1 Top Management and Board of Directors; 2 Peer Comparison & Ranking of NB; 3 Currency Synopsis: Nigerian Naira (NGN)
Top Management and Board of Directors
Top Management Top Management [Three top executives with tenure > 15 yrs]
Name | Designation | Since Appointment | Uaboi Agbebaku | Company Secretary | 15 Yrs, 9 Mos | Nicolaas Vervelde | Chief Executive Officer | - | Kolawole Jamodu | Non-Executive Chairman | - |
Board Of Directors Board Of Directors [Nine directors with tenure > 9 yrs]
Name | Designation | Since Appointment | Mark P. Rutten | Director | 9 Yrs, 9 Mos | Olusegun Adebanji | Non-Executive Director | 16 Yrs, 9 Mos | Sijbe Hiemstra | Non-Executive Director | 12 Yrs, 9 Mos | Frank Nweke | Non-Executive Director | 12 Yrs, 9 Mos | Atedo Peterside | Non-Executive Director | 15 Yrs, 9 Mos | Thomas de Man | Non-Executive Director | 20 Yrs, 9 Mos | Obadiah Mailafia | Director | - | Ishmael Yamson | Non-Executive Director | - | Paul Hamers | Non-Executive Director | - |
Peer Comparison & Ranking of NB GLOBAL PEER COMPARISON: NB - SIZE (all figures in $)
In its Global Peer Group of 9 companies NB is ranked NB is ranked second (2) by Revenue, third (3) by Total Assets and fifth (5) by MCap, Net Profit.
Name (Code) | MCap | Revenue | Net Profit | Total Assets | Rank of NB | 5 | 2 | 5 | 3 | Nigerian Breweries (NB) | 514M | 705.9M | 16.9M | 794.7M | Thai Vegetable Oil (TVO) | 530.1M | 1.1B | 43.8M | 502.5M | PT Sariguna Primatirta (CLEO) | 524.7M | 88.3M | 12.7M | 110.1M | Nippon Indosari Corpindo (ROTI) | 520.6M | 255.8M | 28.1M | 268.5M | Orior (ORON) | 519.2M | 692.1M | 32.8M | 416.5M | Diamond Food Indonesia (DMND) | 510.8M | 550M | 24.6M | 447.1M | Nanning Sugar Manufacturing - A Share (000911) | 507M | 442.7M | (7.3M) | 1B | Australian Agricultural (AAC) | 499.5M | 351.4M | 2.9M | 1.5B | Shandong Delisi Food (002330) | 497.9M | 421M | 4.3M | 475.1M |
GLOBAL PEER COMPARISON: NB - RELATIVE VALUE INDICATORS
In value terms, comparing relative value of its shares, NB is ranked
+ 3 out of 9 by Dividend Yield (%) [3.6] + 5 out of 9 by Price/Earnings per share [25.0] + 2 out of 9 by Price/Sales per share [0.7] + 5 out of 9 by Price/Book value per share [5.3]
Name (Code) | Currency Code | Last Price | Div Yld (%) | P/E | P/S | P/Book | Rank of NB by value | | | 3 | 5 | 2 | 5 | Nigerian Breweries (NB) | NGN | 39 | 3.6 | 25.0 | 0.7 | 5.3 | Thai Vegetable Oil (TVO) | THB | 21.8 | 4.6 | 12.1 | 0.5 | 1.8 | PT Sariguna Primatirta (CLEO) | IDR | 675 | 0.2 | 41.4 | 5.9 | 6.8 | Nippon Indosari Corpindo (ROTI) | IDR | 1,400 | 7.6 | 18.7 | 2.0 | 3.1 | Orior (ORON) | CHF | 72.9 | 3.4 | 15.8 | 0.8 | 18.4 | Diamond Food Indonesia (DMND) | IDR | 830 | | 20.8 | 0.9 | 1.5 | Nanning Sugar Manufacturing - A Share (000911) | CNY | 9.2 | | | | | Australian Agricultural (AAC) | AUD | 1.3 | | | 1.4 | | Shandong Delisi Food (002330) | CNY | 5.7 | | | 1.1 | 1.7 |
USD 1= 779.810604 Nigerian Naira (NGN); 0.915 Swiss Franc (CHF)
BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Nigerian Breweries vs Nigerian Market
Out of 110 stocks in the Nigerian Market, Nigerian Breweries is ranked first(1) by Revenue, twelfth(12) by Premium to 52-Wk Low, thirteenth(13) by P/Sales and twentieth(20) by P/Earnings/ Growth.
