Half Yearly Report

RNS Number : 6931M
BrainJuicer Group PLC
20 September 2012
 



 

 

Press Release

20 September 2012

 

BrainJuicer Group PLC

("BrainJuicer" or "the Company")

 

Interim Results for the Six Months ended 30 June 2012

 

 

Innovative, international online market researcher, BrainJuicer Group PLC (AIM: BJU) today announces its Interim Results for the six months ended 30 June 2012.

 

Financial Highlights

é

14% revenue growth to £10,379,000 (H1 2011: £9,089,000)

é

14% growth in operating profit to £716,000 (H1 2011: £628,000)

é

14% increase in profit before tax to £717,000 (H1 2011: £630,000)

é

16% growth in fully diluted earnings per share to 3.7p (H1 2011: 3.2p)

é

13% growth in interim dividend to 0.85p (H1 2011: 0.75p)

é

216,361 shares bought back for £669,000 (H1 2011: 128,241 shares for £353,000)

é

£2,411,000 cash (30 June 2011: £2,057,000) and no debt

 

Operational Highlights

é

é

é

é

é

é

é

 

Commenting on the Company's results, John Kearon, Founder and Chief Juicer of BrainJuicer, said:

 "We are delighted to have continued our significant international growth in revenue and profit, all organic, despite these challenging economic times.

Our commitment to turning human understanding into business advantage is helping our clients achieve greater commercial success and delivering BrainJuicer an innovative reputation and significantly more business from many of the world's biggest companies.

Our game-changing Juicy products have grown as a percentage of our business and attract industry attention and client commitment.  We punch above our weight in the industry, and continue to gain traction with the major buyers of market research in the large and strategically important markets in which our clients operate. Continuing to invest in new offices, great talent, innovation, marketing and technology is how we delight our clients, grow our business profitability and deliver consistent growth in earnings and dividends for shareholders.  

During the first half of 2012 we opened a new office in Italy and saw very encouraging growth in the USA, Switzerland and our Brazil and China offices. As ever, revenue visibility is limited as we approach the seasonally important final quarter of the year.  Nevertheless the Board is confident that the Company will make further progress in the second half and we believe we are on track to meet market expectations for the year as a whole."

The company can be found at www.brainjuicer.com.

 

For further information, please contact:

BrainJuicer Group PLC

Tel: +44 (0)20 7043 1000

 

John Kearon, Chief Executive Officer

john.kearon@brainjuicer.com


 

James Geddes, Chief Financial Officer

james.geddes@brainjuicer.com


 

Canaccord Genuity Limited

Tel: +44 (0)20 7050 6500

Simon Bridges / Henry Fitzgerald-O'Connor

sbridges@canaccordgenuity.com


Media enquiries:

Lauren Tilden, Senior Marketing Executive

lauren.tilden@brainjuicer.com

Tel: +1 (425) 830 1904



 

Interim Statement

 

Introduction

 

With revenue and operating profit up 14% in both actual and constant currency terms, the first half of 2012 represented another period of strong organic growth.  We achieved this while continuing to strengthen our teams, broaden our geographic coverage, build our infrastructure and invest in product innovation.  Our average headcount increased to 134 full time equivalents, from 111 in H1 2011; we opened an office in Italy (to add to our offices in the UK, US, Switzerland, Germany, Netherlands, China, and Brazil, and our licence partner in Australia); we increased spend in our IT and operational infrastructure by 13%; and we increased our Labs product development team spend by 85%.  We remain focussed on our "Juicy" products - those that run counter to traditional research approaches, that challenge the notion that consumers are rational decision makers, and which instead use our own techniques based on emotion and behavioural economics.  Our clients, and in particular large multi-national companies, are continuing to respond: Juicy products accounted for 66% of revenue in the first half of the year (up from 53% in our 2011 financial year), and have been used by 9 of the world's 20 largest buyers of market research so far this year.

 

Financial Performance

 

Gross profit, our main internal financial performance indicator, grew 12%, which, whilst below our five year trend growth, is, in the Board's view, a good performance in the current climate.

