Finning

Live  

Finning International Inc. is the world's largest Caterpillar equipment dealer, with operations in Canada, the United Kingdom, Ireland, and South America. The company specializes in selling, renting, and providing parts and services for Caterpillar equipment, including bulldozers, backhoes, excavators, and trucks. It also offers customized financial solutions for customers to purchase or lease their equipment. Finning has a history dating back to 1933, and today, it employs over 13,000 people worldwide. The company is headquartered in Vancouver, Canada, and trades on the Toronto Stock Exchange (TSX) under the symbol FTT.

Finning is a company that sells and services big machines, especially those made by a famous brand called Caterpillar. These machines are used in construction, mining, and other heavy work. Imagine giant diggers, bulldozers, and trucks that help build roads or dig up rocks and dirt – that’s what they help provide!
Finning makes money by doing a few things. First, they sell these big machines to companies that need them. Then, they also provide parts and services to keep those machines running. If a machine breaks down, Finning can fix it or sell replacement parts, which means they earn money even after the machine is sold.
Now, why is Finning successful? Well, they have been in the business for a long time and know a lot about these machines. They have trained workers who can help customers with anything they need. They also have lots of locations, which makes it easier for customers to find them. Plus, as construction and mining continue to grow, more people will need these machines, which helps Finning keep making money.
Looking into the future, Finning is likely to stay successful. More people around the world will always need to build things like houses, roads, and schools, and that means they will need equipment. Finning is also working on being more environmentally friendly and using new technologies, which can help them stay ahead of the competition. So, as long as people keep building and digging, Finning will be there to provide the machines they need!

VGhlcmUgYX JlIHNldmVy YWwgYXNwZW N0cyB0aGF0 IG1ha2UgRm lubmluZyBh IHNwZWNpYW wgY29tcGFu eTo8YnI+MS 4gTG9uZy1z dGFuZGluZy BIaXN0b3J5 OiBGaW5uaW 5nIHdhcyBm b3VuZGVkIG luIDE5MzMg YW5kIGhhcy BiZWVuIGlu IGJ1c2luZX NzIGZvciBv dmVyIDg1IH llYXJzLiBU aGlzIGRlbW 9uc3RyYXRl cyB0aGUgY2 9tcGFueSdz IHN0YWJpbG l0eSBhbmQg bG9uZ2V2aX R5IGluIHRo ZSBtYXJrZX QuPGJyPjIu IEdsb2JhbC BQcmVzZW5j ZTogRmlubm luZyBvcGVy YXRlcyBpbi BtdWx0aXBs ZSBjb3VudH JpZXMgYXJv dW5kIHRoZS B3b3JsZCwg aW5jbHVkaW 5nIENhbmFk YSwgVW5pdG VkIEtpbmdk b20sIFNvdX RoIEFtZXJp Y2EsIGFuZC Btb3JlLiBU aGlzIGdsb2 JhbCBwcmVz ZW5jZSBhbG xvd3MgdGhl bSB0byBzZX J2ZSBkaXZl cnNlIG1hcm tldHMgYW5k IGN1c3RvbW Vycy48YnI+ My4gRm9jdX NlZCBvbiBD