Robertet

More reviews (1)

Live  

Robertet is a French multinational company that specializes in the creation, production, and marketing of natural flavors and fragrances. The company was founded in 1850 by François Chauvel and is headquartered in Grasse, France. Today, Robertet has a presence in more than 50 countries and operates in three main business segments: natural raw materials, perfume compositions, and food flavorings.
Robertet's main focus is on creating high-quality, natural products using sustainably sourced ingredients. The company works closely with local farmers and producers to obtain the best raw materials for their products. This dedication to sustainability has earned Robertet several certifications, including ISO 9001 and EcoVadis Gold.
The company's natural raw materials segment focuses on sourcing and producing botanical extracts, essential oils, and other natural ingredients used in the flavor and fragrance industry. Robertet's perfume compositions segment creates unique and customizable scents for use in perfumes, cosmetics, and household products. The food flavorings segment develops natural and organic flavorings for the food and beverage industry.
Robertet's products are used in a wide range of applications, including fine fragrances, personal care products, household products, food and beverages, and more. Their customers include major multinational companies as well as smaller, niche brands. The company has a strong focus on innovation and invests heavily in research and development to create new and unique products.
In addition to their main headquarters in Grasse, Robertet has several research and development centers, manufacturing facilities, and sales offices around the world. The company employs over 2,000 people globally and reported revenue of €559.3 million in 2020. Overall, Robertet is known for its commitment to natural, sustainable, and high-quality products in the flavor and fragrance industry.

Um9iZXJ0ZX QgaXMgYSBj b21wYW55IH RoYXQgY3Jl YXRlcyBzcG VjaWFsIHNt ZWxscyBhbm QgZmxhdm9y cyBmb3IgdG hpbmdzIGxp a2UgZm9vZC wgZHJpbmtz LCBwZXJmdW 1lcywgYW5k IGV2ZW4gY2 xlYW5pbmcg cHJvZHVjdH MuIFRoaW5r IG9mIHRoZW 0gYXMgYSB0 ZWFtIG9mIG FydGlzdHMs IGJ1dCBpbn N0ZWFkIG9m IHBhaW50IG FuZCBjb2xv cnMsIHRoZX kgd29yayB3 aXRoIGRpZm ZlcmVudCBz Y2VudHMgYW 5kIHRhc3Rl cy4gPGJyPl RoZXkgbWFr ZSBtb25leS BieSBzZWxs aW5nIHRoZX NlIHNwZWNp YWwgc21lbG xzIGFuZCBm bGF2b3JzIH RvIG90aGVy IGNvbXBhbm llcy4gRm9y IGV4YW1wbG UsIHdoZW4g YSBjYW5keS Bjb21wYW55 IHdhbnRzIH RoZWlyIHN3 ZWV0cyB0by BoYXZlIGEg eXVtbXkgZm xhdm9yLCB0 aGV5IG1pZ2 h0IGJ1eSBp dCBmcm9tIF JvYmVydGV0 LiBPciB3aG VuIGEgcGVy ZnVtZSBjb2 1wYW55IHdh bnRzIHRvIG NyZWF0ZSBh IGxvdmVseS