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TIDMWTI
RNS Number : 0918Z
Weatherly International PLC
04 March 2013
Weatherly International plc
("Weatherly" or the "Company")
Interim results for the period from 1 July 2012 to 31 December 2012
Weatherly International plc today announces its unaudited interim results for the six months ended 31 December 2012.
Summary highlights for the six months ended 31 December 2012
Financial
-- Profit for the half year of US$2.7 million. -- Cash at bank US$3.5m at 31 December 2012.
Corporate and Operational Highlights
-- Bankable Feasibility Study ("BFS") for the Tschudi Project completed and will add 17,000 tonnes of copper per annum.
-- US$88 million project financing term sheet signed with RK Capital covering 100% funding of the Tschudi project.
-- Tschudi financing and legal due diligence nearing completion. -- Half year production from Central Operations was 2,798 tonnes of contained copper.
Post Half Year End
-- Cash as at 28 February 2013 of US$6.9 million equivalent. -- Appointment of Charilaos Stavrakis to the Board as Non-executive Director.
-- A General Meeting was held at which a resolution was approved empowering the board to debt finance the Tschudi project.
For further information contact:
Rod Webster, Chief Executive Officer Weatherly International plc +44 (0)207 917 2989
Max Herbert, Company Secretary
Andrew Chubb Canaccord Genuity Ltd +44 (0)207 523 8000
Chairman's and Chief Executive's statement
We are pleased to report Weatherly's results for the half year ended 31 December 2012.
During the period we continued to pursue our two main objectives namely the completion of the Tschudi feasibility study the implementation of changes aimed at improving productivity at Central Operations.
We recorded a profit of US$2.7 million, of which US$2.2 million is a result of settling an insurance claim for the Kombat mine flooding in 2007. The Company delivered 2,608 tonnes of contained copper to port at an average LME price of US$8,497 per tonne. Of the tonnes delivered to port 2,263 tonnes were shipped and invoiced and the remainder was in inventory. The C1 cash costs of Central Operations were US$5,730 per tonne (US$2.60/lb) of Cu produced.
The profit for this period is lower than the profit reported in the corresponding 2011 half year period largely as a result of delayed sales and lower copper prices. Although production in the two half years was similar (see production table below), Weatherly shipped and sold 418 tonnes less copper in six months to 31 December 2012 because of the timing of shipments, with a corresponding increase in inventory compared with the six months to 31 December 2011. The average price at which copper was sold was also US$330 less in the current period.
In December, we reported the finalisation of the Tschudi feasibility study and the signing of a term sheet with RK Capital for an US$88 million debt facility which covers the funding requirement of the project. The lender's due diligence is well under way, the onsite work has been completed and the loan execution is expected to be concluded in March 2013.
Tschudi Copper Project
The Company completed the BFS for the Tschudi Copper Project in December 2012, a significant milestone for the company in setting a new growth trajectory. The study evaluated an open-pit, heap leach, solvent extraction, electro-winning project capable of producing 17,000 tonnes per annum of copper over an 11 year mine life.
The key results of the study are summarised below:
Production Financial Mine type Open pit Initial capital $N693m (US$81m) 50.1mt at 0.86% Resources Cu Life of mine capital $N941m (US$109m) 22.7mt at 0.95% Life of min cash cost Reserve Cu (C1) US$4,267/t Cu (US$1.94/lb) After tax NPV (8%) Mining rate 17mt/yr - Consensus Case $N915m (US$105m) After tax IRR - Consensus Mine life 11 years Case 32.10% Payback from start Stripping ratio 7.45/1 of production 2.43 yrs Solvent Extraction, Processing Electro-Winning After tax NPV (8%) method (SX-EW) - Alternative Case $N2,055m (US$238m) Processing After Tax IRR - Alternative rate 2.0-2.6mt/yr ore Case 50.80% Payback from start Recovered copper 184,275t of production 1.98 yrs Annual production 17,000t/yr
Consensus Case - uses industry consensus forecasts for exchange rates and copper price.
Alternative Case - uses exchange rates and copper price as at December 2012.
