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ADVTECH LIMITED
REGISTRATION NUMBER: 1990/001119/06
ISIN NUMBER:ZAE000013819
JSE CODE:ADH
HEADLINE EARNINGS PER SHARE +47%
OPERATING MARGIN +18%
OPERATING PROFIT +30%
STRONG GROWTH IN EDUCATION
ABRIDGED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002
RESTATED
REVIEWED AUDITED
31 DEC 31 DEC
% 2002 2001
NOTES CHANGE (R"000) (R"000)
REVENUE 470 078 515 950
-EDUCATION 14% 368 690 324 654
-RESOURCING-CONTINUING
OPERATIONS -15% 64 823 76 646
-RESOURCING-DISCONTINUED
OPERATIONS 36 565 114 650
OPERATING PROFIT BEFORE
DEPRECIATION AND
AMORTISATION 55 292 47 468
-EDUCATION 44% 62 856 43 547
-RESOURCING-CONTINUING
OPERATIONS -37% 7 086 11 169
-RESOURCING-DISCONTINUED
OPERATIONS (6 619) 2 927
-LITIGATION COSTS (8 031) (10 175)
DEPRECIATION AND
AMORTISATION 2 19 835 20 118
OPERATING PROFIT 30% 35 457 27 350
NET INTEREST 20% (13 891) (11 615)
EQUITY ACCOUNTED
EARNINGS 1 129 798
PROFIT BEFORE
EXCEPTIONAL ITEMS 37% 22 695 16 533
EXCEPTIONAL ITEMS 4 (258 806) (18 659)
LOSS BEFORE TAXATION (236 111) (2 126)
TAXATION (7 148) 880
LOSS AFTER TAXATION (243 259) (1 246)
ATTRIBUTABLE TO
OUTSIDE SHAREHOLDERS 116 (303)
ATTRIBUTABLE TO
SHAREHOLDERS (243 143) (1 549)
NUMBER OF SHARES IN
ISSUE (`000) 393 665 392 804
WEIGHTED AVERAGE
NUMBER OF SHARES IN
ISSUE (`000) 393 665 392 804
LOSS PER SHARE (CENTS) (61.8) (0.4)
HEADLINE EARNINGS PER
SHARE (CENTS) 47% 5.3 3.6
FULLY DILUTED SHARES
(`000) 393 665 393 665
FULLY DILUTED LOSS
PER SHARE (CENTS) (61.8) (0.4)
FULLY DILUTED HEADLINE
EARNINGS PER SHARE
(CENTS) 5.3 3.6
NET ASSET VALUE PER
SHARE (CENTS) 45.9 47.6
ABRIDGED BALANCE SHEET
AS AT 31 DECEMBER 2002
RESTATED
REVIEWED AUDITED
31 DEC 31 DEC
2002 2001
NOTES (R"000) (R"000)
ASSETS
PROPERTY, PLANT AND
EQUIPMENT 2 & 6 310 632 299 413
GOODWILL AND
TRADEMARKS 1 241 749
DEVELOPMENT COSTS 2 168 2 609
LOAN TO SHARE
INCENTIVE TRUST 8 106 11 670
DEFERRED TAXATION
ASSET 38 188 39 713
INVESTMENTS 1 933 1 602
CURRENT ASSETS 44 147 64 574
INVENTORIES 3 842 4 250
PREPAYMENTS 3 3 109 2 154
TAXATION 2 779 2 870
ACCOUNTS
RECEIVABLE-GROSS 33 883 54 856
-PROVISIONS (4 470) (10 107)
CASH RESOURCES AND
LIQUID INSTRUMENTS 5 004 10 551
TOTAL ASSETS 405 175 661 330
EQUITY AND LIABILITIES
SHARE CAPITAL 3 937 3 928
SHARE PREMIUM 355 100 353 166
NON-DISTRIBUTABLE
RESERVES 18 231 20 371
(ACCUMULATED LOSS)/
RETAINED EARNINGS (196 727) 51 272
ORDINARY SHAREHOLDERS"
EQUITY 180 541 428 737
OUTSIDE SHAREHOLDERS"
INTEREST - 2 470
INTEREST BEARING
DEBT-MEDIUM-TERM 6 20 624 39 989
-SHORT TERM 6 36 915 26 155
-BANK OVERDRAFT
AND BANKERS
ACCEPTANCES 6 76 624 67 159
VENDOR CLAIMS 7 333 8 793
FEES IN ADVANCE 24 746 23 024
