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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Batm Advanced Communications Ld | LSE:BVC | London | Ordinary Share | IL0010849045 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 19.05 | 18.25 | 19.95 | 35,814 | 08:07:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Services, Nec | 122.83M | -193k | -0.0004 | -476.25 | 83.07M |
From May 2019 to May 2024
TIDMBVC
RNS Number : 2319P
BATM Advanced Communications Ld
30 August 2017
30 August 2017
BATM Advanced Communications Limited
("BATM" or the "Group")
Interim results for six months ended 30 June 2017
BATM Advanced Communications Limited (LSE: BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, announces its interim results for the six months ended 30 June 2017.
Financial Summary
-- Group revenue increased by 10% to $49.8m (H1 2016: $45.1m) -- Gross profit improved to $15.0m (H1 2016: $14.8m) -- Gross margin was 30.1% (H1 2016: 32.8%) -- Adjusted operating loss* of $1.4m (H1 2016: $0.6m loss) -- EBITDA of $0.3m negative (H1 2016: $0.3m positive) -- Loss per share of 0.66c (H1 2016: 0.23c loss per share)
-- As at 30 June 2017, the Group had cash and financial assets of $22.4m (31 December 2016: $27.6m)
* Adjusted to exclude amortisation of intangible assets (See note 3)
Operational Summary
Bio-Medical Division (58% of total revenues)
-- Diagnostics Unit
o Broadening of customer base as 268 diagnostic machines were sold to multiple new and existing customers
o Production of reagents increased 8% compared with H1 2016
o Progress made by Ador, joint venture company, in preparing for the production and marketing of new unique rapid-results sample-to-answer molecular diagnostics system and reagents, which has already been granted several patents in the US
o Post period, appointed Dr. David Perry MD as Chief Executive Officer of Adaltis S.R.L ("Adaltis"), whose previous experience includes VP Global Clinical and Medical Affairs at Baxter Bioscience
-- Eco-Med Unit (formerly Pathogenic Waste Treatment and Sterilisation Unit)
o Launched the world's first mobile agri-waste treatment solution and was awarded a contract with a total value of $3.6m
o First large installation of the Group's new solution for treating agricultural waste, that was installed at a poultry slaughterhouse, continued to perform well and is running very successfully
o Commenced sales of the new ISS 500 with automated reloading system for medical waste in hospitals, with the first systems scheduled to arrive in the US this year
o Highest ever backlog of $4.4m, most of which is expected to be recognised by the end of 2017 and the remainder during 2018
-- Distribution Unit
o Acquired Zer Laboratories Ltd, the largest private diagnostic laboratory in Israel for clinical tests, for NIS2.75m (c. GBP580,000) payable in cash, to accelerate the Group's development and offer of Molecular Diagnostics (genetics-based) diagnostics solutions
o Commencement of operation of the two new diagnostics laboratories that were opened in Romania last year
Networking and Cyber Division (42% of total revenues)
-- Networking Unit
o Awarded a contract by Internet Solutions Kenya, a telecoms service provider to public and private organisations, worth $2.8m over a two-year period, to upgrade its network infrastructure to increase bandwidth capacity and enable an expansion in its service offering
o Increasing interest in the Group's SDN/NFV solutions with successful proof-of-concept trials ("POCs") conducted worldwide. The Group believes some of these POCs will translate to orders during H2 2017
o A Tier 1 cyber security customer launched new security systems basing its networking capability on the Group's next generation ATCA product, the state-of-the-art 100 Gigabit Ethernet (100GE) card
-- Cyber Unit
o Received expansion of significant contract awarded last year as the leading supplier for an ICT solution combined with several cyber elements to a government defence department, which is now worth $5.2m. A large portion is planned to be supplied during H2 2017
o Engaged in several POCs in multiple countries
Commenting on the results, Dr Zvi Marom, Chief Executive Officer of BATM, said: "After a period of meaningful investment in new products, capability and bolt-on acquisitions, we are pleased to report year-on-year and sequential growth in revenue resulting from solid progress made in the Bio-Medical division as well as the Networking and Cyber division during H1 2017.
"Looking ahead, we are making further inroads in the Bio-Medical division, gaining new customers and increasing sales to current ones. Our Cyber business continues to experience increased interest from government agencies across the globe. As a result of this, the Group has increased its backlog substantially compared with this time last year and, consequently, expects to report growth for full year 2017, in line with market expectations."
