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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| BATM Advanced Communications Limited | AQSE:BVC.GB | Aquis Stock Exchange | Ordinary Share | IL0010849045 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -2.78% | 17.50 | 16.00 | 19.00 | 18.00 | 17.25 | 18.00 | 0.00 | 15:30:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2023 to Feb 2025
TIDMBVC
RNS Number : 3656V
BATM Advanced Communications Ld
04 April 2023
LEI: 213800FLQUB9J289RU66
4 April 2023
BATM Advanced Communications Limited
("BATM", the "Group" or the "Company")
ANNUAL FINANCIAL REPORT - DTR 6.3.5 Disclosure
Following the release on 6 March 2023 of the Group's preliminary results announcement for the financial year ended 31 December 2022 (the "Preliminary Announcement"), BATM announces that the 2022 Annual Report and Accounts has been published today. This document has been made publicly available on the BATM website (www.batm.com). The annual report can be found in the Investor Relations section under Financial Reports. The direct link is http://www.batm.com/investor-relations/financial-statements/ .
In compliance with 9.6.1 of the Listing Rules, a copy of the 2022 Annual Report and Accounts will shortly be available for inspection at the FCA's National Storage Mechanism website: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The primary purpose of this announcement is to inform the market about the publication of the Company's Annual Report and Accounts for the year ended 31 December 2022 (the "2022 Annual Report and Accounts").
The information below, which is extracted from the 2022 Annual Report and Accounts, is included solely for the purpose of complying with DTR 6.3.5 and the requirements it imposes on issuers as to how to make public annual financial reports. It should be read in conjunction with the Group's Preliminary Announcement. Together these constitute the material required by DTR 6.3.4 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full 2022 Annual Report and Accounts. References to page numbers and notes to the accounts set out in the Appendices below refer to page numbers and notes to the accounts in the Group's 2022 Annual Report and Accounts.
The Preliminary Announcement includes an indication of the important events that occurred during the year and a condensed set of the financial statements.
The Group's auditor has reported on the accounts and its report is unqualified. The Independent Auditor's Report on the Group financial statements is set out in full on pages 67-70 of the 2022 Annual Report and Accounts.
APPIX A - DIRECTORS' RESPONSIBILITY STATEMENT
The 2022 Annual Report and Accounts contain a responsibility statement in compliance with paragraph 4.1.12 of the DTR. The directors' responsibility statement is set out on pages 64-65 of the 2022 Annual Report and Accounts for the Group. This statement is set out below in full and unedited text:
The Directors are responsible for preparing the Annual Report, the Directors' Remuneration Report and the financial statements in accordance with applicable laws and regulations. The Directors are required to prepare financial statements for the Company in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Israeli company law holds the Directors responsible for preparing such financial statements and requires the Directors to approve them.
International Accounting Standard 1 requires that financial statements present fairly for each financial year the Company's financial position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board's 'Framework for the Preparation and Presentation of Financial Statements'. In virtually all circumstances, a true and fair presentation will be achieved by compliance with all applicable International Financial Reporting Standards.
Directors are also required to:
-- properly select and apply accounting policies;
-- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-- make an assessment of the Company's ability to continue as a going concern and disclose where they consider it appropriate; and
-- provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company, for safeguarding the assets, for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the preparation of a Directors' Report and Directors' Remuneration Report that comply with the Listing Rules and the Disclosure and Transparency rules.
Legislation in Israel governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Each of the Directors confirms to the best of his or her knowledge:
1. the financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;
2. the strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face; and
3. the annual report and financial statements, taken as a whole, are fair, balanced, and understandable, and provide the information necessary for shareholders to assess the Company's position, performance, business model and strategy.
APPIX B - RISKS AND UNCERTAINTIES
The principal risks and uncertainties are set out on pages 27-29 of the 2022 Annual Report and Accounts. The full and unedited text relating to these disclosures are set out below:
The risks outlined below are those that the Board considers to be material to the Group. The Board routinely monitors risks that could materially adversely affect the ability of the Group to achieve its strategic goals and to maintain financial stability, assisted by the senior management team.
Hot Features
Premium
Risk How we manage the risk Risk change
Political There is a The Group's operations are Up
and economic* risk of harm dispersed over a number of
to the business locations so that should
from political a material adverse political
unrest or or economic event arise in
disruption, one location, the Group can
particularly continue with its operations
in emerging elsewhere, thereby helping
markets, and to mitigate the impact on
from a deterioration its overall business.
of economic
conditions.
-------------------------- -------------------------------------- ------------
Legal and There is a The Group retains experienced No change
compliance* risk that high calibre legal advisers
legal and/or for the Company and main
regulatory subsidiaries in the Group
requirements who provide ongoing advice
are not met, and updates on relevant legal
leading to compliance requirements.
the loss of The Group monitors the regulations
licence to relevant to its activities
operate, reputational and, when needed, makes the
damage or necessary adjustments to
financial maintain compliance. This
loss. includes ensuring compliance
with the latest TCFD requirements,
which is being managed by
working with a team of ESG
consultants.
-------------------------- -------------------------------------- ------------
Business continuity* There are The Group operates in numerous Down
risks to business locations and its manufacturing
continuity contractors are also located
from specific in multiple locations, which
events, such would help to mitigate the
as natural impact of a business disaster.
disasters In addition, the key employees
and pandemics. in the workforce have been
positioned such that they
are able to work without
interruption by working remotely
from their homes. The Group
also keeps a cash cushion
to ensure that unexpected
events don't cause unnecessary
indirect adverse effects
beyond the direct outcomes.