ACCOUNTS PAYABLE 54 549 65 003
TAXATION 3 843 -
TOTAL EQUITY AND
LIABILITIED 405 175 661 330
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2002
NON- (ACCUMULATED
DISTRIBU- LOSS)/
SHARE SHARE TABLE RETAINED
CAPITAL PREMIUM RESERVES EARNINGS TOTAL
(R"000) (R"000) (R"000) (R"000) (R"000)
BALANCE AT
BEGINNING OF THE
YEAR AS ORIGNALLY
REPORTED 3 928 353 166 20 371 59 552 437 017
CHANGE IN
ACCOUNTING POLICY
-DEPRECIATION OF
BUILDINGS (3 438) (3 438)
CHANGE IN
ACCOUNTING
TREATMENT
-PREPAYMENTS (4 842) (4 842)
BALANCE AT THE
BEGINNING OF THE
YEAR RESTATED 3 928 353 166 20 371 51 272 428 737
WRITE DOWN OF
SHARE INCENTIVE
TRUST LOAN (4 856) (4 856)
SHARES ISSUED
TO VENDORS 9 1 934 1 943
ACCUMULATED LOSS
FOR THE YEAR (243 143) (243 143)
MOVEMENTS IN
TRANSLATION
RESERVES (2 140) (2 140)
BALANCE AT THE
END OF THE YEAR 3 937 355 100 18 231 (196 727) 180 541
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2002
RESTATED
REVIEWED AUDITED
31 DEC 31 DEC
2002 2001
(R"000) (R"000)
1. THE FINANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH SA GAAP AND
THE ACCOUNTING POLICIES ARE CONSISTENT WITH THOSE APPLIED IN THE PREVIOUS
FINANCIAL PERIOD, OTHER THAN AS DISCLOSED BELOW.
2. BUILDINGS ARE DEPRECIATED IN ACCORDANCE WITH AC 123. PREVIOUSLY NO
DEPRECIATION WAS CHARGED. ACCORDINGLY, THIS HAS RESULTED IN AN ACCOUNTING
POLICY CHANGE WHICH AFFECTED PRIOR YEAR COMPARATIVES.
3. PREPAYMENTS WERE PREVIOUSLY RAISED FOR EXPENSES INCURRED IN THE CURRENT YEAR
WHICH RELATED TO INCOME GENERATED IN THE FOLLOWING YEAR. PREPAYMENTS ARE NOW
RAISED ONLY IN RESPECT OF PAYMENTS MADE IN THE CURRENT YEAR, FOR WHICH THE GOODS
OR SERVICES WILL BE DELIVERED IN THE FOLLOWING YEAR. ACCORDINGLY, THIS HAS
RESULTED IN AN ACCOUNTING TREATMENT CHANGE WHICH AFFECTED PRIOR YEAR
COMPARATIVES.
4. EXCEPTIONAL ITEMS
EXCEPTIONAL ITEMS EXPENSED 264 181 15 741
EXCEPTIONAL ITEMS BEFORE
TAXATION 258 806 18 659
LOSSES-DISCONTINUED
OPERATIONS - AUSTRALIA 5 860 -
LOSSES-DISCONTINUED
- OTHER 1 126 9 035
LOSS/(PROFIT) ON
DISPOSAL OF DIVISIONS
OR ASSETS 6 897 (4 210)
GOODWILL WRITTEN DOWN 238 099 -
GOODWILL AMORTISATION 6 824 13 834
TAXATION ON EXCEPTIONAL
ITEMS (5 375) 2 918
5. DETERMINTION OF HEADLINE
EARNINGS
LOSS ATTRIBUTABLE TO
SHAREHOLDES PER
INCOME STATEMENT (243 143) (1 549)
EXCEPTIONAL ITEMS EXPENSED
(REFER NOTE 4 ABOVE) 264 181 15 741
HEADLINE EARNINGS 21 038 14 192
6. INTEREST BEARING DEBT COMPRISES A NUMBER OF LOAN AGREEMENTS SUBSTANTIALLY
SHORT-TERM IN NATURE. NOTWITHSTANDING THIS CLASSIFICATION, THE LOANS HAVE BEEN
SECURED BY COLLATERAL BONDS TO FACILITATE THE REGISTRATION OF MORTGAGE BONDS
OVER THE GROUP"S FIXED PROPERTY.
ABRIDGED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002
RESTATED
REVIEWED AUDITED
31 DEC 31 DEC
2002 2001
(R"000) (R"000)
OPERATING PROFIT BEFORE
DEPRECIATION AND AMORTISATIION 55 292 47 468
EXCEPTIONAL ITEMS AFFECTING
CASHFLOW (13 112) (4 825)
EQUITY ACCOUNTED EARNINGS
AND TRANSLATION DIFFERENCES (2 801) 3 450
CASH GENERATED BY OPERATIONS 39 379 46 093
NET INTEREST PAID (13 891) (11 615)
TAXATION PAID (1 689) (3 414)
DIVIDEND PAID - (11 729)
WORKING CAPITAL CHANGES 1 170 43 720
DECREASE/(INCREASE) IN
INVENTORIES 408 (644)
DECREASE IN ACCOUNTS
RECEIVABLE 8 376 24 889
(DECREASE)/INCREASE IN
ACCOUNTS PAYABLE (9 336) 4 107
INCREASE IN FEES IN ADVANCE 1 722 15 368
CASH FLOWS FROM OPERATING
ACTIVITIES 24 969 63 055
CASH FLOWS FROM INVESTING
ACTIVITIES (26 244) (40 587)
CASH FLOWS FROM FINANCING
ACTIVITIES (15 980) (22 158)
NET (DECREASE)/INCREASE
IN CASH AND CASH
EQUIVALENTS (17 255) 310
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR (56 608) (57 030)
CASH DISPOSED 2 243 112
CASH AND CASH EQUIVALENTS
AT END OF YEAR (71 620) (56 608)
SUPPLEMENTARY INFORMATION
CAPITAL EXPENDITURE
-CURRENT YEAR 33 337 35 163
CAPITAL COMMITMENTS
-CONTRACTED FOR 2 442 2 827
-APPROVED BY THE BOARD BUT NOT
CONTRACTED FOR 38 052 7 147
OPERATING LEASE COMMITMENTS
FUTURE YEARS 109 024 101 787
CONTINGENT LIABILITIES - 8 493
COMMENTS
GENERAL REVIEW
FOR ADVTECH LIMITED, THE YEAR 2002 CAN BEST BE DESCRIBED AS THE YEAR OF
RESTABILISATION AND RENEWAL. DURING THE YEAR UNDER REVIEW THE GROUP DISPOSED OF
OR TERMINATED NON PERFORMING OR NON CORE OPERATIONS AND CONCLUDED THE YEAR WITH
A CLEANSED PORTFOLIO OF FOCUSED EDUCATION AND RESOURCING ENTERPRISES.
IN THE REVIEW OF THE INTERIM RESULTS, THE BOARD ANTICIPATED FURTHER GROWTH AND
IMPROVEMENT IN PROFITABILITY. IN THE EVENT REVENUE FROM CONTINUING OPERATIONS
INCREASED BY 8% TO R434M AND EBITDA FROM CONTINUING OPERATIONS GREW TO R70M FROM
R55M, GENERATING AN EBITDA MARGIN INCREASE OF 18%. WITH OPERATING PROFIT
INCREASING BY 30% TO R35.5M, RETURN ON FUNDS EMPLOYED FROM CONTINUING OPERATIONS
IMPROVED FROM 19% TO 25% AND HEADLINE EARNINGS PER SHARE INCREASED BY 47% TO 5.3
CPS.
THERE HAVE BEEN VARIOUS CHANGES IN ACCOUNTING AND REPORTING REQUIREMENTS
APPLICABLE TO THE GROUP WHICH HAVE NECESSITATED THE RESTATING OF THE COMPANY"S
RESULTS FOR THE YEAR AND COMPARATIVE FIGURES. THE FOLLOWING TABLE ILLUSTRATES
THE HEADLINE EARNINGS EFFECT OF THESE RESTATEMENTS AND THE REGULATION CONCERNED.
