Batm Advanced Communicat... Share Discussion Threads

[car1pet] 14/9/2022 18:59

Thanks Shifty - interesting

[shiftytherat] 14/9/2022 18:50

Aha! Resistance1.

It's probably easiest if I just stick em on Twitter. Leave it with me - I'll try and get round to it later.

[resistance1] 14/9/2022 18:41

Shifty. Please can you share screen grabs of the official communication you received of the 'suspension' of accounts. I remember sharing screen grabs from the accounts, via Kooba, that cost me 5 euro to download after your last scare story. Only fair.

[shiftytherat] 14/9/2022 18:40

(apologies... clarification. The medical products distribution business in Romania and Moldova did also apparently grow some earnings, but this was roughly offset by the losses in the cyber/telco division.)

[shiftytherat] 14/9/2022 18:38

2020 was a bumper year for BATM, because of Covid. They got that one off ventilator order in Hungary, and their "diagnostics unit" exploded with sales of Covid tests. The diagnostics unit is made up of ISE and Adaltis. ISE has filed accounts for 2020, and it didn't grow, so Adaltis was all of the growth in the diagnostics business segment.

Diagnostics segment grew from 5.5m of sales in 2019 to 22m in 2020. And its operating profit grew from negligible to 7.4m. That's all according to BATM's company presentation.

So, Adaltis represented a bit under 17m of sales growth in 2020 vs a total sales growth for the entire company of 60m... a bit over a quarter. But Adaltis also represented somewhat over 8m of operating profit (ISE is loss making), up from negligible or loss making the year before. That compares to a rise of 10 m for the group, from 4 to 14, roughly. So it was hugely material to BATM's earnings growth in 2020, especially when you consider that the rest of the operating profit was one off in nature, from the ventilator order in Hungary. Absent that one off, basically ALL Batm's earnings growth was from Adaltis.

[kemche] 14/9/2022 18:27

Shenanigans.

[owenski] 14/9/2022 18:25

Wonder if this'll turn out to be some sort of financial shenanigans, perhaps someone can ask the resident BB bore and font of all knowledge, echogunge.

[car1pet] 14/9/2022 18:23

Thanks for that. How much of the growth in earnings was attributable to Adaltis?

[shiftytherat] 14/9/2022 18:10

It's a major Italian subsidiary of BATM, responsible for much of the recent growth and earnings. But it is also one that has caused a stir on here recently. A few weeks ago, I posted a Tweet highlighting that Adaltis had not published accounts for 2020 yet and I thought this was poor form because in 2020 that subsidiary represented so much of BATM's growth and earnings.

Someone on here suggested I was an idiot (paraphrasing) and the accounts were in fact publicly available. To prove this, they sent across screen grabs of the income statement and balance sheet (forwarded on to me) and said these were available through the Milan Chamber of Commerce.

I've now had it in writing from the Milan Chamber of Commerce, and the Italian Business Registry, that the accounts are in fact not publicly available, yet.

I find this somewhat problematic. I'd love to hear peoples' thoughts on whether the Milan Chamber of Commerce are lying to me, or something else.

[car1pet] 14/9/2022 17:45

I've lost the plot about Adaltis. Can someone please explain what and why there are so many posts about Adaltis. Thank you

[shiftytherat] 14/9/2022 17:12

Hello again. So, I have now received written confirmation from both the Italian Business Registry and the Milan Chamber of Commerce that the 2020 accounts for Adaltis Srl are not available publicly. Weird, huh? So, where did you guys get them? I mean, the Chamber of Commerce does has them - they have been filed (March of this year). But the accounts are in some sort of "suspension". Their status is described on the system as "suspended". Neither institution was able to explain to me why the accounts were in a status of "suspension" or what that might mean, but they both confirmed that the accounts are NOT yet available publicly. Perhaps there's some sort of backlog in Milan... :-

So, did one of you hack the Milan Chamber of Commerce? LOL :) I jest. Of course you didn't. But we are running out of options here.