BzY2VudCwg dGhleSBhbH NvIG1pZ2h0 IGdldCBoZW xwIGZyb20g Um9iZXJ0ZX QuIDxicj5S b2JlcnRldC BpcyBzdWNj ZXNzZnVsIG ZvciBhIGZl dyByZWFzb2 5zLiBGaXJz dCwgdGhleS BoYXZlIGEg bG90IG9mIG V4cGVyaWVu Y2UgYW5kIG tub3cgYSBs b3QgYWJvdX QgaG93IGRp ZmZlcmVudC BpbmdyZWRp ZW50cyB3b3 JrIHRvZ2V0 aGVyIHRvIG NyZWF0ZSBh bWF6aW5nIH NtZWxscyBh bmQgdGFzdG VzLiBTZWNv bmQsIHRoZX kgdXNlIG5h dHVyYWwgaW 5ncmVkaWVu dHMsIHdoaW NoIG1hbnkg cGVvcGxlIH RvZGF5IHBy ZWZlciBiZW NhdXNlIHRo ZXkgYXJlIG hlYWx0aGll ciBhbmQgYm V0dGVyIGZv ciB0aGUgZW 52aXJvbm1l bnQuIExhc3 RseSwgdGhl eSBjb25zdG FudGx5IGlu bm92YXRlIG FuZCBjcmVh dGUgbmV3IG FuZCBleGNp dGluZyBzY2 VudHMgYW5k IGZsYXZvcn MsIHdoaWNo IGhlbHBzIH RoZW0ga2Vl cCB1cCB3aX RoIHdoYXQg Y3VzdG9tZX JzIHdhbnQu IDxicj5Jbi B0aGUgZnV0 dXJlLCBSb2 JlcnRldCB3 aWxsIGxpa2 VseSBjb250 aW51ZSB0by BiZSBzdWNj ZXNzZnVsIG JlY2F1c2Ug bW9yZSBwZW 9wbGUgYXJl IGludGVyZX N0ZWQgaW4g Z29vZCBxdW FsaXR5LCBu YXR1cmFsIH Byb2R1Y3Rz LiBBcyBsb2 5nIGFzIHRo ZXkga2VlcC BtYWtpbmcg dGFzdHkgYW 5kIGZyYWdy YW50IHRoaW 5ncyBhbmQg c3RheSBhaG VhZCBvZiB0 cmVuZHMsIH RoZXkgd2ls bCBwcm9iYW JseSBrZWVw IGdyb3dpbm cgYW5kIGRv aW5nIHdlbG wgaW4gYnVz aW5lc3MhPG JyPg==

MS4gTG9uZy BIaXN0b3J5 OiBUaGUgUm 9iZXJ0ZXQg Y29tcGFueS B3YXMgZm91 bmRlZCBpbi AxODUwIGlu IEdyYXNzZS wgRnJhbmNl LCBtYWtpbm cgaXQgb25l IG9mIHRoZS BvbGRlc3Qg ZnJhZ3Jhbm NlIGFuZCBm bGF2b3VyIG NvbXBhbmll cyBpbiB0aG Ugd29ybGQu PGJyPjIuIE ZhbWlseS1P d25lZDogVG hlIGNvbXBh bnkgaGFzIG JlZW4gZmFt aWx5LW93bm VkIHNpbmNl IGl0cyBpbm NlcHRpb24g YW5kIGlzIG N1cnJlbnRs eSBtYW5hZ2 VkIGJ5IHRo ZSA0dGggYW 5kIDV0aCBn ZW5lcmF0aW 9ucyBvZiB0 aGUgUm9iZX J0ZXQgZmFt aWx5Ljxicj 4zLiBFeHBl cnRpc2UgaW 4gTmF0dXJh bHM6IFJvYm VydGV0IGhh cyBhIHN0cm 9uZyBlbXBo YXNpcyBvbi BuYXR1cmFs IGluZ3JlZG llbnRzIGFu ZCBpcyBjb2 5zaWRlcmVk IGEgbGVhZG VyIGluIHRo ZSBwcm9kdW N0aW9uIGFu ZCBleHRyYW N0aW9uIG9m IGVzc2VudG lhbCBvaWxz LCBhcyB3ZW xsIGFzIGV4 cGVydCBpbi BzdXN0YWlu YWJpbGl0eS BhbmQgc291 cmNpbmcgb2 YgbmF0dXJh bCBtYXRlcm lhbHMuPGJy PjQuIERpdm Vyc2UgUG9y dGZvbGlvOi BUaGUgY29t cGFueSBvZm ZlcnMgYSB3 aWRlIHJhbm dlIG9mIHBy b2R1Y3RzIG luIGZyYWdy YW5jZXMsIG ZsYXZvcnMs IGFuZCBpbm dyZWRpZW50 cyBmb3IgdG hlIGJlYXV0 eSwgZm9vZC wgYW5kIGJl dmVyYWdlIG luZHVzdHJp ZXMuIFRoZX kgYWxzbyBv ZmZlciBjdX N0b20gc29s dXRpb25zIG FuZCBwYXJ0 bmVyIHdpdG ggY2xpZW50 cyB0byBjcm VhdGUgdW5p cXVlIHByb2 R1Y3RzLjxi cj41LiBWZX J0aWNhbCBJ bnRlZ3JhdG lvbjogUm9i ZXJ0ZXQgaX Mgb25lIG9m IHRoZSBmZX cgY29tcGFu aWVzIHRvIG hhdmUgY29t cGxldGUgY2 9udHJvbCBv dmVyIGV2ZX J5IHN0YWdl IG9mIHRoZS Bwcm9kdWN0 aW9uIHByb2 Nlc3MsIGZy b20gc291cm NpbmcgYW5k IGV4dHJhY3 Rpb24gdG8g Zm9ybXVsYX Rpb24gYW5k IHByb2R1Y3 Rpb24uPGJy PjYuIEdsb2 JhbCBQcmVz ZW5jZTogV2 l0aCBvdmVy IDQ1IHN1Yn NpZGlhcmll cyBhbmQgcH JvZHVjdGlv biBzaXRlcy BhY3Jvc3Mg dGhlIHdvcm