2001
RM RM
HEADLINE EARNINGS ON 2001 BASIS 31.2 24.2
HEADLINE EARNINGS PER SHARE-CENTS 8.0 6.2
INCREASE IN HEPS 29%
DISCONTINUED OPERATION - OPERATION LOSS -0.4 -
LITIGATION COSTS -8.0 -10.2
RESTRUCTURING COSTS - -0.4
TAX EFFECT OF ABOVE ITEMS 1.0 1.8
(SAICA CIRCULAR 7)
DEPRECIATION OF BUILDINGS -1.7 -1.6
(AC 123)
PRE-PAID EXPENSES AFTER TAX -1.1 0.4
(AC 000)
HEADLINE EARNINGS ON CURRENT BASIS 21.0 14.2
HEADLINE EARNINGS PER SHARE 5.3 3.6
INCREASE IN HEPS 47%
THE EDUCATION DIVISION
THIS DIVISION COMPRISES A RANGE OF ENTITIES PROVIDING PRIVATE EDUCATIONAL
OPPORTUNITIES FROM PRE-PRIMARY THROUGH SCHOOLING, FURTHER EDUCATION AND TRAINING
(FET)AND HIGHER EDUCATION AND TRAINING (HET), WHICH INCLUDES UNDER- AND POST-
GRADUATE PROGRAMMES. THE GROUP"S WELL-KNOWN BRANDS IN THE FIELD INCLUDE
CRAWFORD COLLEGE, ABBOTTS COLLEGE, VARSITY COLLEGE, COLLEGE CAMPUS, ROSEBANK
COLLEGE, VEGA SCHOOL OF BRAND COMMUNICATION AND BOND SOUTH AFRICA.
THE DIVISION EXPERIENCED REVENUE GROWTH OF 14% TO R369 MILLION AND GROWTH IN
OPERATING PROFIT OF 44% TO R63 MILLION. ALL EDUCATION ENTERPRISES SUSTAINED THE
POSITIVE GROWTH TRENDS REPORTED AT THE INTERIM STAGE. OPERATING MARGINS
IMPROVED BY 27% AND THIS WAS MAINLY DUE TO HIGHER ENROLMENTS AT ALL LOCATIONS
AND HENCE THE MORE EFFICIENT RECOVERY OF FIXED COSTS.
DURING THE YEAR UNDER REVIEW MOST SITES UNDERWENT QUALITY ASSURANCE INSPECTION
VISITS FROM THE HIGHER EDUCATION QUALITY COUNCIL (HEQC) IN LINE WITH THE
REGULATORY REQUIREMENTS OF THE DEPARTMENT OF EDUCATION (DOE). THE INSPECTIONS
GENERALLY YIELDED POSITIVE RESULTS AND CONFIRMED ADVTECH"S HIGH QUALITY OF
EDUCATION INSTRUCTION BY ITS DEDICATED AND COMMITTED ACADEMIC STAFF. THE
DIVISION CONTINUES TO WORK WITH THE DEPARTMENT OF EDUCATION, THE COUNCIL ON
HIGHER EDUCATION AND THE SOUTH AFRICAN QUALIFICATIONS AUTHORITY TO ENSURE THE
DELIVERY OF HIGH QUALITY PROGRAMMES FOR OUR LEARNERS.
THE CONTINUED GROWTH AND SUCCESS OF VARSITY COLLEGE AND DEMAND FOR PLACES HAS
CREATED A REQUIREMENT FOR ADDITIONAL FACILITIES. THE DIVISION HAS DEVELOPED AN
EXCITING NEW CAMPUS MODEL WHICH OFFERS STUDENTS AN ENHANCED AND HOLISTIC STUDENT
LIFE. PLANS FOR THE FIRST TWO SITES ARE WELL ADVANCED AND INITIAL CAPEX IS
PLANNED FOR 2003.
