Kingfisher

Live  

Kingfisher plc is a British home improvement retailer based in London, England. The company was founded in 1982 and operates under various retail brands, including B&Q, Castorama, and Screwfix, among others. Kingfisher is the largest home improvement retailer in Europe and the third largest in the world.
The company has over 1,300 stores in nine countries, including the UK, France, and Poland, and employs over 79,000 people. Kingfisher's retail brands offer a wide range of products for home improvement, including building materials, gardening equipment, lighting, and furniture.
Aside from its retail operations, Kingfisher also has a strong e-commerce presence, with online sales accounting for a significant portion of its total revenue. The company has invested in technology and digital innovation to enhance its customer experience and drive growth.
Kingfisher is committed to sustainability and has set a goal to be a net-zero carbon business by 2050. The company also has initiatives in place to reduce waste, increase energy efficiency, and promote sustainable sourcing.
Overall, Kingfisher is a well-established company with a strong reputation in the home improvement retail industry. It continues to grow and adapt to changing consumer needs, making it a reliable choice for customers looking to improve their homes.

S2luZ2Zpc2 hlciBpcyBh IGJpZyBjb2 1wYW55IHRo YXQgc2VsbH MgdG9vbHMs IGhvbWUgaW 1wcm92ZW1l bnQgaXRlbX MsIGFuZCBn YXJkZW5pbm cgcHJvZHVj dHMuIFlvdS BtaWdodCBr bm93IHNvbW Ugb2YgaXRz IHN0b3Jlcy wgbGlrZSBC JmFtcDtRIG 9yIFNjcmV3 Zml4LCB3aG ljaCBhcmUg cGxhY2VzIH doZXJlIHBl b3BsZSBnby B0byBidXkg dGhpbmdzIH RvIGZpeCB0 aGVpciBob3 VzZXMgb3Ig aW1wcm92ZS B0aGVpciBn YXJkZW5zLj xicj5LaW5n ZmlzaGVyIG 1ha2VzIG1v bmV5IGJ5IH NlbGxpbmcg dGhlc2UgcH JvZHVjdHMg dG8gY3VzdG 9tZXJzLiBX aGVuIGEgcG Vyc29uIG5l ZWRzIHRvIG J1aWxkIHNv bWV0aGluZy wgZml4IHNv bWV0aGluZy wgb3IgbWFr ZSB0aGVpci Bob21lIG5p Y2VyLCB0aG V5IGdvIHRv IGEgS2luZ2 Zpc2hlciBz dG9yZSwgZm luZCB3aGF0 IHRoZXkgbm VlZCwgYW5k IGJ1eSBpdC 4gVGhlIG1v cmUgcGVvcG xlIHdobyBi dXkgdGhpbm dzIGZyb20g dGhlaXIgc3 RvcmVzLCB0 aGUgbW9yZS Btb25leSBL aW5nZmlzaG VyIG1ha2Vz Ljxicj5Ob3 csIEtpbmdm aXNoZXIgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IGl0IGhhcy BhIGxvdCBv ZiBkaWZmZX JlbnQgcHJv ZHVjdHMsIH NvIHRoZXJl 4oCZcyBzb2 1ldGhpbmcg Zm9yIGV2ZX J5b25lLiBJ ZiB5b3XigJ lyZSBsb29r aW5nIGZvci BhIGhhbW1l ciwgcGFpbn QsIG9yIHBs YW50cywgS2 luZ2Zpc2hl ciBoYXMgaX QuIFNlY29u ZCwgaXQgaG FzIG1hbnkg c3RvcmVzIG luIGRpZmZl cmVudCBwbG FjZXMsIHdo aWNoIG1ha2 VzIGl0IGVh c3kgZm9yIH Blb3BsZSB0 byBmaW5kIH doYXQgdGhl eSBuZWVkLi A8YnI+SW4g dGhlIGZ1dH VyZSwgS2lu Z2Zpc2hlci B3aWxsIGxp a2VseSBzdG F5IHN1Y2Nl