213800FLQUB9J289RU66
2024-01-01
2024-12-31
213800FLQUB9J289RU66
2023-01-01
2023-12-31
213800FLQUB9J289RU66
2024-12-31
213800FLQUB9J289RU66
2023-12-31
213800FLQUB9J289RU66
2022-12-31
213800FLQUB9J289RU66
2023-01-01
2023-12-31
bvc:ReclassificationOfOtherComprehensiveIncomeAttributableToDisposalGroupsMember
213800FLQUB9J289RU66
2023-01-01
2023-12-31
ifrs-full:IssuedCapitalMember
213800FLQUB9J289RU66
2023-01-01
2023-12-31
ifrs-full:SharePremiumMember
213800FLQUB9J289RU66
2023-01-01
2023-12-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2023-01-01
2023-12-31
bvc:OtherReservesExcludingReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2023-01-01
2023-12-31
ifrs-full:RetainedEarningsMember
213800FLQUB9J289RU66
2023-01-01
2023-12-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800FLQUB9J289RU66
2023-01-01
2023-12-31
ifrs-full:NoncontrollingInterestsMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
ifrs-full:IssuedCapitalMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
ifrs-full:SharePremiumMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
bvc:OtherReservesExcludingReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
ifrs-full:RetainedEarningsMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
ifrs-full:NoncontrollingInterestsMember
213800FLQUB9J289RU66
2024-01-01
2024-12-31
bvc:ReclassificationOfOtherComprehensiveIncomeAttributableToDisposalGroupsMember
213800FLQUB9J289RU66
2022-12-31
ifrs-full:IssuedCapitalMember
213800FLQUB9J289RU66
2022-12-31
ifrs-full:SharePremiumMember
213800FLQUB9J289RU66
2022-12-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2022-12-31
bvc:OtherReservesExcludingReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2022-12-31
ifrs-full:RetainedEarningsMember
213800FLQUB9J289RU66
2022-12-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800FLQUB9J289RU66
2022-12-31
ifrs-full:NoncontrollingInterestsMember
213800FLQUB9J289RU66
2022-12-31
bvc:ReclassificationOfOtherComprehensiveIncomeAttributableToDisposalGroupsMember
213800FLQUB9J289RU66
2023-12-31
ifrs-full:IssuedCapitalMember
213800FLQUB9J289RU66
2023-12-31
ifrs-full:SharePremiumMember
213800FLQUB9J289RU66
2023-12-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2023-12-31
bvc:OtherReservesExcludingReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2023-12-31
ifrs-full:RetainedEarningsMember
213800FLQUB9J289RU66
2023-12-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800FLQUB9J289RU66
2023-12-31
ifrs-full:NoncontrollingInterestsMember
213800FLQUB9J289RU66
2023-12-31
bvc:ReclassificationOfOtherComprehensiveIncomeAttributableToDisposalGroupsMember
213800FLQUB9J289RU66
2024-12-31
bvc:ReclassificationOfOtherComprehensiveIncomeAttributableToDisposalGroupsMember
213800FLQUB9J289RU66
2024-12-31
ifrs-full:IssuedCapitalMember
213800FLQUB9J289RU66
2024-12-31
ifrs-full:SharePremiumMember
213800FLQUB9J289RU66
2024-12-31
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2024-12-31
bvc:OtherReservesExcludingReserveOfExchangeDifferencesOnTranslationMember
213800FLQUB9J289RU66
2024-12-31
ifrs-full:RetainedEarningsMember
213800FLQUB9J289RU66
2024-12-31
ifrs-full:EquityAttributableToOwnersOfParentMember
213800FLQUB9J289RU66
2024-12-31
ifrs-full:NoncontrollingInterestsMember
iso4217:USD
iso4217:USD
xbrli:shares

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_1"><path d="M0,1286.2V0H909.4V1286.2Z"/></clipPath>
<clipPath id="c1_1"><path d="M193.9,183.5V122.9H427.3v60.6Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_1{
fill: #B1C7DC;
}
.g1_1{
fill: #86A8C8;
}
.g2_1{
fill: #3D74A8;
}
.g3_1{
fill: #5585B3;
}
.g4_1{
fill: #0C5192;
}
.g5_1{
fill: #FFF;
}
]]></style>
</defs>
<path d="M0,316.3H453.8V0H0V316.3Z" class="g0_1"/>
<path d="M178.8,316.3h275V0h-275V316.3Z" class="g1_1"/>
<path d="M453.8,646.3H909.4V0H453.8V646.3Z" class="g2_1"/>
<path d="M0,646.3H453.8v-330H0v330Z" class="g3_1"/>
<path d="M0,1286.2H909.4V646.3H0v639.9Z" class="g4_1"/>
<image clip-path="url(#c0_1)" preserveAspectRatio="none" x="507" y="1159" width="352" height="45" xlink:href="data:image/png;base64,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"/>
<path d="M178.8,220h275V96.3h-275V220Z" class="g5_1"/>
<image clip-path="url(#c1_1)" preserveAspectRatio="none" x="194" y="123" width="233" height="60" xlink:href="data:image/png;base64,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"/>
<path d="M0,220H88.8V96.3H0V220Z" class="g3_1"/>
<path d="M88.8,220h90V96.3h-90V220Z" class="g4_1"/>
</svg>)

FOR THE YEAR ENDED 31 DECEMBER 2024

ANNUAL REPORT

AND ACCOUNTS

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

2

CONTENTS

STRATEGIC REPORT

Highlights

3

Chairman’s Statement

4

Business Model

5

Strategy

6

Chief Executive Officer’s Review

7

Stakeholder Engagement

10

Chief Financial Officer’s Review

12

Key Performance Indicators

14

Sustainability Review

15

TCFD Report

17

Risk Management

22

CORPORATE GOVERNANCE

Directors’ Biographies

25

Corporate Governance Report

29

Audit Committee Report

36

Directors’ Remuneration Report

39

Directors’ Report

58

FINANCIAL STATEMENTS

Independent Auditor’s Report

62

Consolidated Financial Statements

66

Notes to the Consolidated Financial Statements

71

Other Alternative Measures

107

Company Information

108

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

3

STRATEGIC REPORT

Strong balance sheet with

$31.6m

in cash and short-term investments

Eco-med activities, which are non-core, readied for sale, with

operations

streamlined

, including halving the workforce, to

significantly reduce costs

REVENUE

(1)

$117.3m

(2023: $116.7m)

ADJ. EBITDA

(1)(2)

$8.1m

(2023: $9.9m)

MAJOR MILESTONE ACHIEVED WITH STRATEGIC PARTNERSHIP WITH A SIGNIFICANT

GLOBAL TECHNOLOGY, ENGINEERING AND DEFENCE GROUP TO

DISTRIBUTE BATM'S

QKD-READY CYBERSECURITY SOLUTION

TO GLOBAL COMMERCIAL MARKET

Increase in total revenue achieved, with strong growth in the Cyber and Diagnostics

divisions offsetting lower revenues in the Networking division

IMPLEMENTED SUBSTANTIAL

OPERATIONAL CHANGES

– AT

A GROUP LEVEL AND WITHIN THE

DIVISIONS – TO ALIGN THE BUSINESS

WITH THE STRATEGIC VISION

CONTINUED

EXPLORING POTENTIAL

OPPORTUNITIES

TO ADD CAPABILITY TO

CORE ACTIVITIES THROUGH M&A AND

TO DIVEST NON-CORE BUSINESSES

(1) Results for the Group's continuing operations

(2) Adjusted to exclude amortisation and impairments of intangible assets and non-cash share-based payments