Enquiries:
BATM Advanced Communications ------------------------------- ----------------- Dr Zvi Marom, Chief Executive Officer +972 9866 2525 ------------------------------- ----------------- Moti Nagar, Chief Financial Officer ------------------------------- ----------------- Shore Capital ------------------------------- ----------------- Mark Percy, Anita Ghanekar +44 20 7408 4050 ------------------------------- ----------------- Luther Pendragon ------------------------------- ----------------- Harry Chathli, Claire Norbury +44 20 7618 9100 ------------------------------- -----------------
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Operational Review
In the first half of 2017, both divisions made significant operational progress as new products and technologies continued to replace legacy products. The foundations that the Group laid during 2016 have begun to translate to sales, with the revenues of both divisions increasing year-on-year as well as sequentially.
Total Group revenues in H1 2017 were $49.8m (H1 2016: $45.1m), of which the Bio-Medical division accounted for 58% with the contribution from the Networking and Cyber division being 42%.
Bio-Medical Division
Hot Features
Premium
H1 2017 H1 2016 H2 2016 FY 2016
-------------------- ---------- -------- ---------- ----------
Revenues $28.6m $25.8m $25.8m $51.6m
-------------------- ---------- -------- ---------- ----------
Blended gross
margin 25% 26% 23% 25%
-------------------- ---------- -------- ---------- ----------
Adjusted operating
profit (loss) $(0.3m) $0.0m $(0.3m) $(0.3m)
-------------------- ---------- -------- ---------- ----------
Distribution
Sales increased by 17.2% and contributed approximately 69% of the Bio-Medical division revenues, including organic growth of 10%. The revenue contribution to the first half from the newly-acquired Zer Laboratories Ltd ("Zer") was $1.1m. Gross margin in H1 2017 improved to 26.4% compared with 25.8% in H1 2016 as a result of operational improvements in the distribution business in Hungary.
The two new diagnostics laboratories in Romania, an analytics lab in Timisoara and a genetic lab in Bucharest, which were opened in 2016, commenced operation during the period. The Group uses these labs to provide customers' products and diagnostic tests to end customers thereby establishing a footprint in the end-customer market.
In the first half of the year, the Group acquired the entire issued share capital of Zer, which is the largest private diagnostic laboratory in Israel for clinical tests, mainly providing prenatal screening tests for Down's Syndrome, genetic tests and additional tests performed during IVF and fertility treatments, for a total consideration of NIS2.75m (c. GBP580,000) payable in cash. BATM expects the acquisition to enable it to capture a share of the growing market in non-invasive prenatal tests (NIPT) in Israel and Europe, enhancing the activities of the Group's new genetic lab in Bucharest.
Eco-Med (formerly Pathogenic Waste Treatment and Sterilisation)
The Eco-Med unit accounted for 13% of the Bio-Medical division's revenues in H1 2017 compared with 9% of revenues in H1 2016, reflecting an increase of 57.5% in sales. This increase is primarily due to successful implementation of the strategic decision to transition from sales of control systems and products for treating medical waste to new, larger solutions developed for the biopharma and agri-business sectors. The unit continues to focus on the treatment of biological waste, based on its unique patented Integrated Shredder and Steriliser ("ISS") technology, which it is leveraging to apply to industries where the solutions have a higher value and greater market potential.
The unit achieved a significant improvement in gross margin to 18.6% (H1 2016: 13.1%) as a result of sales of higher margin agri-waste solution projects. In addition, it received the highest ever number of orders with a backlog as of period end of $4.4m, most of which is expected to be recognised by the end of 2017 and the remainder during 2018.
During the period the Group launched the world's first mobile agri-waste treatment solution and was awarded a contract of $2.5m for the delivery of a mobile unit, which was subsequently extended by $1.1m, with 25% upfront payment, increasing the total value of the contract to $3.6m.
The first large installation of the Group's new solution for treating agricultural waste, that was installed last year at a slaughterhouse of major poultry farming company, continued to perform very successfully.
The Group also commenced sales of the new ISS 500, which has been adapted for the disposal of medical waste in hospitals. The product is receiving a lot of interest from hospitals because of its automated reloading system, which reduces human exposure to medical waste.
Diagnostics
The Diagnostics unit continued to make steady progress and sales in H1 2017 represented 18% of Bio-Medical division revenues.
During the period, the production of reagents increased 8% over H1 2016. The Group sold 268 instruments to multiple new and existing customers compared with 325 in H1 2016 and 180 in H2 2016.