c3NmdWwgYm VjYXVzZSBt b3JlIGFuZC Btb3JlIHBl b3BsZSB3YW 50IHRvIGlt cHJvdmUgdG hlaXIgaG9t ZXMgYW5kIG dhcmRlbnMu IFRoZXkgbW F5IGFsc28g aGF2ZSBuZX cgaWRlYXMg dG8gbWFrZS BzaG9wcGlu ZyBlYXNpZX IsIGxpa2Ug b25saW5lIH Nob3BwaW5n IG9yIGJldH RlciBkZWxp dmVyeSBvcH Rpb25zLiBQ bHVzLCBhcy BwZW9wbGUg dGFrZSBjYX JlIG9mIHRo ZWlyIGhvbW VzLCB0aGV5 IHdpbGwgYW x3YXlzIG5l ZWQgdG9vbH MgYW5kIG1h dGVyaWFscy wgd2hpY2gg a2VlcHMgS2 luZ2Zpc2hl ciBidXN5Li BTbywgaWYg S2luZ2Zpc2 hlciBrZWVw cyBsaXN0ZW 5pbmcgdG8g d2hhdCBjdX N0b21lcnMg d2FudCBhbm Qga2VlcHMg aW1wcm92aW 5nLCBpdCB3 aWxsIGNvbn RpbnVlIHRv IGRvIHdlbG whPGJyPg==

MS4gU3Ryb2 5nIEJyYW5k IFByZXNlbm NlOiBLaW5n ZmlzaGVyIG lzIGEgd2Vs bC1lc3RhYm xpc2hlZCBh bmQgcmVjb2 duaXplZCBi cmFuZCB3aX RoIGEgc3Ry b25nIHByZX NlbmNlIGlu IHRoZSBnbG 9iYWwgbWFy a2V0LiBJdC BpcyBrbm93 biBmb3IgaX RzIGhpZ2gt cXVhbGl0eS Bwcm9kdWN0 cyBhbmQgc2 VydmljZXMs IHdoaWNoIG hhcyBoZWxw ZWQgaW4gYn VpbGRpbmcg YSBsb3lhbC BjdXN0b21l ciBiYXNlLj xicj4yLiBE aXZlcnNpZm llZCBQcm9k dWN0IFJhbm dlOiBUaGUg Y29tcGFueS BvZmZlcnMg YSB3aWRlIH JhbmdlIG9m IHByb2R1Y3 RzIGluY2x1 ZGluZyBiZW VyLCBzcGly aXRzLCBhbm Qgbm9uLWFs Y29ob2xpYy BiZXZlcmFn ZXMsIGNhdG VyaW5nIHRv IGRpZmZlcm VudCBzZWdt ZW50cyBvZi B0aGUgbWFy a2V0LiBUaG lzIGhhcyBo ZWxwZWQgS2 luZ2Zpc2hl ciB0byBjYX B0dXJlIGEg c2lnbmlmaW NhbnQgc2hh cmUgaW4gdG hlIGJldmVy YWdlIGluZH VzdHJ5Ljxi cj4zLiBRdW FsaXR5IFBy b2R1Y3RzOi BLaW5nZmlz aGVyIGlzIG tub3duIGZv ciBpdHMgaG lnaC1xdWFs aXR5IHByb2 R1Y3RzLCB3 aGljaCBhcm UgbWFkZSB3 aXRoIHRoZS BmaW5lc3Qg aW5ncmVkaW VudHMgYW5k IGZvbGxvdy BzdHJpY3Qg cXVhbGl0eS Bjb250cm9s IG1lYXN1cm VzLiBUaGlz IGhhcyBoZW xwZWQgdGhl IGNvbXBhbn kgdG8gYnVp bGQgYSByZX B1dGF0aW9u IGZvciBwcm 92aWRpbmcg cHJlbWl1bS Bwcm9kdWN0 cyB0byBpdH MgY3VzdG9t ZXJzLjxicj 40LiBJbm5v dmF0aW9uOi BLaW5nZmlz aGVyIGhhcy Bjb25zdGFu dGx5IGJlZW 4gaW5ub3Zh dGluZyBhbm QgaW50cm9k dWNpbmcgbm V3IHByb2R1 Y3RzIGFuZC BmbGF2b3Jz IGluIHRoZS BtYXJrZXQg dG8ga2VlcC B1cCB3aXRo IHRoZSBjaG FuZ2luZyBj b25zdW1lci BwcmVmZXJl bmNlcy4gVG hpcyBoYXMg aGVscGVkIH RoZSBjb21w YW55IHRvIH N0YXkgcmVs ZXZhbnQgYW 5kIG1haW50 YWluIGl0cy Bjb21wZXRp dGl2ZSBlZG dlIGluIHRo ZSBpbmR1c3 RyeS48YnI+ NS4gR2xvYm FsIFByZXNl bmNlOiBLaW 5nZmlzaGVy IGhhcyBhIH N0cm9uZyBn bG9iYWwgcH Jlc2VuY2Us IHdpdGggaX RzIHByb2R1 Y3RzIGJlaW 5nIHNvbGQg aW4gb3Zlci A2MCBjb3Vu dHJpZXMuIF RoaXMgaGFz IGhlbHBlZC B0aGUgY29t cGFueSB0by B0YXAgaW50 byBuZXcgbW Fya2V0cyBh bmQgZXhwYW 5kIGl0cyBy ZWFjaCBiZX lvbmQgaXRz IGRvbWVzdG ljIG1hcmtl dC48YnI+Ni 4gU3Ryb25n IERpc3RyaW J1dGlvbiBO ZXR3b3JrOi BUaGUgY29t cGFueSBoYX MgYSB3ZWxs LWVzdGFibG lzaGVkIGRp c3RyaWJ1dG lvbiBuZXR3 b3JrLCB3aG ljaCBlbnN1 cmVzIHRoYX QgaXRzIHBy b2R1Y3RzIH JlYWNoIGN1 c3RvbWVycy BpbiBhIHRp bWVseSBhbm QgZWZmaWNp ZW50IG1hbm 5lci4gVGhp cyBoYXMgaG VscGVkIEtp