXNWta WEp6TEMgQm hibVFnWW1W aCBjbWx1Wj NNc0lIIGRv YVdOb0lHRn kgWlNCMWMy VmtJRyBsdU lHRWdkMmxr IFpTQnlZVz VuWlMgQnZa aUJoY0hCcy BhV05oZEds dmJuIE11UE dKeVBqVXUg SUVkdmIyUj NhVyA0Z2NH eGpJR2x6IE lHRWdabUZ0 YVcgeDVMVz kzYm1WayBJ R0oxYzJsdV pYIE56TENC M2FYUm8gSU hSb1pTQmpk WCBKeVpXNT BJRU5vIFlX bHliV0Z1TE MgQktiMmh1 SUVkdiBiMl IzYVc0c0lH IEpsYVc1bk lIUm8gWlNC bWIzVnlkRy BnZ1oyVnVa WEpoIGRHbH ZiaUJ2Wmkg QjBhR1VnUj I5diBaSGRw YmlCbVlXID FwYkhrZ2RH OGcgYkdWaF pDQjBhRyBV Z1kyOXRjR0 Z1IGVTNDhZ bkkrTmkgNG dTVzRnWVdS ayBhWFJwYj I0Z2RHIDhn YVhSeklHVn UgWjJsdVpX VnlhVyA1bk lHTmhjR0Zp IGFXeHBkR2 xsY3kgd2dS Mjl2WkhkcC BiaUJ3YkdN Z1lXIHh6Yn lCb1lYTWcg WVNCemFXZH VhVyBacFky RnVkQ0J3IG NtVnpaVzVq WlMgQnBiaU IwYUdVZyBj SEp2Y0dWeW RIIGtnWVc1 a0lHbHUgZG 1WemRHMWxi biBRZ2MyVm pkRzl5IGN5 d2dkMmwwYU MgQmhJSEJ5 YjNCbCBjbl I1SUhCdmNu IFJtYjJ4cG J5QnogY0dG dWJtbHVaeS BCdmRtVnlJ REVnIGJXbH NiR2x2Ymkg QnpjWFZoY2 1VZyBabVZs ZEM0OFluIE krTnk0Z1ZH aGwgSUdOdm JYQmhibiBr Z2FHRnpJR0 VnIGMzUnli MjVuSUcgTn ZiVzFwZEcx bCBiblFnZE c4Z2MzIFZ6 ZEdGcGJtRm kgYVd4cGRI a2dZVyA1a0 lHaGhjeUJw IGJYQnNaVz FsYm4gUmxa Q0J0WldGei BkWEpsY3lC MGJ5IEJ5Wl dSMVkyVWcg YVhSeklHVn VkbSBseWIy NXRaVzUwIF lXd2dhVzF3 WVcgTjBMQ0 J6ZFdObyBJ R0Z6SUhWem FXIDVuSUhK bGJtVjMgWV dKc1pTQmxi bSBWeVoza2 djMjkxIGNt TmxjeUJoYm 0gUWdiV2x1 YVcxcCBlbW x1WnlCM1lY IE4wWlNCaG JtUWcgWlcx cGMzTnBiMi A1ekxqeGlj ajQ0IExpQk hiMjlrZDIg bHVJSEJzWX lCbyBZWE1n Y21WalpXIG wyWldRZ2Ju VnQgWlhKdm RYTWdZWCBk aGNtUnpJR0 Z1IFpDQmhZ Mk52YkcgRm taWE1nWm05 eSBJR2wwY3 lCbGJtIGRw Ym1WbGNtbH UgWnlCbGVH TmxiRyB4bG JtTmxMQ0Jw IGJtTnNkV1 JwYm0gY2dZ bVZwYm1jZy BibUZ0WldR Z1ZVIHNnUW 5WemFXNWwg YzNNZ2IyWW dkRyBobElG bGxZWElnIF lYUWdkR2hs SUUgVjFjbT l3WldGdSBJ RUoxYzJsdV pYIE56SUVG M1lYSmsgY3 lCcGJpQXlN RCBFNExqeG ljajQ1IExp QlVhR1VnWT IgOXRjR0Z1 ZVNCbyBZWE 1nWVd4emJ5 IEJ3YkdGNV pXUWcgWVNC emFXZHVhVy BacFkyRnVk Q0J5IGIyeG xJR2x1SUgg Um9aU0J6Yj JOcCBZV3dn WVc1a0lHIF ZqYjI1dmJX bGogSUdSbG RtVnNiMyBC dFpXNTBJRz ltIElHbDBj eUJvYjIgMW xkRzkzYml3 ZyBVM1J2YT JVdGIyIDR0 VkhKbGJuUX MgSUhSb2Nt OTFaMiBnZ2 FYUnpJSE4x IGNIQnZjbl FnYjIgWWdi RzlqWVd3Zy BZMmhoY21s MGFXIFZ6TE NCbFpIVmog WVhScGIyNW hiQyBCd2Nt OW5jbUZ0IG N5d2dZVzVr SUcgTnZiVz ExYm1sMCBl U0JwYm1sMG FXIEYwYVha bGN5NDggWW 5JK01UQXVJ RSBSbGMzQn BkR1VnIGFY UnpJR3h2Ym 0gY2dhR2x6 ZEc5eSBlU3 dnUjI5dlpI IGRwYmlCd2 JHTWcgWTI5 dWRHbHVkVy BWeklIUnZJ R2x1IGJtOT JZWFJsSUcg RnVaQ0JwYm 5abCBjM1Fn YVc0Z2JtIF YzSUhSbFky aHUgYjJ4dl oybGxjeSB3 Z2MzVmphQ0 JoIGN5QXpS Q0J3Y20gbH VkR2x1WnlC aCBibVFnY2 05aWIzIFJw WTNNc0lIUn YgSUhOMFlY a2dZWCBRZ2 RHaGxJR1p2 IGNtVm1jbT l1ZEMgQnZa aUIwYUdVZy BaVzVuYVc1 bFpYIEpwYm 1jZ2FXNWsg ZFhOMGNua3 UKICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg