The main points at the Year end results were:
* Strong cash position: $55.2 m and no borrowings (2001: $56.6m)
* Significant R&D program maintained
* General and administrative overheads reduced by 37% - in line with strategy
* Awarded an exclusive contract with a leading regional Bell operating company in H2
* Won first major contract for VOIP platform in the US

The company is increasing its presence in several markets which have substantial potential, including the Far East and despite the recent decline in revenues, they are now serving more customers in more countries than ever before.

Dr Zvi Marom, Chief Executive has ensured the company is debt free and cash rich. He has kept a tight control on expenditure and been very smart as to whom he chose to do business with.

The high speed Internet business just taking off and systems have to be upgraded to take up high data load and telcos simply need equipment’s made by makers like BATM.

With time, Financial Institutions will seek out companies which represent good value and strong potential in terms of their growth and BATM is one such company.

BATM shares are trading at cash position 8.50p but at half their NAV of 17p, with all this good points, and the trend on the chart is definitely on the up since the start of April, time to get on board. Dates -- News
09 Dec 08 Signed a contract of medical equipment in excess $1m with substantial upside in the future
07 Jan 09 Revenues will exceed $132m for the full Year 2008, results early March
17 Mar 09 Year results Pretax rise 20% sales 39% and dividend to 0.69p
1 April 09 Vigilant Technology Expands Operations to US & Singapore
12 May 09 Update - cautiously optimistic it will meet targets
14 May 09 CEO Zvi Marom, buys 200,000 shares @ 31.375p
Newspaper comments
18 Dec 2008 Share Magazine selects BVC for the Growth Portfolio
18 Dec 2008 Share Magazine selects BVC for the Growth Portfolio
05 Feb 2009 investegate/article Investech shareholding
18 Mar 2009 CEO video after results - post 19569
18 Mar 2009 Investors Chronicle says "BUY" after 2009 results -

Intraday

4 month candkestick with Indicators ad support /resistance

6 month Bollinger Bands,RSI, S Stochastic and 50 days MA

Charts - 5 days

Links    batm web    Vigilant Web    PLUS Market Trades

           

Another director selling

Director Deals - Batm Advanced Communications Limited (BVC)

Dr Dan Kaznelson, Non Executive Director sold 30,000 shares in the company on the 19th October 2009 at a price of 55.00p.
The Director now holds 82,300 shares representing 0.02% of the shares in issue.

From the FT.com
MARKET REPORT

Technology group BATM Advanced Communications dipped 2.3 per cent to 54p after Dan Kaznelson, a non-executive director said he had disposed of 30,000 shares at 55p each.

A very large move up today and some llarge trade earlier 1.2M at 56p

Thursday, October 22, 2009
Naked Trader adds BATM

I bought something I really ought to have bought a while back - in fact
it was on two seminar shortlists but I never bought and I can't remember why!

So it keeps on going up and I've taken the chance and bought anyway at a
higher price that's BATM (BVC) collecting 6,500 at 56. (well 56.04 to be
precise but what's .04 between friends?)

Target 68 stop 51. Bit risky as it's gone up quite a lot already but it has
gone up for a reason. Very hot sector and a pretty good balance sheet too
- and possibility of a bid in there for not much. Could still have decent
upside but I must get out if I bought it at the top.

i got out at top .no risk no gain .its a calculated risk,hope it works out

Daily MAIL

MARKET REPORT:

Israeli telecoms equipment group BATM added 2p at 58p after KBC Peel Hunt lifted its target price 17pc to 70p.

The fundamentals behind BATM's core market is set to improve so there is growing capacity for earnings to exceed current expectations.
After Arbuthnot banking group said that its investment banking arm had been profitable over the last quarter, rival Collins Stewart rallied 2p to 81p. The stock is down 6 per cent over the last six months and looks cheap.

An another comment on the ft.com ........

Attractive outlook for BATM
Published: October 23 2009

BATM Advanced Communications, the telecoms equipment maker, was in demand yesterday.

It rose 3.5 per cent to 58p after KBC Peel Hunt increased its target price to 70p, citing the improving outlook for trading.

"We believe that third-quarter results from fixed and wireless telecoms operators will point to an improving capital expenditure profile. BATM will be a strong beneficiary of such a trend," predicted analyst Simon Strong.

Lately moving into a more vertical trend

FOXBORO, MA October 27, 2009 Telco Systems a BATM company (LSE: BVC) and a leading provider of Carrier Ethernet access solutions, has announced that ATMC Wireless has installed the Companys T-Metro 200 multi-service platform with OC3 aggregation and T-Marc 254 demarcation devices to backhaul 3G cell traffic over their Metro Ethernet packet-based network.

The T-Metro can emulate 84 T1 unstructured channels multiplexed on a single OC-3 interface. The T-Marc 254 offers four T1 ports that support circuit emulation technology. Circuit emulation represents a cost effective option which enables providers to reduce capital expenditures by leveraging existing circuit-based investments to provide a migration to emerging packet based networks. By backhauling multiple T1 onto Ethernet, providers can also cut operating costs while by minimizing leased line services.