YXRlcnBpbG xhciBFcXVp cG1lbnQ6IE Zpbm5pbmcg aXMgdGhlIH dvcmxkJ3Mg bGFyZ2VzdC BDYXRlcnBp bGxhciBkZW FsZXIsIHBy b3ZpZGluZy BzYWxlcywg cGFydHMsIG FuZCBzZXJ2 aWNlIGZvci BDYXRlcnBp bGxhciBoZW F2eSBlcXVp cG1lbnQuIF RoaXMgZXhj bHVzaXZlIH BhcnRuZXJz aGlwIHdpdG ggQ2F0ZXJw aWxsYXIgZ2 l2ZXMgdGhl bSBhIHVuaX F1ZSBwb3Np dGlvbiBpbi B0aGUgbWFy a2V0Ljxicj 40LiBFbXBo YXNpcyBvbi BTdXN0YWlu YWJpbGl0eT ogRmlubmlu ZyBpcyBjb2 1taXR0ZWQg dG8gc3VzdG FpbmFibGUg cHJhY3RpY2 VzIGFuZCBo YXMgaW1wbG VtZW50ZWQg aW5pdGlhdG l2ZXMgdG8g cmVkdWNlIG VtaXNzaW9u cywgaW1wcm 92ZSBlbmVy Z3kgZWZmaW NpZW5jeSwg YW5kIHByb2 1vdGUgZW52 aXJvbm1lbn RhbCBzdGV3 YXJkc2hpcC 4gVGhleSBo YXZlIGJlZW 4gcmVjb2du aXplZCBhcy BhIHN1c3Rh aW5hYmlsaX R5IGxlYWRl ciBpbiB0aG UgaW5kdXN0 cnkuPGJyPj UuIEVtcGxv eWVlIERldm Vsb3BtZW50 OiBGaW5uaW 5nIGhhcyBh IHN0cm9uZy Bmb2N1cyBv biBlbXBsb3 llZSBkZXZl bG9wbWVudC BhbmQgb2Zm ZXJzIHZhcm lvdXMgdHJh aW5pbmcgcH JvZ3JhbXMs IGNhcmVlci BhZHZhbmNl bWVudCBvcH BvcnR1bml0 aWVzLCBhbm QgYmVuZWZp dHMuIFRoaX MgaGFzIGhl bHBlZCB0aG VtIHJldGFp biBhIHNraW xsZWQgYW5k IGRlZGljYX RlZCB3b3Jr Zm9yY2UuPG JyPjYuIEN1 c3RvbWVyLW NlbnRyaWMg QXBwcm9hY2 g6IEZpbm5p bmcgcHV0cy B0aGVpciBj dXN0b21lcn MgYXQgdGhl IGNlbnRlci BvZiBldmVy eXRoaW5nIH RoZXkgZG8u IFRoZXkgc3 RyaXZlIHRv IHVuZGVyc3 RhbmQgdGhl aXIgY3VzdG 9tZXJzJyBu ZWVkcyBhbm QgcHJvdmlk ZSBpbm5vdm F0aXZlIHNv bHV0aW9ucy B0byBtZWV0 IHRoZW0uPG JyPjcuIENv bnRyaWJ1dG lvbiB0byBD b21tdW5pdG llczogRmlu bmluZyBpcy BpbnZvbHZl ZCBpbiB2YX Jpb3VzIGNv bW11bml0eS Bpbml0aWF0 aXZlcywgc3 VjaCBhcyBz dXBwb3J0aW 5nIGxvY2Fs IGNoYXJpdG llcywgc3Bv bnNvcmluZy BldmVudHMs IGFuZCBvZm ZlcmluZyBl bXBsb3llZS B2b2x1bnRl ZXIgcHJvZ3 JhbXMuIFRo aXMgc2hvd3 MgdGhlaXIg Y29tbWl0bW VudCB0byBn aXZpbmcgYm FjayB0byB0 aGUgY29tbX VuaXRpZXMg dGhleSBvcG VyYXRlIGlu Lg==

VGhlIEZpbm 5pbmcgY29t cGFueSBpcy BhIGdsb2Jh bCBwcm92aW RlciBvZiBo ZWF2eSBlcX VpcG1lbnQs IHBhcnRzLC BhbmQgc2Vy dmljZXMgZm 9yIHZhcmlv dXMgaW5kdX N0cmllcyBz dWNoIGFzIG 1pbmluZywg Y29uc3RydW N0aW9uLCBh Z3JpY3VsdH VyZSwgZW5l cmd5LCBhbm QgZm9yZXN0 cnkuIFRoZW lyIGJ1c2lu ZXNzIG1vZG VsIHJldm9s dmVzIGFyb3 VuZCBzZWxs aW5nIGFuZC ByZW50aW5n IGhpZ2gtcX VhbGl0eSwg bmV3IGFuZC B1c2VkIGVx dWlwbWVudC Bmcm9tIGxl YWRpbmcgbW FudWZhY3R1 cmVycyBzdW NoIGFzIENh dGVycGlsbG FyLCBwcm92 aWRpbmcgbW FpbnRlbmFu Y2UsIHJlcG FpciwgYW5k IHN1cHBvcn Qgc2Vydmlj ZXMgZm9yIH RoaXMgZXF1 aXBtZW50LC BhbmQgb2Zm ZXJpbmcgZm luYW5jaW5n IGFuZCBpbn N1cmFuY2Ug b3B0aW9ucy B0byBjbGll bnRzLjxicj 5GaW5uaW5n IGFsc28gdX RpbGl6ZXMg YWR2YW5jZW QgdGVjaG5v bG9neSBhbm QgZGF0YSBh bmFseXRpY3 MgdG8gaW1w cm92ZSB0aG UgZWZmaWNp ZW5jeSBhbm QgcHJvZHVj dGl2aXR5IG 9mIHRoZWly IGNsaWVudH MnIG9wZXJh dGlvbnMsIH doaWxlIGFs c28gcHJvdm lkaW5nIHN1 c3RhaW5hYm xlIGFuZCBl bnZpcm9ubW VudGFsbHkt ZnJpZW5kbH kgc29sdXRp b25zLiBUaG V5IGhhdmUg YSBzdHJvbm cgZm9jdXMg b24gY3VzdG 9tZXIgc2Vy dmljZSBhbm QgbG9uZy10 ZXJtIGN1c3 RvbWVyIHJl bGF0aW9uc2 hpcHMsIHBy