In 2022, the Group undertook
its first survey with its
business unit leaders to
help establish the level
of physical and transitional
risks resulting from climate
change. This insight is now
being used to enhance the
Group's business continuity
processes and responses.
-------------------------- -------------------------------------- ------------
Supply chain* A disruption The Group has established No change
in the supply strong supplier relationships
of key raw and collaborates with multiple
materials vendors globally to broaden
or services the geographical coverage
to a manufacturing of its access to available
site could components. The Group requests
affect the that customers provide long-term
Group's ability committed forecasts and itself
to make and provides multi-year forecasts
deliver products to its contract manufacturers.
to customers, In addition, where appropriate,
leading to it reengineers products to
interruption enable them to have replaceable
in supply, component alternatives. At
lost revenue times when availability of
and damage components is constrained,
to its reputation the Group seeks alternative
as a reliable sources and to increase inventory
supply partner. levels of both components
This could and finished goods.
be resulting
from market
shortages,
disruption
due to global
events and
physical climate-related
disruption
of upstream
supply chains.
-------------------------- -------------------------------------- ------------
Competition* There is a The Group operates in large No change
risk that markets, but with a focus
BATM is unable on areas where it can establish
to build and a leadership position through
maintain competitive technological expertise and
advantage innovation. The diversification
in its focus of its end markets reduces
markets. In its exposure to a large competitor
particular, in any one sector. The Group
there is a ensures that its products
risk that remain world-leading through
competitors investment in R&D. It maximises
with greater its resources and enhances
financial its routes-to-market by establishing
resources partnerships, collaborations
may develop and joint ventures.
technology
that is superior
to that of
the Group
and they may
also adopt
more aggressive
pricing models
or undertake
more extensive
advertising
and marketing
campaigns.
-------------------------- -------------------------------------- ------------
Customers There is a The Group maintains ongoing No change
and partners* risk of harm dialogue with its customers
to the Group's and business partners in
revenues as order to identify ahead of
a result of time any potential problems
termination arising on the part of the
of business customer and in order to
relationships maintain a close relationship
with material with its customers. The Group
customers also does not have a significant
or partners reliance on one or few customers
and sales or partners.
agents.
-------------------------- -------------------------------------- ------------
Research & There is a With respect to its R&D, No change
Development risk that the Group's strategy has
(R&D)* R&D programmes been to diversify its R&D
overrun or operations among a variety
do not deliver of teams, internally and
the expected externally (through universities
benefits. and hospitals that carry
out clinical tests) and by
using different R&D funding
sources - thus reducing the
R&D risk. In addition, any
significant new R&D projects
are brought to the Board
for consideration. Still,
the Group considers certain
level of risk as inherent
to R&D activity, and views
R&D activity as valuable
to the Group despite that
risk.
-------------------------- -------------------------------------- ------------
Information There is a The Group routinely carries No change
security (including risk of information out proactive measures, such
cyber security)* security, as IT evaluations, to ensure
data loss that its IT systems have
and corruption, the latest cyber security
and physical tools and security procedures
damage to in place. These procedures
IT infrastructure. include implementing security
controls and staff training.
-------------------------- -------------------------------------- ------------
Market risk There is a The Group's finance department Up
risk that at the corporate level manages
changes in and monitors market conditions
market prices, and exposure. Most of the
such as foreign cash, income and expenses
exchange, in each company or subsidiary
inflation is held in a way to reduce
and interest the Group's exposure to currency
rates, will fluctuations. When this is
lead to financial not possible, the Group uses
loss. hedging transactions when
needed to protect itself
against potential currency
risk. However, this is only
done to a certain extent
as the Board believes it
is very difficult to hedge
against currency fluctuations
arising from translation
in consolidation in a cost-effective
manner.
The Group also monitors the
impact of the inflation and
adjusts sales prices to maintain
its margins. The Group's
exposure to interest rate
risk is low as it has relatively
low bank debt. However, due
to the impact of changes
in interest rates on the
financial markets, the Group
closely monitors possible
indirect impacts.
-------------------------- -------------------------------------- ------------
* Risk categories that are considered to have elements related to climate change. For further information, please see the 'Strategy' and 'Risk Management' sections of the TCFD Report on pages 23 to 25.
- Ends -
Enquiries
BATM Advanced Communications Moti Nagar, Chief Executive Officer +972 9866 2525 Ran Noy, Chief Financial Officer Shore Capital Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) +44 20 7408 4050 Gracechurch Group Harry Chathli, Claire Norbury +44 20 4582 3500
Forward-looking statements
This document contains forward-looking statements. Those statements reflect the current opinions, evaluations and estimations of the Group's management, and are based on the current data regarding the Group's business as is detailed in this document and in the Group's periodical, interim and immediate reports. The Group does not undertake any obligation or make any representation that actual results and events will be in line with those statements, and stresses that they may differ materially from those statements, due to changes in the Group's business, market, competition, demand for the Group's products or services, general economic factors or other factors that can influence the Group's business and results, due to the risk factors that are detailed in the Group's Annual Report, and due to information and factors that are currently unknown to the Group's management and that, if known, would affect the management's opinions, evaluations or estimations. The Group will report the actual results and events according to its legal, accounting and regulatory obligations, and does not undertake any other obligation to report them or their deviations from the forward-looking statements, or to update any of the forward-looking statements in this document or to report that it is not valid anymore.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
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April 04, 2023 10:30 ET (14:30 GMT)
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