RESOURCING DIVISION
THE RESOURCING DIVISION IN SOUTH AFRICA WAS TURNED AROUND SUCCESSFULLY DURING
THE YEAR AND PRODUCED EBITDA OF R7 MILLION IN THE SECOND SIX MONTHS. THE
AUSTRALIAN OPERATIONS INCURRED LOSSES OF R6.6 MILLION AND THESE WERE SOLD OR
CLOSED DOWN AT A CLOSURE COST OF R5.9 MILLION.
THE CORE OPERATIONS OF THE DIVISION NOW COMPRISE THE WELL ESTABLISHED
RECRUITMENT OPERATIONS, NETWORK, COMMUNICATE, BRENT, CASSEL AND INSOURCE AND A
NEW BLACK EMPOWERMENT COMPANY, KAPELE.
NET GEARING AND CASH FLOW
NOTWITHSTANDING THE LOSS OF CAPACITY EXPERIENCED DURING ANY RESTRUCTURING
PROCESS, AS WELL AS THE CONCOMITANT COSTS AND LOST PRODUCTIVITY ASSOCIATED WITH
DISPOSALS AND DISCONTINUED OPERATIONS, THE CASH GENERATED BY GROUP OPERATIONS
REACHED A SATISFACTORY R39.4 MILLION (2001 : R46.1 MILLION) AND NET GEARING WAS
71% (2001 66%). THE DISCIPLINES INTRODUCED ON DEBTOR COLLECTIONS IN 2001 WERE
APPROPRIATELY MAINTAINED. NET INTEREST PAID INCREASED BY R2.3 MILLION, MAINLY
AS A RESULT OF INTEREST RATE INCREASES DURING THE YEAR. INTEREST COVER WAS 4.0
TIMES (2001 : 4.1 TIMES).
THE GROUP HAS MAINTAINED A STRONG OPERATING CASH FLOW INTO 2003 AND WITH ALL
MAJOR RESTRUCTURING NOW CONCLUDED, IT IS ANTICIPATED THAT THE GROUP WILL
GENERATE SUFFICIENT CASH INTERNALLY TO FUND, INTER ALIA, THE PLANNED 2003
CAPITAL EXPENDITURE PROGRAMME OF R40 MILLION. THIS WILL INCLUDE THE EXPANSION
OF THE GROUP"S SUCCESSFUL TERTIARY EDUCATION BUSINESSES (R18 MILLION) AND THE
REPLENISHMENT OF EDUCATION AND IT EQUIPMENT (R15 MILLION).
GOODWILL
AS REPORTED AT THE INTERIM STAGE, THE GROUP"S ESTABLISHED BRANDS WITHIN THE CORE
BUSINESS UNITS HAVE MEANINGFUL WORTH AND ENJOY SIGNIFICANT GOODWILL
RESPECTIVELY, NOTWITHSTANDING THE VALUES PREVIOUSLY ATTRIBUTABLE TO THE GOODWILL
WITHIN COLLECTIVE BUSINESS UNITS. THE BOARD RESOLVED TO ADOPT AN EXTREMELY
CONSERVATIVE POLICY WHICH HAS RESULTED IN THE WRITING DOWN OF GOODWILL TO A
NOMINAL R1 000 (2001 : R241.7 MILLION).
LITIGATION
REGRETTABLY, THE GROUP CONTINUES TO BE ENGAGED IN SIGNIFICANT LITIGATION FOR,
INTER ALIA, MATERIAL BREACHES OF CONTRACT. THE ARBITRATION PROCEEDINGS FOR
CLAIMS AGAINST MR GRAHAM CRAWFORD AMOUNTING TO R85 MILLION COMMENCED IN OCTOBER
2002 AND HAS BEEN SET DOWN FOR FURTHER HEARINGS DURING THIS YEAR. LEGAL
PROCEEDINGS IN RESPECT OF CLAIMS, AGGREGATING APPROXIMATELY R130 MILLION AGAINST
MR ANDRY WELIHOCKHJ, MRS MARINA WELIHOCKYJ AND A COMPANY CONTROLLED BY THEM, ARE
IN PROCESS. EVERY EFFORT IS BEING MADE TO BRING THESE MATTERS TO A SPEEDY AND
SATISFACTORY CONCLUSION IN THE INTEREST OF SHAREHOLDERS.