bmdmaXNoZX IgdG8gbWFp bnRhaW4gYS BzdGVhZHkg c3VwcGx5IG 9mIHByb2R1 Y3RzIHRvIG 1lZXQgdGhl IGRlbWFuZC 48YnI+Ny4g Q29ycG9yYX RlIFNvY2lh bCBSZXNwb2 5zaWJpbGl0 eTogS2luZ2 Zpc2hlciBp cyBjb21taX R0ZWQgdG8g c3VzdGFpbm FibGUgcHJh Y3RpY2VzIG FuZCBoYXMg aW1wbGVtZW 50ZWQgdmFy aW91cyBpbm l0aWF0aXZl cyB0byByZW R1Y2UgaXRz IGNhcmJvbi Bmb290cHJp bnQuIFRoZS Bjb21wYW55 IGFsc28gZW 5nYWdlcyBp biB2YXJpb3 VzIHNvY2lh bCBhbmQgZW 52aXJvbm1l bnRhbCBpbm l0aWF0aXZl cywgc2hvd2 Nhc2luZyBp dHMgY29tbW l0bWVudCB0 byByZXNwb2 5zaWJsZSBi dXNpbmVzcy BwcmFjdGlj ZXMuPGJyPj guIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IEtpbmdm aXNoZXIgaG FzIGEgc3Ry b25nIGZpbm FuY2lhbCB0 cmFjayByZW NvcmQsIHdp dGggY29uc2 lzdGVudCBy ZXZlbnVlIG dyb3d0aCBh bmQgcHJvZm l0YWJpbGl0 eS4gVGhpcy BoYXMgaGVs cGVkIHRoZS Bjb21wYW55 IHRvIGludm VzdCBpbiBy ZXNlYXJjaC BhbmQgZGV2 ZWxvcG1lbn QsIGV4cGFu ZCB0aGVpci Bwcm9kdWN0 IHBvcnRmb2 xpbywgYW5k IGltcHJvdm UgdGhlaXIg bWFya2V0IH Bvc2l0aW9u Ljxicj45Li BDdXN0b21l ciBDZW50cm ljIEFwcHJv YWNoOiBDdX N0b21lciBz YXRpc2ZhY3 Rpb24gaXMg YSB0b3AgcH Jpb3JpdHkg Zm9yIEtpbm dmaXNoZXIs IGFuZCB0aG UgY29tcGFu eSBpcyBrbm 93biBmb3Ig aXRzIGV4Y2 VwdGlvbmFs IGN1c3RvbW VyIHNlcnZp Y2UuIFRoaX MgaGFzIGhl bHBlZCBpbi BidWlsZGlu ZyBhIGxveW FsIGN1c3Rv bWVyIGJhc2 UgYW5kIHJl dGFpbmluZy BpdHMgZXhp c3RpbmcgY3 VzdG9tZXJz Ljxicj4xMC 4gQ29ycG9y YXRlIEdvdm VybmFuY2U6 IEtpbmdmaX NoZXIgaGFz IGEgc3Ryb2 5nIGNvcnBv cmF0ZSBnb3 Zlcm5hbmNl IHN0cnVjdH VyZSwgd2hp Y2ggZW5zdX JlcyB0cmFu c3BhcmVuY3 ksIGV0aGlj YWwgYnVzaW 5lc3MgcHJh Y3RpY2VzLC BhbmQgcmVz cG9uc2libG UgZGVjaXNp b24tbWFraW 5nLiBUaGlz IGhhcyBoZW xwZWQgaW4g YnVpbGRpbm cgdHJ1c3Qg YW5kIGNyZW RpYmlsaXR5 IHdpdGggc3 Rha2Vob2xk ZXJzLCBpbm NsdWRpbmcg Y3VzdG9tZX JzLCBpbnZl c3RvcnMsIG FuZCBlbXBs b3llZXMu

VGhlIEtpbm dmaXNoZXIg Y29tcGFueS BpcyBhIEJy aXRpc2ggbX VsdGluYXRp b25hbCBob2 1lIGltcHJv dmVtZW50IH JldGFpbGlu ZyBjb21wYW 55LiBUaGVp ciBidXNpbm VzcyBtb2Rl bCBpbnZvbH ZlcyBvcGVy YXRpbmcgYS BuZXR3b3Jr IG9mIHJldG FpbCBzdG9y ZXMgdW5kZX IgdmFyaW91 cyBicmFuZC BuYW1lcywg aW5jbHVkaW 5nIEImUSwg U2NyZXdmaX gsIGFuZCBD YXN0b3JhbW EsIHdoZXJl IHRoZXkgc2 VsbCBhIHdp ZGUgcmFuZ2 Ugb2YgaG9t ZSBpbXByb3 ZlbWVudCBh bmQgRElZIH Byb2R1Y3Rz IHRvIGN1c3 RvbWVycy4g VGhleSBhbH NvIGhhdmUg YSBzdHJvbm cgb25saW5l IHByZXNlbm NlLCBhbGxv d2luZyBjdX N0b21lcnMg dG8gc2hvcC BhbmQgcHVy Y2hhc2UgcH JvZHVjdHMg b25saW5lLi BBZGRpdGlv bmFsbHksIE tpbmdmaXNo ZXIgb3Blcm F0ZXMgYSBz dXBwbHkgY2 hhaW4gYW5k IGRpc3RyaW J1dGlvbiBu ZXR3b3JrLC Bzb3VyY2lu ZyBwcm9kdW N0cyBmcm9t IHZhcmlvdX Mgc3VwcGxp ZXJzIGFuZC BkaXN0cmli dXRpbmcgdG hlbSB0byB0 aGVpciByZX RhaWwgc3Rv cmVzLiBUaG V5IGFsc28g b2ZmZXIgc2 VydmljZXMg c3VjaCBhcy Bob21lIGRl bGl2ZXJ5LC BpbnN0YWxs YXRpb24sIG FuZCBkZXNp Z24gY29uc3 VsdGF0aW9u cyB0byBjdX N0b21lcnMu IFRoZSBjb2 1wYW55J3Mg YnVzaW5lc3 MgbW9kZWwg aXMgZm9jdX NlZCBvbiBw cm92aWRpbm cgYSB3aWRl IHNlbGVjdG lvbiBvZiBh ZmZvcmRhYm xlIHByb2R1 Y3RzIGFuZC BzZXJ2aWNl cyB0byBpbX Byb3ZlIGN1 c3RvbWVycy cgaG9tZXMs IHdoaWxlIG Fsc28gbWFp bnRhaW5pbm cgb3BlcmF0 aW9uYWwgZW ZmaWNpZW5j eSBhbmQgcH JvZml0YWJp bGl0eS4=