Telco Systems Circuit Emulation over Ethernet backhaul solution enables ATMC to quickly deliver both TDM and Ethernet feeds to cell sites, while meeting the stringent quality requirements of backhauling voice traffic. This solution enabled us to leverage our Metro Ethernet network at a fraction of the cost of SONET and other alternatives, said Clint Berry, VP of Network Operations at ATMC.

"ATMC is an excellent example of how a carrier can secure new business utilizing CES," stated Steven Curtis, senior vice president of sale and service at Telco Systems. "We look forward to addressing the unique needs of customers like ATMC, which will continue to shape our wireless backhaul strategy going forward.

The ATMC Wireless 3G Network is the largest and fastest 3G network in Brunswick County offering subscribers not only excellent voice capabilities but also the ability to utilize more of the Internet from there wireless devices. Currently, 33 of ATMC Wireless 48 Brunswick County wireless transmission sites are 3G. The remaining 16 sites will be upgraded to 3G in the near future.

ATMC also offers business customers Ethernet Private Line (EPL) services, transparent LAN services and T1 replacement services using the Telco Systems T-Marc 254.

ATMC Wireless is a subsidiary of Atlantic Telephone Membership Corporation, a nonprofit cooperative, owned by its members, the people of Brunswick County. North Carolina. ATMC not only offers local telephone service, but also a wide variety of additional services, including: high speed Internet, cable TV, wireless, business communications, and security.

http://www.batm.com/int/index/en/presspage/pr/51

i just came across a curiosity dated 10/10/07 .... they were assuredly stocks that someone had rated strongly for the the coming year

BVC ...... mid price then 31.0 ....... close of biz today 52.5

BLZ ...... mid price then 67.25 ....... close of biz today 48.0
OXB ...... mid price then 35.75 ....... close of biz today 14.25
VIY ...... mid price then 9.25 ....... close of biz today 4.85
AZM ...... mid price then 80.0 ....... close of biz today NIL (bankrupt)


good innit!
the only winner is BVC, which to give MRSI his due, he has always promoted.
The others are shit and worse!

Since last week the shares have move into short term downtrend, and now that has move below 50p is going to be more dificult to turn the shares around.

spread at the moment 48.25/48.50p -0.25p
60K v 29K

DEPTH on the level 2
order book weak on the bid side, with 6 extra trades on the offer side

Moving lower and close to 50p an important number

It was on the move up once the news came out .........


16 December 2009 -- BATM Advanced Communications Limited ("BATM" or the "Company")

Contract to develop and supply military communication equipment

BATM (LSE: BVC), a leading designer and producer of broadband data and telecom
systems, is delighted to announce that after four years of rigorous testing, it
has received an order from a prominent defence force. The contract is for the
development and supply of a modified version of the Company's new generation of
secure, high speed access platform.

BATM will be the sole supplier of such platforms to this customer.

The contract is valued at approximately USD 5 million for the years
2010-2011, however, it is expected that additional equipment orders will follow
the initial deployment. The Company also expects the order to become an
important reference for other defence forces.

                       


           

Indicator Stochastic reaching top again after the latest rise
and also at top Band of Bollinger Bands

3 month Bollinger Bands,Slow Stochastic

           

What is ahead for the new Year?


3 days chart

    Happy New Year Best Wishes

As responsible of the running of this thread
I am delighted to pass on my best wishes for
a very Happy New Year to all the posters

           

Market did not like the figures I will have a look later though I can see revenues are far behind expectations...........


Final results
Full Year Highlights
+--------------------+-----------+----------+----------+
| Year ended 31 | 2009 | 2008 | Change % |
| December | | | |
+--------------------+-----------+----------+----------+
| Revenue | $135.4m | $134.5m | 0.7% |
+--------------------+-----------+----------+----------+
| Gross profit | $57.7m | $61.3m | -5.8% |
+--------------------+-----------+----------+----------+
| Reported operating | $16.4m | $23.6m | -30.5% |
| profit | | | |
+--------------------+-----------+----------+----------+
| Adjusted operating | $23.0m | $26.2m | -12.2% |
| profit1 | | | |
+--------------------+-----------+----------+----------+
| Net profit2 | $20.5m | $24.2m | -15.3% |
+--------------------+-----------+----------+----------+
| Earnings per share | 5.11c | 6.19c | -17.4% |
+--------------------+-----------+----------+----------+
| Liquid investments | $66.8m | $57.3m | 16.6% |
+--------------------+-----------+----------+----------+
| Dividend per share | 1.35p3 | 0.69p | 95.6% |
+--------------------+-----------+----------+----------+

1. Before intangibles amortisation of $4.0 million (2008: $2.6 million) and
one-off exceptional items of $2.5 million (2008: nil)
2. Attributable to equity holders
3. Includes special payment of 0.55p per share