Highlights

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_4"><path d="M71.8,1209.8V70.1H837.2V1209.8Z"/></clipPath>
<clipPath id="c1_4"><path d="M577.6,402.8V103.9H834.7V402.8Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_4{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_4{
fill: #C2D3E4;
}
]]></style>
</defs>
<g clip-path="url(#c0_4)">
<path d="M73.6,1208.7H835.8" class="g0_4"/>
</g>
<path d="M577.1,402.8H836.9V103.9H577.1V402.8Z" class="g1_4"/>
<image clip-path="url(#c1_4)" preserveAspectRatio="none" x="576" y="102" width="260" height="302" xlink:href="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAQQAAAEuCAMAAABf4ZxoAAADAFBMVEUAAAAHChNgW1u3rq9BAw+IgH9FQkJMLCaVYladmZnd2dxXVFVoLSgXGSGFCiJ8Tj7AiXexdmuAgAANEBeaa1xFQUHIw8eDJkB9XlcsFRXv7/NlAxM8OjpkX2ETERwEBg3MlYKngnhAOjp/ME6UUESHdnKckZKAgP8KDBVtRz9ZKkWkEid8VUeqbV1SKCQVGiNqT0mSYFKvrbCgnqK/AABoFieAUkh9Rj63emRqKj5MIhkOERsrBxBaV1e8oJfPz9KAcG62trqOgoKFfX3k4eXLjHdtQjaKVUVMSkuWaluodWNyamq/gmylbFqeZFSBO114PzQuJyiA//9EQUJSTk9pYGAAAL+vi36TbmWBTEFYVVameWyCVEg8Li0OEhxDGhtVKSCYf3gUFyDPmYqHUEALDhiESDtsV1T39/puQGO3HTGTXkyRg4CocGKPGDN2AxZeNyyKYVdQGTKWLktsPi/EqqFROzgSFSFcVleVZFuLX1GwnZi4hXhkXl/MkH8QEhxFPz5KKSN7WE8IChPEjX54RzeAAIDY09cGCRJrRkCTenZlHThTBBRJQ0N5amlcR0N8UUjSln9xZ2Z8dXTn5eh0ZWV9bWyYi4mfaVUUGSRSGR1cPju/hHOwemvDtrW1fGx/UkmpJjxfLyYQEx2ZY1KnYldzUUiqb1yHWk4UFyDMys3XnYtxX1y3gW+RDiWprakJDRYKEBgfJyuIbWloOCteSDIzLzGVkI+SWEhHQUCBentGRUelGTF3XmNubHGvdmOXkZV9R0cpHiK8r7BeWFlANzhdT02eb2OJaF+8tLRJMy+voqV8gICaX01kZWWTf3tRR0bTmYVyT3KMWUiBe3oGCBH09PSrk46ekpDBvMAJDBWHUUdnBxx9ZF+2g3bq6ex5SD19RGnGhnKucWOTYFJzaWmEgIQiJCucWErFi3aaX1JtL092HDjg3eBXLyeXeG6ga1q1qaeDWk93CSCMXE6BTz9STk4nKjHNkXm6fWuEVUUNEBqcYFp+UEdRQECTg4TiEq/eAAABAHRSTlMAbW+B/4YMgGtv/8//bf/+/5sC0IF//v/+////zM8Q/v//Mf///dACzZn///6oec3+x/7+Af8ue///by7/jv//0f9R2P///v7M///Q///+///+AtX9LgH//w4O/6L//v/+H5H//v7//v////7R/v///v7//////v79/cL+nfz/Tf79/v7+/wL/1P7C//9Tkf/L//0g/0/+/v/+//7+/v7/UP///v7+/v5rsf///v//CP7+DP//Cf4U/qz9/f8O/v7+//3/sv7+/v7E/v0F/gr+/v///rL+Av6i/6H+//7///7////+r/4q/v+g/////v7/Mf7//v4vUv///v4L/v79sVYnLwAAZalJREFUeNrsvQ9Am+d978uytGdzXIt7tzrYaWdoYbdL2C01xy05dey5NVKlIQVuyTWNCqblX1ZNCUoxRvNBxSAu1fKHmjggjGTlgkCLjTwolKqQWmAXxHBV8FU51CXIukh1YYmNjiJSSwx8v7/nfSWE7fZs526z0vU1yDb++3ze7+/7+/2e53kfJST87vrd9bvrd9fvrt9dv7t+d/3uirPrewkJ/znhh8/++CcJzyZ8+Mf/AQH8+NlnH/rFj179xVefeupHuJ76xevP/OSZZ/8DAfjJT555/dWPt/xlbW1vTW1tTU1+Tc1FXB//+MefeeYn/xEA/OdnXn311Ys09NoWDH4ivyY/P7+2tvZiCz7xxY8/9MwzH/5t18DrXxwevtjS0lLTWztRM5OPbxMj+bX5TA4ttfnAAw4/ef23lcNrP/mn13/xi4sXwaD1Ym9Lawso5M/U1c3UzUANM3UjNbUX82tq8Vr7yCOvvP/biOCHr33oQz/9Sxr/MMbfCwQzExPQQt3MzPg4BJGfPz5TQ4pASJAsfvTQ+7919vDaTxEGLS21LS2ttb0tvbWtNRUbGxv5+RBC4fjMzNDQUF1dHUiM1EAQFBq1NY889exvkU3+8PVXX/3L1outw7j9Lb2kgoqWlt6ZDYigrrAuv3Cjrm6oMG9ovK4OX8rHd4gOEsMjj3zpow9997eDwYdfRRRcRBggCloIQu9Eb2trzcTEDEZMV93GCBgUFuZh/OMzQ+ND47X5dfn41fwRYHj2t6B4+OFDf3mxtaW1dXi4lWTQ0trLtICYaJnIn8kbHy8kDnnjM+N1+MlMHRCMYPjjIyOwyrr8L3/51Ye+9wEvCx96/eNIhxdrgSGtt6K3onaBHKECRVJN3UjtzMYUIShEVGzUFc5sFBYSk5GhERYUIyP4GBm5+KWnPsiZ4tmfPFNT+5e1vUgH8MTe2oqKmoXaVgqK1ooKpIIJyo9T43AFMBjfyJ/ZAANEw1BdTQ10UDeeP1I3Pl4zkv/IU+9/UOuGDz/11CO9qH0gheHW1oreieaJ3okKREYapYeWmoqaiY3xuuq6mWooYApugGQ5VZgHd0DJUDeB8eNjCCRqasgaPpiJ4plHQGCiZoI5QUtzbS/iobd3obeVXipQJGw0T42PT02Nb1QXNldPVFdv1FWPV7M8MV5XM0IIkDbyRihTjOQ/9NAHEMH7D/2opaa2daZiopeqA5JARkVLxQJQVPS2LlT0NjdvwBIAgDiMI1lUb8xMbCBxUr4YH8kfqiscqhsZx7d8eENN/sde+cCFxPs/yK9pyUftVzNR00L3vbelYmIBCqhIqlhorcio2Khuru6YmmqGLVRP4fuJZnyP+qm6rhAusZGHOrKONAE15CNhjIwM/eCVD5gdPPTUl2fya2FwFfjorZipgAgyEAZg0DuA14yK5ubqKUCYwu3Pby6sbsY1Xr3RTCAKIQTUjxuwyPE8BEY+nGEcqvjBQ7/8INUGr9R8fGMmf6KupgKeAAgbFRQFFUkZGb0LCwv1FRkZGbrmjuqO6hmEwgR+V/PGREXzRF31Rkf1ROEUueXM+AZVEXnj6K2QMfKG6vJHvvSrD05mfOWpR1hTUJdfOzMzATMkEeDmV2D0AwtJCwtJFT0ZGR0dzRkdzfnVG7j/6KU6mpvhCNXViJKpqeqp5uo6xAeiYQiWABYQBRTxsf/0AamiP/yJL+PmodxDzkMCIB+smEhqzsioT+pNSkqqx8tkUm9GxgR9wAOaN6rxuyfgk83VzTMdzR1T9KPq5nFSBirIiQnUTkNDMMqaurqPfeIDERGf+GjdCDI+NUNoDnB7waAnoyJDV4FAGFior1+oz6hHYCA6WjBg3Hr6xO/DlYHvmiumCqGNDvwI0oBjTMyQOw7hFeY49INPfAAQvPIx2DnMrBDRMLFB4+qFE2T01BOE6YH6JBJDElljDyKkeioDKaK6owNjBwYMHI5JX9yowI90GfhqbcVEXSH5JHPH8fH4zxHPfjSfipw63LaN8Q1AgOdXVOh0HRU9CIMFjL43qb6nvmcAxgiD6NBR/Hfgu4yKiSk4ZXNzR0Zzx0ZzxUZGRz3+ZHMGasxmVNgzKBzJFuCTP4jvcuGH7z+F7rcOtysfpe9UISFo7smoz9DpKnp6wADJYaBCNwkMST26+p5m3OmOjIkOdiEU8PMOXTPSRkfGVEazrqcH9gmBVFdMVNTWzdTUDdUNUY74QVxPoj71pZkR6nmAIW8cLWEznC8po2cSY1lISuqtx5iTBvCz9AzEBEAkZegyMqqbezp6qjp0MIkMQOgBso6k3mZdB4PQU9Gx0Nzbi3ISiQZCGEJYfOmpOG4jnn2kZoRClzogWFnh1ARGNqmDF+p6kurreyp09fX4vr4C30EXBZMDPfhax1SGbkGny+gBp2Z8T8KhTCLMAAT8xh6qMDMmkCdgtEPUUIw88kz8psZHUCRDAnlDeYX5E1PoC5oXKhZUPZMqGrsOQ5+cnAwABLSxoJpcWUgHnAxdZYeut0en6lEVBJIIV086SOh6Aj3pCwBQP4k/hqzSOzUxVVcLkaFuGKn90TNxGww1+TUziNqhocIheOLGVDXUj5KgQJWOG7owObCSsjKpmsSXJoFjZWBStQC5Y7zAkz4ZUDkmVaqk9IAqgExSrwukJwXqVaoFgFuZhJ9mzFTzyXJ8vDZupfD+IzU1+E8O5Y3XXULRS10AmR9GpsIdnQxA3FQoJIXXkwo86aqkgrRJ3OD6jh5dUsFkfdKkTyxWFYgDKl9AVZ8ObKqCyUB9QFXgWFkBiMmK6omKGppjICmMxGmafPZHE/k1aABR36Id3oDVdyDCdYHJ9YCqB7dXhYEkrWBAgXTxyoqjoKBgICkpbbqiA6lickU1WSBWBeST4kBAlZ6uckEZYrFDJVapxI6VAnFSQVIP7LG3hmbd8oZm6uI0Tb7yJWRHVPl5ly5R0Y9QQGQL2ZggceihZ7JgJYmiICB2pBwpAA4443RrdVI6/EGlnhRPqgowZFUwEAgEVaqgWGz2+QJMIGIQTFoYaG2ZoAl6dJhDH4vLuvHDP6gboSxeNzNUmDdTvZGB+rAiqQd3FRoX00tSQQBiT5lOSRGLMX78AgwCARJImixwSMST4vT6SVW6z2HGsIPhQEDs85sZhIBYsiKGlVTQNUMJGE1lXFbPr3y5jk0IgsNGXl5180QG2gNdj0elUgcFuKsq32RBgTg4mbKiKpDL5Y6CAGldNTnQNlmgXlhxAEIA2lfjN4oBISAOuoJ+sVksF+MPOxzygoIFFOC9rePgjH+lLi6l8IkRssShIVpTmyqcaqZWOV2oU4WDPte6T+XzBVViuhwOh0rlEIvlqvRJsdqxMrmykiKHIagl4oBajF8QF6h9PlVQ7Xc4/H6HXCJV+vUOyYocPjoAMUxMFRaiEBn/chxC+MQPWLVchxKhsHkKPUBPjxAX+UFQYXYEoXeHQ2zWY5QOuUOFW+sI9DjEMIGVggI5LMEhkctxz2EGarPY5wt7wj6/3+yXZHVL9XqJBL91BR1oRjPN0tOCxHg8Qvhy3cj4eB7qpLy8qeaMjKT6dJ2wMd0hTxGnQPwOv15mFouVUqVYckSb4pCbjJKCgnoxaIhXVCkORIhDrhQ7/BJ1MOiUSs0Ksy3gt0jt9ixQkEpwIVPCZTJQf4zT7NvIR+PUEpAYIITC5o0O1DwBiEAiN+PuSnCXj0j8DrPMrzf7jEaJUe03Wo1GOZzSIZcXqMgjJEoxokNslIilGLjdYrFLpBZikGXHTyRGu7EAyWQBPSXNRteN1Hwp/vqHV0bq0OkOoXtu3qjuaKYwUId9Yr8fYY5QkEr9CrNMZpZZlCaj0eqXSKxuo1zMnLBgsgAycDAL0OMXiYEdHwxAFl12i1ditCJDDKS1Nk/0btQVDuXn58ddvfTsU5Qfh/LqJipmpqY6dCoVkr3AJzabfbjXGJ5UL5XpLRa91G60W+xuo92a6DZKUDIFHUDhUDscaqnJYMoKhXJysvAZyoq57HaJxGSEZtBvVDRXTKCdrMuvibv+4dkvo7EZurSrrqa6urojAwUeEl4w4MclcfgBwSiBwCFsOF2iwWp151gTDQY3OSMgBPRKq8mLsRsWc3Jy6BMksvCRxVgwWVjdEkfK9ErvwkzFxETNyMZM/iPxtiL10SF25dfNbKBUrJ8sQEJcWYEGxFIlbM4ntbv1dm5AIRqiITERLEwICAmCQGkyLCcuGhazsxdxRTlADgSDEFjsJqvbKl+ZHlioqNmYqJ0Yr62pfSq+9i28/2XoIA9t00bFBBgkJRWog+KVlCMrYr1UYrdIlRiDKUS3leQeopccQwiKsIrldqhgcTn7djZ3gQQHIYsRCOXwSjDa7XJ5SkrKwMJExfjEBG1v+lF8WeMrNfn5NPGFDqe5uRfdrzgQFOO/7DdLkQskFAh2L08AI8zmbvmi0QiXzPJCAkBw+zZ9kQdBeshiURHiIoIoGI0r8ukj02ktE4CQX1P78fgyhY/O0Jxafk1FS3P1RtLkZEE4LE5xpIgVej+Sm8Tu9VrsWWR4izkhjI+NcvF29vKywbCMwQLA7ezbp27fpi8SjezFqDOQLZhCWQTB6nanpLSltC1U1LbkT7TU1r4eXw3kCKq48ZqZDVo1SFqZVMESjvjlCqVZaoEher1eOxkdDWuRv7KzT51iMQAgt08BwG28nmI/OHV70xtCgBACBM4bjxw5Mtc2PV3RWjuR3zJ88amvxFMDSasCQ/lDMzMVFc0DKyvog30qidjsUiAtKu1e+BpvBxyEHGJw+9TVU6eWNdlAwQaPz+xTfFxwbHhrYJcRFExW7YEjc3NHpqfTemnHZ2s8Jcn3H8mfGRmqm5mh9ee0lbTJ9HAwiMLfpzBLUfVBCRYLG0loUwk08vPnMXANPs8DByEhOWD8t7M38wSzBZZV4AlW+5HkE8fmptPS7qQN19YO/0UcQXj24zU16CHhizW9rWkDK0mqoMvnN5tlZj2LBgsrEYgCY8D536mr5xkEYkA/Oh8JBg4EEYhg4MUgsVutjpQDc0fmBtLShofbWoeH48gUnvl4bc0I7burqe2dbl0YqA+Hg2aCoNdLiUIUAh8P2QZ8nrp69dTW6zwP4RTTApPM8iKfIPCBHGmCM2oPHLgzl9aa1nrnxvDwT+PnOZHXa2vykRzqamtaphcWFpLWRQqfWe9DrxCFYCFjC1FJuLysSdYkLnJxwJnB7VgKXExw1siHBHljKMTSZIp1bg6+MI1r+EbrjS9+IX6UUEt7Emfqamp6YdxJ6euKoJmuTSV4LVkWqTcUWl6+nZycrFk2ZDMrOH+PEggDsoXm1O3sGGMgUwUFid2EdrRkri1lrq2tdXp4OJ7i4fV82lxWB1/sbV1Y6OlR+RR6PQeBTAEfrOYLWQ2GRZJCogEwNJrkSDywwOA9gV40XMpkzpDNRwQzBbiCXH7k2JG2uRPIlHfahu/EjxJeQTjM5I/UzFTUtrYuZATECh8xMOsJAuUH1hnTzSRTWEaNtKxNZjlBwwCcP8VezvNEzp9PZqlCwxLlcraBt0YqO41GlAoHUk6cuHKlrW207caH4oXB935RW0sP8NSgiltoTeopEPvM3KXnTMHOzRBQcjCgRMy+DR0kn7+KuLgKElfP8xTousq9InUQHnAAsGi1QBCyrClzB+ALJ66cGD0xeuOn8dI+/OQh7iGmfLQOUMKkOKgwA4PPx3IkB8FEEEJAYEjMztZqtHCG5KuAAAagcJXGfZ678HMI5DbvkLeXs7VEgWsgLBKJxK2dO3Bs7vLcZahhdPSv4yUe/ttTNTUztSjhJmpbh9MmF8RihcLMIFBEEAQvEKD2JR0YWHZI5iEkkwxo2FevQhVXuXC4yjyCvBHdRfYyjNJgYFKw6y0Su9F9/sCxY1cOXEZEZI7+9YfiJUk+xR7aqW2paelNSxsoKAj6zNCCQuF0chCYFGAIBitBYCoAAox7+SonhKv8yNmPEQrJmlPJGpYqlxcNy4k5Bk4K6MntWVbjkQMnjp04ewwMTmTe+dDX4gTCQ+zpvos1My1pvXfSVsTwBB8Y4DLLpFIuIKwmXARBCxlcLbl6tSS5JHlZc/V8BAF3sZ8SCVICRQRZwqIBDThRsEAJ9sRE7bEDl88SBUghbiA8VZtf21JbM9Pb2ts6DQguEGAQnE4Zlx6yshJNRgYhMTn5fAkX+iXJiQzC+U09MFfAL5fANZOZLWSjajQs5nATbawAtx6ZO3bsxLGzly+fGL0y+qHvxweDH/+ISw61N8BgemAlvB4EAJuCiwcSgtdktVqNqBMSE5NLuIFCDlD98iYE3iCjFzMGCgjkSUNkulFCppCYfOAAzPHsWQqIn70WJyny1REUCbW1bS2t6O4GklRhl8vFICAeyBS86P+sVoQEIGjJDM9f5b0R8VDCq4LJIIZC8m0OApLkIucJKJxZQBjRUB84ceDKlctX5jIz4yQ9PPsUaqWaieEbw21tadMLBSqBy2VzKZgaWDxYCAJGYE3UggKGy9SOkvGURsNsoISBYXf/6lUexSlOCctUW1GOZOHApibc7gNIkpQnz2aeuPKHcdNEomKuRXN7py1tYKBAlS5y2SAEJ15YDyW1ww/sJlPI4CYIyYwBXaeoXkKqTL7KuQRXOkTDgTxBQ9GwzENgc5USe2LJsQPHIIXLVy5nXvnT+DCFZ1AxIj0Ot95puzHdu7KiCiAcXKBgs3HGyCAYTVaTNdGgJQikA5YkSzQaNAoarjK4Cj+MAkhmpZKGqiXSgoFRCBGELOuR5GMHqFa4fBkJIl6k8BQ98U49XWbbwsBkgTjgErkoHAgCJQcpGh8jrRvAFNwEoeQ8DwF3nm50MrVMkexwlc0z0Swb5wiIBriCwUq+wClBe+D8sWNIk8cuX768N14gPIQaofZOy53hubTWlekVVRAQFBEIrIm0G+0mttxicC9rS2jwpAU2bk3OskaDD75WJE0Qk9uRa5lKhcUcQ2IoZDURBIvEBCUcOzZ35TLS5OU//f34gECHIQy3DbfeaF0YGEhJEqsoGsgVmBLYxBLuoRu2aCUxIPJPoUomU6QhY4CLi4DAyshTt1mlyCDw/TTDYGArFia2FiWRHIEpHEDdCArX9sYHhB+/CgbDw3du3OltHbizUhAIRyAouDKBlJBltGq1iTk5gJCNvICbjx7iFBpqxMNyNkE4hQjR0HQKqxWZK3J6QGAss8qZ0iw1UUbJkWPHzh44duXE2bNnL//+s3ESDq3Dd1pupLWkLQykDBQEXGGkSJYgOCGg1mVVghU305C4vKxlQ85OphSpoW45cRFgAAFANFdvR5Yg+Bf8TLu8zFYm2cS7Umpxa0tQLKFuhBTO/sPfxwOD137RerHtYutwW0ta2sr0ZCA9IIIxIk0qyBKYEJAZuJVYNFAonZcxZg29ZGdna24vag3ZMAW0kaey8aKJZUBaIWMABCtnjEqLVCo5oj1AJeOJK5evxQuEDw0P34AW7tyZXpgemKxXra6KuCSJBMl80UgM2OKLYRHKXjRk39YssylEmnpfREGUraHm8ZSGpYbbbFKFpp7ws2Qky2SgIymYkBosdqlUL0EDceAAeig0Uv8QF4XC93/aemO4te3O8HTawEpa0qRPEBaJbAgHs1Mvjc6327PYZHNOIs26QwFIfLTOcpsgIOxRTWuyr0YWHk5FV+SYDrSGnGUowRoiBmiopRbrEe2JA+QICIf/FhdK+AuqEUanh9PSFlYmJwvSg2ERK5zNzsj0mj1kt/PLcPCFHH7xGUFAw8xZZkUBZUJabdhclKSP5NtUKUA+iUTB4qW1HKo95OihdqKfPhsn4fCFL96YRsnc2kYZcmBSpRKIoARc6CHJGaWszrOHTDTHmBNaxKAXqR5mC5K4IAzKAYm01kLLc0gPCAyYASXNbJjibUYBfzRLaVcq7VKmL8kRcoW4gfC1L7bduHOndXi6dWBghVakEQ0sRTppfi0ys+RlOy5oPw5uuYZqRVQHFA63s3KWwYQKQ1TIt1lTRXmD5Y5k7TKbm0WlkEjFklIi5SFI3XPHmCn8flyEw49/BgZtw8iQ09MUDkFXmKSgcOLiptdojjGLbcoyYVAYMs0oaBYpOWSfys5CCGjobmeTPpAqr+JzmapIDRFgM9RMCllGu4SMlrpzqcWoRbFw4srZOKkYP3Tnzo02pIa06ZTpyRUxMqSolCjQ8otUyq08ZJlMVmsITWTicmj5dvL585pEjPI2xpxNmzRw+1E48CsxV29TIZ29rIUhGnJQZNKUFELJimIR0SXlVnTsxrkDlw+cuPwP8THV+qEbd9pGp6fvTE+npK0UqFzh0lJOCuQJbAWK6mbUCllc/6DVkN8hCGjEmmxLDvLkKY2WbIBigV6zUUyQABKp0jZa5SZWaUEIekDw+xETkMKRuWMnTlyJD0+AElA0p7WBATyhQCxYBQQqE5z6yGKkl2p+eGMWukEMD50kmoIcmmg/dTW7GxDQTxiol0g+BY2UJGu16Lpp/ImJbvcRB22Ipj2tRokff6OflR/4e4/MnZi7cuUsB+FBF89fGB6GDO5Mt6WAQ4E4vEoURLRNxey3ULlEyYFyG61HonpO1JbQzFp2dvJ5VEWLlhxWKYWW+YlWxEqylkYvl8jdR1LE9BhZwKOWG9E2QAZ6AkF/rTRl7sCVY1f+4b8nJHzv7/7xb/74sw82PdwYzRxNa5trS1lJQTgIVgWlotKwiCDoud0JSA5G2qyBmLCaTIbkEq0mseQ8rBE3frE7i82pWbT4LhliQKOldRMD+RH5CntKKKO6o6OnPih2+P16dlGQSWWSIyeOXSEIn/2OU+bN8v7TAy0Z/3RutO3O3BySQwp8MRheBYRSlw2W4JdalGigTEZwsHiNdmQ52sepQawn04Ks5vz57KUsmkrRLBnILktgnZCBXJ4iQWhNTtKT5hPNHdUbzRlJgWDA5zfrzWY/y5EySUobIPz+9z5XKpMqs7Isf/5gIYzOtd0ZbeMsQRwMwxXCYRe3/qSk3ai0CZGWU03USxkMNE5TNtUKhvPnby9ladAlaFO9IKLRWo1GtzvFUaAqoKdJm6cKp/IKq8enThZONWdUdjSGzRCDjElBJp6bmzvxD//9c6kypddkzXGWPsjNbN//2Z+OtrXNTafRvSvwuUoJgkikYKWS3aJEKEsIgslkkpgkMHur0SSx5ywna7TZV0kJtHdHk2oxaM6XAILboVIl9WTQo9PNMx2FhVP00azraM7oraxcD8IYzT4ZpCDzpRybO/GHn1uSgbTVKsstf+PBSqGtbXQOffTKiphqpdVViIFBoDoXVuaXGI12udFqlPvF9ACHX6wwY8zJhsSr5zVLXtrSuLzUnZNcUqI1ypNX6uubO6am8vLydhXWIRQKC09OTekydLrKjls9AQuk4DcDgj6YMtd24GfKbpq9C0lFqal/8EAh/AxKQIpcmS4oCJpdpaulq42rNjaxhP+yzyw20sMvcqODkp3aQfvaJ13mUDJKA9hjt2WR+iVZNxKiVit3TKp1QFCYd2nXpfG6vMI8hAN8sae5UtdROVXZEYQx+v0IB79NhSR5wOg1uY0mr9NmW3rAECCEO3dWpgcK6Cm2UkhhNUxtJG6ZmZ54xRVQwegLJlULSZOBJFV6h05hp1WIq1dvO7NQN95elspCBhSJDnqyunqqGoPHxR6lmdIl9SA79DAtVLlgNZwzmh0pbSfmjHa3wZSF1LnkfKAQEv7wT1E2T6+kTWKsLpuIUUC9BCf3pff06Hp6knrq6fgQxHXGTHVGkqpepxPo3Yna5eQSjaU7R5Odk21X2LMS3XJ1QJWU0ds8PoXxX7pUWLdR0bswMDlZ39OjSocUqtaDfr4Gk/odcwfmTqTY4aXoJfxLsgcLIeFn0xQOAwNg4FKQKQACyqWgK12noyN0mjsyqpunpqqbdRsIchh9R4cw6LcmokrU2C1ZyJWnlhVwN7cjoFvIaIYbXCrctWtX3qWjJ6c6dPUQkLhAFUj36OrDQRQLfg6COQWF8xFKO8hC+iXzg93L9rW/psm16bTJyXSaZBVxDFxBgU6HeKajY8Y3hkZm6sYx/A06Xmuqo7oyXSGxo4nSGr05iVc1V5eVZrlVLg/06G6d3HV0FyGYqizuWEccTcop9aoDgR6hbj2IGEM4gIPfLE65cuCI0W7yytBNLEkf8Ia+L4DAdFraZBKygk1RuipYDeMSCitBAEMupCcFLxWOFyLA4fZE4WS1MGyWGq2oGCyhRNrgaQ06JBJ1QHfr6FHG4OjJW0JPwCcuKFgpgJk65KqARyfUIRz8Mr/E71f6ZarpE3MpSL9Sp9RuWbI82A0bX/sQGCAcJtPXV+dtClFYIBCFG4XCqUoicBTivpQ3RGdLAMJUNSX+k7umdIKwT2pya2lBpuSqNtFtFPtxu4XFR48WF5/B66WTJ/EXnMRVqUtXw26CwXC6J+xXSvChpOerfAXwBKVdondaHjyEn3zhrykaBhbqYQciG0FYXdUJK09CBqj18na1X8obJwYo/0gFU7jZJzuEVP9Z3W4rrdcnJydaHWJzQFhZXNxZfObo0f27GvbsySvbdXytYdcl6KIyHBSLXWFB0I86wy+BJSD7qlLa5BL01U40VEv2B7x152s/BYO0gcl6FIurNvIEgUBYWY0iB4aAdHcJhW81KqCTJ4+i8jl58sxJYLhVJXD5JcnyRKSJ8ygfjUZZWDBYfKazEwyOHp3atX/Xja6+i7WX6jpO7tq1/6Rw1SwO+sQSOYaPKhSv5gCDoIQfeKVLf/5gGST8/RdICSsL9R600aUieMJqY1XlyZO3KivpoL1qXUW9qr4nvV5XXTlVXSmsrKSbjVsOW0AhaYIUtNrlHKM/6PKcKd7eWdzZWdzRm7drf8Oe/eNDQ7WtGbdIGtsbw8Fg0BcMmh1cOJiDk0ccRqPSC0+Qdj9oCAlf+2JrGqTQw80llAoEgnAj6rvqW0gOlT1JK0dSjqAW1JEjVHdUdQxWFp85U9xZ5XHJ/EZ5Iu1lSlw2ZNn9etdg52BV1WDlk7qBjku79uO6NJ42nbtdKDzz8NHBVZcvnQLCSEKgeJgcgJvSDLRdavmDBw3htV+ktaatDCA7UB9N0RAWVN46eaujqlKoozM0Uhy6XbvKGvbnUXzjOlNcfKvKIyxV6OVu2rVQkrycE7JbvPrVoM+jG9ueuzpf0EG3/2hza4EvVR0Ya8zdXlXVmO7D77caaXLFr5cFAwt+h9/o7ZYpuyUPHMI/vQoI02lJ5IgEAQlSUIlCR6hLr6equecW+dz+hkv5NR3wA7h/cadOKECLgTzpttISw21DDj03qDCHPbljueVqX3BsLGmwo16lVsvVDnWQnh8IB4Jspg3lOKeEQJJa6Q95u51SqfGfHjSEhNf/FkkyLcnTSFIIEwQh5bbKDk96IL0DiX//pYt72jPr8u/0Nt+C+VWFPesCyiUKvd3q1l4tOXV7MSfLm2W3S+nhahkYBH0oEdQF8hXH0z61zK9EajSLxWLyAr2ZvvOLfcGMgF+a1W1Z6s768wcH4f965o3PfuXHKJc+1IIWKknooWKxNBxOF3imTlZ2VAoFPUJ4+9r+hsK6/qHMkZm2hZ7t+zxC4brCFQyLSkUKqT2R9mdoCQI9PpljMtIz9GrfWOr8vG99fl415lQru+lJUqVR7DDKkSHFZqoYYYxhXdBs8Vq6l5YM/8sDVMC6y2z+4ze+kvDaX6TdudMjbCQITAlIDpXCqsqqk1QBU47bj5qpsHcaKs/NfbIx7Au6wjaRCMaeQ/v6aBY+y55lylnMQQ9hdMi71TafL3U+OL+kVhpxuY3s0AE6eUEicVCxAAjrOpcTHWW306l9cJbwle/YXEFnd/c//sH/+jpqxnqdB4UzOqhweiMyg66qqqoYwz9a3VzISuGTGZM+tSM4j9vrcATRZwAC7v4ybeM6lW1gz4Ys315OtBqMSodR2e3vdiiVcojArVS6TQa3VQ4DsVolhIHqhOC6pxT/OpTQrX1wpdJX5p1O25Ksu7v7j//pL6ank3rgjGGXKJwOCaAeqKq6hWRw5pZQl4GioUNYH3So5XK52udTy8VBl1khcpmldquBtrKdv71Ih0aE6OFxrcFgtSu9RtoX7na7vVKl0sgWIeRut1FuNWYZJX6x3oxwWC1n/7qz2/DgLOGzuBFLS0vdkOSfv5oyPckgoIMUCHUdusrKyltH9x+9JexZH6sfm0SiVKtUarnS4QMFn8+s0JttNjSAVrbl+arGEKL9LIvL9HhUogF5UEmP15q8XrvXRJthDVarEVW2RCKx22GSuBQuT3mqU0Zi+K8PbjnuK6lOp3PJ6SQKn/nb6YIehAMohMNVnbdOog0ofvho52Cupz4wFlgpUKvm59Veo0Mt87FHQsx6mYIgoGCk5SfNbSvbz7Kcncy2ONLBI3al0qI0GrRXUUgkgoDb6k6hJUkUS3QgFykhdQlakHn/a8ID9ITccpsiNZW04F2ZTkMbGUbiSw+70tFIVwmLqzyNyPqr83D5+aDa4fC66fAUNfeYmF7mRJ1AEMgZTy0bQvRY+WI229yL7ppWLmkhAkW1luahEyki4AdGu8OvF/vIWgXlqQjHkEX5xw9wXf47qHtyS/E/0VukBVACoqF01dMoEDTqEBqdVQHX6jxS/pJarYbDYQhuo1KsprlSmiWDEhRSr4EgJJ/XZBugg6zQ4uIyeyDgqnaZVmq0y5qSEjSZbiKhTTQBgt1Ih/GYg0H0q+WlqbJuk1L5ILe7vyoc3F5cPNhY6rRIV6ZXkB2gBIFQyHUAVekoeXxmtdEBl3O7TbiZRrFZjVZYSUvsMplCZNNLsmjLOzxBswwIoRzDspbf5w0xLGtpbRp6ACgowm01GREOdpq2p2hYF4gQD90onB9kH/2FntXcwe3bB8shBUfaik4nWAUGF76F04WNQb9Pgdg1IwKUDrlRblRy9S66QKle3y2Ds9nMFlOiRssW5djO1Rz2sBj/FEwyPTJVwu+KT9bSoTQkBdZJs2gQKMpTU7tN3s88SAjfTyotLc/NHWwUySzStMkOGCMlSZcrGHSh66XDdRQukcLvR4p3+Hxih1WppOpfItXLZDKnwuVC3cyeBWEQ2Kkzi4kGXgrcNmjCUAIpaNl2BRPtWOFqZpdA4PGVQgkmy2ceaNPwC1uqrbS8MVekkPlXFjpQNtMEowBNLyTgEkO3Er+Smj4l7r8cwYweALUfIICCwgYIMq/WoC0BBVQHJtrsmLi8vBx5WpRdvA7gCG5kTjp3SYoiAdGAlt1no3Cw/OOD7ZxEziWFqLxxVWE2F1RQxYhSwSMUBBWQAhodsxRubnXD2d0mid2EAdDTD3Ylyw0KKhllSpMhkTYyQgkm2u24zB2usfn8B4RwvqSENm+wcKB9O3ofZwkCsa98qdvb/WD76K/V22TOpdLyUpfZJ67I0CEv0JSKwod77JdzZT6VOOxC6jfSU2EmiUXKICBuCAJ8D1LQoF6mh0jp4XruMcnIc8MgAIOgHEEbWOjZcT2rEkDc4StPBYQHu0Uj4VVRd7dMVG4T+ZyqpAyhR0AMggpXWCGW0Ao0GLCBW634/5usEDQs3k4QzCi5bS6zTOmlqSV6DEaLJGkKIRdcZYdrbD4bxx4UJC0kMm+0W/xUJawDglgEJVg+84DPmPlCWGrptsGjRYpwko5B4JzRrKc4QMmfSLPqiQYDe9yBjcJoAQQZik16HkBK4UAUwCHREILxUYkYeTQu+oQcMaCpSPz5LInFT5ZAS12+XEDIerCWkJDw9x+XebuXykuXSoPh9J6ORlBID4dFCoVPLJUTAvJ1rQbpjf0Y31Oqt1gIAjHwW9AkwhMYBE1ijt3ulcrshuTkuyBwSqC/hxj69QSBKOSmSr2WBxwNsEaFV+qEElLLV9N7olLwYXgYH1tv556P5qpflIGQs1cqlTnNCk4IViiBMSjRlCwbjF6pH31V1qLm/N1XyXmqFaw8BFeYUaAZic888Km1r9XbQ5ZSQChtFPYIhTrOGOnReb8UFAyJ2kixo9Ei7OHwBoJAjQPM0+xXGt0GKpfI/ZJLDCalUyazlS9ZQotX76ZwVZOsJYYIBz36aDQkq6sKvd77wOdYExL+zqG1L4ECygWdUCj0oHWAMyrYyQHIigZtRAss2SPs6eQlvxR9tEgU9PmNKKY5ISARwhuNSzJvlhQtclaOZosMqI7WEAQjFR6UIcNoVHwOsfnBz7EmvOZLtuvLUxERNqLQ2KgThF0K1isTBCsKwhLuxITkRBJCjhHVgl5vK10tLXX5ZF4reqPzLAkeO18CuZuXlEaTES7jRUO5RQnsVBoTqzc5JSAexBLH3yTEwfVVu9FaTq7gRERACo0UDkDAQTDQ7s0SOisAtrZMycKEqJbZcqtyV6nEUpp4Bpz7aQ1KmRe51ZubiwIgB91UCT08xz9FqzEYjLTwRse9htdpOlMlcfxxPED4rFqbSAxQQDdWwhSEgtWggs0YWChLLtPaCkaHDoF1w8Cg1JfmVpWXzs/jtymNWi4WOApag12aFUI69eXmlju9qBo03DP1JedpqgXJha1Jm/U+NGoi0apP7PuDhLiQgtbtJwhLpR46rtkjSHfRvi0zPSJsNfAQElnhiwvFkt+Wm7tqs9nmUU0o3USIDOH8ecRDcqJdiSbCZJQFxwZzl6R2LxKFRsNOXYCxQgmcEEgJLpdoNRxQvREXEN5Qav1MCqmeqg6yxrDIxRkj7d5MXE7WkvFz1Q4gmGSpuYMe/IagKGj2S0za5APMFTkKBgnqaBPutsM/DwrdFqhBSxCSNcgvi/AEiVRKk2vhcBAQ1oPqz8YFhGf/xm1ECb+0VF5eVUVSWA0zY5RKskwmagu10eo/Odlt11P3jUgwo8sGBLebi4cSGOPO8xpU2iaTVKZ2KB3i+e0whu6skCEbzlBCucGQk0WAYAkKhENQFA77VPEBIeGNoLZ0yW3qXhoTEgSBwKVw6hV6gmC1hgwGTTI1gmR7JW6j1AYGQlfQh14brYPD6i7RHuBy4Nnz5zUYo1fpC/qVDr/aXD5IFLwGigiUGYkUKEgOftZJr7qCrvC6XvXD+IDww+/IFalut7d7XkgUPICgcCqcUno6Nos7S4WTglZrtTjBYPtqEBDMQbSafjSZNHGi4WYWrUaZXxxcDUqUoODweaCFpW47pEAlBhzBa/RapH7qpFGXQkphx2fi5cipN1T+VJPW253KnFHISkYowSLhTplaZrtXD5ApeGEIuYPl66J1EUaCPstvdycegVUYEktQWRuMfrVvftXnd8iVRqVSqc4lCvAFRELIBEPwerl6kbYKBn0u0bx/Mk6UkPCVr/pKLSXe7m4GodETdnHPi9PZOqGcHNZGUdQnmpS28u3bPb55T6NnHnJ2+cxSuRv3mMoHtJhGpdo3Jgjyy29GozLIKHTDHVFvW412r1JJm7yD1DsEIaV5/2fiBULCM+miboTD0jwzBUBw2VygoLez47YMObRNj1plrzM1FwzUvtyqwSrP6jo9FKBXmqwhrwEvRiWEHugJwBUlcnSXuPEOX+72QZo4oVOKjEajVymVyWCLLkBQQEkitTp+DnD+nMCZBQipuUShcZUO0+AP3MqiU4epj9ImmigYtg/61GbH/PbO4uJBpFM0EH4JPQuBESplwSBt1lM7HLQSbaJpetLC9nKbzG/C7/BSoy2TIdZQLboUPoVN5PtM/EB49s9s3QShkayxMZ1O0zDTIfbsOJisUAhFkyHkhStu354b9PnUwbHtDz+8/2ilsFEwr9BLcINpZcoXXF9XqdVQgtwEIbi9wKC0EYXUJfSbXiQO6MAZgUCKUMdPOCQkvF/u7LYs2fiakR0p4mQnDLGnQ010CF/ILk0t37d93uZDregbq7pVfPRoZRXKCpp+8PkUvnnX+phaTW+KgmggKbBVK6Uvt3NfbqmTtmZQNDjphApEQwRCPL0f0hurzm6ZL9zIKgVKXzZeC/RUoBedVMhukZWSEFLniYJnbF0orCy+VUlBQcuVq57cXI9KhcxICzVyiMEolyMkjOQLxbnlqTIw8EMJ9CR2kCAAnCv4mThikPDhPxOhkAvyOZIdpuE0y7pZjqCjm0Mhr2wJyp63BZd8wfngmGDMMyYUPtnReatzcBA+iZcnG4PqAjBwy1PkDjnUQIKQyx2u3DP7cmEMMr9UZiYICoJAB925XH8TTxASvvcdlEBiIVXOdIgCFxFOvb5b380dy2hxQghj8/M+mMK8b35s1ePxBNbrdZ3FZ4orO1661bkd5TRiQe52p7hTGAM5aMjlEkd51Znt5aVO2t7tZCf3UDj4nD6fKPx3cQUh4RWPx+UDBIR5OCwKl4ps7MFxfbeUnf5g6U7N3Zc7Ns/2pdqC8/PrgDAWmK8f01U9qcvQPdn5ZNXYvFruTkkxppAWUhAU9CF3OGzziKNUhZ8SJDvXDRBsqDkV4e98Nr4gJHwuYz0sJCk0CkSgwE7eIgoA4KX9VaLtxWO2ILugBKIwVq8KBCYD84HA2HqPUJg75vI5Uuj8frooIujtkiT08FTumfJykUwv9UudqMgV6J/QgvkUX403Bgkf/k5PTyOTggBSYDt3bE6njEWDVOoUVZ3Jpe0K7IItjKWPra8H5pETfWq1SqUaA5CgWg4Z0An+8pQVIFDLQcAXFKvni8tTnWbwpHlqp8+1Sodk+1yfS4i767O6dB1BqGJrkvSAJCA4WY6Qykpzi7dDCOogyiGkyGBgDIYQAIQgGKA2KFCp1PTY3BEogSAUyOUFSJhiVTB9XaRwoWJysr/HTBJw4UsKsyL4d/EHIeGr9QJhLpmCgF2l+M8zLUj1Mlt553bygyC9E6BqXhVQB9YDuPkqVh3JlQ55wYo8BYVBotZ9xH0EwVDgKCAGAtQeHtf89tJuPaJKCiMwo2BenWfWEI8QXgkEG5krMAqNgrCNnbgEOaSWdp6pcgVtPpUvAAgB6AEA1gEgiM8UhD8ygRsMaMnqCG1OcpAIAoLKqnX0mygRbd0Wb5bXgoLRTMbITnhzvRGHEF5LUntQLpE1gkFjo6CUDliRyZYUpblnBsNMCfQsjzpA7yIZUBWoEPUpaggfSYH2pxk4BkYxqujgugd/07rDofTrFQq/jJUbXjM8gZpIKpWCcQnh+3+rX2VKAIXG8ka24ZtsQYFgKCYEgeB6AGEAFdSrVPXoF9XIBsYUqgxpF4PB4DZ5lQ7zfHkubYc6kzsWdMhN9KCT1OsFgaxuGCPqJdQHLmLg+mwcQkj4R3GAh0A6aBQwCKhuROVnclliAAF6M9FAfTo+A8gFShq+W1vi1hrcBlP3km0s98kqna4j48Uz23Pn/X6lVyIJmZQW2tWVRSu5KJwVivlwUIG/TxSXEP5OHBSy/CAkBh7yRhudVZraeGaVtjEF1gU96T269PT6dbIGtVrZrfR66cQAgztk6k4dyx2bXOlZWBh7x1P1ZK7N71AqlSYTQchZXswJhSxSJBuzy4YyARAU3/lKPEJ4Q61glQKrmEgJ5aV08JQT/bCIbS9Z72nU6XRCoU6wvs5OZLKlpj695GN7lOcfFY7dOXttLvB06lj52Dx1TF6T0R6yhkx2b4hOpsqyyGR6vRm+iDIBf9134pFBwjM+RZhBqOQCQtBYymYWpOXbbTI9KYFWbWnzt9AjbMytGty+D9+2v4uXJ8fGdAPTqBQd3bRj2qZWeo0So5V2cxGEnMXsxawcC/4qGcqEMGSFRPnVuITwWtCsIAaDVQyCR1BaajPTsSKiwVSZ3xz0eAS6SvSNlbc6z+A6eeborQ70DRk9SUmTA9PCArXDaPRCFN1L3V4v7fWxWumgWpPSm5N9OzsnSyqjKUYoYZ48IS7LBLSSf6Mw53JKAAXKDy6bVGrPMjl9JGCXoIo9/Pnw/v37j+46OlW9MdVckdQ60DqwklZQoF7q7vZ2exmCbi+9RyIgLBoWDfACb05O9mIIEOgUCcX8Km2GUYTj0hdRM4oUq0wKiAcPSoVVkU1vz7KGlHKqcl3hRk9SYH2sal/xGbB4sUP3JBpJ39Nqh2qpm13fpBdvKBSiY0foOQd6m5SQASUCvT0WINCUAjXSQYXLFZ++CGdsLBVEIAhKV/Fpk9lDhpDVbUfBKwoG5OKAOhhEHtxOV27uUiq+wQTICIDA6/WGFhdRL9AOXu4IeAhh2dtNELK8NEejJwjEIE4tAfHwg1yaI+JcobQUfRT6nqyQQWu1+v1ml8ilVpGvu2zl5bm4Hi1P/SZb0aaHR7q7Q4taTYlGq6UHXiRKiZHeGYPOrl62yujN5bIsUlDQK0TrdPpnUPRGQrxS+MT//l++DFsACeEqUSh1SrNCixptolGqR79IT/v5qPAXzZezvR0YvddocmtRLWk1VDcDgVdu8nqVSqMhcTlkstLbhHR7sxZDdimdaiejxVgqOlxfSYjj689o0nBwEFIQCSgeaMtJssYqkdI8CE0s04m+vrALWdPitZtMboORu+QYudLI5ta9cEaTwZBtsFrpPE+lPSvECYGUEKYd5MGvxjODhNc7BqOuIFh1ySyhxWVtotZoN+tl9I44GIZIRAWPwu+QeyU+v8OvTlWru/0ydbeDnl9AEem1IzWwA36tVmtOjskSAgQ9vceWmSuVwuE34hrC9ysqeVegcwREMlj7Mq2sG5VKmVOKJOe00YPl864grbMQgm6fr1st9UMDym6owEhrr1Y6jY/2wkIQOVYlvdkHHXmqpz4aOhB9J66jISHhp5Xcsy/URwpKFXDGHI1Gk5hlt/vZ+0PpndDCKiCYzX6vUoqRK9X0SuEABiYD+gU3bYJlEEK0fEXrefTAjF5vC4soGFzxHQ0JCV+oYBSqhAKaaBM5SQrLycsm2ttNb6bpN6OdoKPvzTI/MfCSC7BOijwyxBas6CBPRsHEcoTRngVfRDjIbKsiZoufjXMI3/9iJbyxcpDiQdC4qtBnZS1mL2voVHqpzelkO1ppY6/NLIPAkR28dFGOMNEu7xANnnb80TNQJgYhx0R/VubU6520DAkIoo99Ps4p/OEEKAwyb0QvyWXJ5WV2RoKTzvuX6QEBHkkMSAJEgEar1Ri0Ie7dwxIX6b30aFs8U4LVCAhOM0uQQXqoJHxyz+/FN4Qff/EW0wK8kRoIKphyDIAgtdPqiRMGZ3bS/Iifjo6CCeBKDNEtpz0p2qu3E+ktAJbpTQVz4I/syFojfFHhlJptojBroxcu7pmNcwpf4KVQRc0kKOip+IcSLHra1sw2ewKEntMBnID2ZLhRWGoX6XT77GQ68V9zG0qwUh9J70gu8SI50owKa6ODgszLDbOz34pvV/gLgtBZyShUNZbapJYsQxaVOko/oyADBIoF6rPtdqPBncj2etKRvRp2dHWyNpGOdEY40OnNtK9b5rLpKUEGyRLqz50b2jM7+/l4TxCVg9sHO6tAAZ82aibRBNKOZyl7qyzEgozFAuzAYLIyAloNe5sDjYZ2cWkT6e0wqE4w0YNEfplCBBexhcM+dNGB6W3nhgHhU3EN4X/76S0+IISNSJaUJxELerPMgmTIva2m1K+nrb/GxEQ3jAAI6MEPDXswooRDoqX3+SDDMNmVfp/LRU9J0Jq8T7F+qOnc3q7Zhr74tgWUjYMchapGeGS5CPcdaVEGF5AoZfRQiJQ5gt2YaKD2KbGEdAAMySwW8JVsbTbMIMS6CiWEsIpm3Cai7eOIhm0HDx4cmW1oiPeAqGYQOgerqLvOhTnSbiOZ3yJVei0yQFAqpXYWDW5kR62BCGi0kSeF6JmpbPb+R/Q0qQR9+PyqwkZr8kGfORhoO32w6dzoHkCI74D4+x8VD1KajFAotSkUdGInIEjo8VC8SpQWpdRIGZI9JZZIDwRwu94JAtli4jJqRejAL6M3mELfJUCtHQzW77zZdPDgtUsNDQ1xXi28Vs0CorOTZl07qxpFGITCJ4ME6GR6P70FuxIR4cUoTWw6QYvP5BLUivQMpAZEFql1sKPjoGCgQ2tEq6tUKQXTDhOEgzV9fQ0N3/6TuKbw0C3IgAuIxipQKC0N0xOTgEAnKEgldqWSKKBodmvZqNkhAbTpkQho6HSVkIEeLpaZFSK21B8WiGghq+fy4W0HQWF0DyjM/jy+68YfdLJNWRyFwVyBiDadwRbo1DCz30KHGpMUkCEoG9DQwUFD76SXmJhN+TFkCNFR9mZ21iWdhiwgBq6Fbae3NTU1Hdxb1NcALcS3N/7wJJPCYOVgI6sWaBz0QIhfpveRItBBWmit1Wt0cw+R0psNG6waeiIYDkkP0hvtJjAQCQSeRmAQsNXo9BOHoQTkh53tZRQQn4rvgHifAqJqsLKTKxxpjTYsUrj4d2KnFCmh086RIVi1RI1DsnZZwzwSzYQV30xGvVkEBI2NnkaPh+XHpIOnbwICKOT19xGFr8d3D/FR1kjxAcEtza3SRIKP2gcZe9sKqdRohxbQOyaa6B0+qItGblimN55F3jB6ZS5igD/s8azTFs5g23VAaNoGUxjq72NaiO+AePY/3WLzK52AgIDIbcylmUfa5GijThq9AzBY2KwKTbBrl7WJ1lCI1hpM9hDt+jbapYpVjw4MhMJGHYpGs6/+HINwE6Yw1NdXVkYZIr4pfOJjzBw7KwfJG9mKBLpKtsnRzN5ATgZnoPcDod38yAY5qBFDIWsoi95iEZ2V0mIOe6ACtlWWqkV1cPr09cM3t22DEs619zMGDX1vxrctfKIYACCFSqqZ2A/RWdKeLmBg77FKGYLOFvNC/KEsigB6Y0GlRWKU2I0Wv1nUqGMIGoUCl8/sMyc1XQcEonDwWjsnBFw/j3sKnQwCZNDZ2VkJZdBcC0LCyShIpd3oqi3UWEEPXhMig73zFy1BSfTmoIB0gG8ej4AeH4MjXD98GFJoOngTKbKfg9DX8PX4pvBfYAuVlbdYsuwsLi6+dYumGTygQNZATbVeKnNKqYRGyZDFbIKOK4dl6oPhVY+HCAg8AsEqaxsO7j5NEG7ePLhtlJID1UvxrwVIAcO+xZePxXQi9a1bg0JBKT0y7hI5ZSgbZE6mCbRW0m4zPSJmE+mDPhuqIw+lBm5fJO1iDY/uvn76NAfh5sV+RoGTQt+n4tkdP1d88lYn7csgi+yEFo4ePVlcjHyxCod0pTplNONotimWZN1mpxMDFdFdp/JQgBBYpQJhlTusBXiStsVAqCnq74+YQkNf2bfjeLbt94tvFd+CEogCLljErZNHoQY0VrnlLlEpDd9ms/mcCvxkdT647tF5dDqhzuMhBqt0Yg9tExagxgqmZ+6+fp3CgShsGyEIfTyEhr7+ta9/N147iGtCIhCBwL8yDDThwg57trlQUZfPl+PW63Q9OmFHJfs1gaCczidZJQisYnbVH77OQwCFg+3t/WtlfVEKEMObcRoSr+1cGIQUohSQJzopKk7S8cWVbIcXRumhPdF0mmVHR+ctBMsg6opGBoBEQG8aQRMJ6Vd2E4TTXECcay+iaIhAIHsoK/tIXIrhqWt3BiNSoL6av2iowHCSnoKqEqKOws3vuFV8FOOvrKIqm22IXeWv8Co9DBpeuM5DYFky8ziEsBUCrrj0xy9fu8wgdJISBjkMVDgiUTCTPHMSNll8kg6yP3O0eJDf+MZOwhaJOASCVXoqGMFwcDdBAAYKCUoOjEIkGBqYFPqL4i8mvjV07WBPVYQCEwFtasplc05UNhTTJi4M/8yZYsoZfD4sDdPbDbJT0VfZoeA+s2v9BBhEKBw+fBC+CAZlDVshAMPazz8fV0XDdz9Vd6iprbFykFGIQmD7/LjiqZNPGoQARiBYpeenYJV0sffRYaeC0zr09PXrPAVmCjvbuQy5JRrK2NU3+6nfiyM5/Kph6FDTWY9w8NYmBYLAmkpODRFxDFKXuUpvtehijQWdQlQ6z3SQHvYFAygRuOs6lyFGjxfFGuMWCJDFt3/+rTiRwy8/3Te092DTpKBqkE8PNGLSAbpqmoTu3E69BPPBxsZyIGDP9dDkPEFAUUlzizTP7uu5xhHgGABC7fH+ok1P6ItCwOcavfT1gUMcMPj8p/oa8vZea7osEDAtVG7e96pGsMglKQzyEMrLS6nFdjplTrOT9saLGALRajg9qPAFTuzevakEMDg4dJz5Ih8P90BY61/D9anfe8Ac/uT3vo3/XXvmtaZzkyKPkOsfKjkIjSwmWJLglFBeXr7KMUBHxR4U4XIDXtNpmn36+u4YCoCQ2d5fhFHyEPo2w6GfBQT9aG2tqGit/+cfeWBh8d9ef7Md/7XZ2eOZh5qa5sIiT1UlyxGVfHrgzLFqOykhlyCslpem2mxLdHyrc4kMYZ5BgCHAFQcO796qhJu1vBDK+jYvzhHKWM7gfsYwfPvNByKHnzz0sfYiukOzs32je3c2nQ26RMKqaC9ZxacIsoXtnQxCKaRAD0cs0dsxE4PS+VIBS460ISGpaXfMRZZwbqio6G4IEQZrFA8NETF0dRUVHf+jf285PPv+Dz4dreNm9wzvPdR0biWsEAkHNyOCNwaKh+0khfLyRg6CwrZEz4JwMmAMYIr1O2MR7CYhjCJBsmjYpFC2hUIDp4Q1iomuruPHj7/575gt/ukTb7bP9s1CA7RoPDu75+LeveeajqWLXKtVdMw9VzdGKZASBnNzc5ktKpYUjABXK1LRGAiEg8GkyzT45/AtagnbWDQUxUIoi0BgjogaKgKBYSgCh09/5Jf/Lgg+/KtPd5ET0EdD3yxBqM3cS64gLHU1cgFRWRlpIKhS4CmQEFJt9LyUKBWZsZSmUwTrAQqGpLOMwXNRLcAW97bzSujv26TQx1yRG/daX0M/5QieAkKi63gXyeHfusH6P3/5kU/Tzecu5giAULN3L7LkOVXVaim98wNRQI+ET44BlySZFESkAoaAmmqPZ309HHAFVZwOnotSgCXcvNFexCD0362ENU4Ia5Ql+2KkUMSioqu9/dMf+TetJX/59eMY9p5NCIzBnpG9mXv37ry505O72kijpwvuwP2gsrOzM5IfSlOhAiqQAMHDIIRdYdLBdQ4BHw8UDTtHjrMEyYVDJC/GRAPw9EVMoYyjwC4yh/Z/M3f48K++XtTHBn2XEPYMQQl7Dx3cdlbYuJobGTuTAk2/skkGXglgkGoDAZ4B7X4ODpyN6OC5zSrhZiarlIjBWmTs7Mazr3A3HvEQ9UkUTpsUuo63t7/5b+EO/8crb/ZDA3v2xDLgIeRlMgrbbh4TQgpVQk4Kg8iY0ZkmXgmlqeygU5QMHo/Q45mfD6pWmiIIYqNhG0VDVAmkA75/5OtExoHPD1yyiNECU8PxT3/9XxnDsx/59NosI7DnXiHsaecgXNt280QjKAiFVR3kDbQFfHsnA8Eg5NJDIOUkAzBo9OQCQlA113Q9guC5zSrh8LWa9iI+8su2xkLUCfHZwFPg5FEUpcAgHP/XNclnP/rp4w0Ne2ajDBpiIOCrZaNAsPfQoZ03t7VVCQarGoXCjioiQVt5tg+CA3kkyw/lZAcoHYGATh5RXTm8yeC53XyKBITMkaItEPpjGFDi5Hywga8ayzgl8F8lezx+nD7JJP91zOGZr7f3A8GerTqI2CJBaCAIdB28eXNuEFLwsGU1bkIhki15KRCD8nIPOsyx1eDk5ZsxDGKUsO0GKxdjA2JTByxO2EfZbKR2ZkFCabKI5cquLv71ePu/QlT8GIVRV1/f7L0MYiDsucFBuLaz6fDhOWhAwC0uCoVVm8UCD4G/Gj2esXli8Nx9GFw/fe5i+3GOARqDfhYO/ZvBwEPg4iGmfiriKHBiYAw4Tfz/i4rv/urN9jIqjGMANPCGuBkNe1AyHuIgHNx2+vTlniqhgNNCBALNp1DlTAminFfC2PzKucMxMnguWi/uvn54b357f39R0b1KiDDgDGANdWtsEdnFI4j4IycGZpKf/+7/dG0IA2YGEKXAIeA+OAb0ixd5JZw7uO3m9esHV+igDdpywI++iusqWTRwFJAe59uaTlNhcI8QAGHb6EgR8kAR739828gIcBjWeN2zeOjbDJPIxXh0dW1SOH78j/6nCqOPfLtvlq8L9myBwBvjbLRm2FMbgdB08+bh09dPH8voWRUIIsbAdRB895BazoqE3MCJbde36OC5mNbhHFlCROKsWSpjqREvnAx4IRStNUQobEKIhgSrIFmuYAXUvzwOPv/1b/f1xYqAoZiNzPs2bIVQw0M42AQGpxHTOwfS01EXEwRhFbMDnkIqpYdSjydw5eZdDGKUcPrQxXbqnPrKeCmsxabGoigEXH2bELixd/FS4CFwCZPli38pgm+92c96oz1bhBA1gk0E3Jf35EcgbDvMIEDQc7oezhjYpEKukB6X5bID8sNYz1ZLvEsJhzPzjxexpoEXAl84rvHlYsQR1rpYfuDdghlp1BRY+uAhcLX0v3DO7M0+fqDcfY5CiNVABAL7bjwzCoF0wCgc6KETFECBEaiKQCAMnvor264/t/u5+yiBXq83jQ4dX+OiYC1SLVA7udbPKumimPBHPHDTjpvt5KYUiraUT/8iBH9UFqkEo9Y3u+kH94Ewu2cok0mBh3CdTRZuO1svpKX3Ru7K5SiAw7wn6ezdfrBFCdd3IkGuxRSG/RyEtf7+6DDXNiFs1s5rnBbW1u6CwPnjP3/y+OvfZikxFsLsFghcmowNBvyofTQWAoZBozm9c0UYprcnAIpyQYRB6fz6nbM378PguYgQdp/eW3OcLIENOdIpxPx4ywj7tkCIcYvYXMkyxT93Qe3n/dxA90RDISL4qCdu1QFjM7unazSTlc3IkCwWWEe0+3TTXLrLJQrTBBISYy77Fhi4snPb9efuc0XLhKbR8fa1TSfclMNabB7kHbCsYTZaMN2DIUYS/zwIf/IRiKCvIZr8Z7fofpZfDOQpNMzuiYEw23CDIFyLhAPfGsMYzh5RKUSlq2EqlpkUVHfONh2+LwMmBcbh3I08ZoubIoj0EVE/6IpCKOIhrG2tFTZLx38BBD4lRqvA2a2xsIdf/OB/Q8NdEGaHmTOeQ4rkIDzH2d7um+cOqBUigWeVEGx/N3df2lkqkX4NhOe2JMgYCGtFMTiiCLhPPj9EpRMZM8sKEUl0/Y8h/Mm3PlXWsHmTZ2fvMj/OD2iKO0YJe2IhXGSt9M4ohN0RnzvddGzSU9V59My+4n1nzrz48r4rvw5BtFI4vJe10f13K6EsqgRuePwg1zgI/VsgcA1UtGBgX/zNIvjIt2mvICuEG+5CwCXI2egiWENM17RZO8zuuUhKuLbzHBVL0XBg4zp87kTSmZfZdeall9558qXM536zEGAJQ7CE/v7+WAgx8RDrCl1ckuRm4Pq5ion3wa6urki9QBB/kxL+5FtvRsbWcD8dcObAM2Ce0LAVArfyQBCu7YQSYqTA3dvrB3Tvvv3CC2+/8NgL772wY8eOd/et/OZwuL7zRnvXWqzTbTaN0cDgbzMNNNJE9fPcimJ+bdMfUUr+ejP8FG93kY4oWgg0bGKY5UpTPhy2QOC7SkA4tBcQYAoRa4wM7MB77+3Y8d6+fe/t27HjwhNPXHjiwo6B678JwuFDtV1FW+tkfhgxyTLG/mj9gYcQscZI59S1JU/8OjNkQ7u/F8TOGDREl8HuVQJnppwSzhEEPiAiDN5+992Xnnz8pZfw8uSjzz/xDVxvOXb/BlPYljl+POqLd+V8fi6lKKp6MgY+HqK2wBdHRXcxuB+E7/7em9HdDzEIYgqiTavk1j2iy24xTVWklIYSDu0kCHwLFYGw88knn3yJXRQJ777z6PNE4Rvu3b9WCtcpQRaVRVacIwYYmTyLrjBwX8Zg2aJkzAzcGu+K6B03Eyl11r+mMozWP9F4iMZFTF20VQdcMRUrBPpyBMJWKey+Xg8E7wDBu48//u4FcHj0k8+/RRTmfq0SKEF2RaKBzwVdkZawa7Ng5NVOzkhJMjL1sla2mR94d4zMud1thj//dkMMA/atIVoSbmKJQmBz/ptbKrcqgQqsi1QqMQg8BU4Kcy8CwtuPvfDCjucf/6t33wWF5995lGnh2K9TwrbMkeNFsaZYFLV5Gk+0VIgZYxRC/+b6LI9hUw1bs8N3P/JHm5viIqO+/8WtuXLrX7FK2LNn6ywLlMCSA4wREJqon2bNwTZ4wQuPPQYIL+x49/F3/wpiuAAKZAyPnru/Eq6fGx1iG5W25PzN+i82BbIZ5a41ann7oks0a1uUcDzqDbEQfvnztc3g/h+DwN/PUjATQt/dwRAJh1keAlMCkwKbSN89+fhLj7/03gvsAoJ33nl+xwVQIF944snD91UCi4b+iC2ubZ00i9SBXZsjhAyYGglCP1cqRORDcwgRucQ0UN/91Zv9/ZFMd5+LLwRip48iLVqsL26FwOqHiBJ2clJAQCAezr74+OP7Hn+JMdjxzjvvPvnuJy9cuLDj0XcufOOJHfsWdt/PEm5m1nK2WLZlRjUKgTOC4xwCigT6T/Rxqy/9rFQoi2TJWAj02yMLymUNffcoPpbBPTqAEPq2MogNBl4JMRAiUkDJtPv62OMvvrjvxX0voE564d3Hn3xnxw6SwvM7Hn0XKHa8nHk/CAdHx49HZ9OK7rkiM8hsiEiO7H/AT0Ct9fOJlV+Q3AqBlPDsL7++1re5N/T+OrgHxOxsWRdXkkbzwxYGezipbHoCgwAKKJl2j555Me/lF19kpvDe41DC80+88zxJYQdwvLfj7V3n7mMJ1260t69tTpEUFW0t/iJrbDSoMkJA/3xR7Nz81nA4zjkHQ5fwrTe7+u+Re9+WH9II+yJf7Is01bOz3CYAJvq+ht8I4dy5nVEIkEL1yy+CwWN0vfASHAHF4rvfvPA8IDz57nvvvffYw83X77GEbXsjCbJ/c/Zks/Zj33NjowVy2qoSZcU2cPWX8cvTvBKOc7+ZLdEm0Fr+vbe+j28NI7d5k0Pf5pIzZci1sphy8R4I/X2UIjkh8BSabl7P3H9p/4v7X0YsAMLjL73z3ltvvfXkoxcuPIGq6aUdb7/32Mv7b9ythOsHM2va17gV+C0TKF38khIN9TilBNwMckO+GIqURBQS/ZHagptpJwjHmSkkxIT0FgRbroa+CJBYCHso6PhwaJjdMvPKQQDghlrWOUTCgVzhevXDuF5++TF0T4/te/yddy888daFTyIc3rrw3nuPv/f2Cy+//PDRa3dFw+lrmSORvoGtQK1F1hb5rMAPuQ8IuG1r0XIhGhFr/Ia2iBAYC+YJvy4ZbI7+rmtzLm0PE0NsG721Tuij3UO1fIaMQGg6fWg/EBCFlyGEF196Z8cTT3zj3XfeQo7cEYHw8sMVd0G4uXd00xL4ZbjNoUdnEBAJfbFFIU8humS3Frs8Hw2JhPsFwv3Gfn8I/ITCvQyYMa2tdZXVHLpGjrCTYwAIu2v3kxIe3nUUFF54fN877z3x1vNPfxOGwEN47OXHXn541+jd0cDaaDKhu2dKI5JnMwj4V4tixM5TiC7ZrRXFKCEqiHsh3HXFbpjkFHJXszQbM8d6F4Siova1/EMxwUDhcDhv/346snf/cQqJx1989513v/n0N9+6QEp4++3HX3j7bQhh19G6bVuiYWdm7fE1LiffZ7q4K9o84x+NHWVsQPRHIBy/+0qITQWxCujn+sOtW2c5s9yqhT33TLlFfbGoq709n5SwCeHg6Wu79rPr4f27Hn4ZnvDS848++s1PvgUhXHjh7X0vQgmkkvGJO7FbNG4eyhzh51P674EQLROK2DJE0T0YNk1h6y+2c0KIKOGuzeJlvAIAtr/sbo9suAvCnugMS6wUkKQQtHl5I3sjjtDElLD7xq5dDcQAaoAU3n7xnXeefvqvnqZGknzyRbLFXYUvbly8cy02GvaO5h3v5xLklnn1rkiZVNQVmWJZ23T/rVKg0pmHQMNvb2/fVAJfC/RFb31kp+jm2v/dqWLLDMrsfaXAMnXR0NDI3kg0MAjbTo/n7dpVSLZAIB5+7IULzz//zaepRkAJ/fKLb7995uilo4UbLXdGrzRFISAabrDH3yINMdymK6Za4lfbo/NMRdwd3sTQ1RWdeeKWogEgyoBBiGaBLbtfyvq2MCi7a+qAc4V7ppxiGmnCPj4yksl0cI5jcPD05UtH8wonZiIQXn5sxxPf+OTTb+2gburtx1BBncl7cby698bolSt7d8dEw8X+oi0lc9dmtRxNktGFeUYhwiEmRRRtpsh2PhoYhL7NuC/7tRc7s6JvS9fcsHWe7R5PYAVL0chIfiYIbPri9ZbCwsKNiyeIAQfhhSfe+n+RGwDhscfefvGxtx/fmNmoJQaZmTsj0dC0F5ZQVlZ21060ri1yiIWwxlabuyIkIg332uYONkaAF0NCw5bN8tRrbT44EdkmGRMQ0bqRn3tlTcOWWfjNKgH/kZHamsydB0kI3HXz4PjU+Mb/M7qzNQLhhSee+ObT/zdFw2OPvQwGL03U9rYMj17ZeyVz77VtnBAOn9s7OlR01/4jfh4xpnqmTSh3tRJFx7mCKFo3RjZttW86I6eErU8MxGwSXeNnDLbGQ2T2oIGbb9+qhRglEISa2ouZ1w7yFJoONp2+M1490TJ86FxTL2Ow/+EXLjzxyU++FYWwr6X1xjD84MrlzCtnrx3itnZvuwZL2NpAxkwedN01fRxbUkd9ITqr2tUVY5s8hYTN8d0TBP2x9rClgt5SVcSuxcaEAyn3eM1FghBVwrbTMxsTrTcQIU1NtYwBILz1yW9yEGCLj925MTpKCC5fuXLo2tm9O7nlW1jCZie4Ft12EhsQ9+mtuR0YsSmiaEuhEOsJEclv2Rvav1a2tsUjI0rgll5jMup9GUSUcPHijcyd56IUDh8anxgezbzcRMdF9aJ4Rhu14xtPRyE89s5lMsTLh84euoLUevlK5mGyxYOwhKLYKbI1PjVGJkvvgRCdOuMZHOdzR2zZHJMiN58a6d+yIY5lIxaFW/JkzORTLJS760WmBNRKF4cZBJ4BbHGmNXPv5Z3szKydFQzChW988+lvXECCRMuw7wpbwt6589reK/hN165kXqbtKdf2Zl4qYlqNTpUWdcUERAyErq61LamzazNLRmejuqIpkj4IQqz8+8vu2iLKf5F/xqRsC4QYp7xP0RyBcGM0BsK2prqWzLO0Y2MbYdipgzG+98QTiIcLJIQzb48dvEazDzt3nt17tun04Z1XMq8c3H344KG9o0X9UQjROx2ZTuSGyA8+ZgcvvwCxtW5kDGjs7ZulQkJfRAb9MaMui9kouXZXxRQ5roAzT5YrZhvuBwH/WvvwjdG91yIQmk63zYzuxG3ednMbHRjVdPYossMFXE9+csd7j0EIe5uuXaOiYufly+dOwwv2Xtl77ebhnXv3XuznEKxtnUiLkQOP4HgXzyG62MTccbOZXOPCgYbf3s6DSIgaYn9sPGzdLbrGP6b//1V2/aBt5Fk4havhUDm+iwoXYhurOSxcuBIC9WLB7c1VwyEXMiuxN4bFsJyK4ZDgYBFZ5AODGG6LKcQMByniIThrAgEXewREEAiMGjeSuGLKKXLv/f6+38wo5FxsvMRBmW++9973/kbzIJKBMze2Z8gEQPxZgNBkunly/sr2QUDuduxMkO+/AxBOMXtcQc6w6q9ti7Vu7duHpYUjXsuT26VttU4a55Ha8pMTyl5Ay4SeR+ay6JpH4LkcBd6ayLROmE4lCi/U244L5qCokAnpMNSmQLxEmU/g6ROC0MBpVp/ppV3rPy20Ah93/y38+svBZWWTJMlFMh/f9PsP4c4OfT9cPrSACC8nuxD8w7LZajSmDp3L1OPJEgp8n4GTcdlItBQ+fhQoKpDoMCVfLzBHylhRfg8GCgTVfGZNl0wXlfYwAUG4BxBYeRHjw+TVsw/vP7Qmk8kOYdh9GF/2GAj1emV1cLMMLRt+VBJhsgPaYFmq8RywGJ6RUXUqERgIU1JbQTxU0uByzRhohEwQPGRCrKfh8jFCrAzEsVFbj+Qk0JfNAUD4FkDA4QRmDpZ/FaIz8Hds+x9Q2P2zmvY2sxkyYV5ZvQ19C34OMHhotnGYG342BBiarWvuhHRxlSLAiMGdXEDNQVTfh1kgKyzKT+So8EINADnFTRJDNpkYqDJzVAYCU83wUd/e3zeWnAlgDY17fP++P8FjGAjD48GqUl8PZsCFOjgGDJ340A+cCAwEtCM7fM9xJ/M2BhCBqJ5OPZFRkxK8OwxIk0FbCcEAQqQab3DdrJg4cQDoDZehcaqgHAWeOnjeawQhFCBMnv02O5wm78M8/XFcBZWwns1wRmOefoDUAsPjwzLcMWuwOAq2PWU7TcofKDY4tL3syNaSrsfD/y1i3WXQniTvEzQI+VUS3ttnFytoAqnqLkRDF1MHlAkGCFbYgNcPILSfxD2M5g2kTxezznoGihGosG3uGAYPS3+C1sBAQCY0+Aq4yn8CahKk+eCwcsk0yLRjjCOHFJm8PSBIIYp+QbM/ll4y1hqBKEWz0lIinAUIdwwEpEEYtk+a/E5UWzLh8QCLCRezf60HSSWdz1e3O8Cg9XBrcyKg6aCftF8Jl0Dn0wLHdA0qJsBDaUicyKXFFakdCyA4uj0hGcBXaoScjoRHUM0JbQ26A5fLpDkIXnCHjpHHBgDBQiZYu8lLDsLkM2RPbCSh0znspSAUPu3s1gMSof1SnBzknvFHCYLWwzl/IAutat1JegRNBMfTfyAPgqOGXTL12nN1NRIH+Ngi+c2hESBo6oCRiIHAYkMI0X8HTLBwAYZbw+S3KuTRDIVBZ7NNV9VvIEuADNK2noQ1cBBuPR6UM1JlJ+4goMM3TqxjA2qETCWM2j+WgaBQEPzPSECgaMjlHmkNRCdQubSQqhnoeM5AYE+yazU5CG15F2XyoXpZ6fHxlFltMzpddZuQQT8+UCKgNdyzMQNX7n6rxy4BwZEDTBwEToQpqbp6RQi0T3DKli0NLxnxiUaTCCUgyAojMuH8mYFgoV8Ekk+YQkIQMEI+/a26Gm3W6wGiUO+dHfc34WPj/nHp4yR427IECEtQCUNZL9flFEeDoJAJZIWNV5yFRlAps5hh4fXmEiZwg5BJVFaKgZxYkxU3N48B8YtDTB28KwaCBcqv2bRBIyEIkgm7ye/G/W1vMGAooE4Y/enx8fPPjyHznHiTF63BXtqvo2HkmmO5JD44gR5olpOtGXeLwyigxRMxyOOJcrMJgpqMjcVC6T4QChMqukMrh/2oYAwABCwsAbFBByIRGAgvuTXsQkgbe7UOBgcAAVC4TL9pfP784OMYB08uGBFagbAG0ofOV9YC8iYdmStmi4xWkETpNXDyqQMHQaklvkXiFlCISAN+GLklyXVu1YGrZufq7ZtGC6sHTd9u45Oz8QTmF3e7nw/G2w2aA8glTB4AhO3nb+5tZi+CCAgCXm2Xkxn5KkKgySALqbzWjCAMo0LDrTRCChC4X8zYch3v80Q5HuimPG9O5UBYFEEIGAjIBHynSARmDZa0Buvsz+ASOoP1egZUYEy4XK1fPfpt5hF8HhsggbpeKBC09IV8iSPhyF/02xShIRtmxCl6hmbKmwNv2sR6jaakyESfVm9iU6FguEapmj3GBHwc8AgChJ0IkLvvDw5Wo0qncwFU6CQAwmWlmh4+4+YHOE6fl12YSxhGkR5NFuNZBIRcC16VEcEjTAkI0y+BQIblxeZAXj67hgcc6sBJQViUgBCcSyYgEZ5Y5rCTTPhlPB5ve51DTB7WCWPCapv+ZltoLzvfFyJh+RhHAgSxxSe1n64damNQA52CCHu/pnsdo1gudL8WBFpqyUUHLlcBhHv0CaHN0mckQlto5lvAoL89BHcAIHQZE9LTs3TtY/iYMGsAFGx7+eaoIBLyfpH0XHg9XhCh/PmDEhDI3gR+E+eCQ1R0jFHeW+SVAm9EIgjXAELo+0vmEZhL4JlDe/LLuLo6PaslIJTWg04vAceYHo/S7S0yoe1zJgAG9t1wKFyCWUwi0THfdMDHjL9IhCITVEdDymchoOO4qIoWRC3FuZnehT4qInwCgnASNiE1nggmWCI4/DAGuVip40z3DJjQu5hXKqPj4zT9BDABEZoyQOI/7hLpMUxaX3acwEQg0xh4i8gJaG9B82BaBEENBztys8x1s5xujIhAliDELk2xc4tRyBa02bur6+cTeJ1IBBYgLYulTpPwFEGY1zF1GKx7wATIpI+Pz04rNdQTjAiswrK8V5LZyQdGRwGhA6TsOrsLVwhDzwwRsg9pgkC6lQWnSDpPtJ6g5HUkg+diaEZIXljyGAh4RkMRgYPw9N0YZ7vrDIROB6NDpbIZnfW3afo9gtCUcnH59mhIYwPlgkPmdGg9CeEfRo5HJ1IIDlOvBASPghCzzeNcacVEIe8YiwVnqZq9u/Or58YJ0wgGCD+scMp/znJIsIZaB4mw2Z6NRpXLf7cnVtNXILxX5cVAFRF0Pmj6Aj2M44rKYplOmOqmA2WC9q2Z6rxRpVBkQpYDIbcjzbsOCML524YkAgcBvaI1uqkyl4BM6KxnnUFS6XV7AAIwYWshEXyRRbcClUUHQUllsXAWgavjxdAJcu9eaQbZbTBBkFU5WWLL2DYyqS5E1CkM1cZlPqsQjlGAgJ93dwcg4CERdmYYQcAsavLfG2w9XaJLSDofZ4N1Mp/XNnXIpg/TdHVLreF+IUusqo6mq8b07Yl9cJ4oR4tMz6OIhuNU9Z1yiTSC4NGxT1TNbA83jvd4RiN50HsvCzNECia8vzt/ZjqJg4Cj/gDC8rQ/7h+MV+k8OQQeQIic9Xrdw/rm7BSoUP28C5VSWv50NOTlcHXwwCiwEqeY6XqSg6EhKAuGHABv6pWBEKjoyFstBdFIhzOiPTJK24Nownmv765PmhjznqQ1oHd4dzM+AKU0GuHg2gyIMEvmh91kvjlLt9v08p0fMmMAlXC7hDTa3OZzCoVWbQyyvRQtXIcQgUAgQPH2MsExZGNG1ZI5rhSRHnZpWYUlkfh57++eMTzyZEGC8IBrsf2D/mi7PZzNEkyfevVurd7rbk/TTXo5skNfEuHEHQqXUOIQiEVkyjEyjxCJ/ruXe+qCIQgQjDEOkUHFRqSMY9cc04kiZSw5DI7kqC83h+n780aT585tCUJ78g4wWCETNrXDpD6DFGo273UBiS54hDNwCo+gMVmp3V4+M8mRGUtscn1JdWEIDEIjxNItynfPVZNhE3nH6Oi6DJvOiPO1JUMz4l8rLphDLn9incjpj9etZpuDwDGwJu2Hcb86HlfHN6NtrzfHrsNFktTW9QRA2F6m4BSAPSAWmWY+H0amXMxvcRlqkcdH58gtTjAbT78XBFlsFQ2nLMs9aEEyUg1RBCF28DXcvV3uJAYchcnuqs8m/funlV5lngw+Di4ukl6nliS99eF2DlRYfWyx+rTNNDOPDQFZYtP11cC4nyTf/nDB7gEEZnj8ojkEBZeg71sKPuRBiKKSypt5QoMxwZueP4e7J2kNLEK2w5ubcR/sIU3nEgNgwrpzAebQ28zT0Sr9R8MOkQigmRcchAIVEA1H+4OMCCXnaKgGNqdT6RP2PL70CWTAjVQU4oxOqLhuORPyijEPwtV9KOqqOykTfs+PBVSrlcq8N+iyUnMvASySpDuobSvbVXr8zMahZVHJzdQoDtnxMDeeyUTWcOE6jh5vFkohFxS8omN0xBQHPdIS65aUGvIbmlXG2Mil8z4B/wZv75tteYifgdC2WHjErZdKJal1GAaz+qCL7fnuYW+DCw/9N2xryrbD13xCmt7IyscFMrnIHjs+ijJ6U0z5xS8xQanm3KGazKSCAUKZTljQayMKhEZzIlotIjg8VPn+1+Wq0oPowDovSTLoJvC1rs0PQSusbn5a2hgdwgfc/c/yK84lEkFWoTFzUqsvpaWDvSBQDFxHWkSclc2459VSCQg6OnAQqEx4+g4Xn3CKGbLGM7YhjiB01gn+t1aZVyqr6vgam7iglt6ICenCQk/hCIJ6bvdoqJSV9IjeV4Kg377DbzcxeRC75pFslUfqsbbCLZEFqbN6b0/AHEjmYDVPVwhBtZqebg4FBixC4sROpztPU1z/6bZCzKF8XlRyylAIHFpOyaQXCBYLV/VmvpoKqiHruLrWyjIH6RrpFhBvv0YEhH2OkWklAIHXlCYyOHyqrgABcAmjs23dAAGoUFtDwEjTavWvSxz29JtTtuDJmwllINDowD1CdBRlahjFK1POe0BQd0m0W4hFQp1Rj6ADRKEpUQKCI0CwJsotQvr0d3jP4BZvRqeirKTMARAZdA8r80uc6kQQfL9RQgRjJbxQVHMWC1mK/HqPwAqt3AZ00iAZ4GZZbJiDa45yFvfFF0faHDJuDjZLmRgR4LGWuPsFirmfygKjcIwf0SfMJAjjE8TAusYPdcgsNy0vm4JRTGO5RxEZ3vOMecUvgZAZfQfUio4SzfQ4dEQfWP9jChG9PKIWwyQTrk9sfyLdIjzWJ4Tg5nS1wpsy83kyUyCgTuh1axU+43zPzOFbNahEmKArzJm5M4+C52iRaUT+HyY4hTtupcP+JEqaybRSjENSWQJTxo+/arU4E9rcGl4BBKtVFTAAwThP5gknQzL7OIDvEgShsur/+odnnNNpidyJDujoskogj8nQkYyjiH3nqPri9GuIMH2x52aCOhti3hUqXGTdM8/KliID7/yk5bd5n4GV248BAsAAwmQKRKjPAAYEYQ4SoX6R1DcbYML7/sGvH61ms/nmSJ1x4iU2l5gs89tknRkdaCQ2dtX5XrJaH3hkGl526eXX/wAWHB/cKNtXlwAAAABJRU5ErkJggg=="/>
<path d="M73.6,283.1H246.9" class="g0_4"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