AI can potentially pose a material threat to Kingfisher company’s products, services, and competitive positioning in several ways:
1. Substitution: As AI technology continues to advance, it could lead to the development of alternative products that offer similar functionalities to those of Kingfisher or improve upon them. For instance, AI-driven home improvement solutions could provide consumers with virtual design services or DIY assistance, addressing their needs without requiring a trip to a physical store. This kind of substitution could affect sales of traditional DIY products offered by Kingfisher.
2. Disintermediation: The rise of AI-powered e-commerce platforms might reduce the need for intermediaries like Kingfisher. If consumers can leverage AI tools for personalized product recommendations and streamlined shopping experiences, they may choose to purchase directly from manufacturers or alternative online retailers, bypassing traditional retailers like Kingfisher. This shift could lead to a loss of market share for the company.
3. Margin Pressure: AI can increase competition in the retail space by providing other companies with the ability to optimize their supply chain, inventory management, and pricing strategies. Competitors who leverage AI more effectively may have lower operational costs and can offer better pricing or more tailored products. This dynamic can create margin pressure for Kingfisher, as they may need to reduce prices or increase efforts in customer service and marketing to stay competitive.
In summary, while AI presents opportunities for innovation and enhancement of services, it also introduces risks that could impact Kingfisher’s product offerings, market positioning, and profitability. The company may need to proactively adopt AI technologies and strategies to mitigate these threats and maintain its competitive edge.

The sensitivity of Kingfisher’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key aspects:
1. Earnings Sensitivity: Higher interest rates can lead to increased borrowing costs for companies. If Kingfisher relies on debt to finance its operations or expansion, rising interest rates could squeeze profit margins by increasing interest expenses. Conversely, if the company benefits from economic growth stimulated by moderate interest rates, earnings could remain stable or improve.
