Annual Financial Report

RNS Number : 1228L

BATM Advanced Communications Ld

30 April 2010

 



ANNUAL FINANCIAL REPORT - DTR 6.3.5 Disclosure

Following the release on 08 February 2010 of the Company's Preliminary Results Announcement for the financial year ended 31 December 2009 (the 'Preliminary Announcement'), the Company announced on 30 April 2010 that the 2009 Annual Report and Accounts ("2009 Annual Report") had been published. These documents have been made publicly available on the BATM website (www.batm.com). The 2009 Annual Report can be found in Investors under Annual Reports. The direct link is http://www.batm.com/int/index/en/annualreports

In compliance with 9.6.1 of the Listing Rules, on 30 April 2010 the Company has submitted to the UK Listing Authority two copies of the 2009 Annual Report. The above documents will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.

The primary purpose of this announcement is to inform the market about the publication of the Company's Annual Report for the year ended 31 December 2009.

The information below, which is extracted from the 2009 Annual Report, 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 Company's Preliminary Results 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 2009 Annual Report. 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 Company's 2009 Annual Report.

The Preliminary Results Announcement includes an indication of the important events that occurred during the year and a condensed set of the financial statements.

The Company'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 page 25 of the 2009 Annual Report.

APPENDIX A - DIRECTORS' RESPONSIBILITY STATEMENT

The 2009 Annual Report contain a responsibility statement in compliance with paragraph 4.1.12 of the DTR. The directors' responsibility statement is set out on page 18 of the 2009 Annual Report for the Group. This statement is set out below in full and unedited text.

The directors are responsible for preparing the Annual Report, the 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 (IFRS). 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 Group'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 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; 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.

We confirm to the best of our 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 of the Company and the undertakings included in the consolidation taken as a whole; and

2. the management report, which is incorporated into the directors' 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.

APPENDIX B - RISKS AND UNCERTAINTIES

The principal risks and uncertainties are set out on page 16 of the 2009 Annual Report. The full and unedited text relating to these disclosures is set out below:

'The Group has recently entered the Medical and Surveillance sectors. These are new markets in which the Group has relatively little experience. The success of the Group's investments in these sectors are thus uncertain with consequent risk to the amounts invested.

The Group has made acquisitions which do not attain one hundred per cent ownership of the target Companies. As a result certain companies in the group have minority interests, which are usually the local management of the subsidiaries. Relationships with these minority interests are important and carry certain risks.

The Group has several significant indirect sales channels. The loss, or significant scale down, of any one or more of these channels would have a negative impact on the performance of the Group.

The global telecoms market is experiencing a significant amount of uncertainty as a result of the global financial crisis, and future sales have lower visibility.

The Company has an ongoing process for identifying, evaluating and managing the significant risks faced by the Company that has been in place for 2009 and up to the date of approval of the annual report and financial statements. Principal controls are managed by the executive directors and key employees, including regular review by management and the Board of the operations and the financial statements of the Company.'

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