Good progress was made by the Group's joint venture company, Ador, established in December 2015 with Gamida for Life, an international group of companies focused on healthcare and life sciences, as it remains on track in its preparations for the production and marketing of a unique rapid-results sample-to-answer molecular diagnostics system - that has already been granted several patents in the US - and a selection of reagent kits. The new instrument and reagents are expected to reach the market during H2 2017.
Post period, the Group appointed Dr. David Perry MD as Chief Executive Officer of Adaltis, whose previous experience includes VP Global Clinical and Medical Affairs at Baxter Bioscience. The new role was created within Adaltis as it begins to gear up to take advantage of the advances within its molecular biology business unit, as well as the growing in-vitro diagnostics field.
Networking and Cyber Division
H1 2017 H1 2016 H2 2016 FY 2016
-------------------- ---------- -------- ---------- ----------
Revenues $21.0m $19.1m $19.4m $38.5m
-------------------- ---------- -------- ---------- ----------
Blended gross
margin 37% 42% 39% 40%
-------------------- ---------- -------- ---------- ----------
Adjusted operating
profit (loss) $(0.4m) $0.0m $(2.2m) $(2.2m)
-------------------- ---------- -------- ---------- ----------
The Networking and Cyber division produced mixed results for the first half of 2017. There was an increase of 10% in revenues to $21.0m. However, gross profit margin decreased to 37% (H1 2016: 42%) due to the contribution to revenues from a large government contract, which carries a lower gross margin, which resulted in an adjusted operating loss for H1 2017 of $0.4m (H1 2016: $0.0m).
During the period, the Group was awarded a contract by Internet Solutions Kenya, a telecoms service provider to public and private organisations, to upgrade its network infrastructure to increase bandwidth capacity (10G) and enable an expansion of its service offering. The contract, which has a value of $2.8m, is to be delivered over a two-year period with approximately 50% of the revenues to be recognised in 2017 based on the installation plan.
The Group started delivering on the cyber contract, which had been delayed from H2 2016, as good progress was made by the partners. Other key developments included a significant contract, awarded last year by a government defence department, for an ICT solution combined with several cyber elements, being increased during the first half of 2017 to $5.2m. A significant portion is planned to be supplied during H2 2017.
The Group also engaged in several POCs in multiple countries.
The Group received increased demand for its SDN/NFV solutions and it conducted several successful POCs worldwide. The Group believes that some of these will translate to orders during H2 2017.
A Tier 1 cyber security customer launched its new security systems that contain the Group's latest ATCA product 100GE card. The new ATCA 100GE is gaining increasing momentum and interest from various customers. In addition, the 100GE card is playing a key role in the new aggregation platform, T-Metro 8100 - a next-generation, high-density, standalone 100GE services aggregation platform that is planned to be released in H2 2017.
Financial Review
Revenues in the first half of 2017 increased by 10% to $49.8m (H1 2016: $45.1m), mainly due to an increase in sales in the Eco-Med and Distribution units of the Bio-medical division.
The blended gross profit margin for the first half was 30.1% (H1 2016: 32.8%). This decrease is mostly due to a reduction in the gross margin of the Networking and Cyber division as a result of the contribution to revenues from a large government contract, which carries a lower gross margin..
Sales and marketing expenses for the first half were $7.2m (H1 2016: $7.3m), representing 14.5% of revenues compared with 16.2% in H1 2016.
General and administrative expenses were $5.2m (H1 2016: $4.7m). The increase is mainly due to the effect of the consolidation of the newly-acquired Zer Laboratories.
Research and development investment in the first half of 2017 increased to $4.0m (H1 2016: $3.4m), primarily as a result of the increase in investments in new technologies in the Eco-Med unit and investments in new software applications.
Net finance expense was $0.2m (H1 2016: $0.4m). The decrease is mainly due to the positive effect of foreign exchange rate fluctuations.
Net loss after tax attributable to equity holders of the parent amounted to $2.6m (H1 2016: $0.9m loss), resulting in a basic loss per share of 0.66c (H1 2016: 0.23c loss).
Adjusted operating loss amounted to $1.4m (H1 2016: $0.6m loss).
The Group's balance sheet remains strong with effective liquidity of $22.4m at 30 June 2017 compared with $27.6m at 31 December 2016 and $18.6m at 30 June 2016. Period-end cash is comprised as follows: cash and deposits up to three months duration of $13.2m and short-term cash deposits up to one year and held for trading bonds of $9.2m. The decrease in cash balances is a result of the investment in the subsidiary Zer Laboratories and investment in the joint venture Ador as well as purchase of fixed assets.