xkLCBSb2Jl cnRldCBoYX MgYSBzdHJv bmcgaW50ZX JuYXRpb25h bCBwcmVzZW 5jZSBhbmQg Y2FuIGNhdG VyIHRvIGEg dmFyaWV0eS BvZiBtYXJr ZXRzIGFuZC BjdXN0b21l cnMuPGJyPj cuIElubm92 YXRpb246IF RoZSBjb21w YW55IGhhcy BhIGRlZGlj YXRlZCByZX NlYXJjaCBh bmQgZGV2ZW xvcG1lbnQg dGVhbSB0aG F0IGZvY3Vz ZXMgb24gY3 JlYXRpbmcg aW5ub3ZhdG l2ZSBwcm9k dWN0cyBhbm QgdXNlcyB0 ZWNobm9sb2 d5IHRvIGNv bnRpbnVvdX NseSBpbXBy b3ZlIHRoZW lyIHByb2Nl c3Nlcy48Yn I+OC4gU3Vz dGFpbmFiaW xpdHk6IFJv YmVydGV0IG lzIGNvbW1p dHRlZCB0by BzdXN0YWlu YWJsZSBwcm FjdGljZXMg YW5kIHdvcm tzIGNsb3Nl bHkgd2l0aC Bsb2NhbCBm YXJtZXJzIG FuZCBjb21t dW5pdGllcy B0byBwcm9t b3RlIGV0aG ljYWwgYW5k IGVjby1mcm llbmRseSBz b3VyY2luZy BvZiBuYXR1 cmFsIG1hdG VyaWFscy48 YnI+OS4gUX VhbGl0eSBT dGFuZGFyZH M6IFRoZSBj b21wYW55IG hhcyBzdHJp Y3QgcXVhbG l0eSBzdGFu ZGFyZHMgYW 5kIGlzIGNl cnRpZmllZC BieSBpbnRl cm5hdGlvbm FsIHJlZ3Vs YXRvcnkgYm 9kaWVzIHN1 Y2ggYXMgSV NPLCBFQ09D RVJULCBhbm QgSUZSQS48 YnI+MTAuIE N1bHR1cmFs IEhlcml0YW dlOiBHcmFz c2UsIHRoZS BiaXJ0aHBs YWNlIG9mIH RoZSBjb21w YW55LCBpcy Brbm93biBh cyB0aGUgcG VyZnVtZSBj YXBpdGFsIG 9mIHRoZSB3 b3JsZCBhbm QgaGFzIGEg cmljaCBoaX N0b3J5IGFu ZCBjdWx0dX JlIGluIGZy YWdyYW5jZS Bwcm9kdWN0 aW9uLiBSb2 JlcnRldCBj b250aW51ZX MgdG8gdXBo b2xkIHRoaX MgaGVyaXRh Z2UgYW5kIG NvbnRyaWJ1 dGUgdG8gdG hlIGVjb25v bXkgYW5kIG NvbW11bml0 eSBvZiBHcm Fzc2Uu

VGhlIFJvYm VydGV0IGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBkZX ZlbG9waW5n LCBjcmVhdG luZywgYW5k IHN1cHBseW luZyBuYXR1 cmFsLCBiaW 9kZWdyYWRh YmxlLCBhbm Qgc3VzdGFp bmFibGUgZn JhZ3JhbmNl IGFuZCBmbG F2b3IgaW5n cmVkaWVudH MgdG8gdGhl IHBlcmZ1bW UsIGNvc21l dGljcywgZm 9vZCwgYW5k IGJldmVyYW dlIGluZHVz dHJpZXMuIF RoZSBjb21w YW55IHVzZX MgYSB2ZXJ0 aWNhbGx5IG ludGVncmF0 ZWQgcHJvZH VjdGlvbiBh cHByb2FjaC wgd2hpY2gg aW5jbHVkZX Mgc291cmNp bmcgb2Ygcm F3IG1hdGVy aWFscywgZX h0cmFjdGlv biBhbmQgZG lzdGlsbGF0 aW9uIG9mIG 5hdHVyYWwg aW5ncmVkaW VudHMsIGFu ZCB0aGUgY3 JlYXRpb24g b2YgZnJhZ3 JhbmNlIGFu ZCBmbGF2b3 IgZm9ybXVs YXRpb25zLi BUaGV5IGFs c28gb2ZmZX IgY29udHJh Y3QgbWFudW ZhY3R1cmlu ZyBzZXJ2aW NlcyBmb3Ig dGhlaXIgY2 xpZW50cy4g QWRkaXRpb2 5hbGx5LCBS b2JlcnRldC BpbnZlc3Rz IGluIHJlc2 VhcmNoIGFu ZCBkZXZlbG 9wbWVudCB0 byBzdGF5IG F0IHRoZSBm b3JlZnJvbn Qgb2YgdGhl IGluZHVzdH J5IGFuZCBt ZWV0IGNoYW 5naW5nIGNv bnN1bWVyIG RlbWFuZHMg Zm9yIGNsZW FuIGFuZCBu YXR1cmFsIH Byb2R1Y3Rz Lg==

AI can pose a material threat to Robertet, a company known for its products in the fragrance and flavor industry, in several ways:
1. Substitution: Advances in AI technology can lead to the creation of synthetic alternatives to natural ingredients, which could appeal to consumers looking for more affordable or sustainable options. AI-driven research could yield new flavor and fragrance compounds that replicate the sensory qualities of natural products, potentially displacing traditional offerings.