4

STRATEGIC REPORT

I am proud of the progress we made in 2024, despite a

challenging macroeconomic environment. We took significant

steps in aligning our business with the refreshed strategic

vision introduced in June 2023, achieving key operational

milestones across our core divisions. While our Networking

division faced ongoing challenges in the telecommunications

industry, strong growth in our Cyber and Diagnostics

divisions contributed to an overall increase in total revenue.

Our strategy is to build a high-tech enterprise specialising

in

cybersecurity,

telecommunication

networking

and

medical diagnostics. By leveraging synergies across these

areas, we strengthened our business model. In late 2023,

we began establishing Group-wide corporate functions,

which accelerated in 2024 with the appointment of a Chief

Operating Officer, Chief Marketing Officer and Head of

Diagnostics Division. We also emphasised cross-selling

opportunities, culminating in our first joint conference under

the BATM brand, successfully integrating our networking and

cyber expertise.

At BATM, we recognise that our people are our greatest

asset. Fostering an enterprise culture is vital to our success,

and

throughout

2024,

we

enhanced

communication,

collaboration and team connectivity — an initiative we plan

to expand significantly in 2025.

To

reinforce

our

core

divisions,

we

implemented

a

management

reorganisation

and

a

new

go-to-market

strategy in both Networking and Diagnostics, alongside an

expansion of the Networking division's sales team. Though

early, these initiatives are already yielding positive results.

We continue to explore M&A opportunities as a key avenue

for accelerating growth and look forward to sharing further

developments in due course. Simultaneously, we focused

on divesting non-core businesses. This led to an agreement,

post year-end, to sell our entire shareholding in Progenetics

Ltd. We also prepared our eco-med operation for sale,

with a contingency plan to close the business if a sale does

not materialise in 2025. These divestments enable us to

concentrate resources on high-growth areas.

One of our most significant commercial achievements was

advancing our Cyber division's cutting-edge encryption

platform toward entry into the commercial markets. This

long-standing strategic goal expands our addressable market

considerably. In 2024, we secured a distribution agreement

with a strategic partner and developed a customised

version of the platform, with the first units set for delivery

in the first half of the current year. Notably, our encryption

platform is quantum key distribution-ready, positioning

BATM at the forefront of post-quantum security solutions —

a transformational opportunity for our business.

Our Board was further strengthened with the appointment

of Dr. Shmuel (Muli) Ben Zvi as a Non-Executive Director. Dr.

Ben Zvi brings extensive leadership experience from both

public and private sectors, including his tenure as a director

of Bank Leumi, Israel’s largest banking corporation, where he

served as Chairman in his final year. His expertise will be an

invaluable asset to BATM.

On behalf of the Board, I would like to express my gratitude

to our dedicated team at BATM, our senior executives and

our CEO Mr Moti Nagar, as well as our shareholders and

other stakeholders for their continued support. While 2024

presented challenges, we made tremendous strides in

executing our strategy and positioning BATM for sustainable,

profitable growth. I look forward to updating you on our

ongoing progress.

Chairman’s

Statement

Dr. Gideon Chitayat

Chairman

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

5

Business Model

Our business model leverages our strengths and our values to execute on our

strategic priorities to achieve our vision and generate value for our stakeholders

Our Strengths

Our Culture

Our Strategic

Priorities

Our

Stakeholders

Strengths

•

Transforming IP

into

cutting-edge

market-ready products

•

Operating in

large,

growing

markets

•

International

footprint

from

extensive global

partnerships and

relationships

•

Extensive networking

experience

from 30+

years of providing

high-quality solutions

•

Strategic encryption

provider

for large

government customers

•

Access to European

diagnostics market

with manufacturing

capacity, licences and

reputation

•

Strong balance sheet

to support strategic

execution

Strategic Priorities

•

Building an enterprise

•

Strengthening core

divisions

•

Maximising resource

allocation

•

Accelerating growth

c

Page 6

Culture

Our vision is a future

where technology is used

to connect, protect and

advance our world, which

we will achieve by building

frontier technologies and

adhering to our values:

•

Transformation

through evolution

-

We encourage learning

from the past and

transforming over

time by acccepting and

embracing change.

•

Technology rooted

in purpose

- Our

goal goes beyond

creating cutting-edge

technology. It's about

improving the lives of

the people using it, now

and in the future.

•

Excellence defined

by innovation

- We

achieve excellence by

breaking new ground

and facing challenges

head-on.

Stakeholders

We aim to create value for

our stakeholders by:

•

Growing total

shareholder returns

•

Exceeding our

customers’

expectations

•

Motivating our people

•

Making a positive

contribution to our

communities

c

Page 10

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

6

Strategy

Significantly advanced strategy to operate as an enterprise focusing on

core strengths in cybersecurity, networking and diagnostics

STRATEGIC PRIORITIES

FY 2024 IMPLEMENTATION PROGRESS

Building an

enterprise

-

Leveraging synergies and

strengths across the Group

-

Building the infrastructure to

deliver sustainable growth

-

Enhanced corporate management to

establish an enterprise culture - created

roles of COO, CMO and Head of Diagnostics

-

Increased cross-selling between different

business units within the Group

-

Commenced joint marketing activities

between Networking and Cyber divisions

Strengthening

core divisions

-

Accelerating the networking,

cyber and diagnostics

businesses of the future

-

Refocused go-to-market strategies in the

Networking and Diagnostics divisions

-

Reorganised the management teams in the

Networking and Diagnostics divisions, and

expanded the Networking sales team

-

Established strategic partnerships, most

notably in the Cyber division to enter the

commercial market

-

Seeking to strengthen core activities with M&A

Maximising

resource

allocation

-

Prioritising investment to

maximise top assets

-

Exiting non-core activities

-

Seeking divestment opportunities - with first

agreement signed post year end to dispose

of entire shareholding in Progenetics Ltd

-

Readied the eco-med operations for sale -

significantly reducing costs

Accelerating

growth

-

Strengthening our execution

-

Utilising our IP to target

opportunities in large, growing

markets

-

Sustaining product

development and

commercialisation

-

Actions taken to support building an

enterprise, strengthening core divisions and

maximising resource allocation

-

Completed the development of an advanced

encryption platform for the commercial

markets

-

Launched X-series carrier ethernet portfolio

-

Commenced sales of MDXlab molecular

diagnostics instrument and MOLgen MDX

syndromic panels

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_7"><path d="M577.5,398.8V65.5H838.8V398.8Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_7{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
]]></style>
</defs>
<path d="M73.6,1208.7H835.8" class="g0_7"/>
<image clip-path="url(#c0_7)" preserveAspectRatio="none" x="576" y="64" width="264" height="336" xlink:href="data:image/jpeg;base64,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"/>
<path d="M74.3,282.3H247.5" class="g0_7"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

7

We made significant progress this year in advancing our

strategic vision, taking decisive measures to streamline

our non-core businesses as we prepare them for sale.

This strategic realignment has enabled us to focus our

resources on our key activities that will drive our growth

and value creation. Despite facing challenging market

conditions, we achieved several important milestones.

Most notably, we entered a partnership to deliver our

cutting-edge encryption platform to commercial markets,

which has long been a key objective for BATM. In our

Networking division, we refocused our management

and strengthened our sales & marketing efforts, which

resulted in us securing several new Tier 1 customers and

positions the business for a return to growth. We are

already witnessing the positive effects of the initiatives we

undertook in 2024, which, supported by a significant cash

position, gives us every confidence that we will see strong

positive momentum continuing in the current year.

Strategy Update

In June 2023, we set out a clear strategy to focus on

our core strengths of cybersecurity, networks and

diagnostics, and to dispose of non-core assets. While

the macroeconomic and geopolitical conditions posed

significant challenges to execution during 2024, we

implemented substantial operational changes to align

the business with this strategic vision. This included

establishing further Group-wide corporate functions,

including a Chief Operating Officer, a Chief Marketing

Officer and Head of Diagnostics division, and enhanced

cross-selling activities in the Networking and Cyber

Divisions.

Significant changes were also made within our core

divisions. As discussed further below, in the Networking

division

there

was

a

management

reorganisation,

expansion of the sales & marketing team and the

go-to-market strategy was refocused. In the Cyber

division, we achieved a major milestone in the execution of

our strategy to expand our offering to non-governmental

customers by entering an agreement with a significant

partner to globally distribute our advanced cybersecurity

solution, which is quantum key distribution (“QKD”) ready,

to a variety of commercial markets. In the Diagnostics

division, we reorganised management, refocused the

sales strategy and expanded our channel partner

relationships. We are already beginning to benefit from

these actions, which positions us well for 2025.

We continued exploring potential opportunities to add

capability to our core activities through M&A, and to

divest our non-core businesses. This resulted in our first

disposal of a non-core asset with an agreement, post

period, to sell our entire shareholding in Progenetics

Ltd. Efforts are also well underway to sell the eco-med

business, which was readied for sale during the year. We

continue to seek to sell this business, but if a sale does not

occur in 2025, it will be closed. Accordingly, the eco-med

activities have been classified as discontinued operations

for the purpose of our financial reporting.

Furthermore, our trading in 2024 has reinforced the

Board's view of the strength of our core expertise and

our determination to accelerate the restructuring and

streamlining of BATM as the business environment

normalises.

Cyber Division

There was a significant increase in Cyber division revenue

as we delivered on our long-term contracts and won

new orders. During the year, we received and delivered

new orders totalling over $2.3m from our long-standing

government

defence

department

customer,

which

included a contract for developing a next-generation

encryption solution that is QKD ready to address the

technological demands of the next computing era.

We achieved a major milestone by entering a strategic

partnership

with

a

significant

global

technology,

engineering and defence group (the “Partner”) to deliver

our advanced cybersecurity solution, which is QKD ready,

Moti Nagar

Chief Executive Officer

Chief Executive

Officer’s Review

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

8

to a variety of commercial markets and for critical national

infrastructure. The Partner, which generated revenue of

over $11bn in 2024 and serves customers in more than

100 countries, will distribute a customised version of our

encryption platform globally, with exclusivity in certain

territories. During the year, a customised version of the

encryption platform was developed, and we are on track

to deliver the first units to the Partner in the first half of

the current year.

The introduction of BATM’s cybersecurity solution to

non-governmental customers has long been an important

objective and represents a significant expansion of the

total addressable market, with the collaboration with the

Partner expected to significantly boost our commercial

market

entry

by

providing

worldwide

distribution

networks and a partner with the resources to engage

in considerable sales & marketing activities. We are also

seeking to establish further partnerships as we build this

new channel to market.

Networking Division

We took decisive action to address the ongoing challenges

in the telecommunications industry and to position the

Networking division for growth as conditions improve.

This included a management reorganisation, expansion of

the sales & marketing team and refocused go-to-market

strategy. We hired salespeople for Latin America and

a new lead for carrier ethernet sales in North America.

A new team was established to focus on expanding

our global channel partners, with new partners being

onboarded during the year.

Our go-to-market strategy has been refocused on our

new feature-rich and cost-effective X-Series portfolio

in carrier ethernet and on selling our Edgility solution

under several Edgility FlexConnect packages that include

different applications and deployment models – from

prepackaged software and hardware to fully customisable

– to suit customer requirement.

These

actions

resulted

in

increased

customer

engagement, with a number of new customer wins and

an uptick in orders from the fourth quarter. The orders

secured in Q4 2024, which are primarily for delivery in

2025, were over double the value of orders secured in any

other quarter during the year.

Edgility edge virtualisation and management platform

We signed a three-year agreement to provide Edgility to

replace the incumbent network virtualisation solution

of one of the largest telecommunications companies in

Mexico. During the year, we received orders worth over

$2.4m, to be delivered over a three-year period, and we

expect to receive more orders in the current year.

In December 2024, Edgility secured another new customer

with its selection by Axtel, a Tier 1 telecommunications

service provider in Mexico, for the deployment of a

self-developed customer experience application. Axtel

also intend to expand their use of Edgility to include

our

managed

router-firewall

service,

which

follows

recent market trends as operators seek alternatives to

previously-utilised Chinese-based solutions.

We were awarded an additional contract for Edgility from

Cemex, a leading global building materials company,

following the successful rollout of the solution to their

sites across Europe and Central and South America.

This latest contract extends the original five-year licence

agreement by a further two years and includes additional

professional services. This further contract demonstrates

the value of Edgility to Cemex and highlights the recurring

nature of Edgility revenue.

Post year end, Edgility was selected by Telebras, a

leading telecommunications company in Brazil, to offer

their customers secure edge connectivity and edge

computing solutions. Telebras, which implements the

federal

government’s

communication

network,

has

played a pivotal role in Brazil’s digital development and

is responsible for managing the National Broadband

Program, intended to provide broadband access to all

of Brazil's 5,570 municipalities – each of which would

comprise thousands of edge end points that could be

supported by Edgility. We believe this strategic partnership

represents a substantial commercial opportunity.

Carrier ethernet solutions

We continued the development of new products to expand

and refresh our carrier ethernet offering. The new X-series

portfolio was launched towards the end of the year, which

offers a wide selection of cost-effective, fully scalable

devices, with initial orders received in each of our target

regions. We are currently going through an approval process

for one of our new products with a Tier 1 communications

service provider in Mexico, which, if successful, would

represent a significant strategic opportunity.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

9

Diagnostics Division

During

the

year,

we

reorganised

management

and

refocused the go-to-market approach for our proprietary

products to prioritise reagent sales, which are a higher

margin and consumable product. We intend to provide

these instruments on a lease basis, or as a lower-margin

sale, alongside a reagent agreement to secure long-term,

repeatable orders. We are targeting public hospitals, large

private clinics and laboratories and large tenders.

Our portfolio of MOLgen MDX syndromic panels for

infectious disease was registered with the Italian Ministry

of Health, which enabled sales to commence in Italy. This

included us winning a €1m tender at a major hospital. We

also commenced receiving orders for, and generating

revenue

from,

the

MDXlab

molecular

diagnostics

instrument based on the real-time PCR method, which we

launched at the end of 2023. Work also continued towards

the commercial launch of EXTRAlab NGS Prep, which was

distributed to channel partners in Europe towards the end

of the year.

ADOR Diagnostics, an associate company of BATM,

completed pre-clinical validation of the NATlab process

at the Tzafom Medical Center in Israel and commenced

pre-clinical validation for the full NATlab product at the

Lazzaro

Spallanzani

National

Institute

for

Infectious

Diseases in Italy. Post year end, ADOR was pleased to

welcome the Rt. Hon Nadhim Zahawi as Chairman of its

Advisory Board, who brings a wealth of experience in

business and government. In addition, ADOR was granted

a further European patent, bringing the total number of

patents granted to four in the EU, three in the US, two in

the UK and five internationally, with a further seven patents

pending, reflecting the significant intellectual property that

ADOR is building.

Non-Core Activities

We made significant progress on executing our strategy

to exit our non-core activities. We continued to explore

divestment opportunities and took action to ready the

eco-med activities (which are now classified as discontinued

operations) for sale, with operations streamlined, including

halving the workforce, to significantly reduce costs. Post

year end, we were pleased to make our first disposal of a

non-core asset with BATM entering into an agreement

to sell our entire shareholding in Progenetics Ltd for

approximately $2m in cash.

Outlook

Trading in the new financial year has begun in-line with our

expectations as we increasingly benefit from the strategic

actions taken during 2024. In particular, the momentum

that was experienced in the Networking division in Q4 2024

has been sustained into the current year, with a strong

increase in orders received to date in both the Edgility and

carrier ethernet offerings.

The largest contributor to revenue growth in 2025 is

expected to be the Networking division as the expansion of

the sales team and refocused go-to-market strategy drive

increasing sales. We are also encouraged by the improving

telecommunications market backdrop, with customers

recommencing purchasing as they begin to replenish their

inventory levels to support growing demand.

The Diagnostics division is expected to make a significant

contribution to revenue growth in 2025 as we execute

on the new go-to-market approach and ramp up sales of

MDXlab. The Cyber division is also expected to deliver

strong growth as we continue to service our long-standing

government defence department customer as well as

receive initial revenue from the delivery of our encryption

solution for commercial markets.

The Board is continuing to actively pursue M&A and disposal

opportunities that will enable us to accelerate execution on

our growth strategy in our core divisions.

As a result, the Board continues to look to the future with

confidence.

Chief Executive Officer’s Review

CONTINUED

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

10

Stakeholder Engagement

BATM seeks to deliver value to, and build strong, long-term relationships with, its stakeholders

The Board of BATM is committed to acting in a way that would most likely promote the

long-term success of the Company for the benefit of its members as a whole.

Customers

Our customers rely on our technology solutions

and equipment to operate and continue to grow.

We seek to understand their evolving needs,

enabling both BATM and our customers to share

in the value creation.

How we engage

l

Client relationship managers dedicated

to key customers and key regions

l

Annual customer surveys as part of the

ISO audit and focused on all aspects

of our customer relationships

l

Training programmes on our solutions

and products for our customers

l

Attendance at trade shows, conferences,

seminars and webinars

l

Working to understand growth drivers

in our customers’ markets

Financial Investors

The Board has a fiduciary duty to promote the

long-term sustainable success of the Group for its

shareholders. Certain companies within the Group

also have external investors, who are often key to

the continued success of the relevant projects.

How we engage

l

Regular dialogue and interaction

l

Investor communications, including

reports, presentations and website

l

Meetings with institutional shareholders

l

NEDs available to meet with shareholders on

request

l

Establishment of clear timelines, milestones

and strategic goals

2024 HIGHLIGHTS

l

More than 20 customer training

programmes conducted, with participation

of over 580 individuals

l

Customer satisfaction surveys

l

Enhanced use of online platforms for

customer engagement

2024 HIGHLIGHTS

l

Approximately 38 shareholder meetings or

scheduled calls

l

Hosted investor webinars following

interim and full year results to provide

investors with an in-depth update on

BATM strategy

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

11

Employees

Our people are our greatest asset. In order

to recruit and retain the best talent, we must

ensure that we are an employer of choice and

that our employment policies are sensitive to our

employees’ priorities and requirements.

How we engage

l

A dedicated Human Resources function

l

Open and transparent communication

with our workforce

l

Annual employee satisfaction surveys

l

Personal and career development

l

Recognition and rewards

l

Code of Conduct

Communities

We strive to be a responsible corporate citizen

within the local and wider communities in which

we operate, by aiming to behave in a sustainable

and socially-responsible manner and supporting

local businesses and charities.

How we engage

l

Research and development and testing

products in the diagnosis of infectious

diseases, including tuberculosis

l

Local initiatives that support community

and charitable organisations

l

Encouragement of employees to

work to further charitable goals

2024 HIGHLIGHTS

l

Roundtable discussions held between

employees, the CEO and VP of HR

l

Team building events

2024 HIGHLIGHTS

l

Volunteering at a non-profit organisation

that supports individuals with disabilities

l

Supply of diagnostic products for

charitable causes

Stakeholder Engagement

CONTINUED

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_12"><path d="M71.8,1209.8V70.1H837.2V1209.8Z"/></clipPath>
<clipPath id="c1_12"><path d="M575.3,407.3V66H835.8V407.3Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_12{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_12{
fill: #C2D3E4;
}
.g2_12{
fill: #FFF;
}
.g3_12{
fill: none;
stroke: #231F20;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
.g4_12{
fill: #3D74A8;
}
.g5_12{
fill: #CEDCE9;
}
.g6_12{
fill: none;
stroke: #FFF;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
.g7_12{
fill: none;
stroke: #FFF;
stroke-width: 3.055;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<g clip-path="url(#c0_12)">
<path d="M73.6,1208.7H835.8" class="g0_12"/>
</g>
<path d="M73.6,1208.7H835.8" class="g0_12"/>
<path d="M576,404.9H835.8V65H576V404.9Z" class="g1_12"/>
<path d="M73.6,1200.8H835.8v-36.6H73.6v36.6Z" class="g2_12"/>
<path d="M73.6,1155.2H402.8" class="g3_12"/>
<image clip-path="url(#c1_12)" preserveAspectRatio="none" x="574" y="64" width="263" height="345" xlink:href="data:image/png;base64,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"/>
<path d="M72.3,283.7H245.6" class="g0_12"/>
<path d="M468.1,838.3H593.7v25.9H468.1V838.3Zm125.6,0H714.9v25.9H593.7V838.3Zm121.2,0H836.2v25.9H714.9V838.3ZM468.1,864.2H593.7v26H468.1v-26Zm125.6,0h60.6v26H593.7v-26Zm60.6,0h60.6v26H654.3v-26Zm60.6,0h60.7v26H714.9v-26Zm60.7,0h60.6v26H775.6v-26Z" class="g4_12"/>
<path d="M468.1,890.2H593.7v26H468.1v-26Zm125.6,0h60.6v26H593.7v-26Zm60.6,0h60.6v26H654.3v-26Zm60.6,0h60.7v26H714.9v-26Zm60.7,0h60.6v26H775.6v-26Zm-307.5,26H593.7v26H468.1v-26Zm125.6,0h60.6v26H593.7v-26Zm60.6,0h60.6v26H654.3v-26Zm60.6,0h60.7v26H714.9v-26Zm60.7,0h60.6v26H775.6v-26Zm-307.5,26H593.7v26H468.1v-26Zm125.6,0h60.6v26H593.7v-26Zm60.6,0h60.6v26H654.3v-26Zm60.6,0h60.7v26H714.9v-26Zm60.7,0h60.6v26H775.6v-26Zm-307.5,26H593.7v26H468.1v-26Zm125.6,0h60.6v26H593.7v-26Zm60.6,0h60.6v26H654.3v-26Zm60.6,0h60.7v26H714.9v-26Zm60.7,0h60.6v26H775.6v-26Z" class="g5_12"/>
<path d="M467.7,838.3h126M468.1,863.9V838.6m246.8,-.3h60.7m0,0h61m-.4,25.6V838.6M467.7,864.2h126M468.1,889.8V864.6m125.6,25.2V864.6m60.6,25.2V864.6m60.6,-.4h60.7m-60.7,25.6V864.6m60.7,-.4h61m-61,25.6V864.6m60.6,25.2V864.6M467.7,890.2h126M468.1,915.8V890.6m125.6,-.4h60.6m-60.6,25.6V890.6m60.6,-.4h60.6m-60.6,25.6V890.6m60.6,-.4h60.7m-60.7,25.6V890.6m60.7,-.4h61m-61,25.6V890.6m60.6,25.2V890.6M468.1,967.8V942.2m125.6,25.6V943.7m60.6,24.1V943.7m60.6,24.1V943.7m60.7,24.1V943.7m60.6,24.1V942.2m-368.5,26h126M468.1,993.8V968.6m125.6,-.4h60.6m-60.6,25.6V968.6m60.6,-.4h60.6m-60.6,25.6V968.6m60.6,-.4h60.7m-60.7,25.6V968.6m60.7,-.4h61m-61,25.6V968.6m60.6,25.2V968.6M467.7,994.2h126m0,0h60.6m0,0h60.6m0,0h60.7m0,0h61M593.7,838.3h60.6m-60.6,25.6V838.6m60.6,-.3h60.6m0,25.6V838.6M593.7,864.2h60.6m0,0h60.6m-247.2,52h126m-125.6,26V916.6m125.6,-.4h60.6m-60.6,24.5V916.6m60.6,-.4h60.6m-60.6,24.5V916.6m60.6,-.4h60.7m-60.7,24.5V916.6m60.7,-.4h61m-61,24.5V916.6m60.6,25.6V916.6" class="g6_12"/>
<path d="M468.5,942.2H593.7m0,0h60.6m0,0h60.6m0,0h60.7m0,0h60.2" class="g7_12"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

12

As discussed in the Chief Executive Officer’s Review, our

eco-med activity, which is non-core, has been classified as a

discontinued operation. Accordingly, this report is providing

detail on continuing operations only – with the financials for

2023 re-presented on that basis – unless otherwise stated.

