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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.275 | -1.43% | 18.925 | 18.40 | 19.45 | 171,375 | 16:35:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Communications Services, Nec | 122.83M | -193k | -0.0004 | -480.00 | 83.72M |
TIDMBVC
RNS Number : 4035I
BATM Advanced Communications Ld
14 April 2022
LEI: 213800FLQUB9J289RU66
14 April 2021
BATM Advanced Communications Limited
("BATM", the "Group" or the "Company")
ANNUAL FINANCIAL REPORT - DTR 6.3.5 Disclosure
Following the release on 28 February 2022 of the Group's preliminary results announcement for the financial year ended 31 December 2021 (the "Preliminary Announcement"), BATM announces that the 2021 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 2021 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 2021 (the "2021 Annual Report and Accounts").
The information below, which is extracted from the 2021 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 2021 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 2021 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 61-64 of the 2021 Annual Report and Accounts.
APPIX A - DIRECTORS' RESPONSIBILITY STATEMENT
The 2021 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 58-59 of the 2021 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 Group 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;
3. and 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 22-23 of the 2021 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.
Risk How we manage the risk Risk change Political There is a risk The Group's operations are and of harm to the dispersed over a number economic business from of locations so that should political unrest a material adverse political or disruption, or economic event arise particularly in one location, the Group in emerging can continue with its operations markets, and elsewhere thereby helping from a deterioration to mitigate the impact on of economic its overall business. conditions. ------------------------- -------------------------------------- ------------ Legal and There is a risk The Group retains very experienced compliance that legal and/or legal advisers of a high regulatory requirements calibre for the Company are not met, and main subsidiaries in leading to the the Group who provide ongoing loss of licence advice and updates on relevant to operate, legal compliance requirements. reputational The Group monitors the regulation damage or financial that is relevant to its loss. activities and, when needed, makes the necessary adjustments to maintain compliance. ------------------------- -------------------------------------- ------------ Business There are risks The Group operates in numerous continuity to business locations and its manufacturing continuity from contractors are also located specific events, in multiple locations, which such as natural would help to mitigate the disasters and impact of a business disaster. pandemics. In addition, the key employees 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. ------------------------- -------------------------------------- ------------ Supply chain A disruption The Group has established in the supply strong supplier relationships
of key raw materials and collaborates with multiple or services vendors globally to broaden to a manufacturing the geographical coverage site could affect of its access to available the Group ' components. The Group requests s ability to that customers provide long-term make and deliver committed forecasts and products to itself provides multi-year customers, leading forecasts to its contract to interruption manufacturers. In addition, in supply, lost where appropriate, it reengineers revenue and products to enable them damage to its to have replaceable component reputation as alternatives. At times when a reliable supply availability of components partner. This is constrained, the Group could be resulting seeks alternative sources from market and to increase inventory shortages, disruption levels of both components due to global and finished goods. events and physical climate-related disruption of upstream supply chains. ------------------------- -------------------------------------- ------------ Competition There is a risk The Group is a leading company - that BATM is in those technological areas unable to build in which it operates and and main-tain aspires to be a dominant competitive player in each such niche. advantage in The Group periodically evaluates its focus markets. how to improve its efficiency by developing and producing better quality and performance products at more attractive prices - thus giving it an advantage over its competitors. ------------------------- -------------------------------------- ------------ Customer There is a risk The Group maintains ongoing - and partners of harm to the dialogue with its customers Group's revenues and business partners in as a result order to identify ahead of termination of time any potential problems of business arising on the part of the relationships customer and in order to with material maintain a close relationship customers or with its customers. The partners and Group also does not have sales agents. a significant reliance on one or few customers or partners. ------------------------- -------------------------------------- ------------ Research There is a risk With respect to its R&D, & Development that R&D programmes the Group's strategy has (R&D) overrun or do been to diversify its R&D not deliver operations among a variety the expected of teams, internally and benefits. externally (through universities 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 risk The Group routinely carries security of information out IT evaluations to ensure (including security, data that its IT systems have cyber security) loss and corruption, the latest cyber security and physical tools and security procedures damage to IT in place. In addition, BATM infrastructure. and two of its subsidiaries operating in the networking and cyber niches are approved suppliers to the Israeli Ministry of Defense and, as such, are continually monitored by the MoD and must maintain the highest level of cyber security. ------------------------- -------------------------------------- ------------ Foreign There is a risk The Group's finance department Exchange that the Group's at the corporate level manages currency exposure the cash and income in such leads to financial a way as to match each company's loss. or subsidiaries' revenues to its expenses and keeps these in the same currency, thereby reducing currency exposure. When this is not possible, the Group uses hedging transactions when needed to protect itself against potential currency risk. However, by its nature, in the Board's opinion, it is very difficult to hedge against currency fluctuations arising from translation in consolidation in a cost-effective manner. ------------------------- -------------------------------------- ------------
- Ends -
Enquiries
BATM Advanced Communications Dr Zvi Marom, Chief Executive Officer +972 9866 2525 Moti Nagar, Chief Financial Officer Shore Capital Mark Percy, Anita Ghanekar, James Thomas (Corporate Advisory) +44 20 7408 4050 Henry Willcocks (Corporate Broking) Luther Pendragon Harry Chathli, Claire Norbury +44 20 7618 9100
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April 14, 2022 04:30 ET (08:30 GMT)
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