As at 30 June 2017, inventory was $20.8m (31 December 2016: $20.5m; 30 June 2016: $20.9m). Trade and other receivables was $33.6m (31 December 2016: $28.1m; 30 June 2016: $28.1m), with the increase mainly due to the growth in revenues in H1 2017.
Intangible assets and goodwill was $22.8m (31 December 2016 $20.6m; 30 June 2016: $20.2m). This increase compared with the prior year was mostly due to the investment in Zer Laboratories.
Property, plant and equipment and investment property increased to $20.3m (31 December 2016: $17.7m; 30 June 2016: $23.2m). The increase is due to leasehold improvement in two new buildings.
The balance of trade and other payables was $31.9m (31 December 2016: $27.1m; 30 June 2016: $23.4m). The increase is due to an increase in the out-sourcing services in the Networking and Cyber division and in the Eco-Med unit.
Cash outflow from operations was $0.4m for H1 2017, compared with an inflow of $0.1m for the prior period, due to the operating loss incurred in the period.
Outlook
The Group continues to make further inroads in the Bio-Medical division, gaining new customers and increasing sales to current ones. Specifically, the Eco-Med unit is receiving a lot of interest in its innovative agri-waste solutions. In the second half of the year it is on track to deliver the mobile unit for agri-waste treatment as well as the delivery of the contract for the bovine slaughterhouse facility. In the second half, the Diagnostics unit will also experience increased sales of reagents and machines compared with H1 2017.
In the Networking and Cyber division, the Cyber unit continues to experience increased interest from government agencies across the globe. In H2 2017, the unit expects to deliver a significant portion of the Cyber contract that was first won in 2016 and expanded to incorporate other elements in H1 2017. The Group also expects to report on the success of POC trials currently taking place. In the Networking unit, the Group continues to progress with the SDN/NFV solutions POC trials and expects to announce follow-on orders during H2 2017.
As a result of this, the Group has an increased backlog compared with this time last year and, consequently, expects to report growth for full year 2017, in line with market expectations.
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED INCOME STATEMENTS
Six months ended
30 June
2 0 1
2 0 1 7 6
US$ in thousands
Unaudited Unaudited
Revenues 49,825 45,122
Cost of revenues 34,846 30,340
Gross profit 14,979 14,782
--------------- ---------------
Operating expenses
Sales and marketing expenses 7,210 7,305
General and administrative expenses 5,240 4,710
Research and development expenses 3,966 3,394
Other operating expenses 622 545
Total operating expenses 17,038 15,954
--------------- ---------------
Operating loss (2,059) (1,172)
Finance income 293 125
Finance expenses (494) (513)
Loss before tax (2,260) (1,560)
Income tax (expenses) (75) 27
Loss for the period before share
of a loss of a joint venture
and associated companies (2,335) (1,533)
Share of a loss of joint venture __ __(597) ____ __-
and associated companies
Loss for the period (2,932) (1,533)
Attributable to:
Owners of the Company (2,645) (935)
Non-controlling interests (287) (598)
Loss for the period (2,932) (1,533)
Profit (loss) per share (In cents):
From continuing
and discontinued operations Basic
and Diluted (0.66) (0.23)
From continuing operations Basic
and Diluted (0.66) (0.23)
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Six months ended
30 June
2 0 1 7 2 0 16
US$ in thousands
Unaudited Unaudited
Loss for the period (2,932) (1,533)
Items that may be reclassified subsequently
to profit or loss :
Exchange differences on translating
foreign operations 3,193 595
Total Comprehensive income (loss)
of the Period 261 (938)
Attributable to:
Owners of the Company 1,133 (184)
Non-controlling interests (872) (754)
261 (938)
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
30 June 30 June 31 December
2 0 1 7 2 0 1 6 2 0 1 6
US$ in thousands
Unaudited Unaudited Audited
Current assets
Cash and cash
equivalents 13,168 16,112 22,015
Trade and other
receivables 33,627 28,067 28,124
Financial assets 9,237 2,537 5,593
Inventories 20,804 20,894 20,479
------------------------------ ------------------------------ ------------------------------
76,836 67,610 76,211
------------------------------ ------------------------------ ------------------------------
Non-current assets