Total Group revenue was $117.3m (2023: $116.7m). This

increase reflects strong revenue growth in the Cyber and

Diagnostics divisions as well as an increase in our non-core

activities, which offset lower revenues in the Networking

division.

Gross margin was 31.4% (2023: 32.8%), with the reduction

primarily reflecting revenue mix, and gross profit was

$36.8m (2023: $38.3m).

Sales and marketing expenses were $19.6m (2023: $18.3m),

general and administrative expenses were $12.8m (2023:

$14.0m) and R&D expenses were $4.6m (2023: $4.4m). This

includes a reduction in share-based payments (a non-cash

expense) to $0.9m (2023: $2.5m), which is largely recognised

in the lower general and administrative expenses. We

recognised other operating expenses of $4.5m (2023:

$1.2m income), which primarily reflects a one-time non-cash

impairment cost of $6.9m partly offset by a $1.8m reduction

in liabilities and other income of $0.6m including proceeds

from the disposal of a property. The impairment primarily

comprises goodwill for acquisitions of companies in our

non-core activities.

On an adjusted basis, to exclude amortisation and the one-

time impairment of intangible assets and non-cash share-

based payments, operating profit was $3.8m (2023: $5.9m),

with the reduction primarily reflecting the lower gross profit.

On a reported basis, there was an operating loss of $4.7m

(2023: $2.7m profit), which is primarily due to the one-

time impairments. Adjusted EBITDA was $8.1m for 2024

compared with $9.9m for the prior year.

Loss before tax was $5.4m (2023: $2.8m profit), as outlined

above. On an adjusted basis, there was a profit of $3.0m.

We recorded a tax expense of $1.7m (2023: $0.8m) and

share of loss of a joint venture and associated companies

was $0.3m (2023: $0.8m).

Net loss from continuing operations was $7.5m (2023: $1.2m

profit) and loss per share was 1.72¢ (2023: 0.27¢ earnings).

We recorded a loss from discontinued operations of $14.8m

(2023: $1.4m loss), which primarily reflects impairments

following the operations becoming classified as discontinued

(see note 20 to the financial statements). As a result, loss

from continuing and discontinued operations was $22.3m

(2023: $0.2m).

Net cash from continuing operations (before interest and

tax) was $1.7m compared with an $8.1m in 2023.

We continue to have a strong balance sheet, with cash and

short-term investments at 31 December 2024 of $31.6m

(30 June 2024: $32.6m; 31 December 2023: $40.8m).

Group Results

Chief Financial

Officer’s Review

Ran Noy, CPA

Chief Financial Officer

\* Throughout this Chief Financial Officer's Review, ‘\*’ indicates adjusted to exclude amortisation and impairment of intangible assets and non-cash

share-based payments

Adjusted\*

Reported

$m

2024

2023

2024

2023

Revenue

117.3

116.7

117.3

116.7

Gross margin

31.7%

33.2%

31.4%

32.8%

Operating profit

3.8

5.9

(4.7)

2.7

EBITDA

8.1

9.9

7.1

7.4

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

13

Divisional Performance

Cyber Division

The Cyber division performed strongly during the year, with

revenue growing by 27%. The increased revenue combined

with a slight improvement in gross margin resulted in a 42%

increase in adjusted EBITDA.

Networking Division

As discussed in the Chief Executive Officer’s Review, revenue

in the Networking division continued to be impacted by

the global slowdown in the telecommunications industry,

with macroeconomic challenges resulting in organisations

pausing or delaying purchasing decisions. The reduction

in EBITDA reflects the lower revenue, with the division

continuing to deliver high-margin products.

Diagnostics Division

Revenue in the Diagnostics division increased by 16%, with

growth driven by expansion of our customer base for distrib-

uted diagnostic products. The reduction in gross margin was

due to the contribution to revenue from instruments that

carry lower margin. This was more than offset by the higher

revenue resulting in adjusted EBITDA increasing to $3.2m.

Non-core Activities

The growth in revenue from continuing operations was

primarily from our test administration activities. The gross

margin improvement reflects the increased contribution to

revenue from sales of own-brand products. As a result of the

higher revenue and improvement in gross margin, there was

significant growth in adjusted EBITDA.

Chief Financial Officer’s Review

CONTINUED

$m

2024

2023

Revenue

13.1

10.3

Gross margin\*

41.0%

40.8%

EBITDA\*

3.4

2.4

$m

2024

2023

Revenue

8.5

19.8

Gross margin\*

52.5%

47.1%

EBITDA\*

(3.4)

1.7

$m

2024

2023

Revenue

57.0

53.2

Gross margin\*

29.0%

27.8%

EBITDA\*

4.9

2.9

$m

2024

2023

Revenue

38.6

33.3

Gross margin\*

28.0%

31.0%

EBITDA\*

3.2

3.0

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

14

Key Performance Indicators

The Group reviews its key performance indicators ("KPIs") on an ongoing basis to ensure they remain relevant.

As the Group continues to execute and embed its new strategy, further KPIs will be selected as the most

appropriate measures of business performance. The measures below are for continuing operations only.

Revenue

$117.3m

(2023: $116.7m)

Description

Revenue reflects the element of billings generated and recognised during the period from all operations.

Why it is a KPI

Measures our overall performance at the sales level.

Performance

The increase in total revenue was achieved against a backdrop of challenging macroeconomic

conditions, reflecting strong growth in the Cyber and Diagnostics divisions offsetting lower revenues in the

Networking division due to the impact of the global telecommunications market challenges.

Cash from operations

$1.7m

(2023: $8.1m)

Description

Amount of money the Group brings in from its operating activities before the impact of tax and interest

payments.

Why it is a KPI

Reflects how much cash is generated by our primary activities that can be used to maintain or invest

in the growth of our business.

Performance

The reduction primarily reflects the Group recording an operating loss for the year compared with a profit

in 2023 as a result of the impact of the global telecommunications market challenges and changes in working capital.

Adj. EBITDA

$8.1m

(2023: $9.9m)

Description

Group earnings before interest, tax, depreciation and amortisation and adjusted to exclude impairments

of intangible assets and share-based payments (which are non-cash).

Why it is a KPI

Measure of our effectiveness in turning revenue into earnings.

Performance

The reduction was primarily due to lower gross margin, reflecting product mix, which offset the

increase in revenue, as well as an increase in sales & marketing expenses as the Group began to execute its new

go-to-market strategy.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

15

Sustainability Review

Sustainability is a key element of the Group’s business and

building a business to last has always been part of its ethos.

Through medical diagnostics and technologies enabling a

smarter world, BATM’s solutions are designed to address

some of the key societal challenges of today and what the

Group believes will be the demands of the future.

PEOPLE

BATM’s people are vital to sustaining success. In order to

recruit and retain the best talent, the Group must ensure

that, across its businesses, it is an employer of choice and

that its employment policies and practices are sensitive to

employees’ priorities and requirements.

BATM has employees in six countries, including scientists,

engineers, sales & marketing personnel and those in

corporate functions, and aims to adhere to certain principles

in terms of employee engagement and employment practices

across the Group. During 2024, efforts were focused on

ensuring greater communication, fostering better synergy,

strengthening team connections, celebrating successes and

ensuring personal care for every employee.

Engagement

BATM understands the importance of maintaining open and

transparent communication with its workforce, and listening

to its people and taking into account their feedback. To

support employee engagement, the Group has a dedicated

human resources function comprising a network of human

resources departments at subsidiary level each headed up

by a VP-level executive who are overseen by the Global VP

Human Resources.

The senior management within the Group’s businesses

regularly communicate with employees on areas including

Group strategy and progress. The Group holds periodic

roundtable

discussions

for

employees

to

meet

with

management to share their views, raise any concerns and

make suggestions on how the workflow in their departments

could be improved. In 2024, this included a series of roundtable

discussions where groups of employees (with each group

consisting of c. 12 employees) engaged directly with the CEO

and Global VP Human Resources. These sessions, held across

different locations, provided an open forum for employees to

voice their thoughts, contribute ideas and discuss business

challenges and opportunities. The Group also holds off-site

team building events and company celebrations.

BATM prioritises training and development for its workforce,

which was continued during 2024. The Group has training

schemes focused on product training, skills enhancement

and the achievement of additional career-enhancing

qualifications, and often supplies in excess of two weeks

training per year for individual employees.

Diversity, Equality & Inclusion

BATM recognises the benefits to its business of supporting

diversity, equality and inclusion for long-term sustainable

success. The Group is committed to providing a working

environment in which all employees feel valued and

respected and are able to contribute to the success of

the business. The Group promotes equal opportunities

within all of its businesses and aligns its approach with

international human rights standards. BATM believes its

employees should be able to work in an environment free

from discrimination, harassment and bullying, and that

employees, job applicants, customers and suppliers should

be treated fairly regardless of:

l

race, colour, nationality, ethnic or national origins;

l

gender, sexual orientation, marital or family status;

l

religious or political beliefs or affiliations;

l

disability, impairment or age.

As detailed further on page 31 of the Corporate Governance

Report, as a company incorporated in Israel, BATM is subject

to the Israeli Law of Equal Opportunity at Work (1988), which

forbids discrimination on the basis of (among others) race,

nationality, state of origin and gender, including in hiring

job candidates. The law states that if an employer asks an

employee or candidate for such details, it will be assumed

that the employer has violated the non-discrimination

provision. The Group operates in compliance with this law.

Health, Safety & Wellbeing

BATM prides itself on providing high levels of standards on

the health and safety of its employees. The Group has, and

adheres to, health and safety guidelines across the Group,

and also has welfare programmes. The Group also provides

clothing for employees working in manufacturing areas. There

were no health and safety incidents reported and the Group

did not receive any regulatory fines or penalties in relation to

health and safety matters during the year.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

16

Anti-bribery & Corruption

BATM promotes responsible business behaviour. The

Group has an anti-bribery and corruption policy that

provides guidance, details prohibited activities and outlines

responsibilities and whistleblowing mechanisms.

The whistleblowing procedure is managed by an independent

administrator who is a partner at an Israeli professional

services firm, Chaikin, Cohen and Rubin. Employees are

encouraged to approach the administrator if they have

concerns about possible wrongdoing including potential

or actual breaches of applicable laws and regulations and

fair business conduct. The approach can be anonymous, if

the employee chooses. The Company has undertaken not

to take subsequent disciplinary action against a complainant

unless the report was subsequently judged to have been

made in bad faith or to be malicious.

During 2024, there were no instances of whistleblowing

reports, bribery, corruption or business interruptions as a

result of regulatory activity.

COMMUNITIES

BATM strives to be a responsible corporate citizen within

the local and wider communities in which it operates by

behaving in a socially responsible manner and supporting

local businesses and charities. While the Company does

not have a formal Group-wide approach, a notable initiative

during 2024 was the Group’s collaboration with Israel

Elwyn, a non-profit organisation that provides services and

prgrammes for people with disabilities, where employees

participated in an inclusive rhythm workshop during the

Purim holiday.

In addition, a key tenet of BATM’s strategy is the research

and development of solutions to counter the spread

and improve the diagnosis of infectious disease. The

Group’s products are designed to be able to be used at

the point-of-care in community healthcare facilities or in

small- to medium-sized laboratories rather than purely

in mega labs in a central location. The Group achieves

this through producing solutions that, relatively, have a

small footprint, are simple to use and are available at an

appropriate price point.

ENVIRONMENT

The Group has continued to take steps towards assessing

and managing its impact on the environment, incorporating

climate-related risks and opportunities into its business

planning and reporting thereon, as detailed in the TCFD

Report that follows. Developing awareness of environmental

guidelines at operating facilities, upgrading energy and

lighting

systems

and

developing

waste

management

procedures are examples of some of the initiatives to

improve the Group’s environmental impact that have already

been made.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzE3ewpmaWxsOiBub25lOwpzdHJva2U6ICMwQzUxOTI7CnN0cm9rZS13aWR0aDogMC43NjM7Cn0KLmcxXzE3ewpmaWxsOiAjRkZGOwp9Ci5nMl8xN3sKZmlsbDogIzNENzRBODsKfQouZzNfMTd7CmZpbGw6ICNDRURDRTk7Cn0KLmc0XzE3ewpmaWxsOiAjRjRGRkRGOwp9Ci5nNV8xN3sKZmlsbDogbm9uZTsKc3Ryb2tlOiAjRkZGOwpzdHJva2Utd2lkdGg6IDAuNzYzOwpzdHJva2UtbWl0ZXJsaW1pdDogMTA7Cn0KLmc2XzE3ewpmaWxsOiBub25lOwpzdHJva2U6ICMyMzFGMjA7CnN0cm9rZS13aWR0aDogMC43NjM7CnN0cm9rZS1taXRlcmxpbWl0OiAxMDsKfQpdXT48L3N0eWxlPgo8L2RlZnM+CjxwYXRoIGQ9Ik03My42LDEyMDguN0g4MzUuOCIgY2xhc3M9ImcwXzE3Ii8+CjxwYXRoIGQ9Ik03NC42LDExOTkuMUg4MzYuOFY0MjZINzQuNnY3NzMuMVoiIGNsYXNzPSJnMV8xNyIvPgo8cGF0aCBkPSJNNzUsNDI2LjRINDY0LjdWNDcwSDc1VjQyNi40Wm0zODkuNywwSDY1MVY0NzBINDY0LjdWNDI2LjRabTE4Ni4zLDBIODM3LjJWNDcwSDY1MVY0MjYuNFoiIGNsYXNzPSJnMl8xNyIvPgo8cGF0aCBkPSJNNzUsNDcwSDgzNy4ydjI2SDc1VjQ3MFptMCwxMTIuNkg4MzcuMnYyNkg3NXYtMjZabTAsMjEyLjJIODM3LjJ2MjZINzV2LTI2Wm0wLDE3My4zSDgzNy4ydjI4LjFINzVWOTY4LjFaIiBjbGFzcz0iZzFfMTciLz4KPHBhdGggZD0iTTc1LDQ5Nkg0NjQuN3Y0My4zSDc1VjQ5NlptMzg5LjcsMEg2NTF2NDMuM0g0NjQuN1Y0OTZaTTY1MSw0OTZIODM3LjJ2NDMuM0g2NTFWNDk2Wk03NSw2MDguNkg0NjQuN3Y2NUg3NXYtNjVabTM4OS43LDBINjUxdjY1SDQ2NC43di02NVptMTg2LjMsMEg4MzcuMnY2NUg2NTF2LTY1Wk03NSw3MzQuMkg0NjQuN3Y2MC42SDc1VjczNC4yWm0zODkuNywwSDY1MXY2MC42SDQ2NC43VjczNC4yWm0xODYuMywwSDgzNy4ydjYwLjZINjUxVjczNC4yWk03NSw4MjAuOEg0NjQuN3Y0My4zSDc1VjgyMC44Wm0zODkuNywwSDY1MXY0My4zSDQ2NC43VjgyMC44Wm0xODYuMywwSDgzNy4ydjQzLjNINjUxVjgyMC44Wk03NSw5MDcuNEg0NjQuN3Y2MC43SDc1VjkwNy40Wm0zODkuNywwSDY1MXY2MC43SDQ2NC43VjkwNy40Wm0xODYuMywwSDgzNy4ydjYwLjdINjUxVjkwNy40Wk03NSw5OTYuMkg0NjQuN3Y2MC43SDc1Vjk5Ni4yWm0zODkuNywwSDY1MXY2MC43SDQ2NC43Vjk5Ni4yWm0xODYuMywwSDgzNy4ydjYwLjdINjUxVjk5Ni4yWm0tNTc2LDEwNEg0NjQuN3Y2MC42SDc1di02MC42Wm0zODkuNywwSDY1MXY2MC42SDQ2NC43di02MC42Wm0xODYuMywwSDgzNy4ydjYwLjZINjUxdi02MC42WiIgY2xhc3M9ImczXzE3Ii8+CjxwYXRoIGQ9Ik03NSw1MzkuM0g0NjQuN3Y0My4zSDc1VjUzOS4zWm0zODkuNywwSDY1MXY0My4zSDQ2NC43VjUzOS4zWm0xODYuMywwSDgzNy4ydjQzLjNINjUxVjUzOS4zWk03NSw2NzMuNkg0NjQuN3Y2MC42SDc1VjY3My42Wm0zODkuNywwSDY1MXY2MC42SDQ2NC43VjY3My42Wm0xODYuMywwSDgzNy4ydjYwLjZINjUxVjY3My42Wk03NSw4NjQuMUg0NjQuN3Y0My4zSDc1Vjg2NC4xWm0zODkuNywwSDY1MXY0My4zSDQ2NC43Vjg2NC4xWm0xODYuMywwSDgzNy4ydjQzLjNINjUxVjg2NC4xWk03NSwxMDU2LjlINDY0Ljd2NDMuM0g3NXYtNDMuM1ptMzg5LjcsMEg2NTF2NDMuM0g0NjQuN3YtNDMuM1ptMTg2LjMsMEg4MzcuMnY0My4zSDY1MXYtNDMuM1oiIGNsYXNzPSJnNF8xNyIvPgo8cGF0aCBkPSJNNDY0LjcsNDY5LjdWNDI2LjhNNjUxLDQ2OS43VjQyNi44TTc1LjQsNDcwSDQ2NC43bTAsMEg2NTFtMCwwSDgzNi44TTc1LjQsNDk2SDQ2NC43bTAsMEg2NTFNNDY0LjcsNTM4LjlWNDk2LjRNNjUxLDQ5Nkg4MzYuOE02NTEsNTM4LjlWNDk2LjRNNzUuNCw1MzkuM0g0NjQuN20wLDBINjUxbS0xODYuMyw0M1Y1MzkuN002NTEsNTM5LjNIODM2LjhNNjUxLDU4Mi4zVjUzOS43TTc1LjQsNTgyLjZINDY0LjdtMCwwSDY1MW0wLDBIODM2LjhtLTc2MS40LDI2SDQ2NC43bTAsMEg2NTFNNDY0LjcsNjczLjJWNjA5TTY1MSw2MDguNkg4MzYuOE02NTEsNjczLjJWNjA5TTc1LjQsNjczLjZINDY0LjdtMCwwSDY1MU00NjQuNyw3MzMuOFY2NzRNNjUxLDY3My42SDgzNi44TTY1MSw3MzMuOFY2NzRNNzUuNCw3MzQuMkg0NjQuN20wLDBINjUxTTQ2NC43LDc5NC41VjczNC42TTY1MSw3MzQuMkg4MzYuOE02NTEsNzk0LjVWNzM0LjZNNzUuNCw3OTQuOEg0NjQuN20wLDBINjUxbTAsMEg4MzYuOG0tNzYxLjQsMjZINDY0LjdtMCwwSDY1MW0tMTg2LjMsNDNWODIxLjJNNjUxLDgyMC44SDgzNi44TTY1MSw4NjMuOFY4MjEuMk03NS40LDg2NC4xSDQ2NC43bTAsMEg2NTFtLTE4Ni4zLDQzVjg2NC41TTY1MSw4NjQuMUg4MzYuOE02NTEsOTA3LjFWODY0LjVNNzUuNCw5MDcuNEg0NjQuN20wLDBINjUxTTQ2NC43LDk2Ny43VjkwNy44TTY1MSw5MDcuNEg4MzYuOE02NTEsOTY3LjdWOTA3LjhNNzUuNCw5NjguMUg0NjQuN20wLDBINjUxbTAsMEg4MzYuOE03NS40LDk5Ni4ySDQ2NC43bTAsMEg2NTFtLTE4Ni4zLDYwLjNWOTk2LjZNNjUxLDk5Ni4ySDgzNi44TTY1MSwxMDU2LjVWOTk2LjZNNzUuNCwxMDU2LjlINDY0LjdtMCwwSDY1MW0tMTg2LjMsNDIuOXYtNDIuNm0xODYuMywtLjNIODM2LjhNNjUxLDEwOTkuOHYtNDIuNm0tNTc1LjYsNDNINDY0LjdtMCwwSDY1MW0tMTg2LjMsNjAuMnYtNTkuOW0xODYuMywtLjNIODM2LjhNNjUxLDExNjAuNHYtNTkuOSIgY2xhc3M9Imc1XzE3Ii8+CjxwYXRoIGQ9Ik03NC42LDQyNi40SDQ2NC43TTc1LDQ3MFY0MjYuOG0zODkuNywtLjRINjUxbTAsMEg4MzcuNk03NSw0OTZWNDcwbTAsNjkuM1Y0OTZtMCw4Ni42VjUzOS4zbTAsNjkuM3YtMjZtMCw5MXYtNjVtMCwxMjUuNlY2NzMuNm0wLDEyMS4yVjczNC4ybTAsODYuNnYtMjZtMCw2OS4zVjgyMC44bTAsODYuNlY4NjQuMW0wLDEwNFY5MDcuNG0wLDg4LjhWOTY4LjFtMCw4OC44Vjk5Ni4ybTAsMTA0di00My4zbTAsMTAzLjV2LTYwLjJNODM3LjIsNDk2VjQ3MG0wLDY5LjNWNDk2bTAsODYuNlY1MzkuM20wLDY5LjN2LTI2bTAsOTF2LTY1bTAsMTI1LjZWNjczLjZtMCwxMjEuMlY3MzQuMm0wLDg2LjZ2LTI2bTAsNjkuM1Y4MjAuOG0wLDg2LjZWODY0LjFtMCwxMDRWOTA3LjRtMCw4OC44Vjk2OC4xbTAsODguOFY5OTYuMm0wLDEwNHYtNDMuM20wLDEwMy41di02MC4yTTc0LjYsMTE2MC44SDQ2NC43bTAsMEg2NTFtMCwwSDgzNy42TTgzNy4yLDQ3MFY0MjYuOCIgY2xhc3M9Imc2XzE3Ii8+CjxwYXRoIGQ9Ik03My42LDIyMi42SDI0Ni45IiBjbGFzcz0iZzBfMTciLz4KPC9zdmc+)

ANNUAL REPORT & ACCOUNTS 2024

17

TCFD Recommendation

Status

Listing

Governance

a) Describe the board’s oversight of climate-related risks and

opportunities.