aW9yaXRpem luZyB0aGUg bmVlZHMgYW 5kIHN1Y2Nl c3Mgb2YgdG hlaXIgY2xp ZW50cy48Yn I+SW4gYWRk aXRpb24gdG 8gdGhlaXIg ZXF1aXBtZW 50IGFuZCBz ZXJ2aWNlcy wgRmlubmlu ZyBhbHNvIG 9mZmVycyB0 cmFpbmluZy Bwcm9ncmFt cyBmb3Igb3 BlcmF0b3Jz IGFuZCB0ZW NobmljaWFu cywgYXMgd2 VsbCBhcyBy ZW50YWwgb3 B0aW9ucyBm b3Igc2hvcn QtdGVybSBv ciBzZWFzb2 5hbCBlcXVp cG1lbnQgbm VlZHMuIFRo ZXkgYWxzby BoYXZlIGFu IGV4dGVuc2 l2ZSBuZXR3 b3JrIG9mIG RlYWxlcnNo aXBzLCBzZX J2aWNlIGNl bnRlcnMsIG FuZCBwYXJ0 cyBkaXN0cm lidXRpb24g Y2VudGVycy B0byBlbnN1 cmUgdGltZW x5IGFuZCBj b21wcmVoZW 5zaXZlIHN1 cHBvcnQgZm 9yIHRoZWly IGNsaWVudH MuIE92ZXJh bGwsIHRoZW lyIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG Fyb3VuZCBw cm92aWRpbm cgYSBjb21w cmVoZW5zaX ZlIGFuZCBp bnRlZ3JhdG VkIHNvbHV0 aW9uIGZvci B0aGVpciBj bGllbnRzJy BoZWF2eSBl cXVpcG1lbn QgbmVlZHMu IDxicj4=

AI does pose potential threats to Finning, which is a company that sells and services heavy machinery, primarily in the Caterpillar product line. Here are some considerations regarding substitution, disintermediation, and margin pressure:
1. Substitution: AI technologies, particularly in automation and robotics, could lead to the development of alternative solutions for tasks traditionally performed by heavy machinery. For instance, advancements in autonomous vehicles and drones might provide alternative methods for construction and mining operations. If these technologies become reliable and cost-effective, customers might opt for these AI-driven solutions instead of traditional heavy machinery, impacting Finning’s product sales.
2. Disintermediation: The rise of AI applications could facilitate direct interaction between consumers and manufacturers, reducing the need for intermediaries like Finning. For example, companies that manufacture equipment could use AI to optimize supply chains and customer interactions, enabling them to sell directly to end-users. As a result, Finning could face competitive pressure if customers can bypass traditional distribution channels.
3. Margin Pressure: AI-driven efficiencies in operations, such as predictive maintenance and performance monitoring, might lower operational costs for end-users. Consequently, customers may demand lower prices for Finning’s products and services, putting pressure on profit margins. Additionally, competition from companies adopting AI technologies could lead to price wars, further impacting profitability.
In summary, while Finning has established products and services, the integration of AI into their industry poses challenges that could affect their competitive positioning through substitution, potential disintermediation, and margin pressures. To mitigate these threats, Finning may need to innovate by integrating AI into their offerings and focusing on enhancing value-added services that leverage technology.