The results demonstrate Tschudi to be a very strong project that we are advancing enthusiastically.
An application for an amendment to the granted environmental clearance for the project has been submitted.
On the basis that loan documents are executed and the environmental amendments are approved by the end of the first quarter, the project is on schedule to produce its first copper by the third quarter of 2014.
Half Yearly Production
In the six months to 31 December 2012, Central Operations produced 12,279 tonnes of copper concentrate containing 2,798 tonnes of copper metal at higher than budgeted head grade and recovery.
Production results for the half year are set out below.
6 months ending 6 months ending 31 December 31 December 2012 2011 Ore Treated (t) 166,975 199,794 Grade (%) 1.80 1.46 Recovery (%) 93.09 92.69 Copper concentrate (t) 12,279 10,719 Copper contained (t) 2,798 2,702 Copper shipped (t) 2,263 2,681
Reopening Old Matchless
We announced in November that we will be reopening the 'Old Matchless' mine. Production from Old Matchless will make increased use of the underutilised Otjihase concentrator, provide an additional opportunity to reduce our per-unit costs, and give our operating revenues a significant boost through increased copper output. Approval for an amended Environmental Assessment (EA) and Management Plan will be required before any decline development can commence.
Post Half-year Events
As at the 28 February the Company had US$6.9 million or cash equivalent.
On 19 February 2013 a General Meeting was held which approved two resolutions one of which was to amend the Company's Articles of Association in order to increase the Company's borrowing limits to accommodate the debt financing package required to fund the Tschudi Copper Project.
The Board took the decision in January to appoint Charilaos Stavrakis as Non-executive Director. Mr Stavrakis joins the Board and brings strong international experience from his role as Finance Minister of the Republic of Cyprus and Deputy CEO of the Bank of Cyprus. On behalf of Weatherly's Directors and shareholders, our Chairman, John Bryant welcomes Mr Stavrakis to the Board.
Outlook
The Company's focus has now moved to ensuring the successful development of the Tschudi project which has the capacity to transform our fortunes and convert us from a high cost, underground mining company to a mid-tier, open pit producer of copper, with the further ability to seek out and develop new opportunities. We continue to look at ways to improve productivity and reduce costs at our two underground mines as they generate the revenues that will underpin the Company's development until Tschudi reaches production.
Condensed consolidated income statement for the period from 1 July to 31 December 2012
6 months 6 months Year ended to to 31 Dec 31 Dec 30 June 2012 2011 2012 Note US$'000 US$'000 US$'000 Reviewed Reviewed Audited Restated Restated Revenue 18,857 23,081 47,577 Cost of sales (14,503) (13,596) (33,694) Gross profit 4,354 9,485 13,883 Distribution costs (1,345) (1,547) (3,240) Other operating income 91 162 162 Administrative expenses (1,988) (2,451) (3,831) Operating profit 1,112 5,649 6,974 Profit on disposal of subsidiary - 4,179 4,146 Release of compromise creditor provisions - 5,187 5,187 Foreign exchange loss (249) (1,271) (1,443) Finance costs 3 (294) (265) (489) Finance income 52 62 126 Profit before results of associated company 621 13,541 14,501 Share of losses of associated company 4 (100) (244) (318) Profit before tax 521 13,297 14,183 Tax credit - - 7,167 Profit on continuing operations 521 13,297 21,350 Profit from discontinued operations 10 2,184 - - Profit for the year 2,705 13,297 21,350 Profit / (loss) attributable to: Owners of the Parent 2,736 13,466 21,033 Non controlling interests (31) (169) 317 2,705 13,297 21,350 Total and continuing earnings per share Basic earnings per share (US cents) Profit from continuing activities 8 0.10 2.51 3.91 Earnings from discontinued activities 8 0.41 - - 0.51 2.51 3.91 Diluted earnings per share (US cents) Profit from continuing activities 8 0.10 2.49 3.90 Earnings from discontinued activities 8 0.40 - - - --------- ------------------- ------------------- 0.50 2.49 3.90