Full disclosure

See page 18

b) Describe management’s role in assessing and managing

climate-related risks and opportunities.

Full disclosure

See page 18

Strategy

a) Describe the climate-related risks and opportunities the

organization has identified over the short, medium, and

long term.

Full disclosure

See pages 19-20

b) Describe

the

impact

of

climate-related

risks

and

opportunities on the organization’s businesses, strategy,

and financial planning.

In progress

See page 20

c) Describe the resilience of the organization’s strategy,

taking

into

consideration

different

climate-related

scenarios, including a 2°C or lower scenario.

To be addressed

Risk Management

a) Describe the organization’s processes for identifying and

assessing climate-related risks.

Full disclosure

See pages 21 and 22

b) Describe the organization’s processes for managing

climate-related risks.

Full disclosure

See pages 21 and 22

c) Describe how processes for identifying, assessing, and

managing climate-related risks are integrated into the

organization’s overall risk management.

Full disclosure

See page 21

Metrics and Targets

a) Disclose the metrics used by the organization to assess

climate-related risks and opportunities in line with its

strategy and risk management process.

In progress

See page 21

b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3

greenhouse gas (GHG) emissions, and the related risks.

Full disclosure

See page 21

c) Describe the targets used by the organization to manage

climate-related risks and opportunities and performance

against targets.

To be addressed

TCFD Report

The disclosure framework of the former Task Force on Climate-related Financial Disclosures (“TCFD”)

is structured around

four thematic areas that are core to how organisations operate – namely, governance, strategy, risk management and metrics

and targets – with 11 recommended disclosures under these four themes.

This TCFD Report follows the structure of the TCFD 11 recommended climate-related disclosures, setting out those in which

the Company is making full disclosures and those for which full disclosures are not being made for 2024, the reasons for not

including them and the plans in place to make these disclosures going forward.

The table below shows the TCFD recommended climate-related disclosures and the status of each disclosure:

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

18

As previously disclosed, there have been initial challenges

in developing the required processes and resulting

management actions and their integration into the business,

which relate to the availability of data, climate proficiency

and difficulties of operating across multiple businesses

in multiple jurisdictions and in multiple industries. While

recognising that the Group continues to be in the early

stages of its journey in terms of formalising its approach

to climate matters, the Board is pleased with the progress

that has been made to date, which represents a cultural

transition and increase in climate proficiency. In addition,

and as described elsewhere in this annual report, part of

the Group’s new strategy involves investing in strengthening

Group-wide infrastructure and collaboration. Accordingly, as

the Group ramps up the execution on its strategy, the Board

looks forward to reporting further progress in next year’s

TCFD Report.

GOVERNANCE

The organisation’s governance around climate-related risks &

opportunities.

The following should be read in conjunction with the

Corporate Governance section of this annual report, which

can be found on pages 25 to 60, and which is incorporated

into this TCFD Report by reference. The governance structure

around climate-related risks & opportunities is part of the

Group’s overall risk & opportunities governance structure.

BOARD OVERSIGHT

The overall responsibility for the detection and management

of climate-related risks and opportunities lies with the

Board of Directors. The Responsible Business Committee

of the Board (the "Committee") oversees the management

of the various responsible business activities of the Group,

including the management of climate-related risks and

opportunities. During 2024, the Committee met on four

occasions. In addition, climate-related issues were discussed

in full Board meetings. Prior to their meetings, the Directors

are furnished with information in a form and quality

appropriate for them to discharge their duties concerning

the state of the business and performance. In its meetings

during 2024, the Committee’s discussions included the

TCFD disclosure recommendations, the Group’s Risks and

Opportunities Management ("ROM") Framework and the

Group’s Risks and Opportunities ("R&O") Register.

The Board has delegated the daily operational management

of the business to the CEO and CFO. With this, the CEO

communicates material matters arising, including climate

matters, to the Board. The Board also receives a Group-

wide overview of the Group’s activities, including risks

and opportunities, in the CEO’s overview in the quarterly

meetings of the Board.

During the year, Adv. Livneh, the senior manager leading

the planning, delivery and reporting on the climate-related

financial disclosures, provided the Committee with an

update on the process of preparing the TCFD disclosures for

the annual report. In addition, Moti Nagar, CEO, updated the

Committee on a publication of the Israeli Securities Agency

concerning a survey they conducted among reporting

companies regarding the detection and disclosure of

environmental-related risks.

MANAGEMENT’S ROLE

Managers within the Group's divisions oversee and report

climate-related risks and opportunities at division level.

BATM’s Executive Directors serve as directors in Group

subsidiaries, giving them greater insight across the business

divisions and optimising information flow and operational

decision-making.

Adv. Livneh and Ran Noy, CFO and the Group Risk and

Opportunity Manager (“GROM”), between them consult with

managers within the Group's divisions to discuss climate

risks and opportunities identification, management and

reporting. The outcomes of these meetings contribute

to the maintenance of the Group’s R&O Register, which

integrates climate-related transitional and physical risks and

business opportunities, following the guidance provided by

TCFD framework.

Adv. Livneh oversees the Group’s adherence to the

recommendations

of

the

TCFD

and

the

Group’s

corresponding disclosures.

NEXT STEPS

To enhance its governance regarding climate matters,

the Group intends to continue with its climate proficiency

programme in 2025. In addition, it intends to expand

the

engagement

with

managers

within

the

Group's

divisions regarding climate-related risks and opportunities

identification and management.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

19

TFCD Report

CONTINUED

STRATEGY

The actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning.

Through the intrinsic nature of the Group’s main activities, BATM’s

purpose is to deliver high-technology innovations that make

a significant difference to the human experience

in the areas of medical diagnostics, networking and cybersecurity. Through its

research, innovation and the distribution and implementation of its solutions, the Group enables a wide variety of organisations

around the globe to enhance their resource and energy efficiency. The initial steps in understanding the environmental impact

derived from the Group’s own operations has focused predominantly on initiatives affecting its people and communities.

BATM’s integration of climate-related risks and opportunities management into the Group’s processes is at a relatively early

stage, but it has taken important steps to enhance its processes and reporting and is committed to making further progress.

The Group’s assessment of its climate-related risks and opportunities are provided in the following TCFD Risks &

Opportunities Table:

Risk Category

Category Overview

Subcategories

Description (including timeframe)

Transition Risk

Risks related to the

transition to a low-carbon

economy

Policy and Legal

- Potential fines related to level of

GHG emissions (

M

)

- Potential increase of tax liabilities

in certain jurisdictions (

M

)

- Potential of limiting success in

tenders due to insufficient rating in

environment certification (

M

)

- Potential of increased energy

consumption due to increased

temperatures across various

jurisdictions (

L

)

- Potential increase in insurance

premiums or inability to insure

assets (

M

)

- Costs of complying with

climate-related regulation (

S

)

Technology

Market

Reputation

Physical Risk

Physical risks driven by

extreme weather events

(e.g. heatwaves, floods,

wildfires)

or

extended periods of

increased temperatures

leading to the development

of chronic climate events

(e.g. desertification)

Acute

-

Potential damage to infrastructure,

closure of production plant and

business activity interruption due to

wildfires in certain jurisdictions (

L

)

- Increase in costs due to higher

energy consumption due to

alterations in global temperature

patterns (

L

)

Chronic

KEY:

S

– short term;

M

– medium term;

L

– long term

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

20

Risk Category

Category Overview

Subcategories

Description (including timeframe)

Opportunity

Opportunities arising as

the business landscape

transitions to a low-carbon

economy

Resource Efficiency

- Increased customer preference

due to potential reduction

in energy consumption/GHG

emissions (

S

)

-

Analysis of alternative energy

source provision to improve costs

and reduce environmental impact

at facilities in certain jurisdictions (

S

)

- Enhanced resilience compared

with competitors due to earlier

adoption of climate-related risks

and opportunities management (

S

)

Energy Source

Products/Service

Markets

Resilience

KEY:

S

– short term;

M

– medium term;

L

– long term

The Group considers the short-term time horizon to be

up to two years; medium-term to be between two and

five years; and long-term to be over five years. In defining

such timeframes, the Group took into account the nature

of climate-related issues, which often manifest themselves

over the medium and longer terms; the useful life of the

Group’s assets and infrastructure; and the timeframe that

is relevant and realistic to identify and analyse transitional

changes and to make the necessary adjustments in the

strategy and operations of the Group, such as developing

new product lines or making changes in existing ones.

To determine which risks and opportunities could have

a material financial impact, the Group applies a ROM

Framework, as described in the Risk Management section

of this report. This Framework incorporates the detection,

evaluation and management of climate-related risks and

opportunities into the Company’s general risk management,

and in its application during 2024 climate-related risks

and opportunities were discussed with unit managers and

considered in the process of maintaining and updating the

Company’s R&O Register.

The

risks

and

opportunities

detection,

analysis

and

evaluation performed by the Group in 2024 did not reveal

any climate-related issues that, in the opinion of the Group,

taking into account the probability, impact and timeframe of

the risks and opportunities, could have a material financial

impact on the Group.

NEXT STEPS

In 2025, the Group will continue to enhance its climate

matters proficiency across the organisation and continue

to develop a comprehensive and systematic approach to

measuring its environmental footprint.

This, along with enlisting the support of specialist ESG

advisers, will enable the Group to execute a Materiality

Assessment and conduct appropriate Climate Scenario

Analysis in due course.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

21

TFCD Report

CONTINUED

RISK MANAGEMENT

The processes used by the organisation to identify, assess, and

manage climate-related risks.

The Group’s processes to identify, assess and manage

climate-related risks are described in the Risk Management

section on page 22, which is incorporated into this TCFD

Report by reference. The processes regarding climate-

related risks are fully integrated into, and form part of, the

processes for all business risks.

As noted in the Risk Management section, the management

of the Group’s business risks, including climate-related risks,

is the responsibility of the Board. The GROM – in conjunction

with the Board, General Counsel, business unit managers and

external advisers – identifies and assesses business risks, and

develops proposed actions for the management thereof.

Risk management is conducted in accordance with the

Group’s ROM Framework, which incorporates the following

four key steps, as discussed further in the Risk Management

section: detection and list, assessment, action and monitor

and report. The Group has also progressed the collection

of climate-related data, which is required to be able to fully

assess climate-related risks.

NEXT STEPS

The key next steps to enhance the Group’s processes for

the identification, assessment and management of climate-

related risks are:

l

Continuing to fully embed the ROM Framework,

including establishing processes for more dynamic

implementation.

l

Climate proficiency development and deployment

across the business.

l

The identification and establishment of appropriate

consistent climate-related data and reporting, including

necessary processes for data collection and collation

.

METRICS AND TARGETS

Disclose the metrics and targets used to assess and manage

relevant climate-related risks and opportunities where such

information is material.

The material impacts from the Group’s business are

assessed based on standards and regulations relevant to the

multiple nature of the Group’s operations. A comprehensive

assessment of BATM’s Greenhouse Gas (GHG) emissions

was undertaken, in accordance with the Greenhouse Gas

Protocol Corporate Standard.

In summary, there was a reduction in total CO

2

emissions in

2024 to 1,988 tons (2023

(1)

: 2,075), which primarily reflects

lower emissions in the Networking division. The following

table shows the Group’s 2024 GHG emissions broken down

by scope and division, including the Group’s corporate

headquarters and its non-core activities:

In preparation for establishing performance metrics to

assess the environmental impact and progress within each

division, the Group has analysed carbon intensity ratio per

US$ million in revenue in 2024:

NEXT STEPS

To enable the Group to better monitor its emissions,

determine trends, establish reduction targets, analyse

potential areas of risk and identify the opportunities

available, the Group intends to progress:

l

System integration for collecting data throughout the

year across the various divisions.

l

Using emission data to inform decision making through

regular internal reporting and support the management

and eventual reduction of emissions from Scope 1 & 2.

l

Continue the expansion of Scope 3 categories measurement.

Division

CO

2

e

(tons)

Scope

1&2

Business

Travel

CO

2

e

(tons)

Scope 3

Cat.6

Total

CO

2

e

(tons)

Distribution

Ratio of

CO

2

e

Corporate HQ

38.47

21.30

59.77

3%

Networking

105.12

63.49

168.61

9%

Cyber

25.46

3.44

28.89

1%

Diagnostics

542.84

21.95

564.80

28%

Non-core

(1)

1,158.13

7.70

1,165.82

59%

Total Group

1,870

118

1,988

-

Division

(2)

Revenue

($m)

Total

CO

2

e

(tons)

tCO

2

e/

$m

Distribution

Ratio of

CO

2

e

Networking

8.5

173.0

20.4

9%

Cyber

13.1

35.6

2.7

2%

Diagnostics

38.6

584.5

15.1

29%

Non-core

(1)

57.0

1,194.8

21.0

60%

Total Group

117.3

1,987.9

17.0

-

(1)

The figures are for continuing operations only

(2

The emissions for the corporate headquarters have been allocated

to the divisions on a proportionate basis

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

22

Risk Management

RISK MANAGEMENT PROCESS

The management of the Group’s business risks is the

responsibility of the Board. Opportunities and risks to

the future success of the business have been considered

and addressed in accordance with BATM’s corporate Risk

and Opportunity Management (“ROM”) Framework. The

process for the identification of emerging risks and for the

assessment, management and mitigation of business risks

is as follows:

Detection and Listing

The Group Risk and Opportunity Manager (“GROM”) – in

conjunction with the Board, General Counsel, managers in

the Group's divisions and external advisers – identifies risks

and opportunities (“R&O”) that are material to BATM, and

which includes the consideration of climate-related risks.

The process includes meetings with unit managers and the

use of key relevant information sources. The maintenance

of the resulting R&O list is undertaken by the GROM and

approved by the Board. Mr. Ran Noy, the Group’s CFO and

an Executive Director, is the GROM of BATM.

Assessment

An assessment of each R&O is undertaken by the GROM, in

conjunction with the parties listed above. This assessment is

based on impact, probability and timeframe and determines

those risks and opportunities that require the development

of appropriate actions. During 2024, the Board carried out a

review of the effectiveness of the Group's risk management

and internal control systems, as well as a robust assessment

of the Group's emerging and principal risks.

Action

The GROM, with the appropriate unit managers, develops

proposed actions that are then finalised in conjunction

with the CEO. The GROM and unit managers ensure the

completion of the actions in the agreed timeframe.

Monitor and Report

The Company’s internal auditor (as defined under Israeli law)

monitors the completion of the agreed actions and the CEO

and GROM report regularly to the Board, who monitor and

approve the decisions and actions. The process is repeated

periodically, with dynamic adjustments to the process itself,

if required, and based on any significant changes in any

significant risk and/or opportunity.

VIABILITY STATEMENT

The Directors have assessed the Company and the Group’s

viability over a period of three years. The Directors have

determined that a three-year period is an appropriate

timeframe for assessment because it is aligned to the

Group’s strategic planning process and therefore reflects the

Board’s best estimate of the future viability of the business.

In making their assessment, the Directors took account

of the Company and the Group’s current financial and

operational positions and contracted capital expenditure.

They also assessed the potential financial and operational

impacts, in severe but plausible scenarios, of the principal

risks and uncertainties set out above and the likely degree

of effectiveness of current and available mitigating actions.

Based on this assessment, the Directors have a reasonable

expectation that the Company and the Group will be able to

continue in operation and meet all their liabilities as they fall

due for the three years to 31 December 2027.

In making this statement, the Directors have also made key

assumptions (see note 4 to the financial statements).

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

23

Risk

How we manage the risk

Risk

change

Political and

economic

There is a risk of harm to the

business from political unrest or

disruption, particularly in emerging

markets, and from a deterioration of

economic conditions.

The Group’s operations are dispersed over a number

of locations so that should a material adverse political

or economic event arise in one location, the Group can

continue with its operations elsewhere, thereby helping

to mitigate the impact on its overall business.

Up

Legal and

compliance

There is a risk that legal and/or

regulatory requirements are not

met, leading to the loss of licence

to operate, reputational damage or

financial loss.

The Group retains experienced high calibre legal

advisers for the Company and the Group's divisions

who provide ongoing advice and updates on relevant

legal compliance requirements. The Group monitors

the regulations relevant to its activities and, when

needed, makes the necessary adjustments to maintain

compliance.

Down

Business

continuity

There are risks to business

continuity from specific events, such

as natural disasters and pandemics.

The Group operates in numerous locations and its

manufacturing contractors are also located in multiple

locations, which would help to mitigate the impact of a

business disaster. 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.

No

change

Supply chain

A disruption in the supply of key

raw materials or services to a

manufacturing site could affect the

Group’s ability to make and deliver

products to customers, leading to

interruption in supply, lost revenue

and damage to its reputation as a

reliable supply partner. This could

be resulting from market shortages,

disruption due to global events and

physical climate-related disruption

of upstream supply chains.

The Group has established strong supplier

relationships and collaborates with multiple vendors

globally to broaden the geographical coverage of its

access to available components. The Group requests

that customers provide long-term committed forecasts

and itself provides multi-year forecasts to its contract

manufacturers. In addition, where appropriate,

it reengineers products to enable them to have

replaceable component alternatives. At times when

availability of components is constrained, the Group

seeks alternative sources and to increase inventory

levels of both components and finished goods.

Down

PRINCIPAL RISKS AND UNCERTAINTIES

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 Management Report

CONTINUED

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

24

Risk

How we manage the risk

Risk

change

Competition

There is a risk that BATM is unable

to build and maintain competitive

advantage in its focus markets.

In particular, there is a risk that

competitors with greater financial

resources may develop technology

that is superior to that of the

Group and they may also adopt

more aggressive pricing models or

undertake more extensive advertising

and marketing campaigns.

The Group operates in large markets, but with a focus

on areas where it can establish a leadership position

through technological expertise and innovation. The

diversification of its end markets reduces its exposure

to a large competitor in any one sector. The Group

ensures that its products remain world-leading

through investment in R&D. It maximises its resources

and enhances its routes-to-market by establishing

partnerships, collaborations and joint ventures.

No

change

Customers

and partners

There is a risk of harm to the Group’s

revenues as a result of termination

of business relationships with

material customers or partners

and sales agents. This risk is

increased by the challenging global

macroeconomic conditions and the

impact that this could have on the

business and viability of customers

and partners.

The Group maintains ongoing dialogue with its customers

and business partners in order to identify ahead of

time any potential problems arising on the part of the

customer and in order to maintain a close relationship

with its customers. The Group also does not have a

significant reliance on one or few customers or partners.

No

change

Research &

Development

(R&D)

There is a risk that R&D programmes

overrun or do not deliver the

expected benefits.

With respect to its R&D, the Group’s strategy has been

to diversify its R&D operations among a variety of

teams, internally and 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.

Up

Information

security

(including

cybersecurity)

There is a risk of information

security, data loss and corruption,

and physical damage to IT

infrastructure.

The Group routinely carries out proactive measures,

such as IT evaluations, to ensure that its IT systems have

the latest cybersecurity tools and security procedures in

place. These procedures include implementing security

controls and staff training.

Up

Market risk

There is a risk that changes in market

prices, such as foreign exchange,

inflation and interest rates, will lead

to financial loss.

The Group’s finance department at the corporate

level manages and monitors market conditions and

exposure. Most of the cash, income and expenses in

each company or subsidiary is held in a way to reduce

the Group’s exposure to currency fluctuations. When

this is not possible, the Group uses hedging transactions

when needed to protect itself against potential currency

risk. However, this is only done to a certain extent as

the Board believes it is very difficult to hedge against

currency fluctuations arising from translation in

consolidation in a cost-effective manner. The Group

also monitors the impact of inflation and adjusts sales

prices to maintain its margins. The Group’s exposure to

interest rate risk is low as it has relatively low bank debt.

However, due to the impact of changes in interest rates

on the financial markets, the Group closely monitors

possible indirect impacts.

No

change

All of the risk categories have elements related to climate change. For further information on the Group's climate-related risk

management, please see the ‘Strategy’ and ‘Risk Management’ sections of the TCFD Report on pages 17 to 21.