The sensitivity of Finning’s earnings, cash flow, and valuation to changes in interest rates can be analyzed through several key factors:
1. Earnings Impact: Finning’s earnings can be influenced by interest rates primarily through the cost of borrowing. As interest rates rise, the cost of financing debt increases, which can lead to higher interest expenses. This could reduce net earnings if the company does not manage to offset these costs through increased revenues or improved operational efficiency. Furthermore, if higher rates affect economic conditions, there may be reduced demand for construction and mining equipment, leading to lower sales and profitability.
2. Cash Flow Sensitivity: Cash flows are also sensitive to interest rates due to the company’s financing arrangements. If interest rates rise, not only do existing variable-rate debt obligations become more expensive, but new borrowing costs increase. This can impact free cash flow, as more cash would be allocated toward interest payments. Additionally, if rising interest rates dampen economic growth, cash inflows from operations may decline as customers delay or reduce investment in equipment.
3. Valuation Effects: Valuation is heavily impacted by interest rates through the discount rate applied in discounted cash flow (DCF) models. As interest rates rise, the discount rate typically increases, leading to a lower present value of future cash flows. This can result in a decreased valuation for Finning. Moreover, in environments of rising rates, investors may demand higher returns, which can further affect equity valuations and overall market sentiment toward the company.
Overall, Finning’s susceptibility to interest rate fluctuations is significant, as they can affect financing costs, operational performance, and market valuation. The company’s overall financial health and strategic management of debt, alongside external economic conditions, will play a critical role in mitigating these sensitivities.

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 bG9nb3MvUF JDcUtVVzJF TXBoMmZCWX doTGEud2Vi cCIgYWx0PS JGaW5uaW5n IiB0aXRsZT 0iRmlubmlu ZyIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD05 MCB3aWR0aD 05MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBGaW5u aW5nPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg4pqh IEluc3Rhbn RseSBhY2Nl c3MgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiDi gJQgZnJlZS EKICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1Ta2 dSbWx1Ym0g bHVaeUJKYm 5SbCBjbTVo ZEdsdmJtIE ZzSUdseklI Um8gWlNCM2 IzSnNaTyBL QW1YTWdiR0 Z5IFoyVnpk Q0JEWVggUm xjbkJwYkd4 aCBjaUJsY1 hWcGNHIDFs Ym5RZ1pHVm