Condensed consolidated statement of comprehensive income
for the period from 1 July to 31 December 2012
6 months 6 months Year ended to to 31 Dec 31 Dec 30 June 2012 2011 2012 US$'000 US$'000 US$'000 Reviewed Reviewed Audited Profit for the year 2,705 13,297 21,350 Exchange loss on translating foreign operations (1,939) (4,425) (4,326) Total Comprehensive income for the period 766 8,872 17,024 Total comprehensive income /(loss) attributable to: Owners of the Parent 826 9,041 16,720 Non controlling interests (60) (169) 304 766 8,872 17,024
Condensed consolidated statement of financial position as at 31 December 2012
As at As at As at 31 Dec 31 Dec 30 June 2012 2011 2012 Note US$'000 US$'000 US$'000 Reviewed Reviewed Audited Assets Non-current assets Property, plant and equipment 6 24,716 27,390 26,759 Deferred Tax 6,556 - 3,815 Intangible assets 4,594 2,841 3,646 Investments in associates 2,789 2,758 2,684 Trade and other receivables 850 - 887 39,505 32,989 37,791 Current assets Deferred Tax - - 3,352 Inventories 6,365 3,449 3,088 Trade and other receivables 6,056 5,377 4,928 Cash and cash equivalents 3,499 7,095 8,525 15,920 15,921 19,893 Non current assets held for sale 7 899 938 938 16,819 16,859 20,831 Total assets 56,324 49,848 58,622 Current liabilities Trade and other payables 2,237 3,183 5,364 Loans 4,176 288 2,096 6,413 3,471 7,460 Non-current liabilities Loans 3,500 9,112 5,567 Provisions 236 247 247 3,736 9,359 5,814 Total liabilities 10,149 12,830 13,274 Net assets 46,175 37,018 45,348 Equity Issued capital 5 4,581 4,581 4,581 Share premium reserve 5 6,092 6,092 6,092 Merger reserve 18,471 18,471 18,471 Share-based payments reserve 547 408 486 Foreign exchange reserve (13,212) (11,414) (11,302) Retained earnings 29,262 18,859 26,526 Equity attributable to shareholders of the parent company 45,741 36,997 44,854 Non controlling interests 434 21 494 46,175 37,018 45,348
Condensed consolidated statement of changes in equity
for the period from 1 July to 31 December 2012
Issued Share Merger Share-based Translation Retained Subtotal Non Total capital premium reserve payment of foreign earnings controlling equity reserve operations interests $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 At 30 June 2011 4,581 6,092 18,471 303 (6,989) 6,138 28,596 (241) 28,355 Share based payments - - - 105 - - 105 - 105 Dividend - - - - - (1,201) (1,201) - (1,201) Sale of minority share of subsidiary - - - - - 456 456 431 887 Transactions with owners - - - 105 - (745) (640) 431 (209) Profit for the period - - - - - 13,466 13,466 (169) 13,297 Other comprehensive income Exchange difference on translation of foreign entities - - - - (4,425) - (4,425) - (4,425) Total comprehensive income for the period - - - - (4,425) 13,466 9,041 (169) 8,872 At 31 December 2011 4,581 6,092 18,471 408 (11,414) 18,859 36,997 21 37,018 Share based payments - - - 178 - - 178 - 178 Lapsed options and warrants - - - (100) - 100 - - - Transactions with owners - - - 78 - 100 178 - 178 Profit for the period - - - - - 7,567 7,567 486 8,053 Other comprehensive income Exchange difference on translation of foreign entities - - - - 112 112 (13) 99 Total comprehensive income for the period - - - - 112 7,567 7,679 473 8,152 At 30 June 2012 4,581 6,092 18,471 486 (11,302) 26,526 44,854 494 45,348 Share based payments - - - 61 - - 61 - 61 Transactions with owners - - - 61 - - 61 - 61 Profit for the period - - - - - 2,736 2,736 (31) 2,705 Other comprehensive income Exchange difference on translation of foreign entities - - - - (1,910) - (1,910) (29) (1,939) Total comprehensive income for the period - - - - (1,910) 2,736 826 (60) 766 At 31 December 2012 4,581 6,092 18,471 547 (13,212) 29,262 45,741 434 46,175
Condensed consolidated cash flow statement for the period from 1 July to 31 December 2012