| Nigerian Avg | NB | NB Rank | Revenue $ | 374.9 M | | 1 | Premium to 52-Wk Low (%) | 58.2 | 21.9 | 12 | P/Sales | 1.5x | 0.7x | 13 | P/Earnings/ Growth | 0.4x | 38.8x | 20 | Net Profit $ | 54.6 M | 16.9 M | 23 | P/Earnings | 10.8x | 24.7x | 38 | Yield (%) | 4.5 | 3.7 | 41 | EPS Growth YOY (%) | - | 0.6 | 46 | Total Debt/Equity (the lower the better) | 0.6x | 0.7x | 49 | Discount to 52-Wk High (%) | 4.9 | 18.3 | 55 | ROA (%) | 2.7 | 2.1 | 60 | ROE (%) | 13.8 | 7.3 | 60 | Price/Net Tangible Assets | 3.5x | 5.2x | 64 | EBITDA Margin% | 26.2 | 4.7 | 69 | Negative values are shown in brackets. Stock in Index and Stock in Sector
Description | NB | All Shares Index | % of All Shares Index | Food/beverage/tobacco sector | % of Food/beverage/tobacco sector | Net Profit $ | 16.9 M | 1.1 B | 1.5 | 115.4 M | 14.6 | Revenue $ | 705.9 M | 6.8 B | 10.4 | 3.3 B | 21.4 | Total Assets $ | 794.7 M | 58.3 B | 1.4 | 3.1 B | 26.0 | MCap $ | 514 M | 10.3 B | 5.0 | 2.6 B | 19.4 |
Relative Valuation Indicators: Stock vs Index and Stock vs Sector
Description | NB | All Shares Index Avg. | Food/beverage/tobacco sector Avg. | Price/Earnings | 24.7 | 6.7 | 25.8 | P/Earnings/Growth | 38.75 | 0.3 | -6.27 | Yield (%) | 3.67 | 5.36 | 4.6 | Price/Net Tangible Assets | 5.23 | 1.45 | 4.22 | Total Debt/Equity (the lower the better) | 0.68x | 0.61x | 1.76x |
MARKET SHARE Nigerian Breweries vs Food/Beverage/Tobacco sector [Food/Beverage/Tobacco sector Total in Brackets] Revenue of NGN550.6 billion ($705.9 million)[39.6% of aggregate sector revenue of NGN2,568.5 billion; down from 40.3% in the previous year.] Net Profit of NGN13.2 billion ($16.9 million) [20.5% of aggregate sector net profit of NGN90 billion; down from 25.1% in the previous year.] EBIT of NGN25.8 billion ($33 million) [18.9% of aggregate sector EBIT of NGN175.5 billion; down from 30.0% in the previous year.]
GLOBAL RANK [out of 46,828 stocks] AND RANK OF NIGERIAN BREWERIES IN THE MIDDLE EAST & AFRICA REGION [out of 1,841 stocks]
Description | Value | Global Rank | In MEA Region | MCap ($) | 514M | 12,353 | 424 | Total Assets ($) | 794.7M | 11,966 | 470 | Revenue ($) | 705.9M | 8,519 | 226 | Net Profit ($) | 16.9M | 13,335 | 558 | Return on Equity % | 7.3 | 17,787 | 831 | Net Profit Margin % | 2.4 | 23,807 | 1,167 | Price to Book | 5.3 | 30,583 | 1,217 | Price/Earnings | 25.0 | 15,353 | 791 | Yield % | 3.6 | 9,725 | 647 | PV1000 (1Year) $* | 512 | 38,752 | 1,369 | $* Change (1Year) % | -51.3 | 38,922 | 1,378 |
* 1 year ago $1 = NGN 431.97 Sep 29, 2023: $ 1 equals NGN 780.03
RANK OF NIGERIAN BREWERIES IN THE ALL SHARES INDEX [out of 82 stocks], IN THE NIGERIAN MARKET [out of 123 stocks] AND IN THE FOOD/BEVERAGE/TOBACCO SECTOR [out of 12 stocks]
Description | Value | In All Shares Index | In Nigerian Market | In Food/beverage/tobacco sector | MCap (NGN) | 400.9B | 7 | 17 | 2 | Total Assets (NGN) | 619.9B | 12 | 18 | 2 | Revenue (NGN) | 550.6B | 3 | 6 | 2 | Net Profit (NGN) | 13.2B | 15 | 21 | 4 | Return on Equity % | 7.3 | 44 | 58 | 6 | Net Profit Margin % | 2.4 | 51 | 75 | 6 | Price to Book | 5.2 | 61 | 91 | 5 | Price/Earnings | 24.7 | 40 | 50 | 6 | Yield % | 3.7 | 30 | 44 | 3 | PV1000 (1Year) NGN | 925 | 74 | 102 | 10 |
LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Nigerian Breweries is ranked number 2 out of 12 listed food/beverage/tobacco companies in the Nigeria with a market capitalization of NGN400.9 billion ($514 million). Within its sector it has a relatively moderate P/E of 24.7 and moderate Price/Sales of 0.7.
