TIDMBVC
RNS Number : 8664W
BATM Advanced Communications Ld
24 April 2019
LEI: 213800FLQUB9J289RU66
24 April 2019
BATM Advanced Communications Limited
("BATM", the "Group" or the "Company")
ANNUAL FINANCIAL REPORT - DTR 6.3.5 Disclosure
Following the release on 6 March 2019 of the Group's Preliminary
Results Announcement for the financial year ended 31 December 2018
(the "Preliminary Announcement"), BATM announces that the 2018
Annual Report and Accounts have been published today. These
documents have 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
2018 Annual Report and Accounts will shortly be available for
inspection at the UK Listing Authority's National Storage Mechanism
website: http://www.morningstar.co.uk/uk/NSM.
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 2018 (the "2018 Annual Report and
Accounts").
The information below, which is extracted from the 2018 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 2018 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 2018 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 reports
are unqualified. The Independent Auditor's Report on the Group
financial statements is set out in full on pages 36-39 of the 2018
Annual Report and Accounts.
APPENDIX A - DIRECTORS' RESPONSIBILITY STATEMENT
The 2018 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 page 17 of the
2018 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 standard Board (IFRS).
Israeli company law requires the Directors to prepare such
financial statements.
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 which 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 which 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.
APPENDIX B - RISKS AND UNCERTAINTIES
The principal risks and uncertainties are set out on page 13 of
the 2018 Annual Report and Accounts. The full and unedited text
relating to these disclosures are set out below:
As the Group is involved in the development of new products and
services, it is subject to the development risk inherent in such
activity, including in particular the failure of products and
services in development to proceed to completion and to the market.
This includes the risk of failing key research and development
hurdles such as clinical trials and regulatory authorisation.
The Group has made several acquisitions. Such growth in the
Group carries increased demand for cash and resources in the
Group's business, not all of which may be capable of being
adequately serviced. Furthermore, certain acquisitions have not
reached one hundred per cent ownership of the relevant target
companies, in some cases due to local regulatory requirements as to
share ownership and structuring. As a result, certain companies in
the Group have non-controlling interests, typically held by the
local management of the subsidiaries. Relationships with these
non-controlling interests are frequently key to the continued
success of the relevant business and projects. They carry certain
risks, including those inherent in diversified control in a trading
business, for example that key business decisions favoured by the
Group may not proceed to implementation, and the consequences of a
breakdown of the cooperation between the Group as the majority
holder and the local partner as the minority.
The Group's diversified business activities include some,
particularly within the Eco-Med and Distribution units, that are
aimed at emerging markets, which have significant upward potential,
yet at the same time are subject to greater risks than more
developed markets, including economic, currency, political, social,
legal and legislative risks. The Group's business and,
consequently, its financial results and returns to investors may be
adversely affected by a decrease in demand in such emerging
markets, which can typically be less easy to predict or manage than
in more stable and developed economies. The political and
socioeconomic stability of emerging markets is frequently lower
than that seen in more established markets, and this carries the
risk that the Group's business and, consequently, its financial
results and returns to investors may be adversely affected by
negative changes in conditions for business and investment, which
may occur more frequently or with more severity than in more
developed markets. BATM has exposure to material fluctuations in
currencies since BATM sells in various different currency zones
including US Dollar, Euro, Romanian Lei and Moldavian Lei.
- 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 +44 20 7408 4050
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.
END
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