Property, plant and
equipment 16,447 19,445 14,078
Investment property 3,846 3,729 3,669
Goodwill 16,928 15,339 15,011
Other intangible
assets 5,862 4,841 5,604
Investment in Joint
venture
and associate 1,082 - 854
Available for sale
Investments
carried at fair
value 576 614 614
Deferred tax asset 3,683 3,582 3,570
------------------------------ ------------------------------ ------------------------------
48,424 47,550 43,400
------------------------------ ------------------------------ ------------------------------
Total assets 125,260 115,160 119,611
============================== ============================== ==============================
Current liabilities
Short-term bank
credit 3,126 4,667 4,407
Trade and other
payables 31,948 23,424 27,100
35,074 28,091 31,507
Non-current
liabilities
Long-term bank
credit 3,047 1,281 1,104
Long-term
liabilities 4,455 4,448 4,722
Deferred tax
liabilities 880 997 912
Retirement benefit
obligation 599 738 476
8,981 7,464 7,214
Total liabilities 44,055 35,555 38,721
Equity
Share capital 1,216 1,216 1,216
Share premium
account 407,598 407,487 407,544
Foreign currency
translation
reserve
and other reserves (17,292) (19,637) (21,070)
Accumulated deficit (306,455) (307,249) (303,810)
------------------------------ ------------------------------ ------------------------------
Equity attributable to
equity holders of the:
Owners of the
Company 85,067 81,817 83,880
Non-controlling
interest (3,862) (2,212) (2,990)
============================== ============================== ==============================
Total equity 81,205 79,605 80,890
============================== ============================== ==============================
Total equity and
liabilities 125,260 115,160 119,611
============================== ============================== ==============================
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Six months ended 30 June 2017
Share Attributable Non-Controlling
Share Premium Translation Other Accumulated to owners Interests Total
Capital Account reserve Reserve Deficit of the equity
Parent
US$ in thousands
As at 1
January
2017 1,216 407,544 (20,558) (512) (303,810) 83,880 (2,990) 80,890
Recognition
of
share-based
payments 54 54 54
Loss for
the period (2,645) (2,645) (287) (2,932)
Comprehensive
income
(loss)
for the
period 3,778 - 3,778 (585) 3,193
Total
comprehensive
income
(loss)
for the
period 3,778 (2,645) 1,133 (872) 261
As at 30
June 2017
(unaudited) 1,216 407,598 (16,780) (512) (306,455) 85,067 (3,862) 81,205
Six months ended 30 June 2016
Share Attributable Non-Controlling
Share Premium Translation Other Accumulated to owners Interests Total
Capital Account reserve Reserve Deficit of the equity
Parent
US$ in thousands
As at 1
January
2016 1,216 407,436 (20,053) (335) (306,314) 81,950 (1,458) 80,492
Recognition
of
share-based
payments 51 51 51
Loss for
the period (935) (935) (598) (1,533)
Comprehensive
income
(loss)
for the
period 751 - 751 (156) 595
Total
comprehensive
income
(loss)
for the
period 751 (935) (184) (754) (938)
As at 30
June 2016
(unaudited) 1,216 407,487 (19,302) (335) (307,249) 81,817 (2,212) 79,605
BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 June
2 0 1 7 2 0 1 6
US$ in thousands
Unaudited Unaudited
Net cash used in operating
activities (Appendix A) (919) (158)
Investing activities
Interest received 88 91
Proceeds on disposal of property,
plant and equipment 45 52
Proceeds on disposal of deposits 1,152 1,651
Proceeds on disposal of financial
assets carried
at fair value through profit
and loss 3,000 525
Proceeds on disposal of held
to maturity investment - 3,229
Purchases of property, plant
and equipment (2,174) (1,731)
Increase of other intangible
assets (663) (1,192)
Purchases of financial assets
carried at fair value (2,452) -
through profit and loss
Purchases of deposits (5,351) (1,151)
Investment in joint venture (834) -
Acquisition of subsidiaries
(Appendix B) (1,361) (1,862)
Net cash used in investing
activities (8,550) (388)
Financing activities
Decrease in short-term bank
credit - (2)
Bank loan repayment (4,816) (3,928)
Bank loan received 5,138 3,599
Net cash from (used in) financing
activities 322 (331)
Decrease in cash and cash equivalents (9,147) (877)
Cash and cash equivalents at
the beginning of the period 22,015 17,042
Effects of exchange rate changes
on the balance
of cash held in foreign currencies 300 (53)
Cash and cash equivalents at
the end of the period 13,168 16,112
BATM ADVANCED COMMUNICATIONS LTD.