Highlights
Record revenues of $135.4 million, up 0.7% on 2008, despite difficult
market conditions
Adjusted operating profit reflects a strong operating performance and
the focus on cost reduction and efficiencies
Profit attributable to equity holders of over $20 million includes $1.5
million adverse currency movements (2008: $2.5 million gain)
Significantly increased recommended dividend of 1.35 pence per share,
totalling approx $9 million (2008: 0.69 pence) reflects strong cash flow
performance
Liquid investments increased by $9.5 million to $66.8 million

The rest of the figures

Dr Zvi Marom, Chief Executive of BATM said:

"The year ended 31 December 2009 has demonstrated the resilience of BATM's
technologies and business model. Despite challenging market conditions, BATM has
achieved modest revenue growth and strong cash flow whilst continuing to invest
in technologies and sales channels to strengthen our market position. BATM has
successfully established its medical division during 2009 and we expect this
division to grow substantially over the coming years.

"We continue to implement our strategic plan in 2010 of investing in
technologies and sales channels: we are seeing a high level of customer activity
in our direct channels (in particular in the US) and expansion of indirect sales
channels should also help to grow overall revenues. We believe that 2010 will
bring to fruition a number of exciting projects including innovative product
releases across all our business lines.

"Accordingly, despite the continuing uncertainty in the global telecoms market
that will result in a higher sales mix of the medical division during 2010, we
have begun the year with a healthy pipeline and remain cautiously optimistic for
the coming year."

Chairman's Statement

I am pleased to report on a year which has delivered record revenues despite
challenging market conditions and seen the strengthening of BATM's business in
every aspect. During 2009 BATM has released market leading cellular backhauling
technology, broadened its Medical division and focused on reducing its cost base
and strengthening its cash flow. Working capital management has been improved
with $66.8 million of liquid investments at the year end (2008: $57.3 million).

BATM has used its strong cash position to acquire real estate at opportunistic
prices in the U.S and Israel which will replace rented properties currently used
by BATM in the course of 2010 and 2011. The Company also intends to utilise
some of its accumulated cash at the year end to distribute a significantly
increased final dividend.

During the year the Company maintained its long held policy of working with
minimum risk customers and short credit terms.

On the basis of these results, the Board is in a position to recommend the
payment of a final dividend of 1.35 pence per share (2008: 0.69 pence), which
includes a special payment of 0.55 pence per share as a return to shareholders
of the excess cash generated by the business.

Financial Performance

Revenues grew modestly in 2009, despite difficult market conditions, to reach a
new high of $135.4 million (2008: $134.5 million). There was a significant
underlying change in sales mix with Telecom sales totalling $105.7m (2008:
$116.1m) mainly as a result of lower revenues in a challenging US market, and
Medical sales totalling $29.7m (2008: $18.4m).

The gross profit margin has decreased to 42.6% (2008: 45.6%) primarily due to
this change in the sales mix. In comparison to H2 2008 the gross profit margin
has increased from 41.4% due to slight increases in profitability both in the
Telecoms and Medical sectors. In the Telecoms sector this is primarily due to
favourable Euro - US dollar exchange rates in the last part of 2009, whilst in
the Medical sector this is primarily due to efficiency programs.

Total sales and marketing expenses were $13.6 million (2008: $13.9 million), a
decrease of 2.2% on the previous year. We have succeeded in reducing these
costs by increasing the proportion of revenues through indirect sales channels
with existing customers, which typically incur lower direct expense, and
optimisation programmes. As a percentage of revenue, sales and marketing
expenses were 10.0% (2008: 10.0%).

General and administrative expenses were $9.4 million (2008: $8.4 million)
representing 6.9% of revenue, compared with 6.2% in 2008. This increase is
primarily related to the effects of full year operations for the new medical
sector businesses. We continue our integration of these new businesses into our
group structure in order to reduce this overhead.

R&D expenses in 2009 were $11.8 million (2008: $12.8 million), a decrease of
7.8%. The decrease is largely a result of the depreciation of the Israeli Shekel
against the US dollar, but also reflects our increased R&D in new fields offset
by efficiency programmes in BATM's traditional R&D units.

Operating profit was $16.4million (2008: $23.6 million) after amortization of
intangible assets totalling $4.0 million (2008: $2.6 million), which has
increased due to our acquisitions both in 2009 and 2008, and certain one-off
exceptional items. Other operating expenses therefore include a one-off
write-down of the leases and leasehold improvements in two US properties of $1.2
million, following a strategic decision to relocate to a purchased property in
Foxboro, and an impairment of $1.3 million of goodwill in relation to Vigilant.
Adjusted operating profit, adding back these items, was $23.0 million (2008:
$26.2 million).

Net finance income was $2.0 million (2008: $0.1 million). This figure primarily
consists of $2.6 million of interest income, as well as $1.3 million of gains on
forward contracts and debt forgiveness, which has been offset by $1.5 million of
foreign exchange losses.