It has a moderate relative ROE of 7.3% and ROA of 2.1%. The company paid a dividend of NGN1.03 in the last twelve months. The dividend yield is moderate at 3.7%. Finally, its earnings growth in the past 12 months has been a comparatively moderate 0.6%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.
Currency Synopsis: Nigerian Naira (NGN) % Change of NGN vs Currency Basket Period-Based In the past year the Nigerian Naira fell 44.8% against the US Dollars; in the past three years the Nigerian Naira fell 51.2% against the US Dollars.
Last | Country | 1-day % | 1-week % | 1-Year % | 3-Yrs % | NGN1=0.001USD | United States Of America | -0.3 | -1.6 | -44.8 | -51.2 | NGN1=0.009CNY | China | -0.4 | -1.8 | -44.1 | -47.9 | NGN1=0.191JPY | Japan | -0.2 | -0.4 | -43.0 | -31.1 | NGN1=0.001EUR | European Union | -0.4 | -0.7 | -49.6 | -46.3 | NGN1=1.729KRW | South Korea | -0.4 | -1.0 | -48.3 | -44.1 | NGN1=0.002SGD | Singapore | -0.5 | -1.6 | -47.6 | -51.7 | NGN1=0.002NZD | New Zealand | -0.8 | -2.2 | -47.6 | -46.6 | NGN1=0.001GBP | United Kingdom | -0.9 | -1.0 | -51.4 | -49.3 | NGN1=0.002AUD | Australia | -0.8 | -1.5 | -44.2 | -46.6 | NGN1=0.01HKD | Hong Kong | -0.3 | -1.7 | -45.0 | -50.8 | NGN1=0.001CHF | Switzerland | -0.4 | -0.2 | -48.4 | -51.9 | NGN1=0.002CAD | Canada | -0.5 | -1.7 | -45.6 | -51.0 | NGN1=0.014SEK | Sweden | -0.8 | -3.9 | -46.6 | -41.5 | NGN1=0.014NOK | Norway | -0.5 | -2.0 | -45.1 | -45.3 | NGN1=0.023MXN | Mexico | -0.1 | 0.9 | -52.1 | -61.7 |
1 Dividend; 2 Financials as Reported FY 2022, Past 10 Years
Dividend Dividend History In the past 5 years annual dividends have decreased by NGN1.0 from NGN2.4 to NGN1.4. Based on a start date of 5 years ago, there has been one increases in dividends over the last 5 years.