APPICES TO CONSOLIDATED STATEMENT OF CASH FLOWS
APPIX A
RECONCILIATION OF OPERATING LOSS FOR THE PERIOD TO NET CASH
USED IN OPERATING ACTIVITIES
Six months ended
30 June
2 0 1 2 0 1
7 6
US$ in thousands
Unaudited Unaudited
Operating loss from continuing operations (2,059) (1,172)
Adjustments for:
Amortization of intangible assets 644 579
Depreciation of property, plant and
equipment and investment property 1,112 901
Capital gain of property, plant and (32) -
equipment
Stock options granted to employees 54 51
Increase in retirement benefit obligation 123 30
Increase (decrease) in provisions 2 (2)
Operating cash flow before movements
in working capital (156) 387
Decrease (increase) in inventory (258) 1,821
Decrease (increase) in receivables (5,143) 3,763
Increase (decrease) in payables 3,442 (5,864)
Effects of exchange rate changes
on the balance sheet 1,720 (49)
Cash from (used in) operations (395) 58
Income taxes paid (268) (12)
Income taxes received 1 -
Interest paid (257) (204)
Net cash used in operating activities (919) (158)
APPIX B
ACQUISITION OF SUBSIDIARY - Zer Laboratories
2017
US$ in thousands
Unaudited
Net assets acquired
Property, plant and equipment 78
Trade payables and other liabilities (85)
(7)
Goodwill 1,207
Total consideration 1,200
Satisfied by:
Cash 787
Consideration recorded as a contingent
liability 420
1,207
Net cash outflow arising on acquisition
Cash consideration 787
Cash and cash equivalents acquired -
787
BATM ADVANCED COMMUNICATIONS LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Basis of preparation
The interim consolidated financial statements of the Company have been prepared in conformity with International Accounting Standard No. 34 "interim financial reporting" (hereafter "IAS 34").
In preparing these interim consolidated financial statements, the Company implemented accounting policies, presentation principles and calculation methods identical to those implemented in preparation of its consolidated financial statements as of 31 December 2016 and for the period ended on that date. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRSs.
Note 2 - Profit/(loss) per share
Profit/(loss) per share is based on the weighted average number of shares in issue for the period of 403,150,820 (H1 2016: 403,150,820). The number used for the calculation of the diluted profit per share for the period (which includes the effect of dilutive stock option plans) is 403,150,820 shares (H1 2016 403,150,820).
Note 3 - Other alternative performance measures
Six months ended
30 June
2 0 1 2 0 1
7 6
Unaudited Unaudited
Operating loss (2,059) (1,172)
Amortisation of Intangible assets 644 579
Other alternative Operating profit (1,415) (593)
Note 4 - Segments
Business Segment
Six months ended 30 June 2017
Networking Bio-Medical Unallocated Total
and Cyber
US$ in thousands
Revenues 20,987 28,643 195 49,825
Segment profit/(loss) (369) (296) (772) (1,437)
Reconciliation-
Other operating
expenses (622)
Net Finance
cost (201)
Loss before
tax (2,260)
BATM ADVANCED COMMUNICATIONS LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Segments (cont.)
Six months ended 30 June 2016
Networking Bio-Medical Unallocated Total
and Cyber
US$ in thousands
Revenues 19,137 25,800 185 45,122
Segment profit/(loss) 43 4 (674) (627)
Reconciliation-
Other operating
expenses (545)
Net Finance
cost (388)
Loss before
tax (1,560)
Note 5 - Financial instruments
The amortised cost of the financial instruments of the Group is not considered to be materially different from the fair value.
The following provides information of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 3 based on the degree to which their fair value is observable:
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the liabilities that are not based on observable market data (unobservable inputs).
Financial liabilities-Government grants total amount: $3.4m.
Note 6 - Investment in subsidiaries
In January 2017, the Group acquired the entire issued share capital of Zer Laboratories Ltd, which is the largest private diagnostic laboratory in Israel for clinical tests, mainly providing prenatal screening tests for Down's Syndrome, genetic tests and additional tests performed during IVF and fertility treatments, for a total consideration of $1.2m payable: $0.8m in cash and $0.4m as a contingent liability, which will be paid over a period of four years.
Zer Laboratories is part of the Bio-Medical division.
The Company has not yet completed the purchase price allocation to the assets, liabilities and contingent liabilities of Zer Laboratories and has temporarily classified the access cost as goodwill.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEFFAUFWSEDA
(END) Dow Jones Newswires
August 30, 2017 02:00 ET (06:00 GMT)
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