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BVC Batm Advanced Communications Ld

19.43
0.39 (2.05%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.39 2.05% 19.43 18.92 19.94 19.00 19.00 19.00 183,486 16:35:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Communications Services, Nec 116.12M 244k 0.0006 316.67 82.85M

BATM Advanced Communications Ld Annual Financial Report (3656V)

04/04/2023 3:30pm

UK Regulatory


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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.

 
                        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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