6 months 6 months Year to to to 31 Dec 31 Dec 30 June 2011 2011 2012 US$'000 US$'000 US$'000 Note Reviewed Reviewed Audited Cash flows from operating activities Profit for the period 2,705 13,297 21,350 Adjusted by: Depreciation and amortisation 2,536 2,262 5,087 Deferred tax asset - - (7,167) Share-based payment expenses 61 105 282 Profit on sale of other assets - (13) (200) Profit on disposal of China Africa Resources Namibia (pty) Ltd - (4,179) (4,146) Settlement of insurance claim (2,184) - - for Kombat mine flooding Settlement of legal dispute with pledged cash - - 344 Loss of associated company 100 244 318 Release of provision for section 311 creditors - (5,187) (5,187) Exchange movement on pledged cash 24 101 100 Finance costs 294 265 489 Finance income (52) (6) (126) 3,484 6,889 11,144 Movements in working capital (Increase) / decrease in inventories (3,277) (82) 279 Decrease / (Increase) in trade and other receivables 1,056 (1,568) (2,006) (Decrease) / increase in trade and other payables (3,184) 105 1,002 Net cash (used in) / generated by operating activities (1,921) 5,344 10,419 Cash flows used in investing activities Interest received 52 6 126 Payments for intangibles, property, plant and equipment (1,598) (1,851) (4,091) Investment in associates (204) - - Payments for evaluation of feasibility studies (948) (2,427) (3,419) Proceeds from sale of property plant and equipment - 88 534 Net cash used in investing activities (2,698) (4,184) (6,850) Cash flows from financing activities (Receipts) / Repayments of loans (2,035) 167 (1,146) Increase / (Repayment) of working capital loans 2,048 (2,435) (1,935) Interest and finance charges (294) (265) (489) Payment guarantee - - 344 Net cash repaid financing activities (281) (2,533) (3,226) (Decrease) / increase in cash (4,900) (1,373) 343 Reconciliation to net cash Cash at beginning of period 7,973 7,751 7,751 (Decrease) / increase in cash (4,900) (1,373) 343 Foreign exchange losses (102) (521) (121) Net cash at end of period 2,971 5,857 7,973 Cash balance for cashflow purposes 2,971 5,857 7,973 Cash held for payment guarantees 528 1,238 552 Cash in balance sheet 3,499 7,095 8,525
Notes to the condensed consolidated financial statements for the period 1 July to 31 December 2012
1. a. Basis of preparation
These interim condensed consolidated financial statements are for the six months ended 31 December 2012. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2012. The information included in these interim condensed consolidated financial statements in respect of the year ended 30 June 2012 does not constitute all the information required for annual statutory accounts at that date.
These financial statements have been prepared under the historical cost convention, except for revaluation of certain properties and financial instruments.
The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 June 2012.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.
b. Prior period restatement
Certain costs in the prior period comparatives have been reallocated between functional headings to be consistent with the current period and to better represent their nature. The cost reallocations do not affect the profit before tax or reserves for either period. The operating profit in period ended December 2011 has decreased by US$56,000 with a corresponding increase in finance income.
c. Nature of operations and general information
Weatherly International plc and its subsidiaries' ("the group") principal activities include the mining and sale of copper concentrate.
Weatherly International plc is the group's ultimate parent company. It is incorporated and domiciled in the United Kingdom. The address of Weatherly International plc's registered office, which is also its principal place of business, is 180 Piccadilly, London W1J 9HF. The company's shares are listed on the Alternative Investment Market of the London Stock Exchange.
Weatherly International's consolidated interim financial statements are presented in United States dollars (US$), which is also the functional currency of the parent company.
These consolidated condensed interim financial statements have been approved for issue by the Board of Directors on 4 March 2013.
The financial information for the period ended 31 December 2012 set out in this interim report does not constitute statutory accounts as defined by the Companies Act 2006. The Group's statutory financial statements for the year ended 30 June 2012 have been filed with the Registrar of Companies.
2. Segmental reporting
Business segments
In identifying its operating segments, management generally follows the physical location of its mines.