 

We have continued to maintain tight control over our costs while investing in those areas necessary to facilitate future growth: geographic reach, operational capacity and efficiency, and the development and validation of new products.  Our expanded BrainJuicer Labs team, where we have increased spend significantly, is a good example of this, as is ongoing increases in our IT infrastructure (our biggest area of overhead cost).  Overall, revenue per employee has declined a little (H1 2012: £77,000; H1 2011: £82,000) but this has been offset by lower staff costs per employee, resulting in operating costs growing in line with gross profit growth (12%).

 

Operating profit rose by 14% to £716,000 (H1 2011: £628,000), and as interest income from our cash balances was again negligible, pre-tax profit also grew 14% to £717,000 (H1 2011: £630,000). Our effective tax rate was similar to last year at 33% (H1 2011: 34%), and profit after tax increased by 16% to £481,000 (H1 2011: £416,000).  Basic earnings per share grew by 15% to 3.8p (H1 2011: 3.3p) and fully diluted earnings per share by 16% to 3.7p (H1 2011: 3.2p).

 

The Company generated a small cash outflow from operations of £170,000, compared to a cash inflow of £268,000 in the first half of 2011.  This reflected a swing in working capital, partly due to the timing of payments to creditors, and partly due to a higher receivables balance following a higher percentage of revenue in May and June this year than last year (May and June 2012 revenue comprised 51% of H1 revenue whereas in 2011 May and June revenue comprised only 42% of H1 revenue).  Average debtor days were 65 compared to 68 at 30 June 2011.  We paid tax of £425,000 (H1 2011: £420,000), incurred £119,000 in capital expenditure, down from £242,000 in the first half of 2011, received a small amount of interest, leaving a £713,000 cash outflow before financing activities (H1 2011: £392,000 outflow).  We expect to return to positive cash inflow over the second half of the year.

 

The Company paid its 2011 final dividend of £283,000 in the first half of the year (H1 2011: £224,000).  We repurchased 216,361 shares relating to stock options that were exercised for £669,000 of which £389,000 was paid before half year end and £280,000 after.  By comparison, in the first half of 2011 we repurchased 128,241 shares relating to exercised options, for £353,000 (of which £161,000 was paid before half year end and £192,000 after).

 

The Company's cash balance at 30 June 2012 was £2,411,000 (30 June 2011: £2,057,000; 31 December 2011: £3,683,000).  BrainJuicer has no debt.

 

Our issued share capital remained constant over the first half of the year numbering 13,136,448 shares at 30 June 2012 of which treasury shares numbered 617,964 (31 December 2011: 657,195).  The Board is keen to minimise the dilutive impact of stock options.  The Company has therefore been continuing to use its cash to repurchase option shares as they have been exercised, and plans to continue to do so for as long as the Board believes in the Company's share price growth potential, the Company has sufficient cash resources, and providing it remains in compliance with its shareholder approved authorities and with AIM and other rules.  We had 965,420 outstanding stock options at 30 June 2012 down from 1,204,614 as at 31 December 2011.   There has been no change in the additional long-term incentive scheme for senior executives, which was set up in 2010 (and which is described in the remuneration report on page 16 of our 2011 annual report) other than the issue of a number of units to three new members of the management team and the recycling of lapsed units to existing participants within the scheme limits.

 

We are maintaining dividend growth broadly in line with earnings per share growth, and the Company will be paying an interim dividend of 0.85p, 13% higher than last year's interim payment.  This will be paid on 25 October 2012 to shareholders on the register on 28 September 2012, and the shares will become ex dividend on 26 September 2012.

 

Operations

 

Our two largest operations - in the UK and the US - grew revenue by 3% and 16% respectively.  The UK represented 37% of our H1 revenue and the US 33%, and so between them they generated more than two thirds of our revenue.  Our UK business is our most efficient and profitable, generating 41% of H1 operating profit (before allocation of central costs).  However, it is our longest serving operation and has the largest percentage of revenue from our older, slower growth, non-Juicy ("Twist") products.  We are in the process of transitioning our Twist revenue streams to Juicy wherever possible, and it is pleasing to report that Juicy revenue increased to 48% of the UK total in H1 2012 from 39% in the same period last year.