Net profit after tax attributable to equity holders of the parent amounted to
$20.5 million (2008: $24.2 million), resulting in a basic profit per share of
5.11c (2008: 6.19c)

Our balance sheet remains strong with effective liquidity of $66.8 million
(2008: $57.3 million). This is after a dividend payment of $4.6 million, and an
investment of $13.5million in fixed assets (see below).

Intangible assets have increased to $23.3 million (2008: $18.9 million), and
Goodwill has increased to $11.3million (2008: $9.4 million). This increase is
primarily due to the purchase of ISE and other businesses, offset by
amortisation of intangibles and goodwill impairment totalling $5.3 million.

Property, plant and equipment has increased by $11.8 million from 31 December
2008 to $21.9 million as at 31 December 2009. During the year BATM took
advantage of low real estate prices to purchase two offices located in Foxboro,
Massachusetts and Hod Hasharon, Israel. These investments cost a total of
$9.7million.

Total liabilities have increased by $14.7million from 31 December 2008 to $46.3
million as at 31 December 2009. This increase is primarily due to $6.7 million
of liabilities assumed on the acquisition of ISE, and $4.5 million mortgage
drawn for the purchase of the building in Hod Hasharon, Israel.

Sales and Marketing

During 2009 we have focused on strengthening and expanding our indirect sales
channels. We have succeeded in increasing these channels and believe that this
will help us grow our revenues in 2010. In our direct sales channels, customer
activity is very high, in particular in the US.

Research and Development and New Products

Over the past year we have developed a new generation of cellular back-haul
Ethernet products. These switches contain cutting edge technology to facilitate
linking cellular masts to provider networks, including extremely accurate time
synchronisation. These products provide solutions to the new infrastructure
required to support the ever increasing number of IP enabled smart phones.

In 2010 we have an aggressive development programme for increasing our network
management platform to upgrade it into a very high end servicing platform. We
believe that these platforms will become increasingly important in the future as
the services supplied over service providers' networks grow and become
increasingly sophisticated. Over the course of the year we will release a
complete solution including a 40G platform.

BATM Medical

During the course of 2009, BATM continued its strategic investments into the
Medical sector. In December 2009, BATM purchased the intellectual property and
certain assets of a clinical chemistry and immunology diagnostics company for
approximately EUR2 million. The operations of the business were purchased from
bankruptcy proceedings and are based mainly in Italy. We expect these assets to
significantly strengthen the product range and know how in the Group's current
operations in the clinical chemistry field.

Towards the end of 2009 the BATM Medical Group showcased two new innovative
products, the Miura One, a niche clinical chemistry analyser for small
laboratories, and the Integrated Shredder Steriliser ("ISS"). The ISS is a
machine that dramatically reduces the environmental impact and cost associated
with the disposal of medical waste. Orders have been received for both products
and BATM is gearing up production in 2010.

During 2010 we expect to continue our cost reduction program in the Medical
Division in order to increase the gross profit margin, realise synergies across
the division and begin to see revenues from OEM agreements signed over the past
year in this sector.

Investments

During the first quarter of 2009 BATM strengthened its local presence in the
Telecoms business in Israel by purchasing the trade and assets of a local
company and integrating it into our existing local structure.

Our strategic investments during the year included the investment in the medical
segment described above, as well as the acquisition of a controlling interest in
ISE in February 2009 as previously reported.

Dividend

The Board is of the opinion that, in light of the Company's profitability, it
should continue its dividend distribution policy. Accordingly, it has proposed,
subject to shareholder consent, a final dividend for 2009 of 1.35 pence per
share (2009: 0.69p), which includes a special payment of 0.55 pence per share as
a return to shareholders of the excess cash generated by the business. In making
this decision the Board has carefully considered the likely future capital
requirements of the business and believes that the Company should have fully
adequate cash resources to meet these requirements. The Board does not envisage
recommending an interim dividend in the coming year.
Prospects

Despite the continuing uncertainty in the global economy we have begun 2010 with
a healthy pipeline of business across the Group. In the coming year BATM should
begin to benefit from the impact of the release of our complete solution in the
telecoms sector, replacing declining business in some of our legacy product
lines. In the medical sector we believe that we will see significant growth from
new channels and synergies. Accordingly we remain cautiously optimistic for the
coming year.