2. Cash Flow Sensitivity: Changes in interest rates can directly impact Kingfisher’s cash flow. Increased rates could result in higher financing costs, reducing available cash for operations or expansion. Additionally, if consumers face higher borrowing costs (e.g., mortgages, personal loans), they may reduce spending on home improvement and DIY projects, which could negatively impact Kingfisher’s sales and cash flow.
3. Valuation Sensitivity: Interest rates play a crucial role in discounting future cash flows. Higher interest rates typically lead to higher discount rates, which can decrease the present value of projected cash flows. This can negatively affect Kingfisher’s valuation, especially if investors perceive a higher risk in the retail sector or if the company has future projects that rely on borrowed funds.
In summary, Kingfisher’s financial performance and market valuation are likely to be sensitive to changes in interest rates due to their impact on borrowing costs, consumer spending habits, and the discounting of future cash flows.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BLaW5nZmlz aGVy4oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAz4oCTNS B5ZWFycyBp cyBhIHNpZ2 5pZmljYW50 IHNoaWZ0IG luIGNvbnN1 bWVyIGJlaG F2aW9yIGRy aXZlbiBieS BhIGNvbWJp bmF0aW9uIG 9mIHRlY2hu b2xvZ2ljYW wgYWR2YW5j ZW1lbnRzIG FuZCBlbnZp cm9ubWVudG FsIHJlZ3Vs YXRpb25zLi BUaGlzIHNj ZW5hcmlvIG NvdWxkIHVu Zm9sZCBhcy Bmb2xsb3dz Ojxicj5Bcy Btb3JlIGNv bnN1bWVycy Bwcmlvcml0 aXplIHN1c3 RhaW5hYmls aXR5LCB0aG V5IG1heSBi ZWNvbWUgaW 5jcmVhc2lu Z2x5IHVud2 lsbGluZyB0 byBwdXJjaG FzZSBmcm9t IGNvbXBhbm llcyBwZXJj ZWl2ZWQgYX MgZW52aXJv bm1lbnRhbG x5IHVuZnJp ZW5kbHkuIE lmIEtpbmdm aXNoZXIgZm FpbHMgdG8g YWRhcHQgaX RzIHByb2R1 Y3Qgb2ZmZX JpbmdzIHRv IGluY2x1ZG UgbW9yZSBl Y28tZnJpZW 5kbHkgb3B0 aW9ucywgaX QgY291bGQg bG9zZSBtYX JrZXQgc2hh cmUgdG8gY2 9tcGV0aXRv cnMgd2hvIG FyZSBtb3Jl IGFsaWduZW Qgd2l0aCB0 aGVzZSB2YW x1ZXMuIEFk ZGl0aW9uYW xseSwgaW5j cmVhc2VkIH JlZ3VsYXRv cnkgcHJlc3 N1cmVzIGFy b3VuZCBzdX N0YWluYWJp bGl0eSBjb3 VsZCBmb3Jj ZSBLaW5nZm lzaGVyIHRv IGludmVzdC BoZWF2aWx5 IGluIGNvbX BsaWFuY2Ug bWVhc3VyZX MsIHJlc3Vs dGluZyBpbi BoaWdoZXIg b3BlcmF0aW 9uYWwgY29z dHMuPGJyPk luIHRoaXMg c2NlbmFyaW 8sIEtpbmdm aXNoZXLigJ lzIHByb2Zp dCBtYXJnaW 5zIHdvdWxk IGxpa2VseS BzaHJpbmsg