 

In the US we continue to make good progress and grow profitably.  Whilst not yet as profitable as the UK, our US business nonetheless generated 34% of our H1 operating profit (before allocation of central costs), and is growing more rapidly.  Ari Popper, the head of our US business, has decided to move on to set up his own innovation consultancy.  We are very grateful to Ari for the healthy business and strong team he has built over the last five and a half years.  We have promoted three of his senior team to jointly run the US operation, and are confident that they will continue to build on the successful platform which the Company has established in the world's largest and most competitive market research market.

 

Switzerland had another period of very strong growth (with revenue up 76%) following growth of 52% in H1 2011.  Our German revenue, however, was down 24% following very high (126%) growth in H1 2011, reflecting some of the intrinsic volatility in our business.  In aggregate these offices contributed 16% of total revenue and 17% of profit.

 

Revenues from our Dutch business declined significantly as the last remnants of business from its hitherto largest client fell away, following changing spending patterns within that client, and the business made a small operating loss.  The team has been restructured, and is now being managed by the head of our German operation.

 

Our newer offices in China and Brazil have made excellent progress, with combined H1 revenue growing to £1,144,000 from £210,000 in H1 2011, and combined H1 operating profits (before allocation of central costs) rising to £512,000 (H1 2011: £166,000 loss).  Whilst the economic backdrop in each of these two countries is very different from those in our European and US markets, we are selling the same Juicy products, often to the same multi-national clients, using the same centralised technology and operational processes as we do elsewhere.  The dynamics of these businesses are therefore similar to those operating in our other markets, and we are planning to build them in the same way also.

 

Our overseas offices enable us both to develop business with new, local clients and to better serve our multi-national clients.  We do not need to have offices wherever these multi-national clients operate, but it is helpful to have a presence in locations where they have their main market research buying points.  Our recently opened office in Milan, Italy is a good example of this.  We will continue to establish offices in new countries as opportunities arise, with India next.

 

All of our offices are continuing to focus on our Juicy products, and this has been helped by expanding our Juice Generation consultancy, where we help create (and not just test) new ideas, insights, concepts and marketing material for our clients.  This goes beyond the normal quantitative market research service, and helps to develop deeper and more meaningful client relationships earlier in their innovation processes.

 

Outlook

 

We remain confident in our long term growth potential, and we base that confidence on a number of factors, the prime one being our philosophical approach to research and the direction the industry is moving in.  The most important current trend in our industry involves understanding how people make decisions.  A growing body of evidence in psychology, neuroscience, sociology and behavioural economics undermines traditional assumptions that humans are rational, make conscious decisions, and can articulate why they make them - the bedrocks of traditional research.  People's choices are often unconscious and highly influenced by their social, personal and environmental context.  We humans are poor predictors of our own behaviour, and poor at explaining it too.  We rely instead on rationalisations of behaviour which may have nothing to do with the original triggers.  Research is changing as a result, with agencies like BrainJuicer and our offering of Juicy products in the vanguard.  The industry is conservative, but we believe the barriers will continue to come down as the weight of data and large-scale proof continue to validate products such as ours, and as the industry continues to recognise our approach with awards such as ESOMAR's Best Paper award at their recent annual congress.

 

However, we have to add our usual caveat when thinking about our financial year: we have limited revenue visibility and typically have a high percentage of our annual revenue in the final months of the year.  That said, the Board believes that the Company will make further progress over the second half of the year and is on track to meet market financial expectations for the year as a whole.