Peter Sheldon
Chairman
08 February 2010

+--------------------------------------+----------------+-----------+
| | Year ended 31 |
| | December |
+--------------------------------------+----------------------------+
| | 2009 | 2008 |
+--------------------------------------+----------------+-----------+
| | US$ in thousands |
+--------------------------------------+----------------------------+
| | |
+--------------------------------------+----------------------------+
| Revenues | 135,395 | 134,462 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Cost of revenues | 77,671 | 73,157 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Gross profit | 57,724 | 61,305 |
+--------------------------------------+----------------+-----------+
| | --------- | --------- |
+--------------------------------------+----------------+-----------+
| Operating expenses | | |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Sales and marketing expenses | 13,591 | 13,948 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| General and administrative | 9,407 | 8,376 |
| expenses | | |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Research and development expenses | 11,763 | 12,829 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Other operating expenses | 6,529 | 2,597 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Total operating expenses | 41,290 | 37,750 |
+--------------------------------------+----------------+-----------+
| | --------- | --------- |
+--------------------------------------+----------------+-----------+
| Operating profit | 16,434 | 23,555 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Investment revenue | 2,562 | 2,453 |
+--------------------------------------+----------------+-----------+
| Gains (losses) on financial | 1,260 | (4,340) |
| instruments | | |
+--------------------------------------+----------------+-----------+
| Foreign exchange differences | (1,452) | 2,512 |
+--------------------------------------+----------------+-----------+
| Finance cost | (356) | (480) |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Profit before tax | 18,448 | 23,700 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Tax benefit | 867 | 454 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Profit for the year | 19,315 | 24,154 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Attributable to: | | |
+--------------------------------------+----------------+-----------+
| Owners of the Company | 20,517 | 24,205 |
+--------------------------------------+----------------+-----------+
| Non-controlling interests | (1,202) | (51) |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Income for the year | 19,315 | 24,154 |
+--------------------------------------+----------------+-----------+
| | | |
+--------------------------------------+----------------+-----------+
| Earnings per share (in cents) basic | 5.11 | 6.19 |
+--------------------------------------+----------------+-----------+
| Earnings per share (in cents) | 5.08 | 6.15 |
| diluted | | |
+--------------------------------------+----------------+-----------+

+--------------------------------------+----------------+-------------+
| | Year ended 31 |
| | December |
+--------------------------------------+------------------------------+
| | 2009 | 2008 |
+--------------------------------------+----------------+-------------+
| | US$ in thousands |
+--------------------------------------+------------------------------+
| | Unaudited | Unaudited |
+--------------------------------------+----------------+-------------+
| | | |
+--------------------------------------+----------------+-------------+
| Profit for the year | 19,315 | 24,154 |
+--------------------------------------+----------------+-------------+
| Exchange differences on translating | 2,669 | (6,111) |
| foreign operations | | |
+--------------------------------------+----------------+-------------+
| Total Comprehensive Income of the | 21,984 | 18,043 |
| year | | |
+--------------------------------------+----------------+-------------+
| Attributable to: | | |
+--------------------------------------+----------------+-------------+
| Owners of the Company | 22,562 | 18,220 |
+--------------------------------------+----------------+-------------+
| Non-controlling interest | (578) | (177) |
+--------------------------------------+----------------+-------------+


BATM ADVANCED COMMUNICATIONS LTD.
CONSOLIDATED BALANCE SHEETS

+---------------------------------------+------------------+-----------------+
| | 31 December | 31 December |
+---------------------------------------+------------------+-----------------+
| | 2 0 0 9 | 2 0 0 8 |
+---------------------------------------+------------------+-----------------+
| | US$ in thousands |
+---------------------------------------+------------------------------------+
| | | |
+---------------------------------------+------------------+-----------------+
| Non-current assets | | |
+---------------------------------------+------------------+-----------------+
| | | |
| Goodwill | 11,345 | 9,418 |
+---------------------------------------+------------------+-----------------+
| Other intangible assets | 23,323 | 18,937 |
| Property, plant and equipment | 21,911 | 10,041 |
| Held to maturity investments | 4,347 | 5,468 |
| Deferred tax assets | 4,848 | 3,531 |
+---------------------------------------+------------------+-----------------+
| | 65,774 | 47,395 |
+---------------------------------------+------------------+-----------------+
| | | |
+---------------------------------------+------------------+-----------------+
| Current assets | | |
+---------------------------------------+------------------+-----------------+
| Inventories | 22,040 | 20,984 |
+---------------------------------------+------------------+-----------------+
| Investments | 34,332 | 21,086 |
+---------------------------------------+------------------+-----------------+
| Trade and other receivables | 31,171 | 29,192 |
+---------------------------------------+------------------+-----------------+
| Cash and cash equivalents | 28,095 | 30,737 |
+---------------------------------------+------------------+-----------------+
| | 115,638 | 101,999 |
+---------------------------------------+------------------+-----------------+
| | | |
+---------------------------------------+------------------+-----------------+
| Total assets | 181,412 | 149,394 |
+---------------------------------------+------------------+-----------------+
| | | |
| Current liabilities | | |
| Short-term bank credit | 6,139 | 3,632 |
| Trade and other payables | 21,624 | 20,283 |
| Provisions | 3,505 | 2,181 |
| | 31,268 | 26,096 |
+---------------------------------------+------------------+-----------------+
| Net current assets | 84,370 | 75,903 |
+---------------------------------------+------------------+-----------------+
| | | |
+---------------------------------------+------------------+-----------------+
| Non-current liabilities | | |
| Long-term liabilities | 14,219 | 4,599 |
+---------------------------------------+------------------+-----------------+
| Retirement benefit obligation | 875 | 926 |
| | 15,094 | 5,525 |
| | ______ | ______ |
| Total liabilities | 46,362 | 31,621 |
| | | |
+---------------------------------------+------------------+-----------------+
| Net assets | 135,050 | 117,773 |
+---------------------------------------+------------------+-----------------+
| | | |
+---------------------------------------+------------------+-----------------+
| Equity | | |
+---------------------------------------+------------------+-----------------+
| Share capital | 1,214 | 1,210 |
+---------------------------------------+------------------+-----------------+
| Share premium account | 405,961 | 404,928 |
+---------------------------------------+------------------+-----------------+
| Foreign currency translation reserve | (3,229) | (6,060) |
| and other reserves | | |
+---------------------------------------+------------------+-----------------+
| Accumulated Deficit | (270,808) | (286,764) |
+---------------------------------------+------------------+-----------------+
| Equity attributable to: | | |
+---------------------------------------+------------------+-----------------+
| Owners of the Company | 133,138 | 113,314 |
+---------------------------------------+------------------+-----------------+
| Non-controlling interest | 1,912 | 4,459 |
+---------------------------------------+------------------+-----------------+
| Total equity | 135,050 | 117,773 |
+---------------------------------------+------------------+-----------------+