2. Disintermediation: AI tools can streamline the supply chain and improve the efficiency of creating personalized products. This could allow brands to produce customized fragrances or flavors without needing to rely heavily on traditional suppliers like Robertet. Direct-to-consumer models could reduce the need for intermediaries, creating competition for established companies.
3. Margin Pressure: As AI lowers the production costs of synthetic ingredients and improves operational efficiencies, it can lead to increased market competition. If competitors adopt AI technologies effectively, they can offer similar or enhanced products at lower prices, exerting downward pressure on margins for companies like Robertet that rely on higher-cost natural ingredients.
Overall, while AI has the potential to drive innovation within the flavors and fragrances sector, it also presents challenges that could impact Robertet’s market positioning and profitability. The company will need to adapt and innovate to maintain its competitive edge.

The sensitivity of Robertet company’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several aspects:
1. Earnings Sensitivity: Robertet’s earnings may be affected by interest rate changes primarily through the cost of borrowing. Higher interest rates can increase financing costs for any debt the company holds, leading to decreased net income. Additionally, if the company has a significant portion of its revenue linked to consumer spending, higher interest rates might reduce consumer demand, which could further impact earnings. Conversely, lower interest rates can lower borrowing costs and potentially stimulate growth and spending.
2. Cash Flow Sensitivity: The company’s cash flow could be impacted by interest rate fluctuations. Increased rates might lead to higher interest expenses, reducing free cash flow. If the company has variable-rate debt, its cash flow can be even more sensitive, as payments will rise with increasing rates. On the other hand, lower rates might enhance cash flows by reducing interest obligations and potentially allowing for reinvestment or returns to shareholders.
3. Valuation Sensitivity: Robertet’s valuation is typically derived from discounted cash flow (DCF) models, which are inherently sensitive to interest rate changes. As rates rise, the discount rate applied to future cash flows increases. This results in a lower present value of those cash flows, reducing the overall valuation of the company. Conversely, lower interest rates decrease the discount rate, potentially leading to a higher valuation.