Date Paid | Value (NGN) | Type | 17 Mar 2023 | 1.03 | Final | 24 Nov 2022 | 0.4 | Interim | Tr 12 Months | 1.43 | | 2021 - 2022 | 1.6 | | 2020 - 2021 | 0.94 | | 2019 - 2020 | 2.01 | | 2018 - 2019 | 2.43 | |
Financials as Reported FY 2022, Past 10 Years Financials as reported (FY 2022 [year-ended 31 December 2022 ])
RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In NGN Thousand, except per share data and shares outstanding)
INCOME STATEMENT AS REPORTED (FY 2022 [year-ended 31 December 2022 ])
Description | NGN Thousand | NGN Thousand | | Dec 31 | 2022 | 2021 | Change % | Revenue | 550,637,994 | 437,285,189 | Up 25.9 | Cost of sales | -337,310,437 | -276,871,996 | Deterioration 21.8 | Gross profit | 213,327,557 | 160,413,193 | Up 33.0 | Other income | 2,986,746 | 4,626,570 | Down 35.4 | Selling and distribution expenses | -135,829,790 | -98,358,455 | Deterioration 38.1 | Administrative expenses | -28,153,418 | -26,241,295 | Deterioration 7.3 | Net release of expected credit* loss on financial assets | -575,074 | 1,054,261 | Deterioration | Profit from operating activities | 51,756,021 | 41,494,274 | Up 24.7 | Finance income | 349,192 | 313,523 | Up 11.4 | Net loss on foreign exchange transactions | -26,342,415 | -7,041,448 | Deterioration 274.1 | Finance costs | -8,422,249 | -11,065,209 | Improved 23.9 | Net finance costs | -34,415,472 | -17,793,134 | Deterioration 93.4 | Profit before tax | 17,340,549 | 23,701,140 | Down 26.8 | Income tax expense | -4,153,788 | -11,029,181 | Improved 62.3 | Profit after tax | 13,186,761 | 12,671,959 | Up 4.1 | Profit for the year attributable to: Owners of the Company | 13,182,211 | 12,665,701 | Up 4.1 | Non-controlling interest | 4,550 | 6,258 | Down 27.3 | Profit for the year | 13,186,761 | 12,671,959 | Up 4.1 | Earnings per share Basic earnings per share (kobo) | NGN1.58 | NGN1.57 | Up 0.6 | Diluted earnings per share (kobo) | NGN1.58 | NGN1.57 | Up 0.6 | Weighted average number of ordinary shares | 8,042,944,463 | 7,996,902,051 | Up 0.6 |
BALANCE SHEET AS REPORTED (FY 2022 [year-ended 31 December 2022 ])
Description | NGN Thousand | NGN Thousand | | Dec 31 | 2022 | 2021 | Change % | ASSETS | | | | Property plant and equipment | 358,967,704 | 257,216,814 | Up 39.6 | Right-of-use assets | 9,901,779 | 12,520,277 | Down 20.9 | Intangible assets and goodwill | 93,425,102 | 94,334,332 | Down 1.0 | Investments | 150,000 | 150,000 | Steady | Other receivables | 2,022,169 | 1,134,459 | Up 78.2 | Non-current assets | 464,466,754 | 365,355,882 | Up 27.1 | Inventories | 83,517,310 | 62,191,510 | Up 34.3 | Trade and other receivables | 40,709,753 | 26,500,516 | Up 53.6 | Prepayments | 1,958,201 | 2,852,868 | Down 31.4 | Deposit for imports | 6,898,323 | 11,891,422 | Down 42.0 | Cash and cash equivalents | 22,180,841 | 16,730,029 | Up 32.6 | Assets held for sale | 157,500 | | | Current assets | 155,421,928 | 120,166,345 | Up 29.3 | Total assets | 619,888,682 | 485,522,227 | Up 27.7 | EQUITY | | | | Share capital | 5,138,066 | 4,037,916 | Up 27.2 | Share premium | 82,943,935 | 77,499,797 | Up 7.0 | Share based payment reserve | 944,383 | 170,753 | Up 453.1 | Retained earnings | 90,773,894 | 90,094,911 | Up 0.8 | Equity attributable to owners of the Company | 179,800,278 | 