BATM ADVANCED COMMUNICATIONS LTD.

CONSOLIDATED STATEMENT OF CASH FLOWS


+----------------------------------------+-------------+--------------+
| | Year ended 31 December |
+----------------------------------------+----------------------------+
| | | |
+----------------------------------------+-------------+--------------+
| | 2 0 0 9 | 2 0 0 8 |
+----------------------------------------+-------------+--------------+
| | |
+----------------------------------------+----------------------------+
| | US$ in thousands |
+----------------------------------------+----------------------------+
| | | |
+----------------------------------------+-------------+--------------+
| | | |
+----------------------------------------+-------------+--------------+
| | | |
+----------------------------------------+-------------+--------------+
| Net cash from operating activities | 20,234 | 9,094 |
| (Appendix A) | | |
+----------------------------------------+-------------+--------------+
| | ---------- | ---------- |
+----------------------------------------+-------------+--------------+
| Investing activities | | |
+----------------------------------------+-------------+--------------+
| | | |
| Interest received | 1,461 | 1,363 |
| Proceeds on disposal of held to | 3,233 | 1,472 |
| maturity investments | | |
| Proceeds on disposal of financial | 18,433 | 13,608 |
| assets carried at fair value through | 30,453 | 17,908 |
| profit and loss | | |
| Proceeds on disposal of deposits | | |
+----------------------------------------+-------------+--------------+
| Purchases of property, plant and | (13,583) | (1,154) |
| equipment | 61 | - |
| Proceeds on disposal of property, | (361) | - |
| plant and equipment | (2,967) | - |
| Purchases of intangible assets | - | (1,050) |
| Purchases of activity | | |
| Purchases of held to maturity | (15,450) | (21,574) |
| investments | (47,335) | (14,000) |
| Purchases of financial assets carried | | |
| at fair value through profit and loss | | |
| Purchases of deposits | | |
+----------------------------------------+-------------+--------------+
| Investment in a company | - | (280) |
+----------------------------------------+-------------+--------------+
| Acquisition of subsidiaries (Appendix | 132 | (7,239) |
| B) | | |
+----------------------------------------+-------------+--------------+
| Net cash used in investing activities | (25,923) | (10,946) |
+----------------------------------------+-------------+--------------+
| | ---------- | ---------- |
+----------------------------------------+-------------+--------------+
| Financing activities | | |
+----------------------------------------+-------------+--------------+
| | | |
+----------------------------------------+-------------+--------------+
| Dividend payment | (4,561) | (3,936) |
+----------------------------------------+-------------+--------------+
| Increase (decrease) in short-term bank | 1,468 | (1,549) |
| credit | | |
+----------------------------------------+-------------+--------------+
| Bank loan received | 3,000 | - |
+----------------------------------------+-------------+--------------+
| Bank loan repayment | (59) | - |
+----------------------------------------+-------------+--------------+
| Proceeds on issue of shares | 378 | 3,515 |
+----------------------------------------+-------------+--------------+
| Net cash from (used in) financing | 226 | (1,970) |
| activities | | |
+----------------------------------------+-------------+--------------+
| | ---------- | ----------- |
+----------------------------------------+-------------+--------------+
| | | |
+----------------------------------------+-------------+--------------+
| Decrease in cash and cash equivalents | (5,463) | (3,822) |
+----------------------------------------+-------------+--------------+
| | | |
+----------------------------------------+-------------+--------------+
| Cash and cash equivalents at the | | |
| beginning of the year | 30,737 | 35,809 |
+----------------------------------------+-------------+--------------+
| | | |
+----------------------------------------+-------------+--------------+
| Effects of exchange rate changes on | | |
| the balance of cash held in foreign | 2,821 | (1,250) |
| currencies | | |
+----------------------------------------+-------------+--------------+
| Cash and cash equivalents at the end | 28,095 | 30,737 |
| of the year | | |
+----------------------------------------+-------------+--------------+
| | | |
+----------------------------------------+-------------+--------------+