ADVTECH"S LITIGATION BOARD SUB-COMMITTEE HAS ADVISED THE BOARD THAT LEGAL
COUNSEL REMAINS SATISFIED WITH THE MERITS OF THE GROUP"S CLAIMS AND THAT THE
COMPANY HAS NO ADDITIONAL EXPOSURE OTHER THAN FOR LEGAL COSTS IN THESE MATTERS.
LEGAL AND RELATED COSTS OF R8 MILLION WERE INCURRED DURING THE YEAR (2001 :
R10.2 MILLION).
DIVIDEND
THE BOARD HAS RESOLVED NOT TO PROPOSE A DIVIDEND FOR THE 2002 FINANCIAL YEAR.
AUDITORS
DELOITTE & TOUCHE WERE APPOINTED AS AUDITORS OF THE ADVTECH GROUP, FOLLOWING THE
RESIGNATION OF MOORES ROWLAND. THEY HAVE COMPLETED A REVIEW OF THIS PRELIMINARY
ANNOUNCEMENT, A COPY OF THE UNQUALIFIED REVIEW REPORT IS AVAILABLE FOR
INSPECTION AT THE GROUP"S REGISTERED OFFICE.
PROSPECTS
THE NEW MANAGEMENT AND TRANSFORMED OPERATIONAL MODEL HAS CREATED A SECURE AND
STABLE PLATFORM FOR GREATER PROGRESS AND IMPROVED PROFITABILITY. IN THE CASE OF
EDUCATION, THE GROWING APPEAL OF THE GROUP"S INSTITUTIONS AND THE HIGHER STUDENT
ENROLMENT FOR THE NEW ACADEMIC YEAR ALREADY PROVIDES A REASON FOR GREATER
OPTIMISM. THE RESOURCING DIVISION IS MORE DEPENDENT ON THE PERFORMANCE OF THE
GENERAL ECONOMY AND THE MORE POSITIVE SOUTH AFRICAN ECONOMIC INDICATORS SUGGEST
THAT AN IMPROVING TREND WILL BE ACHIEVED.
THE GROUP HAS OF NECESSITY ADOPTED A STRONG INWARD FOCUS DURING THE PAST YEAR.
NEVERTHELESS, THE SUCCESSES ACHIEVED BY ENTERPRISES WITHIN EACH CONTINUING
BUSINESS UNIT HAVE HIGHLIGHTED POTENTIAL FOR FURTHER GROWTH AND DEVELOPMENT.
SEVERAL INTERESTING OPPORTUNITIES HAVE BEEN IDENTIFIED AND ARE BEING CAUTIOUSLY
AND THOROUGHLY EVALUATED FOR STRATEGIC FIT, MANAGEMENT SCOPE AND FINANCIAL
CAPACITY.
OVERALL, IN THE ABSENCE OF ANY MATERIAL CHANGES IN THE ECONOMY, THE BOARD
EXPECTS TO REPORT IMPROVED HEADLINE EARNINGS PER SHARE AND OPERATING CASH FLOW
FOR 2003.
ON BEHALF OF THE BOARD
H F BROWN F R THOMPSON
CHAIRMAN CHIEF EXECUTIVE OFFICER
10 MARCH 2003
DIRECTORATE:
HF BROWN* (CHAIRMAN)(CA(SA)); FR THOMPSON (CEO) (B COM, B ACC, CA(SA)); JNP
BOOYENS (FINANCIAL) (B COM(HONS), CA(SA)); C BOMELA* (B COM, MBA); BD BUCKHAM*;
CN DUFF; DK FERREIRA* (BA LLB, MA(OXON), MSC(LONDON)); DL HONEY (B COM(HONS),
MBA); HR LEVIN* (B COM, LLB, LLM, H DIP TAX LAW, H DIP CO LAW); MI SACKS* (CTA,
CA(SA), AICPA(ISR)).
NON-EXECUTIVE
COMPANY SECRETARY:L GOMES (ACIS)
TRANSFER SECRETARIES:COMPUTERSHARE INVESTOR SERVICES LTD, 70 MARSHALL STREET,
JOHANNESBURG 2001
SPONSOR:BRIDGE CAPITAL SERVICES (PTY) LIMITED
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