The activities undertaken by the Central Operations segment include the sale of extracted copper from Otjihase and Matchless mines. The activities undertaken by the Northern Operations segment included a valuation of resources relating to the feasibility study for the Tschudi Open Pit mine and Tsumeb Tailings project.
Each of these operating segments is managed separately as each of these service lines requires different technologies and other resources as well as marketing approaches.
The measurement policies the group uses for segment reporting under IFRS 8 are the same as those used in its financial statements.
The revenues of Otjihase and Matchless are indistinguishable as the ore coming from both mines passes through the same concentrator and the two mines are viewed as one operating unit. Evaluation costs relating to feasibility studies for the Tschudi Open Pit mine and Tsumeb Tailings projects have been capitalised as disclosed in note 5.
The group's operations are located in Namibia and the UK. The mining segments are located in Namibia, while the corporate function is carried out in London.
Segment information about these businesses is presented below.
Period ended 31 December 2012 (Reviewed) Central Northern Operations Operations Consolidated US$'000 US$'000 US$'000 Sales and other operating revenues External sales 18,857 - 18,857 Segment revenues 18,857 - 18,857 Central Northern Operations Operations Consolidated Segmental loss US$'000 US$'000 US$'000 Segmental operating profit / (loss) 2,865 (313) 2,552 =========== =========== Unallocated corporate expenses (1,440) Unrealised foreign exchange gain (249) Interest expense (294) Interest income 52 Profit before results of associated company 621 Central Northern Operations Operations Total US$'000 US$'000 US$'000 Segment assets 41,591 7,996 49,587 =========== =========== Unallocated Corporate assets 6,737 Total assets 56,324 Year ended 30 June 2012 (Audited) Central Northern Operations Operations Consolidated US$'000 US$'000 US$'000 Sales and other operating revenues External sales 47,577 - 47,577 Segment revenues 47,577 - 47,577 Central Northern Operations Operations Consolidated Segmental profit US$'000 US$'000 US$'000 Segmental operating profit / (loss) 10,705 (375) 10,330 =========== =========== Profit on release of compromise creditors 5,187 Profit on disposal of Berg Aukus Mine 4,146 Unallocated corporate expenses (3,356) Unrealised foreign exchange loss (1,443) Interest expense (489) Interest income 126 Profit before results of associated company 14,501 Central Northern Operations Operations Total US$'000 US$'000 US$'000 Segment assets 46,908 5,486 52,394 =========== =========== Unallocated Corporate assets 6,228 Total assets 58,622 Period ended 31 December 2011 (Reviewed) Central Northern Operations Operations Consolidated US$'000 US$'000 US$'000 Sales and other operating revenues External sales 23,081 - 23,081 Segment revenues 23,081 - 23,081 Central Northern Operations Operations Consolidated Segmental loss US$'000 US$'000 US$'000 Segmental operating profit / (loss) 7,617 (247) 7,370 =========== =========== Profit on release of compromise creditors 5,187 Profit on disposal of Berg Aukus Mine 4,179 Unallocated corporate expenses (1,721) Unrealised foreign exchange loss (1,271) Interest expense (265) Interest income 62 Profit before results of associated company 13,541 Central Northern Operations Operations Total US$'000 US$'000 US$'000 Segment assets 33,997 7,207 41,204 =========== =========== Unallocated Corporate assets 8,644 Total assets 49,848
3. Finance costs
6 months 6 months Year ended to to 31 Dec 31 Dec 30 June 2012 2011 2012 US$'000 US$'000 US$'000 Reviewed Reviewed Audited Restated Bank 53 63 124 Other 241 202 365 Total finance costs 294 265 489 ========= ========= ===========
4. Share of losses of associated company
The 31 December 2012 loss of US$100,000 is based on budget and unaudited management accounts of China Africa Resources plc.
5. Share issues
No shares were issued in the 6 month period to 31 December 2012.