ggYkdWeUxD QjNhWCBSb0 lHOXdaWEpo IGRHbHZibk 1nYVcgNGdi M1psY2lBei BOU0JqYjNW dWRIIEpwWl hNdVBHSnkg UGpJcElGUm 9aUyBCamIy MXdZVzU1IE lIZGhjeUJt YjMgVnVaR1 ZrSUdsdSBJ REU1TXpNZ1 luIGtnUldG eWJDQkMgTG lCR2FXNXVh VyA1bkxDQj NhRzhnIFlt Vm5ZVzRnWW 4ga2djMlZz YkdsdSBaeU JtWVhKdElH IFZ4ZFdsd2 JXVnUgZENC cGJpQkNjbS BsMGFYTm9J RU52IGJIVn RZbWxoTEMg QkRZVzVoWk dFdSBQR0p5 UGpNcElFIF pwYm01cGJt Y2cgYUdGek lHSmxaVyA0 Z1lTQndkV0 pzIGFXTnNl U0IwY20gRm taV1FnWTI5 dCBjR0Z1ZV NCemFXIDVq WlNBeE9UZz AgSUdGdVpD QnBjeSBCc2 FYTjBaV1Fn IGIyNGdZbT kwYUMgQjBh R1VnVkc5eS BiMjUwYnlC aGJtIFFnVE c5dVpHOXUg SUhOMGIyTn JJRyBWNFky aGhibWRsIG N5NDhZbkkr TkMga2dWR2 hsSUdOdiBi WEJoYm5uaW dKIGx6SUdo bFlXUnggZF dGeWRHVnlj eSBCaGNtVW diRzlqIFlY UmxaQ0JwYm kgQldZVzVq YjNWMiBaWE lzSUVKeWFY IFJwYzJnZ1 EyOXMgZFcx aWFXRXNJRS BOaGJtRmtZ UzQ4IFluSS tOU2tnU1cg NGdNakF4T0 N3ZyBSbWx1 Ym1sdVp5IE IzWVhNZ2Jt RnQgWldRZ2 IyNWxJRyA5 bUlIUm9aU0 JVIGIzQWdN VEF3SUUgVn RjR3h2ZVdW eSBjeUJwYm lCRFlXIDVo WkdFZ1ptOX kgSUhSb1pT Qm1iMyBWeW RHZ2dZMjl1 IGMyVmpkWF JwZG0gVWdl V1ZoY2k0OC BZbkkrTmlr Z1JtIGx1Ym 1sdVp5QnAg Y3lCamIyMX RhWCBSMFpX UWdkRzhnIG MzVnpkR0Zw Ym0gRmlhV3 hwZEhrZyBZ VzVrSUdoaG N5IEJ6WlhR Z1lXMWkgYV hScGIzVnpJ RyBkdllXeH pJSFJ2IElI SmxaSFZqWl MgQnBkSE1n WjNKbCBaVz VvYjNWelpT IEJuWVhNZ1 pXMXAgYzNO cGIyNXpJRy BGeklIZGxi R3dnIFlYTW dhWFJ6SUcg VnVkbWx5Yj I1dCBaVzUw WVd3Z2FXID F3WVdOMExq eGkgY2o0M0 tTQlVhRyBV Z1kyOXRjR0 Z1IGVTQm9Z WE1nWVMgQm taV1JwWTJG MCBaV1FnZE dWamFHIDV2 Ykc5bmVTQm ggYm1RZ1pH bG5hWCBSaG JDQmthWFpw IGMybHZiaX dnWTIgRnNi R1ZrSUVacC BibTVwYm1j Z1JHIGxuYV hSaGJDd2cg ZDJocFkyZ2 dabSA5amRY TmxjeUJ2IG JpQndjbTky YVcgUnBibW NnWkdsbiBh WFJoYkNCem IyIHgxZEds dmJuTWcgWm 05eUlHbDBj eSBCamRYTj BiMjFsIGNu TXVQR0p5UG ogZ3BJRVpw Ym01cCBibW NnYUdGeklH IEVnYzNSeW IyNW4gSUhC eVpYTmxibS BObElHbHVJ SFJvIFpTQn RhVzVwYm0g Y2dhVzVrZF hOMCBjbmtz SUhOMWNIIE JzZVdsdVp5 QmwgY1hWcG NHMWxibiBR Z1lXNWtJSE 5sIGNuWnBZ MlZ6SUggUn ZJSE52YldV ZyBiMllnZE dobElIIGR2 Y214azRvQ1 ogY3lCc1lY Sm5aWCBOME lHMXBibWx1 IFp5QmpiMj F3WVcgNXBa WE11UEdKeS BQamtwSUZS b1pTIEJqYj Ixd1lXNTUg SUdoaGN5Qm hJRyB4dmJt Y2dhR2x6IG RHOXllU0J2 WmkgQnpkWE J3YjNKMCBh VzVuSUhSb1 pTIEJqYjIx dGRXNXAgZE dsbGN5QnBi aSBCM2FHbG phQ0JwIGRD QnZjR1Z5WV ggUmxjeXdn ZEdoeSBiM1 ZuYUNCamFH IEZ5YVhSaF lteGwgSUdS dmJtRjBhVy A5dWN5Qmhi bVFnIFpXMX diRzk1Wlcg VWdkbTlzZF c1MCBaV1Z5 YVhOdExqIH hpY2o0eE1D a2cgU1c0Z0 1qQXhPUyB3 Z1JtbHVibW x1IFp5QjNZ WE1nYm0gRn RaV1FnYjI1 bCBJRzltSU VOaGJtIEZr WWVLQW1YTW cgVFc5emRD QkJaRyAxcG NtVmtJRU52 IGNuQnZjbU YwWlMgQkRk V3gwZFhKbC BjeUJpZVNC WFlYIFJsY2 5OMGIyNWwg SUVoMWJXRn VJRSBOaGNH bDBZV3dnIF ptOXlJSFJv WlMgQnphWG gwYUNCMCBh VzFsTGc9PQ ogICAgICAg IDwvc3Bhbj 4KICAgICAg ICAKICAgIC AgICA=