Overall, Robertet’s earnings, cash flow, and valuation are all sensitive to interest rate changes, with potential negative impacts associated with rising rates and positive effects with declining rates. Understanding the degree of this sensitivity would require a detailed analysis of the company’s capital structure, interest rate exposure, and market dynamics.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BSb2JlcnRl dOKAmXMgZW Nvbm9taWNz IGlzIGEgc2 lnbmlmaWNh bnQgc2hpZn QgaW4gZ2xv YmFsIHJlZ3 VsYXRpb25z IHJlZ2FyZG luZyBzeW50 aGV0aWMgZn JhZ3JhbmNl cyBhbmQgZm xhdm9yaW5n IGFnZW50cy 4gSWYgbmV3 IHJlZ3VsYX Rpb25zIHdl cmUgaW50cm 9kdWNlZCB0 aGF0IGhlYX ZpbHkgcmVz dHJpY3RlZC BvciBiYW5u ZWQgdGhlIH VzZSBvZiBj ZXJ0YWluIH dpZGVseSB1 dGlsaXplZC BzeW50aGV0 aWMgY29tcG 91bmRzLCBS b2JlcnRldC BtaWdodCBm YWNlIGEgc2 lnbmlmaWNh bnQgZGlzcn VwdGlvbi4g VGhpcyBjb3 VsZCBhcmlz ZSBmcm9tIG luY3JlYXNp bmcgaGVhbH RoIGNvbmNl cm5zLCBlbn Zpcm9ubWVu dGFsIHByZX NzdXJlcywg b3IgY2hhbm dlcyBpbiBj b25zdW1lci BwcmVmZXJl bmNlcyB0b3 dhcmRzIGNv bXBsZXRlbH kgbmF0dXJh bCBwcm9kdW N0cy48YnI+ SW4gdGhpcy BzY2VuYXJp bywgUm9iZX J0ZXQgd291 bGQgbGlrZW x5IHNlZSBh IHNoYXJwIG RlY2xpbmUg aW4gdGhlIG RlbWFuZCBm b3IgdGhlaX IgZXhpc3Rp bmcgcHJvZH VjdCBsaW5l cyB0aGF0IH JlbHkgb24g c3ludGhldG ljIGNvbXBv dW5kcy4gVG hpcyBjb3Vs ZCBsZWFkIH RvIGEgZGVj cmVhc2UgaW 4gcmV2ZW51 ZXMsIGFzIG N1c3RvbWVy cyB3b3VsZC BlaXRoZXIg c2VlayBhbH Rlcm5hdGl2 ZSBzdXBwbG llcnMgd2hv IGNhbiBwcm 92aWRlIGNv bXBsaWFudC Bwcm9kdWN0 cyBvciBzaG lmdCB0b3dh cmRzIGEgZG lmZmVyZW50 IGNhdGVnb3 J5IGFsdG9n ZXRoZXIsIH N1Y2ggYXMg ZnVsbHkgb3 JnYW5pYyBv ciBuYXR1cm FsIG9mZmVy aW5ncy48Yn I+QXMgYSBy ZXN1bHQgb2 YgdGhlIGRp c3J1cHRpb2 46PGJyPjEu IE1hcmdpbn M6IFRoZSBj b21wYW554o CZcyBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBzaHJpbm sgc2lnbmlm aWNhbnRseS 4gSWYgdGhl IGNvbXBhbn kgaW52ZXN0 ZWQgaGVhdm lseSBpbiBS JmFtcDtEIH RvIGNvbXBs eSB3aXRoIG 5ldyByZWd1 bGF0aW9ucy BhbmQgc2hp ZnRlZCBpdH MgcHJvZHVj dGlvbiBwcm 9jZXNzZXMs IHRoZXJlIH dvdWxkIGJl IGluY3JlYX NlZCBjb3N0 cyBhc3NvY2 lhdGVkIHdp dGggZGV2ZW