6. Property, plant and equipment
Freehold Plant Development Total property and machinery costs US$'000 US$'000 US$'000 US$'000 Period ended 31 December 2012 (Reviewed) Cost or valuation: At 1 July 2012 18,718 22,434 7,270 48,422 Additions 17 872 709 1,598 Exchange adjustment (794) (1,712) (301) (2,807) At 31 December 2012 17,941 21,594 7,678 47,213 Depreciation: At 1 July 2012 (6,473) (13,971) (1,219) (21,663) Provided during the period (481) (1,127) (928) (2,536) Exchange adjustment 370 1,289 43 1,702 At 31 December 2012 (6,584) (13,809) (2,104) (22,497) Net book value at 31 December 2012 11,357 7,785 5,574 24,716 ========== =============== ============ ========= Period ended 31 December 2011 (Reviewed) Cost or valuation: At 1 July 2011 22,133 27,878 6,941 56,952 Additions - 814 1,037 1,851 Exchange adjustment (3,509) (7,365) (1,173) (12,047) At 31 December 2011 18,624 21,327 6,805 46,756 Depreciation: At 1 July 2011 (6,935) (17,198) - (24,133) Provided during the period (542) (1,092) (628) (2,262) Exchange adjustment 1,514 5,471 44 7,029 At 31 December 2011 (5,963) (12,819) (584) (19,366) Net book value at 31 December 2011 12,661 8,508 6,221 27,390 ========== =============== ============ ========= Year ended 30 June 2012 (Audited) Cost or valuation: At 1 July 2011 22,133 27,878 6,941 56,952 Additions 87 2,578 1,426 4,091 Disposals - (766) - (766) Exchange adjustment (3,502) (7,256) (1,097) (11,855) At 30 June 2012 18,718 22,434 7,270 48,422 Depreciation: At 1 July 2011 (6,935) (17,198) - (24,133) Provided during the year (1,057) (2,754) (1,276) (5,087) Disposals - 503 - 503 Exchange adjustment 1,519 5,478 57 7,054 At 30 June 2012 (6,473) (13,971) (1,219) (21,663) Net book value at 30 June 2012 12,245 8,463 6,051 26,759
7. Assets held for sale
Freehold Property US$'000 Period ended 31 December 2012 (Reviewed) Balance at 30 June 2012 938 Disposals - Exchange differences (39) Balance at 31 December 2012 899 Period ended 31 December 2011 (Reviewed) Balance at 30 June 2011 1,197 Disposals (70) Exchange differences (189) Balance at 31 December 2011 938 Year ended 30 June 2012 (Audited) Balance at 30 June 2011 1,197 Disposals (70) Exchange differences (189) Balance at 30 June 2012 938
8. Earnings per share
The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Shares held in employee share trusts are treated as cancelled for the purposes of this calculation.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the profit and weighted average number of shares used in the calculations are set out below.
6 months 6 months Year ended to to 31 Dec 31 Dec 30 June 2011 2011 2011 US$'000 US$'000 US$'000 Reviewed Reviewed Audited Continuing profit attributable to parent company 552 13,466 21,033 Profit attributable to discontinued operations 2,184 - - Profit for the period attributable to owners of parent 2,736 13,466 21,033 Weighted average number of ordinary shares in issue during the period - basic earnings per share 536,571,808 536,571,808 536,571,808 6 months 6 months Year ended to to Total and continuing earnings 31 Dec 31 Dec 30 June per share 2011 2011 2011 Reviewed Reviewed Audited Basic earnings per share (US cents) Earnings from continuing activities 0.10 2.51 3.91 Earnings from discontinued activities 0.41 - - 0.51 2.51 3.91 Diluted earnings per share (US cents) Earnings from continuing activities 0.10 2.49 3.90 Earnings from discontinued activities 0.40 - - 0.50 2.49 3.90
Where a loss has been incurred for the period, the diluted loss per share does not differ from the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive under the terms of IAS 33.
9. Contingent liabilities
One of the group's subsidiaries is engaged in a legal dispute with a former contractor. The contractor is claiming US$588,000 while the group has provided for the amount it believes is payable, US$262,000.
10. Profit from discontinued operations
During the period the Company settled an insurance claim for the flooding of the Kombat mine in 2007 for US$2.2 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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