BATM ADVANCED COMMUNICATIONS LTD.
APPENDICES TO CONSOLIDATED STATEMENT OF CASH FLOWS

APPENDIX A
RECONCILIATION OF OPERATING PROFIT FOR THE PERIOD TO NET CASH
FROM OPERATING ACTIVITIES
+----------------------------------------------+----------+-----------+
| | Year ended 31 |
| | December |
+----------------------------------------------+----------------------+
| | 2 0 0 9 | 2 0 0 8 |
+----------------------------------------------+----------+-----------+
| | US$ in thousands |
+----------------------------------------------+----------------------+
| | | |
+----------------------------------------------+----------+-----------+
| Operating profit from continuing operations | 16,434 | 23,555 |
| Adjustments for: | | |
+----------------------------------------------+----------+-----------+
| Amortization of intangible assets and | 5,355 | 2,597 |
| goodwill | | |
+----------------------------------------------+----------+-----------+
| Depreciation of property, plant and | 2,865 | 2,401 |
| equipment | | |
+----------------------------------------------+----------+-----------+
| Stock options granted to employees | 659 | 791 |
+----------------------------------------------+----------+-----------+
| Increase (decrease) in retirement benefit | (65) | 154 |
| obligation | | |
+----------------------------------------------+----------+-----------+
| Increase (decrease) in provisions | 575 | (313) |
| | | |
+----------------------------------------------+----------+-----------+
| Operating cash flow before movements in | 25,823 | 29,185 |
| working capital | | |
+----------------------------------------------+----------+-----------+
| Increase in Inventory | (310) | (4,080) |
+----------------------------------------------+----------+-----------+
| Decrease (increase) in receivables | (2,186) | 3,965 |
+----------------------------------------------+----------+-----------+
| Decrease in payables | (3,180) | (18,709) |
+----------------------------------------------+----------+-----------+
| Cash generated by operations | 20,147 | 10,361 |
+----------------------------------------------+----------+-----------+
| Income tax paid | (173) | (844) |
| | | |
+----------------------------------------------+----------+-----------+
| Income tax received | 557 | - |
| | | |
+----------------------------------------------+----------+-----------+
| Interest paid | (297) | (423) |
+----------------------------------------------+----------+-----------+
| Net cash from operating activities | 20,234 | 9,094 |
+----------------------------------------------+----------+-----------+

APPENDIX B
ACQUISITION OF SUBSIDIARIES
+----------------------------------------------+---------+----------+
| | Year ended 31 |
| | December |
+----------------------------------------------+--------------------+
| |2 0 0 9 | 2 0 0 8 |
+----------------------------------------------+---------+----------+
| | US$ in thousands |
+----------------------------------------------+--------------------+
| | | |
+----------------------------------------------+---------+----------+
| Net assets acquired | | |
+----------------------------------------------+---------+----------+
| Property, plant and equipment | 1,432 | 2,727 |
+----------------------------------------------+---------+----------+
| Inventory | 205 | 4,436 |
+----------------------------------------------+---------+----------+
| Trade and other receivables | 446 | 6,008 |
+----------------------------------------------+---------+----------+
| Trade and other payables | (2,387) | (14,310) |
| Short-term bank credit | (2,823) | (5,091) |
| Retirement benefit obligation | - | (437) |
| Long term payables | (3,044) | (1,117) |
+----------------------------------------------+---------+----------+
| Provisions | - | (178) |
+----------------------------------------------+---------+----------+
| Non controlling interest | 1,183 | (3,678) |
+----------------------------------------------+---------+----------+
| | (4,988) | (11,640) |
+----------------------------------------------+---------+----------+
| Goodwill | 1,231 | 11,519 |
+----------------------------------------------+---------+----------+
| Intangible assets | 3,625 | 9,772 |
+----------------------------------------------+---------+----------+
| Total consideration | (132) | 9,651 |
+----------------------------------------------+---------+----------+
| Less-consideration recorded as liability | - | (2,412) |
+----------------------------------------------+---------+----------+
| Total cash consideration | (132) | 7,239 |
+----------------------------------------------+---------+----------+