 

John Kearon                                                                James Geddes

Chief Executive Officer                                                Chief Financial Officer 



CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED
30 JUNE 2012

 

 


Note

 

Six months ended

30 June 2012

Unaudited

Six months ended

30 June 2011

Unaudited

Year ended 31 December 2011

Audited



£'000

£'000

£'000






Revenue

4

10,379

9,089

20,713

Cost of sales


(2,381)

(1,969)

(4,650)






Gross profit


7,998

7,120

16,063

Administrative expenses


(7,282)

(6,492)

(13,305)






Operating profit

4

716

628

2,758

Investment income - bank interest


1

2

2






Profit before taxation

4

717

630

2,760

Income tax expense


(236)

(214)

(910)






Profit for the financial period


481

416

1,850






Attributable to equity holders of the Company


481

416

1,850






Earnings per share attributable

to the equity holders of the Company





Basic earnings per share

5

3.8p

3.3p

14.8p






Diluted earnings per share

5

3.7p

3.2p

14.1p

 

 

All of the activities of the Group are classed as continuing. 




 

Six months ended

30 June 2012

Unaudited

Six months ended

30 June 2011

Unaudited

Year ended 31 December 2011

Audited



£'000

£'000

£'000






Profit for the financial period


481

416

1,850






Other comprehensive income:





Exchange differences on translating foreign operations


(44)

29

(47)






Other comprehensive income for the period, net of tax


(44)

29

(47)






Total comprehensive income for the period
and amounts attributable to equity holders


437

445

 

1,803






CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2012



CONDENSED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2012

 

 


 

 

Note

 

 30 June 2012

Unaudited

30 June 2011

Unaudited

31 December 2011

Audited



£'000

£'000

£'000

ASSETS





Non-current assets





Property, plant and equipment


252

345

291

Intangible assets


1,351

1,566

1,449

Financial assets - available-for-sale investments


133

133

133

Deferred tax asset


287

211

288



2,023

2,255

2,161






Current assets





Inventories


42

76

50

Trade and other receivables


5,949

4,482

6,087

Cash and cash equivalents


2,411

2,057

3,683



8,402

6,615

9,820






Total assets


10,425

8,870

11,981






EQUITY





Capital and reserves attributable to equity holders of the Company





Share capital

8

131

131

131

Share premium account


1,579

1,549

1,579

Merger reserve


477

477

477

Foreign currency translation reserve


81

201

125

Retained earnings


4,596

3,212

4,676

Total equity


6,864

5,570

6,988






LIABILITIES





Non-current





Provisions


163

78

156

Non-current liabilities


163

78

156






Current





Provisions


99

-

47

Trade and other payables


3,112

3,181

4,377

Current income tax liabilities


187

41

413

Current liabilities


3,398

3,222

4,837






Total liabilities


3,561

3,300

4,993






Total equity and liabilities


10,425

8,870

11,981






 

 

 


CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED
30 JUNE 2012

 


Note

 

 30 June 2012

Unaudited

30 June 2011

Unaudited

31 December 2011

Audited



£'000

£'000

£'000






Net cash (used by) / generated from operations

7

(170)

268

2,565

Tax paid


(425)

(420)

(770)

Net cash (used by) / generated from operating activities


(595)

(152)

1,795






Cash flows used by investing activities





Purchases of property, plant and equipment


(73)

(169)

(232)

Purchases of intangible assets


(46)

(73)

(117)

Interest received


1

2

2

Net cash used by investing activities


(118)

(240)

(347)






Net cash flow before financing activities


(713)

(392)

1,448






Cash flows used by financing activities





Proceeds from issue of shares and sale of treasury shares


113

64

216

Dividends payable to owners


(283)

(224)

(318)

Purchase of own shares


(389)

(161)

(433)

Net cash used by financing activities


(559)

(321)

(535)






Net (decrease) / increase in cash and cash equivalents 


(1,272)

(713)

913






Cash and cash equivalents at beginning of period


3,683

2,770

2,770






Cash and cash equivalents at end of period


2,411

2,057

3,683






 

 


 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT

30 JUNE 2012

 

 

 


Share capital

Share premium account

Merger reserve

Foreign currency translation reserve

Retained earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000








At 1 January 2011

131

1,549

477

172

2,990

5,319








Profit for the financial period

-

-

-

-

416

416

Other comprehensive income:







    Currency translation differences

-

-

-

29

-

29

Total comprehensive income

-

-

-

29

416

445

Transactions with owners:







Employee share options scheme:







- value of employee services

-

-

-

-

110

110

- Deferred tax credited to equity

-

-

-

-

114

114

Dividends paid to owners

-

-

-

-

(224)

(224)

Sale of treasury shares

-

-

-

-

159

159

Purchase of treasury shares

-

-

-

-

(353)

(353)


-

-

-

-

(194)

(194)








At 30 June 2011

131

1,549

477

201

3,212

5,570








At 1 January 2011

131

1,549

477

172

2,990

5,319








Profit for the financial year

-

-

-

-

1,850

1,850

Other comprehensive income:







    Currency translation differences

-

-

-

(47)

-

(47)

Total comprehensive income

-

-

-

(47)

1,850

1,803

Transactions with owners:







Employee share options scheme:







- value of employee services

-

-

-

-

236

236

- proceeds from shares issued

-

30

-

-

-

30

- deferred tax credited to equity

-

-

-

-

138

138

- current tax credited to equity

-

-

-

-

27

27

Dividends paid to owners

-

-

-

-

(318)

(318)

Sale of treasury shares

-

-

-

-

186

186

Purchase of treasury shares

-

-

-

-

(433)

(433)


-

30

-

-

(164)

(134)








At 31 December 2011

131

1,579

477

125

4,676

6,988








Profit for the financial period

-

-

-

-

481

481

Other comprehensive income:







    Currency translation differences

-

-

-

(44)

-

(44)

Total comprehensive income

-

-

-

(44)

481

437

Transactions with owners:







Employee share options scheme:







- value of employee services

-

-

-

-

85

85

- deferred tax credited to equity

-

-

-

-

37

37

Dividends paid to owners

-

-

-

-

(283)

(283)

Sale of treasury shares

-

-

-

-

269

269

Purchase of treasury shares

-

-

-

-

(669)

(669)


-

-

-

-

(561)

(561)








At 30 June 2012

131

1,579

477

81

4,596

6,864



 

1.

General information

BrainJuicer Group PLC ("the Company"), a United Kingdom resident, and its subsidiaries (together "the Group") provide on-line market research services. The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange ("AIM").  The address of the Company's registered office is 1 Cavendish Place, London, W1G 0QF.

 

The Board of directors approved this condensed consolidated interim financial information for issue on 20 September 2012.

 

The financial information for the year ended 31 December 2011 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006 and are unaudited. The Group's statutory financial statements for the year ended 31 December 2011 have been filed with the Registrar of Companies.  The auditor's report on those financial statements was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.

 

2.

Basis of preparation

This condensed consolidated interim financial information for the six months ended 30 June 2012 has been prepared in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2011, which have been prepared in accordance with IFRSs as adopted by the European Union.

           

3.

Principal accounting policies

The principal accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2011, as described in those annual financial statements.

 

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.



 

4.

Segment information

The Board of Directors review the Group's internal reports in order to assess performance and allocate resources and have determined the operating segments.

 

The Board considers the business from both a geographical and product perspective and when reviewing product performance, look particularly at the split between what it categorises as 'Juicy' and 'Twist' products. 

 

When reviewing the financial performance of each operating segment the Board look at revenue, gross profit, and operating profit / (loss) before allocation of central overheads. Interest income is not included in the result for each operating segment.

 

Six months ended:

30 June 2012

30 June 2011


 

Revenue
from external customers

 

 

Operating profit/(loss)*

 

Revenue
from external customers

 

 

Operating profit/(loss)


£'000

£'000

£'000

£'000






United Kingdom

3,854

1,837

3,753

1,914

United States

3,423

1,511

2,960

1,406

Switzerland**

1,118

569

635

243

China

718

429

40

(113)

Germany

594

199

783

412

Brazil

426

83

170

(53)

Netherlands

246

(120)

748

99







10,379

4,508

9,089

3,908






Juicy

6,850

66%

4,822

53%

Twist

3,529

34%

4,267

47%







10,379


9,089







 

Juicy products are BrainJuicer's new methodologies that challenge traditional approaches.  Twist products are industry standard quantitative research methods with a twist: BrainJuicer's qualitative diagnostics.