ZHVlIHRvIH R3byBtYWlu IGZhY3Rvcn M6IHRoZSBw b3RlbnRpYW wgbG9zcyBv ZiBzYWxlcy Bmcm9tIGRl Y2xpbmluZy Bjb25zdW1l ciBpbnRlcm VzdCBpbiBp dHMgdHJhZG l0aW9uYWwg cHJvZHVjdH MgYW5kIHJp c2luZyBjb3 N0cyBhc3Nv Y2lhdGVkIH dpdGggY29t cGxpYW5jZS BhbmQgc3Vz dGFpbmFibG UgcHJhY3Rp Y2VzLiBBcy BtYXJnaW5z IGNvbnRyYW N0LCBjYXNo IGZsb3cgd2 91bGQgYWxz byBiZSBuZW dhdGl2ZWx5 IGltcGFjdG VkLiBXaXRo IHJlZHVjZW QgcmV2ZW51 ZXMgYW5kIG hpZ2hlciBl eHBlbnNlcy wgdGhlIGNv bXBhbnkgbW F5IHN0cnVn Z2xlIHRvIG dlbmVyYXRl IHN1ZmZpY2 llbnQgY2Fz aCB0byBpbn Zlc3QgaW4g Z3Jvd3RoIG 9yIHBheSBk aXZpZGVuZH MuPGJyPk92 ZXIgdGltZS wgdGhlIGJh bGFuY2Ugc2 hlZXQgY291 bGQgcmVmbG VjdCB0aGVz ZSBjaGFsbG VuZ2VzIHdp dGggaW5jcm Vhc2VkIGRl YnQgbGV2ZW xzLiBJZiBL aW5nZmlzaG VyIGJvcnJv d3MgdG8gY2 92ZXIgb3Bl cmF0aW9uYW wgZGVmaWNp dHMgb3IgdG 8gZnVuZCBu ZWNlc3Nhcn kgaW52ZXN0 bWVudHMgaW 4gc3VzdGFp bmFiaWxpdH ksIGl0cyBs ZXZlcmFnZS ByYXRpb3Mg d291bGQgd2 9yc2VuLiBB c3NldHMgbW lnaHQgbm90 IGdyb3cgYX MgZXhwZWN0 ZWQsIG9yIH RoZXkgY291 bGQgZXZlbi BkZWNsaW5l IGlmIGludm VudG9yeSBi ZWNvbWVzIG xlc3MgdmFs dWFibGUgYX MgY29uc3Vt ZXIgcHJlZm VyZW5jZXMg c2hpZnQuPG JyPkluIHN1 bW1hcnksIH RoaXMgc2Nl bmFyaW8gY2 91bGQgbGVh ZCB0byBhbi Blcm9zaW9u IG9mIHByb2 ZpdCBtYXJn aW5zLCBzdH JhaW5lZCBj YXNoIGZsb3 csIGFuZCBh IGRldGVyaW 9yYXRpbmcg YmFsYW5jZS BzaGVldCBm b3IgS2luZ2 Zpc2hlciwg cG9zaXRpb2 5pbmcgdGhl IGNvbXBhbn kgZm9yIGxv bmctdGVybS BlY29ub21p YyBjaGFsbG VuZ2VzIHVu bGVzcyBpdC BzdWNjZXNz ZnVsbHkgcG l2b3RzIHRv IG1lZXQgY2 hhbmdpbmcg bWFya2V0IG RlbWFuZHMu PGJyPg==

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 bG9nb3Mvd3 FvZUJidjho eTdEZ1VhZF BvaDUud2Vi cCIgYWx0PS JLaW5nZmlz aGVyIiB0aX RsZT0iS2lu Z2Zpc2hlci 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 dCBLaW5nZm lzaGVyPwog 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 VkdobElFIH RwYm1kbWFY Tm8gWlhJZ1 kyOXRjRyBG dWVTQjNZWE 1nIFptOTFi bVJsWkMgQn BiaUF4T1Rj eiBJR0o1SU VKeWFYIFJw YzJnZ1luVn ogYVc1bGMz TnRZVyA0Z1 UybHlJRU52 IGJHbHVJRT FoY24gTm9Z V3hzTGlCSi BkQ0IzWVhN Z2IzIEpwWj JsdVlXeHMg ZVNCcmJtOT NiaSBCaGN5 QjBhR1VnIF MybHVaMlpw YzIgaGxjaU JUYUdsdyBj R2x1WnlCRG IyIDF3WVc1 NUlHRnUgWk NCbWIyTjFj MiBWa0lHOX VJSFJvIFpT QjBjbUZ1Yz MgQnZjblJo ZEdsdiBiaU J2WmlCbmIy IDlrY3lCaG JtUWcgYldG MFpYSnBZVy B4eklHSjVJ SE5sIFlTND hZbkkrTWkg NGdWR2hsSU dOdiBiWEJo Ym5rZ2FYIE 1nYUdWaFpI