xvcGluZyBu ZXcgcHJvZH VjdHMgdGhh dCBtZWV0IH RoZSBuZXcg c3RhbmRhcm RzLiBBZGRp dGlvbmFsbH ksIGlmIHRo ZSBjb21wYW 55IGhhcyB0 byBkaXZlc3 Qgb3Igd3Jp dGUgb2ZmIH Vuc2VsbGFi bGUgaW52ZW 50b3J5IG9m IHN5bnRoZX RpYyBwcm9k dWN0cywgdG hpcyB3b3Vs ZCBmdXJ0aG VyIGh1cnQg cHJvZml0YW JpbGl0eS48 YnI+Mi4gQ2 FzaCBGbG93 OiBDYXNoIG Zsb3cgd291 bGQgYmUgbm VnYXRpdmVs eSBpbXBhY3 RlZCBhcyBk ZWNsaW5pbm cgc2FsZXMg YW5kIHBvdG VudGlhbCB3 cml0ZS1vZm ZzIG9mIGV4 aXN0aW5nIG ludmVudG9y eSBjb3VsZC BsZWFkIHRv IHRpZ2h0ZX IgbGlxdWlk aXR5LiBUaG UgY29tcGFu eSBtaWdodC BmaW5kIGl0 cyBjYXNoIG Zsb3cgdHVy bmluZyBuZW dhdGl2ZSBk dXJpbmcgdG hlIHRyYW5z aXRpb24gcG VyaW9kIGFz IGl0IGFkan VzdHMgdG8g bmV3IG9wZX JhdGlvbmFs IG1vZGVscy BhbmQgcHJv ZHVjdCBsaW 5lcy4gSWYg dGhlIGNvbX BhbnkgbmVl ZHMgdG8gaW 52ZXN0IGhl YXZpbHkgaW 4gY29tcGxp YW5jZSBhbm QgcmVmb3Jt dWxhdGluZy Bwcm9kdWN0 cywgdGhpcy Bjb3VsZCBl eGFjZXJiYX RlIGNhc2gg ZmxvdyBpc3 N1ZXMuPGJy PjMuIEJhbG FuY2UgU2hl ZXQ6IFRoZS BiYWxhbmNl IHNoZWV0IG NvdWxkIHN1 ZmZlciBkdW UgdG8gcG90 ZW50aWFsIG ltcGFpcm1l bnRzIGluIG ludGFuZ2li bGUgYXNzZX RzLCBwYXJ0 aWN1bGFybH kgaWYgdGhl IGNvbXBhbn kgaGFzIGRl dmVsb3BlZC BhIGJyYW5k IHJlcHV0YX Rpb24gYXJv dW5kIGl0cy BzeW50aGV0 aWMgb2ZmZX JpbmdzLiBB biBpbmNyZW FzZSBpbiBs aWFiaWxpdG llcyBjb3Vs ZCBvY2N1ci wgcGFydGlj dWxhcmx5IG lmIHRoZSBj b21wYW55IG 5lZWRlZCB0 byBib3Jyb3 cgZnVuZHMg dG8gZmFjaW xpdGF0ZSB0 aGUgdHJhbn NpdGlvbiB0 byBuZXcgcH JvZHVjdCBs aW5lcyBvci BpZiBjYXNo IHJlc2Vydm VzIHdlcmUg ZGltaW5pc2 hlZCBkdWUg dG8gc3VzdG FpbmVkIGxv d2VyIHJldm VudWUuIFRo aXMgY2hhbm dlIHdvdWxk IHN0cmVzcy B0aGUgYmFs YW5jZSBzaG VldCwgaW5j cmVhc2luZy B0aGUgZGVi dC10by1lcX VpdHkgcmF0 aW8gYW5kIH BvdGVudGlh bGx5IGxlYW RpbmcgdG8g YSBkb3duZ3 JhZGVkIGNy ZWRpdCByYX RpbmcsIHdo aWNoIGNvdW xkIGZ1cnRo ZXIgaW5jcm Vhc2UgYm9y cm93aW5nIG Nvc3RzLjxi cj5PdmVyYW xsLCBpZiB0 aGlzIHNjZW 5hcmlvIHdl cmUgdG8gdW 5mb2xkLCBS b2JlcnRldC BtaWdodCBz dHJ1Z2dsZS B0byBtYWlu dGFpbiBpdH MgY29tcGV0 aXRpdmUgZW RnZSBhbmQg cHJvZml0YW JpbGl0eSwg cmVxdWlyaW 5nIGEgbG9u Zy10ZXJtIH N0cmF0ZWdp YyBwaXZvdC B0byBlbnN1 cmUgaXRzIH ZpYWJpbGl0 eSBpbiBhIG RyYXN0aWNh bGx5IGNoYW 5nZWQgbWFy a2V0IGxhbm RzY2FwZS48 YnI+