 

*Segmental operating profit excludes costs relating to central services provided by our Operations, IT, Marketing, HR and Finance teams and our Board of Directors.

 

**Swiss revenues include £62,000 relating to our new office based in Milan, Italy.

 

Revenues are attributed to geographical areas based upon the location in which the sale originated.


A reconciliation of total operating profit for reportable segments to total profit before income tax is provided as follows:

 


30 June 2012


30 June 2011


£'000


£'000





Operating profit for reportable segments

4,508


3,908

Central overheads

(3,792)


(3,280)





Operating profit

716


628

Investment income - bank interest

1


2





Profit before income tax

717


630





 

5.

Earnings per share

 

(a)

Basic

 

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period.

 


Six months ended


30 June 2012

30 June 2011


£'000

£'000




Profit attributable to equity holders of the Company

481

416




Weighted average number of Ordinary Shares in issue

12,503,687

12,453,114




Basic earnings per share

3.8p

3.3p

 

(b)

Diluted

 

Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential Ordinary Shares.

 


Six months ended


30 June 2012

30 June 2011


£'000

£'000




Profit attributable to equity holders of the Company used to determine diluted earnings per share

481

416




Weighted average number of ordinary shares in issue

12,503,687

12,453,114

Share options

587,287

659,745

Weighted average number of ordinary shares for diluted earnings per share

13,090,974

13,112,859




Diluted earnings per share

3.7p

3.2p

 

6.

Dividends

 

During the period the Company paid a final dividend, amounting to £283,000 in respect of the year ended 31 December 2011.  The Company will pay an interim dividend of 0.85 pence per share in respect of the year ending 31 December 2012.  The interim dividend is not recorded in these interim statements.

 

For the comparative period the Company paid a final dividend of £224,000 relating to the year ended 31 December 2011.

 

7.

Net cash (used by) / generated from operations


 


Six months ended

 


30 June
2012

30 June
2011

 


£'000

£'000

 




 

Profit before taxation

717

630

 

Depreciation and amortisation

252

213

 

Investment income

(1)

(2)

 

Share-based payment expense

85

110

 

(Decrease) / increase in inventory

8

(29)

 

Decrease in receivables

139

237

 

Decrease in payables

(1,330)

(917)

 

Exchange differences

(40)

26

 

Net cash (used by) / generated from operations

(170)

268

 



 

8.

Share capital


During the period the Company transferred 255,592 shares out of treasury to satisfy the exercise of employee share options over 255,592 Ordinary Shares at a weighted average exercise price of 105 pence per share. Of the total consideration receivable, of £269,000, £113,000 was received before the period-end.  The weighted average share price at exercise date was 307 pence per share. 

The Company subsequently repurchased 216,361 of these shares at a weighted average price of 307 pence per share.  The total consideration payable on repurchase (including stamp duty and commission) amounted to £669,000 of which £389,000 was paid before the period-end.  A financial liability has been recognised at the period-end for sale and purchase contracts entered into prior to the period-end but for which consideration was transferred subsequent to the period-end.

Following these transactions, at the end of the reporting period the number of Ordinary Shares numbered 13,136,448 (31 Dec 2011: 13,113,114) of which shares held in treasury numbered 617,964 (31 Dec 2011: 657,195).

9.

Related party transactions

 

The wife of Mark Muth, a director of the Company for part of the reporting period, provided consultancy services for the Group totalling £1,300 (H1 2011: £225).  There was no balance outstanding at the period-end (31 Dec 2011: £Nil).

 

During the period, the Group made sales to companies connected to Unilever Ventures, of which Mark Muth is a director, totalling £622,905 (H1 2011: £917,780). The balance outstanding at the period-end was £468,114 (31 Dec 2011: £447,500).

 

The Group sells its services to such related parties on an arm's length basis at prices available to third parties.

 

10.

Seasonality

 

Based upon prior experience, Group revenues tend to be higher in the second half of the year than in the first six months.  For the year ended 31 December 2011 revenues for the second half of the year represented 56% of total revenues.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR BKLLFLKFEBBB
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