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
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACSUSRWRUOUSARR
(END) Dow Jones Newswires
April 14, 2022 04:30 ET (08:30 GMT)
BATM Advanced Communicat... (AQSE:BVC.GB)
Historical Stock Chart
From Dec 2024 to Jan 2025
BATM Advanced Communicat... (AQSE:BVC.GB)
Historical Stock Chart
From Jan 2024 to Jan 2025