I'm all ears, because I really don't want to jump to the conclusion that the screen grabs someone sent me are of (as yet) non-public information... But, in the context of the Italian authorities saying the documents are non-public, it's hard for me not to jump to the conclusion that they are non-public.

Where did they come from, I wonder?

PS. No position. :)

[kemche] 14/9/2022 12:24

And presumably the visits to institutions posed the same questions. Tells you all that you need to know.

[car1pet] 14/9/2022 12:03

Good post Kooba. Marom doesn't do orders he does non profit making pilots.

[kooba] 14/9/2022 11:48

Well they haven't been this low since March 2018 by the looks of it..when things were looking just great apparently , they raised more money in 2019 at a higher price and the highly valuable tech has come on in strides since then apparently , they've sold a software business for a profit and had some serious one off revs and profit from CVD19 ...we are allegedly now at a plateau called inflection point..moving off that will require some orders and evidence of growth .But unfortunately none of this undoubted progress or any of the above positives add up to anything to the market it seems ..they want to see some traction for the new disruptive tech products..they want to see orders or concrete route to orders...silly market!

[car1pet] 14/9/2022 11:36

Well at 27p to buy today its either a bargain or a dog. Who is prepared to catch the falling knife? As a longstanding critic of Marom's management I'm getting tempted to splash some cash in the belief that it is undervalued and it will get a new management team. I have no basis for that belief!! I think if it gets to 25p I will buy, maybe.....

[pockstones] 14/9/2022 10:05

Echoridge has commented a 105 times since July 31st on the subject of BATM
No response on corporate governance issues. No answers to the questions raised by Investigative journalists
No value added whatever string you call it it is a string attached to the chain of a lavatory

[echoridge] 13/9/2022 22:21

Shilling for a 3rd string twitter nobody. Honourable work

[pockstones] 13/9/2022 22:03

If management will not respond to the questions exposed by Shifty then it is left to the share price to reflect market judgement so down it goes.

[james dean] 13/9/2022 18:46

...as some of the posters methinks - IMHO

[kooba] 13/9/2022 17:31

When you rely on Simon Thompson as a reference its getting rather desperate...he has got quite a few "value plays" very wrong of late.

[kooba] 13/9/2022 17:27

You're welcome.

[kooba] 13/9/2022 17:26

They raised $275m in share placings 1999 /2000

[kooba] 13/9/2022 17:23

Yep i do..they used funds raised in share placings in 1999 and 2000 i to pay for Telco in cold cash ( oouch) they had never made a bean back then and still haven't overall now...hence the $400m of equity raised i mentioned. I suppose it was clever they tapped the market when they did and were able to raise money from the market when valuations were high. Do some homework and people might take you seriously!

[kooba] 13/9/2022 17:04

I did note the cyber division whose revenues are mostly Israeli Govt said that there was to be a relaxation on their ability to sell certain products to the commercial sector and said new products before the end of the year..perhaps more news for what must be a very busy Q4.Thing is they have had I believe $400m of equity over the years and we are where we are when overall tech markets have raced after the dot com correction.I'm not saying nothing works at all but it is all a bit bitty..no major position in any market considering the finance and timescales involved. Maybe trying to be a jack of all trades ..more focus might have been better for the company and for people to understand the company.Maybe its all coming together finally but its a messy structure and there is little joined up narrative in the communications.Some jv's deals etc mentioned then never crop up again. I looked back at Vodafone as some here had extolled an ongoing relationship , it never seems there was any deal they merely were hired to validate the tech it looks to me. Anyway i feel generally that many announcements were released ( the days when they made announcements) and never followed up on as maybe they fell by the wayside..impression over many years of this company and no I'm not going to run through all their announcements for examples..its an impression.

[fse] 13/9/2022 16:54

Err Kooba you missed something like how did BATM manage to pay for Telco Systems because they own it outright.
As Simon Thompson referenced the company has no debt with @30% of company assets in cash.
How in the world did such an unsuccessful company find itself in this position.
And you want people to take you seriously