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 bG9nb3Mven phTDlzajhT enNqclI5a3 VFT1Uud2Vi cCIgYWx0PS JSb2JlcnRl dCIgdGl0bG U9IlJvYmVy dGV0IiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IFJv YmVydGV0Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TnSBKb2 luIHVzIGFu ZCBncmFiIH lvdXIgY29w eSBvZiA8aT 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 VW05aVpYIE owWlhRZ2FY TWcgWVNCbV lXMXBiSCBr dGIzZHVaV1 FnIFJuSmxi bU5vSUcgTn ZiWEJoYm5r ZyBkR2hoZE NCM1lYIE1n Wm05MWJtUm wgWkNCcGJp QXhPRCBVd0 lHSjVJRVp5 IFlXN0RwMj lwY3kgQkRh R0YxZG1WMC BMQ0JoSUcx aGMzIFJsY2 lCa2FYTjAg YVd4c1pYSW dhVyA0Z1Iz SmhjM05sIE xDQkdjbUZ1 WTIgVXVJRW wwSUhkaCBj eUJzWVhSbG NpIEIwWVd0 bGJpQnYgZG 1WeUlHSjVJ RyBocGN5Qn piMjV6IExD QlFZWFZzSU cgRnVaQ0JJ Wlc1eSBhU0 JEYUdGMWRt IFYwTENCM2 FHOGcgWlho d1lXNWtaVy BRZ2RHaGxJ R0oxIGMybH VaWE56SUcg RnVaQ0JsYz NSaCBZbXhw YzJobFpDIE JwZENCaGN5 QmggSUd4bF lXUnBibSBj Z1puSmhaM0 poIGJtTmxJ R0Z1WkMgQm 1iR0YyYjNJ ZyBhRzkxYz JVdVBHIEp5 UGpJdUlGUm 8gWlNCdVlX MWxJRiBKdl ltVnlkR1Yw IElHTnZiV1 Z6SUcgWnli MjBnZEdobC BJR052YldK cGJtIEYwYV c5dUlHOW0g SUhSb1pTQm 1iMyBWdVpH VnljK0tBIG 1TQnVZVzFs Y3kgd2dVbT lpWlhKMCBJ R0Z1WkNCSV pXIDV5YVdW MGRHVWcgUT JoaGRYWmxk QyA0OFluSS tNeTRnIFVt OWlaWEowWl ggUWdhWE1n WVNCbiBiRz lpWVd3Z1ky IDl0Y0dGdW VTQjMgYVhS b0lHOXdaWC BKaGRHbHZi bk1nIGFXNG diVzl5WlMg QjBhR0Z1SU RVdyBJR052 ZFc1MGNtIG xsY3lCaGJt UWcgYUdGek lHRWdjSCBK bGMyVnVZMl VnIGFXNGdZ V3hzSUcgMW hhbTl5SUda eSBZV2R5WV c1alpTIEJo Ym1RZ1pteG ggZG05eUlH MWhjbSB0bG RITXVQR0p5 IFBqUXVJRl JvWlMgQmpi MjF3WVc1NS BJR2x6SUd0 dWIzIGR1SU dadmNpQnAg ZEhNZ2RYTm xJRyA5bUlH NWhkSFZ5IF lXd2dhVzVu Y20gVmthV1 Z1ZEhNZyBZ VzVrSUdoaG N5IEJoSUhO MGNtOXUgWn lCamIyMXRh WCBSdFpXNT BJSFJ2IElI TjFjM1JoYV cgNWhZbXhs TENCbCBkR2 hwWTJGc0lI IE52ZFhKam FXNW4gTGp4 aWNqNDFMaS BCU2IySmxj blJsIGRDQn BjeUJ2Ym0g VWdiMllnZE dobCBJSGR2 Y214azRvIE NaY3lCc1pX RmsgYVc1bk lIQnliMiBS MVkyVnljeU J2IFppQmxj M05sYm4gUn BZV3dnYjJs cyBjeXdnZD JsMGFDIEJ2 ZG1WeUlEVX cgTUNCa2FX Wm1aWCBKbG JuUWdkbUZ5 