RjEgWVhKMF pYSmxaQyBC cGJpQk1iMj VrIGIyNHNJ RVZ1WjIgeG hibVFzSUdG dSBaQ0JvWV hNZ1lTIEJ3 Y21WelpXNW ogWlNCcGJp QnZkbSBWeU lEZ3dJR052 IGRXNTBjbW xsY3kgQmhj bTkxYm1RZy BkR2hsSUhk dmNtIHhrTG lCSmRDQmwg YlhCc2IzbH pJRyA5MlpY SWdOekFzIE 1EQXdJSEJs YjMgQnNaUz Q4WW5JKyBN eTRnUzJsdV oyIFpwYzJo bGNpQnAgY3 lCMGFHVWdi MyBkdVpYSW diMllnIGNH OXdkV3hoY2 kgQm9iMjFs SUdsdCBjSE p2ZG1WdFpX IDUwSUhKbG RHRnAgYkNC aWNtRnVaSC BNZ2MzVmph Q0JoIGN5Qk NKbEVzSUUg TmhjM1J2Y2 1GdCBZU3dn WVc1a0lGIE 5qY21WM1pt bDQgTGlCVW FHVnpaUyBC aWNtRnVaSE 1nIGFHRjJa U0JoSUcgTn ZiV0pwYm1W ayBJSFJ2ZE dGc0lHIDlt SUc5MlpYSW cgTVN3ek5U QWdjMyBSdm NtVnpManhp IGNqNDBMaU JVYUcgVWdZ Mjl0Y0dGdS BlZUtBbVhN Z2IzIEpwWj JsdVlXd2cg Ym1GdFpTd2 dTMiBsdVoy WnBjMmhsIG NpQlRhR2x3 Y0cgbHVaeU JEYjIxdyBZ VzU1TENCM1 lYIE1nYVc1 emNHbHkgWl dRZ1lua2dk RyBobElHSn BjbVFnIGMz QmxZMmxsY3 kgQnZaaUIw YUdVZyBjMk Z0WlNCdVlX IDFsTGlCVW FHVWcgYkc5 bmJ5QnZaaS BCMGFHVWdZ Mjl0IGNHRn VlU0JoYkgg TnZJR1psWV hSMSBjbVZ6 SUdFZ2EyIG x1WjJacGMy aGwgY2lCaW FYSmtMaiB4 aWNqNDFMaU JKIGJpQXhP VGd5TEMgQk xhVzVuWm1s eiBhR1Z5SU dGamNYIFZw Y21Wa0lFSn kgYVhScGMy Z2djbSBWMF lXbHNaWEln IFYyOXZiSG R2Y24gUm9j eXdnYldGeS BhMmx1WnlC cGRIIE1nWl c1MGNua2cg YVc1MGJ5Qj BhRyBVZ2Nt VjBZV2xzIE lHbHVaSFZ6 ZEggSjVMaU JJYjNkbCBk bVZ5TENCcG RDIEJ6YjJ4 a0lHOW0gWm lCWGIyOXNk MiA5eWRHaH pJR2x1IElE RTVPRFlnZE cgOGdabTlq ZFhNZyBiMj RnYVhSeklH IGh2YldVZ2 FXMXcgY205 MlpXMWxibi BRZ1luVnph VzVsIGMzTX VQR0p5UGog WXVJRWx1SU RFNSBPRGNz SUV0cGJtIG RtYVhOb1pY SWcgYldWeV oyVmtJSCBk cGRHZ2dkR2 hsIElFSnlh WFJwYzIgZ2 djbVYwWVds cyBJR2RwWV c1MExDIEIw YUdVZ1YyOX YgYkhkdmNu Um9JRSBOdm NuQnZjbUYw IGFXOXVMaU JVYUcgVWdi V1Z5WjJWeS BJR055WldG MFpXIFFnYj I1bElHOW0g SUhSb1pTQj NiMyBKc1pP S0FtWE1nIG JHRnlaMlZ6 ZEMgQnlaWF JoYVd3ZyBZ Mjl0Y0dGdW FXIFZ6SUdG MElIUm8gWl NCMGFXMWxM QyBCM2FYUm 9JRzl3IFpY SmhkR2x2Ym 4gTWdhVzRn UlhWeSBiM0 JsTENCQmMy IGxoTENCaG JtUWcgVG05 eWRHZ2dRVy AxbGNtbGpZ UzQ4IFluSS tOeTRnVkcg aGxJR052Yl hCaCBibmtn Wlhod1lXID VrWldRZ2FY UnogSUhKbG RHRnBiQyBC dmNHVnlZWF JwIGIyNXpJ R0o1SUcgRm pjWFZwY21s dSBaeUJ1Wl hjZ1luIEpo Ym1SeklHRn UgWkNCdmNH VnVhVyA1bk lITjBiM0ps IGN5QnBiaU JrYVcgWm1a WEpsYm5RZy BZMjkxYm5S eWFXIFZ6TG lCSmRDQmgg WTNGMWFYSm xaQyBCR2Nt RnVZMlhpIG dKbHpJR3ho Y20gZGxjM1 FnUkVsWiBJ SEpsZEdGcG JHIFZ5TENC RFlYTjAgYj NKaGJXRXNJ RyBsdUlERT VPVGdnIFlX NWtJRWRsY2 