171,803,377 | Up 4.7 | Non-controlling interest | 113,437 | 108,887 | Up 4.2 | Total equity | 179,913,715 | 171,912,264 | Up 4.7 | LIABILITIES | | | | Loans and borrowings | 2,425,875 | 4,097,694 | Down 40.8 | Lease liabilities | 14,622 | 2,733,579 | Down 99.5 | Employee benefits | 11,422,347 | 10,964,102 | Up 4.2 | Deferred tax liabilities | 18,407,463 | 23,281,997 | Down 20.9 | Non-current liabilities | 32,270,307 | 41,077,372 | Down 21.4 | Loans and borrowings | 119,824,926 | 23,887,436 | Up 401.6 | Lease liabilities | 17,313 | 654,631 | Down 97.4 | Current tax liabilities | 13,002,683 | 10,623,647 | Up 22.4 | Dividend payable | 9,007,012 | 10,437,847 | Down 13.7 | Trade and other payables | 264,089,648 | 226,418,019 | Up 16.6 | Provisions | 1,763,078 | 511,011 | Up 245.0 | Current liabilities | 407,704,660 | 272,532,591 | Up 49.6 | Total liabilities | 439,974,967 | 313,609,963 | Up 40.3 | Total equity and liabilities | 619,888,682 | 485,522,227 | Up 27.7 |
CASH FLOW AS REPORTED (FY 2022 [year-ended 31 December 2022 ])
Description | NGN Thousand | NGN Thousand | | Dec 31 | 2022 | 2021 | Change % | Profit for the year | 13,186,761 | 12,671,959 | Up 4.1 | Adjustments for: | | | | Depreciation | 38,033,326 | 39,777,442 | Down 4.4 | Amortisation of intangible assets | 1,567,363 | 1,522,215 | Up 3.0 | Finance income | -349,192 | -313,523 | Deterioration 11.4 | Interest expenses | 8,422,249 | 11,065,209 | Down 23.9 | Gain/ (Loss) on foreign exchange transactions | -122,480 | 46,463 | Deterioration | Employee benefit charge | 1,661,588 | 298,482 | Up 456.7 | Share based payment charge | 1,307,194 | -43,753 | Recovery | Gain on sale of property plant and equipment | -692,924 | -2,982,451 | Improved 76.8 | Changes in provisions | 1,252,067 | 475,157 | Up 163.5 | Income tax expense | 4,153,788 | 11,029,181 | Down 62.3 | | 68,419,740 | 73,546,381 | Down 7.0 | Changes in: | | | | Inventories | -21,325,800 | -26,104,300 | Improved 18.3 | Trade and other receivables | -15,096,947 | -15,306,177 | Improved 1.4 | Prepayments | 894,667 | 892,554 | Up 0.2 | Trade and other payables | 21,853,544 | 96,538,921 | Down 77.4 | Deposit for imports | 4,993,099 | -315,912 | Recovery | Cash generated from operating activities | 59,738,303 | 129,251,467 | Down 53.8 | Income tax paid | -6,675,437 | -8,142,435 | Improved 18.0 | Gratuity paid | -930,560 | -823,757 | Deterioration 13.0 | Other long term employee benefits paid | -1,379,880 | -694,629 | Deterioration 98.6 | Share-based payment | -533,564 | | | VAT paid | -27,690,633 | -27,975,295 | Improved 1.0 | Net cash from operating activities | 22,528,229 | 91,615,351 | Down 75.4 | Cash flows from investing activities | | | | Finance income | 349,192 | 313,523 | Up 11.4 | Proceeds from sale of property plant and equipment | 434,826 | 54,576 | Up 696.7 | Acquisition of property plant and equipment | -97,860,954 | -59,406,797 | Deterioration 64.7 | Acquisition of right-of-use asset | -1,523,596 | -1,390,308 | Deterioration 9.6 | Acquisition of intangible assets | -658,133 | -584,229 | Deterioration 12.6 | Net cash used in investing activities | -99,258,665 | -61,013,235 | Deterioration 62.7 | Cash flows from financing activities | | | | Repayment of loans and borrowings | -66,782,300 | -95,449,588 | Improved 30.0 | Proceeds from loans and borrowings | 161,047,971 | 67,601,949 | Up 138.2 | Repayment of lease liabilities | -113,540 | -8,638,138 | Improved 98.7 | Interest paid | -4,648,017 | -5,461,161 | Improved 14.9 | Cash received from Registrars | 141,441 | 2,730,756 | Down 94.8 | Dividends paid | -7,586,787 | -4,979,289 | Deterioration 52.4 | Net cash from (used in) financing activities | 82,058,768 | -44,195,471 | Recovery | Net increase (decrease) in cash and cash equivalents | 5,328,332 | -13,593,355 | Recovery | Effect of foreign exchange rate changes on cash and cash equivalent | 122,480 | -46,463 | Recovery | Cash and cash equivalents at 1st January | 16,730,029 | 30,369,847 | Down 44.9 | Cash and cash equivalents at 31st December | 22,180,841 | 16,730,029 | Up 32.6 |
Download NIGERIAN BREWERIES Financials Past 10 Years
Description (December 31) | 2022 | 2021 | 2020 | 2019 | 2018 | Income Statement | | | | | | Revenue per share | 68.46 | 54.68 | 42.32 | 40.56 | 40.56 | EBIT (B) | 25.8 | 34.8 | 29.9 | 35.5 | 37.3 | Interest (B) | 8.4 | 11.1 | 18.3 | 12.1 | 7.9 | Profit before tax (B) | 17.3 | 23.7 | 11.6 | 23.4 | 29.4 | Tax (B) | (4.2) | (11) | (4.2) | (7.2) | (10) | Net profit (B) | 13.2 | 12.7 | 7.4 | 16.1 | 19.4 | EPS | 1.58 | 1.57 | 0.92 | 2.01 | 2.43 | Balance Sheet | | | | | | Equity Share Capital (B) | 179.8 | 171.8 | 161.1 | 167.7 | 166.7 | Retained Earnings (B) | 90.8 | 90.1 | 83.1 | 89.4 | 88.2 | Total Debt (B) | 122.3 | 31.4 | 91.4 | 55.7 | 42.6 | Total Assets (B) | 619.9 | 485.5 | 445.9 | 382.8 | 388.3 | Current Asset (B) | 155.4 | 120.2 | 93.2 | 72.5 | 86.3 | Fixed Asset (B) | 359 | 257.2 | 213.4 | 201.9 | 203.5 | Working Capital (B) | (252.3) | (152.4) | (117.3) | (55) | (63.1) | Cash Flow | | | | | | Operating Cash Flow (B) | 22.5 | 91.6 | 83.3 | 38.9 | 30.5 | Investing Cash Flow (B) | (99.3) | (61) | (37.2) | (30.1) | (29.8) | Financing Cash Flow (B) | 82.1 | (44.2) | (22.1) | (15.7) | (2.8) | Net Cash Flow (B) | 5.3 | (13.6) | 24 | (7) | (2.1) |
Description (December 31) | 2017 | 2016 | 2015 | 2014 | 2013 | Income Statement | | | | | | Revenue per share | 43.26 | 39.7 | | | 35.87 | Other Revenue | | 615.7 M | | 1.7 B | 2.1 B | EBIT (B) | 57.3 | 53.3 | 70.4 | | 69.7 | Interest (B) | 10.7 | 13.6 | 15.9 | | 7.5 | Profit before tax (B) | 46.6 | 39.7 | 54.5 | | 62.2 | Tax | (13.6 B) | 11.3 B | 16.5 B | 18.9 B | (19.2 M) | Net profit (B) | 33 | 28.4 | 38.1 | 42.5 | 43.1 | EPS | 4.13 | 3.58 | 482 | 562 | 5.7 | Balance Sheet | | | | | | Equity Share Capital (B) | 178.2 | 165.8 | 172.2 | 172 | 112.4 | Retained Earnings (B) | 99.7 | 96.3 | 103 | | 104 | Total Debt (B) | 8.5 | 17.9 | 22.2 | 10.7 | 9 | Total Assets (B) | 382.2 | 367.1 | 356.2 | 349.2 | 252.8 | Current Asset (B) | 87.5 | 74.6 | 57.5 | 52.7 | 45.3 | Fixed Asset (B) | 195.2 | 191.2 | 197.3 | 193.8 | 153.4 | Working Capital (B) | (68.6) | (69.7) | (82.6) | (61.3) | (55) | Cash Flow | | | | | | Operating Cash Flow (B) | 72.1 | 70.2 | 72.6 | 60.9 | 95.2 | Investing Cash Flow (B) | (32.1) | (18.8) | (32.4) | (28.6) | (32.5) | Financing Cash Flow (B) | (35.9) | (26) | (59.8) | (36.3) | (62.6) | Net Cash Flow | 4.1 B | 25.4 B | (19.6 B) | (4.1 B) | 14.6 M |
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