IGFXVjBhV1 Z6SUcgbHVJ R2wwY3lCdy BiM0owWm05 c2FXIDh1UE dKeVBqWXUg SUVsMGN5Qn daWCBKbWRX MWxjbmtnIF pHbDJhWE5w YjIgNHNJRk p2WW1WeSBk R1YwSUVaeV lXIGR5WVc1 alpYTXMgSU doaGN5Qmpj bSBWaGRHVm tJSE52IGJX VWdhV052Ym 0gbGpJSE5q Wlc1MCBjeX dnYVc1amJI IFZrYVc1bk lFUnAgYjNM aWdKbHpJRS AxcGMzTWdS R2x2IGNpQm hibVFnUTIg aGhibVZzNG 9DWiBjeUJP Ynk0Z05TID Q4WW5JK055 NGcgU1c0Z0 1qQXhNeSB3 Z1VtOWlaWE owIFpYUWdk MkZ6SUggUm 9aU0JtYVhK eiBkQ0JtY2 1GbmNtIEZ1 WTJVZ1lXNW sgSUdac1lY WnZjaSBCam IyMXdZVzU1 IElIUnZJR0 ZqYUcgbGxk bVVnUldOdi BZMlZ5ZENC alpYIEowYV dacFkyRjAg YVc5dUxDQj NhRyBsamFD Qm5kV0Z5IF lXNTBaV1Z6 SUggUm9aU0 IxYzJVZyBi MllnYjNKbl lXIDVwWXlC aGJtUWcgYm 1GMGRYSmhi QyBCcGJtZH laV1JwIFpX NTBjeUJwYm kgQnBkSE1n Y0hKdiBaSF ZqZEhNdVBH IEp5UGpndU lGUm8gWlNC amIyMXdZVy A1NUlHbHpJ R0ZzIGMyOG dZU0JzWlcg RmthVzVuSU hCcyBZWGxs Y2lCcGJpIE IwYUdVZ1pt eGggZG05eU lHbHVaSCBW emRISjVMQ0 J3IGNtOTJh V1JwYm0gY2 dibUYwZFhK aCBiQ0JtYk dGMmIzIEp6 SUdadmNpQm 0gYjI5a0lH RnVaQyBCaV pYWmxjbUZu IFpYTXVJRW wwY3kgQndj bTlrZFdOMC BjeUJqWVc0 Z1ltIFVnWm 05MWJtUWcg YVc0Z2JXRn VlUyBCb2Iz VnpaV2h2IG JHUWdZbkpo Ym0gUWdibU Z0WlhNcyBJ R2x1WTJ4MV pHIGx1WnlC T1pYTjAgYk 1PcElHRnVa QyBCRGIyTm hMVU52IGJH RXVQR0p5UG oga3VJRkp2 WW1WeSBkR1 YwSUdseklH IE52YlcxcG RIUmwgWkNC MGJ5QnlaWC BObFlYSmph Q0JoIGJtUW dhVzV1YjMg WmhkR2x2Ym l3ZyBkMmww YUNCaElHIF JsWkdsallY UmwgWkNCMF pXRnRJRyA5 bUlISmxjMl ZoIGNtTm9a WEp6TEMgQm phR1Z0YVhO MCBjeXdnWV c1a0lIIEJs Y21aMWJXVn kgY3lCamIy NXpkRyBGdW RHeDVJR1Js IGRtVnNiM0 JwYm0gY2di bVYzSUdGdS BaQ0JwYlhC eWIzIFpsWk NCd2NtOWsg ZFdOMGN5ND hZbiBJK01U QXVWR2hsIE lHTnZiWEJo Ym4ga2dhR0 Z6SUdWNCBj R0Z1WkdWa0 lHIEpsZVc5 dVpDQm0gY2 1GbmNtRnVZ MiBVZ1lXNW tJR1pzIFlY WnZjbk1zSU ggWmxiblIx Y21sdSBaeU JwYm5SdklH IDkwYUdWeU lHbHUgWkhW emRISnBaWC BNZ2MzVmph Q0JoIGN5Qm piM050Wlgg UnBZM01zSU dodiBiV1Vn WTJGeVpTIH dnWVc1a0lH WnAgYm1VZ2 NHVnlabiBW dFpYSjVMaU JKIGRDQmhi SE52SUcgaG hjeUJoSUd4 cCBibVVnYj JZZ2QyIFZz Ykc1bGMzTW cgWVc1a0lH RnliMiAxaG RHaGxjbUZ3 IGVTQndjbT lrZFcgTjBj eTQ4WW5JKw ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=