0gMWhibm5p Z0pseiBJRT lDU1NCRVNW IGtnWTJoaG FXNGcgYVc0 Z01qQXdNeS A0OFluSStP QzRnIFNXNG dNakF3TVMg d2dkR2hsSU dOdiBiWEJo Ym5rZ2JHIE YxYm1Ob1pX UWcgYVhSek lHOXViRyBs dVpTQkVTVm tnIGNtVjBZ V2xzSUggQn NZWFJtYjNK dCBMQ0JUWT NKbGQyIFpw ZUM1amIyMH MgSUhkb2FX Tm9JRyBoaG N5QnphVzVq IFpTQmlaV0 52YlcgVWdi MjVsSUc5bS BJSFJvWlNC c1lYIEpuWl hOMElHOXUg YkdsdVpTQk VTViBrZ2Nt VjBZV2xzIF pYSnpJR2x1 SUggUm9aU0 JWU3k0OCBZ bkkrT1M0Z1 ZHIGhsSUV0 cGJtZG0gYV hOb1pYSWdZ MiA5dGNHRn VlU0IzIFlY TWdkR2hsSU cgOW1abWxq YVdGcyBJSE 53YjI1emIz IElnYjJZZ2 RHaGwgSUV4 dmJtUnZiaS BBeU1ERXlJ RTlzIGVXMX dhV01nWVcg NWtJRkJoY2 1GcyBlVzF3 YVdNZ1IyIE Z0WlhNc0lI QnkgYjNacF pHbHVaeSBC cGRITWdjSE p2IFpIVmpk SE1nWVcgNW tJSE5sY25a cCBZMlZ6SU dadmNpIEIw YUdVZ1kyOX UgYzNSeWRX TjBhVyA5dU lHOW1JSFJv IFpTQmhkR2 hzWlggUmxj K0tBbVNCMi BhV3hzWVdk bElHIEZ1Wk NCdmRHaGwg Y2lCMlpXNT FaWCBNdVBH SnlQakV3IE xpQkpiaUF5 TUQgRTBMQ0 JMYVc1biBa bWx6YUdWeU lHIEZ1Ym05 MWJtTmwgWk NCcGRITWdj RyB4aGJpQj BieUJ0IFpY Sm5aU0JwZE ggTWdWVXN0 WW1GeiBaV1 FnWW5WemFX IDVsYzNNc0 lFSW0gVVN3 Z2QybDBhQy BCeWFYWmhi Q0J5IFpYUm hhV3hsY2kg d2dTRzl0Wl dKaCBjMlV1 SUZSb1pTIE JrWldGc0lI ZGggY3lCbG RtVnVkSCBW aGJHeDVJR0 pzIGIyTnJa V1FnWW4ga2 djbVZuZFd4 aCBkRzl5Y3 l3Z1lXIDVr SUV0cGJtZG 0gYVhOb1pY SWdjMiA5c1 pDQnZabVln IGFYUnpJRU ltVVMgQkRh R2x1WVNCaS BkWE5wYm1W emN5IEJwYm lBeU1ERTEg TGp4aWNqNH hNUyA0Z1NX NGdjbVZqIF pXNTBJSGxs WVggSnpMQ0 JMYVc1biBa bWx6YUdWeU lHIGhoY3lC bWIyTjEgYz JWa0lHOXVJ RyBkeWIzZH BibWNnIGFY UnpJRzl1Yk cgbHVaU0J3 Y21WeiBaVz VqWlNCaGJt IFFnYVcxd2 NtOTIgYVc1 bklHbDBjeS BCbFkyOHRa bkpwIFpXNW tiSGtnYjIg Wm1aWEpwYm 1keiBMaUJK ZENCb1lYIE 1nWVd4emJ5 QnMgWVhWdV kyaGxaQyBC elpYWmxjbU ZzIElHbHVh WFJwWVggUn BkbVZ6SUhS diBJSE4xY0 hCdmNuIFFn YzIxaGJHd2 cgWVc1a0lH MWxaRyBsMW JTMXphWHBs IFpDQmlkWE 5wYm0gVnpj MlZ6TGp4aS BjajR4TWk0 Z1NXIDRnTW pBeU1Dd2cg WkhWeWFXNW 5JSCBSb1pT QkRUMVpKIF JDMHhPU0J3 WVcgNWtaVz FwWXl3ZyBT Mmx1WjJacG MyIGhsY2lC ellYY2cgWV NCemRYSm5a UyBCcGJpQm taVzFoIGJt UWdabTl5SU cgbDBjeUJ3 Y205ayBkV0 4wY3lCaGN5 IEJ0YjNKbE lIQmwgYjNC c1pTQjBkWC BKdVpXUWdk RzhnIFJFbF pJSEJ5YjIg cGxZM1J6SU hkbyBhV3hs SUhOMFlYIG xwYm1jZ1lY UWcgYUc5dF pTNGdWRyBo cGN5QnlaWE 4xIGJIUmxa Q0JwYmkgQn laV052Y21R ZyBjMkZzWl hNZ1lXIDVr SUhCeWIyWn AgZEhNZ1pt OXlJSCBSb1 pTQmpiMjF3 IFlXNTVMZz 09CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==