BATM ADVANCED COMMUNICATIONS LTD
CONSOLIDATED STATEMENTS OF CHANGE IN EQUITY

+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | | Share | | | |Attributable | | |
| | Share |Premium |Translation | Other |Accumulated |to owners of | Non- | Total |
| |capital |Account | reserve |reserves | Deficit | the parent |controlling | equity |
| | | | | | | | interest | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | US $ in thousands |
+-----------------+-------------------------------------------------------------------------------------------------+
| | | | | | | | | |
| As at | | | | | | | | |
| 1 January | 1,186 | 400,646 | (29) | - | (307,033) | 94,770 | 958 | 95,728 |
| 2008 | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Exercise of | | | | | | | | |
| share based | 20 | 2,583 | | | | 2,603 | - | 2,603 |
| options by | | | | | | | | |
| employees | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Recognition | | | | | | | | |
| of | | 791 | | | | 791 | - | 791 |
| share-based | | | | | | | | |
| payments | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Share based | | | | | | | | |
| purchase of | 4 | 908 | | | | 912 | - | 912 |
| Vigilant | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Purchase of | | | | | | | | |
| non- | | | (46) | | | (46) | - | (46) |
| controlling | | | | | | | | |
| interest | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Non-controlling | | | | | | | | |
| interest | | | | | | - | 3,678 | 3,678 |
| acquired | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | | | | | | | | |
| Dividend | | | | | (3,936) | (3,936) | - | (3,936) |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Other | | | | | | | | |
| comprehensive | | | (5,985) | | 24,205 | 18,220 | (177) | 18,043 |
| income | - | - | | - | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| As at 31 | | | | | | | | |
| December 2008 | | | | | | | | |
| | 1,210 | 404,928 | (6,060) | - | (286,764) | 113,314 | 4,459 | 117,773 |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Exercise of | | | | | | | | |
| share based | | | | | | | | |
| options by | 4 | 374 | | | | 378 | - | 378 |
| employees | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Recognition | | | | | | | | |
| of | | 659 | | | | 659 | - | 659 |
| share-based | | | | | | | | |
| payments | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Purchase of | | | | | | | | |
| non- | | | | | | - | (1,183) | (1,183) |
| controlling | | | | | | | | |
| interest | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Non-controlling | | | | | | | | |
| interest | | | | 786 | | 786 | (786) | - |
| acquired | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | | | | | | | | |
| Dividend | | | | | (4,561) | (4,561) | - | (4,561) |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| Other | | | | | | | | |
| comprehensive | - | - | 2,045 | - | 20,517 | 22,562 | (578) | 21,984 |
| income | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+
| | | | | | | | | |
| As at 31 | | | | | | | | |
| December 2009 | 1,214 | 405,961 | (4,015) | 786 | (270,808) | 133,138 | 1,912 | 135,050 |
| | | | | | | | | |
+-----------------+---------+---------+-------------+----------+-------------+--------------+-------------+---------+






BATM ADVANCED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS

Note 1 - General

The preliminary results for the year ended 31 December 2009 and the comparative
2008 information are presented in accordance with International Financial
Reporting Standards ("IFRS").


Note 2 - Profit per share

Earning per share is based on the weighted average number of shares in issue for
the year of 401,579,099 (2008: 396,222,088). The number used for the calculation
of the diluted earning per share for the year (which includes the effect of
dilutive stock option plans) is 403,939,818 shares (2008: 398,679,591).


Note 3 - Business Segment

+--------------+-------------------------+----------+----------+
| Year ended 31 December 2 0 0 9 |
+--------------------------------------------------------------+
| | | | |
| | Telecommunications | | Total |
| | | Medical | |
+--------------+-------------------------+----------+----------+
| US$ in thousands |
+--------------------------------------------------------------+
| | | | |
+--------------+-------------------------+----------+----------+
| Revenues | 105,702 | 29,693 | 135,395 |
+--------------+-------------------------+----------+----------+
| | | | |
+--------------+-------------------------+----------+----------+
| Operating | 24,664 | (1,701) | 22,963 |
| profit | | | |
| (loss), | | | |
| before other | | | |
| operating | | | |
| expenses | | | |
+--------------+-------------------------+----------+----------+
| | | | |
+--------------+-------------------------+----------+----------+
| Assets | 144,553 | 36,859 | 181,412 |
+--------------+-------------------------+----------+----------+
| | | | |
+--------------+-------------------------+----------+----------+
| Year ended 31 December 2 0 0 8 |
+--------------------------------------------------------------+
| | | | |
| | Telecommunications | | Total |
| | | Medical | |
+--------------+-------------------------+----------+----------+
| US$ in thousands |
+--------------------------------------------------------------+
| | | | |
+--------------+-------------------------+----------+----------+
| Revenues | 116,053 | 18,409 | 134,462 |
+--------------+-------------------------+----------+----------+
| | | | |
+--------------+-------------------------+----------+----------+
| Operating | 25,600 | 552 | 26,152 |
| profit, | | | |
| before other | | | |
| operating | | | |
| expenses | | | |
+--------------+-------------------------+----------+----------+
| | | | |
+--------------+-------------------------+----------+----------+
| Assets | 124,728 | 24,666 | 149,394 |
+--------------+-------------------------+----------+----------+

MRSI - you have consistently supported this stock, and certainly it has performed very steadily over the last year or so