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_25"><path d="M308.3,481.9V303.1H444.8V481.9Z"/></clipPath>
<clipPath id="c1_25"><path d="M701.6,481.9V303.1H838V481.9Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_25{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_25{
fill: #F4FFDF;
}
.g2_25{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
.g3_25{
fill: #0C5192;
}
.g4_25{
fill: none;
stroke: #F7931D;
stroke-width: 0.763;
}
.g5_25{
fill: #F7931D;
}
]]></style>
</defs>
<path d="M73.6,1208.7H835.8" class="g0_25"/>
<path d="M469.8,813.8v314.3c0,12,9.7,21.7,21.6,21.7H837.9V835.5c0,-12,-9.7,-21.7,-21.7,-21.7Z" class="g1_25"/>
<path d="M75.6,721.9v333.4c0,12,9.7,21.7,21.6,21.7H444.5V743.5c0,-11.9,-9.6,-21.6,-21.6,-21.6Z" class="g1_25"/>
<path d="M469.2,357.1H688.6" class="g2_25"/>
<path d="M74.1,125.6H282V93.3H74.1v32.3Z" class="g3_25"/>
<path d="M75.6,357.1H295.4" class="g2_25"/>
<path d="M89.9,1059.9h21.6v-21.6H89.9v21.6Z" class="g0_25"/>
<path d="M122.3,1059.9H144v-21.6H122.3v21.6Z" class="g4_25"/>
<path d="M482.4,1132.3h21.7v-21.6H482.4v21.6Z" class="g5_25"/>
<image clip-path="url(#c0_25)" preserveAspectRatio="none" x="307" y="302" width="139" height="181" xlink:href="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAIsAAAC1CAMAAABYt/wQAAADAFBMVEUAAAAMEBleWlu6sK1BAQ2PgoMAAP+dYlRtAxXe296jmZhWUlRlMSVCPT0JDBJqlUqBUkGveWcuAw7HjXigbmN5Rz88OTt6T0nFwsWAXlcUFhlWLicMDxnv7/O/h3x2NzFLR0eTDyaVVESqpadkYmVDQUOBenx3QTR4TUPMlYJtSURxAABdWVtKJB6bj46sbFiIWUiaZVVuUks/PT4kJzCCSjtcIDqCa2daJiC2t7oA/wBvZmhrGjRXQz+KhYa7fmhpKEKspaUKDBWXe3Oyhnabbl8OEhvPz9LEnZGHWUwSFh3///+uqqw9FhhnTEbl4uQQExuOME6mYFanFy2qVaqPWkiJVUWLWk+bYlLBhnOXcmlHQkKxkIWPQV+ffHircmFZVFR1amr29/msfHB5SjmNYlc8NDRtQjZ0ZmXOkHpJQUBtPi93amqCCR+bhYOZYVBROjdRLii/q6VuWlYaGyIHChRYV1dOSktbWlwEBg54bWsyLC2LgoJYMijTmooxKSw/Ojr/AABXBRVbSki6f3KVZ1yMhIUzLjDTloCBGTOTZFmMTEBvZGWNcGrEiXrY1diBVEsPEh2XYlBVUVKxdWR1Sj+AfX60op8OERkLDhhyY2GPXU5qQ0AGCRHDt7YDChFXEifr6eykbVt6LUlgXF2oKUM8Kyq3fHGblpq7s7KNaF7Hj39eOjalaF9uNi54S0KgW1CEW09PQ0IPERkHDBSYl494RDygY1WfZFERFSC8sLOhbWSzfm/LyMthU1J6TD+1e2ePVEacaFuic2cNEBq4HDG8hnTZn4y5gG/TmIV4W1Q0Nj6CTEN2bW3CvL8wGhuFU0MqIiXGiHNzcXVKLiqBWU+gmJkMDxeqcFyrdGaWHDZfNCimoKPNkYKBcnEuAB0xMzmjaFeRiYlHPDukcGGDWE2xl5KNfHmWXEyCZl6ifG++gW9jWlpaLiWLgYB5bm1nOCtHMzNKFx0rEBRvCyAJDBawr7NfRD1NS0twS0DW0NMAMwBDREvl5ep3VElaOjramsuTAAABAHRSTlMAb4Vn/4QBiP//gv3/etAD/v///4931RP//xOPz/+N/9P//RP7D/7/Tv9iAq7//tf+//89xf7/////AQ3//y7//9bN////Lv//rM0B/f/+/4////8D//500P///f7/EP8t/f////7+/0//r/+v//4f/9P///3+Df37/mr+sP7/Pv4B//7W/f0M//9O/in+///+/v9Q/sgK/63+/v78/vtN///+/8///0j+NP////7/Lv///1D/EP+0///9Hf////7//v7//v///////2P/y////v///v/Ttv3+/v///v/+Bf/+UP7/j/7+/v////z+0o/+//////7//nT//wX9//8vI8wd7wAAK7ZJREFUeNrtmg1Yk/mZ7pk57q4sdjcZzrZku64jdaDsjm5ClxFPZbEFit2jMOJJ2oA240DIMIyUFTNIGSgHDpQpQwjvpOPAKx7JzHhYPqyhlAY2kBAYDCyjEd2VDOKakkoQbEGNFI6yez/vG7607a5Au9d1rvPnU0YnP+7nfr7+iY/P/z//b583X3nnnTdfeeWVN9/58n8qx5dfee3ZN7Ztm/zwxAm/bUfeePHZV/6TeN77xS8+qZ6c3ObXWeSXnY1vtp3A27Ov/a5x3vzxO9/55MaNI0eqj0x2ZjcnZTf7Ec82P9B8+Oy7b/4OQ/Pa733yyZEjN6oJpSi7M3u0uSA7CW+Tfn5+CNeJZ99953cTmne+88aNoBtHtlUDpbq6KKm5ORVvo7m5BaPNSX6j2WDxO/HiL9/93m9fk+9AkSs3jnAgkAW6NE+npo4W5Kam5hYkJaUWJPklZWcnPcz+5W9Zm9de+/AITlB19SShTFZP+nVmT6dOpxYUpI6OjqaOpoIlOzUJ5+HzH/42ffPKKx9uq4ZPblR3dmZlVcMvWZ04o83TzaNnR0ebswumc3Nzk/yyk0aTksDk9+K7L/yWUL714uTkZCdgqjuzOquzEKWd1ZOdRc3To9OjmaOZEaPNiNbZXAoSQpV6M9vPL+nZV34rKO++WO0HQRAafIQeycrqz8KnooiIsxGgmS7qjBiNiGgeLYAiBaO5BQUQpuCh32e/tP4kL7z7fPZkNiIymVWUBRpRVn/1eGhoaERm5vR0M8TJLCrKHI3IhGeaC+AcyJOdfRNAr697Qr3wLGVHZ2fRZNZkXHVWaH9o1vh4f1ZcXETmTETmdHNnUVFRXFFzZmbR2enRZryl5qb64VPuw4ef/e76ltkvPY80TWr2KyqqzsrKCg3NEmWJ+kWiccAAJwLRyY7gDsAymyOa8ZPmgs6kJITKL+mzX/rLdRTlM6OoqqOjRc1FRVlZcaGhcdXjO/v7RfP9WaGdWUWZCFNmRARJU9QZd7U5YgYSRRR1diK/k+Cb1NfXL5teeb4AJRX1A48WlxV6Ki50fnwnZOnvH++HY2YyMxGoGTw8ZEHMimbiQuOy4rLwtzuTmlFwbhY8v06WeeWXz/vRb5c7erYoApr0nwrt74dddvaHzs+LZudD4+Jm4uIaZ2ZCi7jvZuJmZmZmQ+PwR6R+dlFBam5S0mfWRZk33z0BoXNRL5rPQpX+fm2ciNQgnnmyTDloMuNCZ2dDRaFxM6HzcaGQbn5+vj+0vzqrqHk0G7WmIPvZdZHlQ7/sXORDc3PEdATiIjL098+Pl0fVz4tE/fX15eMiaAAd5kXKelH/rKEfUPPm/nnRuKh+fDw0YpRETXr44To0pzdf9PODyqm5SI1pGKVeaQDEfOjO8nqtdnxeCZjq/rhZUX1/vbK4vt6gNBjm5w34W4b6xCjAwDOIUmrS8+tQ8t7182uGKkihiKKZ2VmDwaA1KJXj9fVR5QZl4u3yxHHR2M6ZeVF5cXmMIVGpVM4b8N+txcXK+pj6+npRKKo0pXbSZ9aeza9D4dHR3NTmzE4yiFapLFaOKyHA+O2oxJjEekQG6Q2s7vr6+XpDsUSpZLUGiYQ1FCuV3THjov6syeak0dSbn/3HtbJ8KQkBKshtPnu2CH6FLkqxoJjF71xcfLs+JjEmxlCMyGTUJ9JPlMXch0HJKGOs3TGSGFdiIspQdVEqeX+tLN/7TFIqTu5oZubM/IxKpaXHkViLY4olMTHdMfUx3UpRcaIyMRFgMd0AMRQzjFLGxjitjiG9xNUdE4XU72yeRtH7zJpDhLpyOReqxPUbzLNsd0zMbVeMSy+x6q3W6GiXMLk7UVnvSiy+ndjtcgHHqnQqnEaJZEhh0Q0NKRyOxMRxFL1RZPXra2XBIAKvNGdGxGm1SnGMRCnptlpdVolRoncIhS6HydStrC+OqU/s7gZKjEOo0OksOjqWSNAohLfrd5Z3ThaBxW+Nk8yXsiFLQSdK/Hy92GC3MhI8pss15NQN6YUWh81i05i6Y5QxyJzuGIdtIjJyAm+RFrxbIgGlMAm7E8v7kddJSX4vfm5NLK/fzM1NTYpAWS1XwhXdMXrER2/ifnnLxIRN3iu3mYpjrC6XTSOfGBwclA9GDk6ABgfyDAlNttu3o8Y7izr9mk98uCZhXkHxz8XQEpeFNGZv375tVeAILRSASDzk4IR8ohe/us5i8/dPSxsc9B/Ep8FI/ligi1AoBMyNrOaiAr/J19bC8kt0ouzJ6ogIUX29OOb2bcbqEDoUOgViIJ8gGQYH0/zlcvmEJY07g/ROMIM8S6RQJzRF3z6UcaOzGkvlWnrSC88TSzM64s56FK5uicSpH3IoCIVE4VDSStP8CaOU3kt5osHBiUFyDY5QZ+o9dGhHxs7qzskrb6xhRXk3O7sgqRnTNuq9mLVaWcY5hBhRjkRGcuYYTCu9UEoYfaV0eGXo8BYmGIvp0KFbh26MYYH5ZA398d1tfqkUoxs7wcJYGSNkoaPTkTAE41/ax1NcKPXCpHlhvA62CIW9tw/t3RF140ZJUNB3Vs/y7GR26qjf5I3x8XkxK5EssFD1iIQoaQ2D/jwB3paxeJXhLQzzmqDLjrGxsaCgt1Z/HfLsCQzcRZM3qvvnGVbCMBIvy9BQ5ITc379BI29IG/EqsnA491BCUZxIGIUwOXnvjoxbGWMlQT9/b7Uof/miX3Z2tl/nkZ2hIgYhQrEFDNmFEnpi0B84XqMshSk/n36URizyhbSOjr516NbJuh0lJatmeeHFyWy/Sb+sI+MidDxGAhiw6Ki8WFBYwNIQ0hcSMtLX13cBtum7QIf3D7Tx94cwMK9CR0G6dfLkyVt1JT9d9e0GRroTk36w7ngxy9AxGkkXPIBtQi7XNITg9I2E9C0eUNCnNA7F319OMOiQlt69x8ByvW7H761WmPdePHFi8ojfkZ1j5aQL62YYMozCYou0TcAwRNLXN9LAycKd/Hx8lPJ1ZhAlcGICQdIrLNF7Tx47fQwwb/3N6lm2beucPHJkLFHJEoubgS5DOkuvxWTr1TTk51/I78sP8edQ8B0+XbiAn4GxlIvRIDoFgjSkiD7EwdSdfOtbq43Rh3QbeOPIWHm5WMyyUqnbbXSCxWazRAKlj3vYvhD/kHzSg1S5wB+wUNlDjCzeyaFhLwxzbN/1r6w2Rm++iCQKCsoYKx83iInELeXMa7LpLHINYPrIuSFpISQJkfRxLoZ/CcWb1dAF3TR6795bx062X7++WvO+82Hn5LagkpKxnYnEInVLoYsTc4DFYurt1YSE5POOCRkpxfcUIo4In3n3IqsnuNFBJ7TtPQb3Hju575/fW21OV2+7cWVsx87yRKVYBl2kbqceuiCNem29vQ14fI6lz3/Qn3gAQtHiiy/ZhYcBi6J3L2COtR978JVVGua9N7ZNBgWNje2MKldKuRi5YRcqdr29gNGE9HmrSynKrD+X2wjOCN+yUX8pqScibSh3CiFYbp1sb2//yhdWx/I/3iCUoOqdGfV8jNwMx2IR2hp6bRMalLqRBv8+GBU1378U1uE4Fj4IBlmN9gjHmEiXk6fb21fJ8uVPjpQcKblxozxKabBLCYZSWiG0Ua2bkGvk/njIhhF6UM0gvh8Z8ec5vA0zhKt26I4Yjk0UJOT16b9fZYw+CUIWlZSPYWIQyMDClReFxaQjFtQyACA4cjw6dKFgpZFtudLbVxqSlhYySOUOsuj0euEhUmb1LD8PulEyNnajfLzeIAMLX+rQA4TojfQocmqP1JdLMWqmjeBb0KXx7Qip7k/jZ+SEDsVOr1dE3zoWcKx9tSw/DSoZ21GCQapcKbbzLEhpbnrhGjXpkkZjZlraBL7zl/MzZ2kpHBQSQphIJJtNARaUJVf03tOr1+VbPy/hZInC4C2TdYGFWeiNlgkapvxDLvRxw65/JCDIM1AHHDB1A3lFDmEmIoUKPbEMOcgxp1fr3bdKMkpulGdElROLjNOFMwy8a9NgH0rru9Cg4Qa5SP+0kBF/ThHYWePvr5Ej62028KDu6vXQE1E6eezWanX5wlsouhljUVGJxQKBndJIQjnNTVORNrlN01CKbpwGpw5aKGtGYFjq2xq5HGVZE2267aIaLdQ7h4hlSHjo5K19q2R58/fQizIyMngWmcwtkXDehRnhGvzampB8TZp/38iFQR32gYkGvgOEaHp7TcnR0Ymi+X6zEisvZMFAqHcqDqE9/hefH37jJ3/wD09v3rq6kh0ZURkxSkGYHe51gkWBwU6INLXYTGDRaOCYvguDQ6UX8nVyNMYRjUaTHI0NM3F8PCsOy++8Uom1ihPUePvkya/8/RcDrQrdHzw1yx/uwMw8FpUYUy8mYdx0laHQOYjFhOLbCwEsIyEhmguDCWl9+Qm6vvwGm8OUfLteJOqPy5w+m5o5fbWov9HMOiUEI4m+desP/8Q95LANBX77aVl+/M+AgV3qlTKBQCBzMxKFAorTkowl2iUUuqx6G/yRP5gwWJo2lOCfH2KKTtSGRmROT6fi09mzmadm4mYatXoJfo0hJvHWrT9noKuuK+z7T8vyxyQMdKlnoIvZ7masiLwyxtEdc7u7O6a+OEZpEA81aEby/c+DxWLECHy7WBl3dfrypdzU3NSz0zOn4mZUjXkzrBUJqDcWZ9y6pbCZdEa3+/tPb5gdO8aQ0Qa2y06Z5HZKWO38vAjv9GxNXL9o/hSD7O7zT8BKPyGxyKNjRKLQiOnLuZcup0YU9Y/Ph4rmZ4ZVrJVcr3dhH1D0mhR64/mnZ/nxzzMw1YmUMjfHwkoNM3QipjNHI+IiIqZn4jLNeltDX8NQZEhaqVNoS9bOx01funzp0uWzVxvjQkX1SqXBfErL6CUYfPSS2ydvCR1C/ZDR+PQs770VNQYWAcciEwtmGxszpzNTc3NTC85OR2Renb6aqRLrbf4axUTDiMYhEcYYGrdvv3Tv0v689PliRDIxptswr1IpwYKKJ4m5dStZqDAqnM6nT+pvvYU1eKfBbJfCvHazKi/z6tWzl49fzs29dPbs1Ux87G80i/WmXlNvQ59/b3eMVTt8d3v49v2XLp29uv3s2bwZA133msUoMlR9lRmHuoVOoyJhFSw+P4UsO0WCAZlMYIYqV69CFug/nUlJcvXq9u37tw+nsK5oTJx9Db0mq3gq/E74/v37L9U0H09NvXz10r3tAoZli4UxVspANirD4XAahxL+6luraY+A6RcM2KFLSnre1bzMxumZUNG4wTDbmJnZmD4cfnf7HYHTkYyG0CC36dnW8E13NuXNRNy7l3MpNXvn8N39+9PFrFjMkC56RhnlcFCMfrKKNvDff4Gxrh9eIV0EeXl5M42nDFHRt+ev3ruXe2n71fDt4XdUKaw1WdMbEiKP1A2xrWbVlnNa0dX99+5l7lRqtarwTSlisctk0uutVomh3uXSoez919X0pO/cGBsbTxHYOb9cvTqjmlca5hsvXas5njtZtH379jubTqWYZYzD1NsXkjaB0YZhtQMDLKsVtc6XNyVaJaxEIlYWdwv1EqsTLKIYvc6YoPg/T9sa30Ghfg3uFbUK7HaBXTC7PW9YNT8LSe4lHb/id2PnqfAtKrHMbre7FZClz19ONxCm5JhuZVeXkk5XU5NDqHAVd7tQeSEMYzBLFEMJ53VPad3/+TPZN3/y/c+9NpYhUpkFMuA0Xm1UTeXtv3f28r17ly6NlisHgltbWVYslbmHUGT60gYtOgyfvSZHk/U829XltjqSHTYT2gU+HC6Xy8rYzVhrEs7/r6dsR58TY302fvMf3sgQzYYJpHaBqnFKlT58af/dxlNX715t1BY3dSvZ4m7s2TJGYQJLqT9Y5BjobCYHKJJN+NKEpS7ZFI3+JXRJrIx2IDDBmWD886cM0ecCz7vPJ8BmGfXzZip0qsaZ4bz9+/NmtfPaevTL4uSmYrp/YIxSI+mS3+cfCZbBkNIGuQkrEd0amfxppoqOxpAhjJFIWHFYlzvBOfTULP9U5g50Jww5o8rn0aUFYpS64eE76cGtAwMGAyspRou0ov8ancSCjRZBmrBEYtrEGIP8NtlsvQ0YfE3Rml6ECBVGwoClzH1e1/S01v3xD8LDg8MCnfryqFkYN2U2eHZWNSVGqZAgOgiAyWG1onE7wQK/0GadJufuffsuXMgP0dBNBGab6IaGBo5FESNhxHZBmTtB+NQsPm8Eb9m0KYwZSow6ZSZhUlJUKpZVMoyryeVIhhmt1hgUU2KROi0NI/mlIxraJwcb6OYuBJpwHyENGrIu/mYxKxbYywLPm/7qqTvAa9KylOBgqTNxJ/JIIKbrIJZxuCQsY3W4miRW/O/x2wKFkUolQk0DVkaNjbvICyFlMPj2EUmDBvuARSjUo9bYzQJpYILuJ0998fGeNtAdliKTWEWcLikClhFLitFXhJQiQjRcZAexSLukjEKuGcGwa4ukRCqlO016z6drkQYQWiwKPcMQi6QsYRXTrs/XGaM7TMYw/bNmHHQVqUuY7OoW2nAAY4E7hdg2jG7ooujlWOSmSJt/g/eCFUtBPnePhr3AIhySMAYU7+Ky803fWMXrtNxDxrBAKStCmTcLxFKWcdF0YDL10v0LCgeq2hBQ3FK3xIHmmD8y0jCBPU4ewt3acbd3dDnEhUmnR0ZDXntZQtMqnl97759058sCy8TaUyqz2W5nWYlL2It+jIPNAx+wAViMbpbRm2y9I3jcEblJN5Rg8e9bYCGakBGwKPRWVoxWEubW/WRVjTFBF1gWGJYyq4IwdoaV6DkYumIOIaAJm2KICxHjoqGBWEZsCqOkzBjpf2Hp9IX405BrxQRvF8gkiu+vhuXLeo0RwoTNqlQpKVopw2BSXILRyG1CsDBdMhkFj1DyL4xohOcVusBAxWDfhYVIYWuxWRx6Ki8yAev65rdXw+LzDdNQWFmg20wsdpbBxkUs3AUmQgS/mBRMWDD8bbU17A3JJ7c22M4rTKaysoRImDl/hNtqRzRIOOS0WCCzs92rCpGPzw8dvYE4A+mAERCLXiik+0sqYg2aht5eIRMcbO8SS6zRdKvKidBL662+Nditm9CUjtDdZsiI3KagqUFsx5vy66u84v2DQ3BvYJlKpZoViN0UIxPFKJ/DQUFlwrZIGVYmcZn27uVEOJbfq7DZHHqr+FygUzGhGbkAD6FzY8VEjLRo9+w3VsnyRUdTYNP5MlU63CtmjBJ6wpkLEl3tNgiNYcFmlmfR7M3P33vh9IV8m8KC6cBllZ3rSoA03CVIr8XCsdhZmV25Wpbf/7orUNN0vhXCmOFdZkhosdnkEObC3vwGU1NZ8DkZpgYxYzX1huzlzNGAjillu9GsBs6VndfJKf8nTEKUF4ZBXRDLrKt+lvqHxYEaYQLHQrPVEGAi6Zkj6KJxdG05NyAbEGPpsDqiUXJseGChldWyTd0OjFGt58oSECbbBPJNgVLH2mWsVLx6Fp+fyYS6BDJMihilnp6aiCSYkRCNKSFs00DxQHow6iAqjGmCmoLDitm/2EUdK9naei7MrTBZoIqCZJHaxYxULPn+qlk+9wOj7nwgsWCfZrjrOp1tAlVX2FR2botSolRhQ1JhFXBZdArq4lqlMgYDLp2m1k3BGFeEOkeT0cjCK/B5l3L1LD5ftDsTAlspqaUsPX+kUHBPN6K+hoWXudkuw7ntd7enqwawfNDgNqAs5mTBm81kbd20JVDS1KSg6uxGQksY6Rp08fH5E7eTQbVToTtKGSN/e2ixWYYCz23B6tGlHTCrGu8MT6lazebW4FYtVElOTu7GsMWFKXxLmYQu7MAiRblkpey318Dywg/crBjVTkDXqlgNMFXSS07OB2/CTgZhBgZazQOhw+F38hrDz50biOnujo5OJh4QdUu2hG/pkjidjJRnYaTatbD4/PCU1o4KY7bL6PabMRpJGmfgpi1dGDm7sCe2toq02oFTraGN585pJcnRyYBJTr7dDRYru4mEockCMWIljOwv/tuaXpHzF7NmqnZ2O3cTjzDphpzu4PAuJcseZmlnnUfuYFfSGrRa7NZAOXT7Nji6Y4qVSKZAxolByo1S55awX/dZ2/nLH2hV6RBGEGaW8U+AOmHcMIBgOWGRxFqDAZZtKk6sT+x2RB8ilsRueoGbuVU2sIWeATMyDHRxM2tm8flifwrXBsJSwsScZ9xl4emgIBaDiCqKEvt7N6KSHI1+FX0omSQxtKq0KHBlpKMRGGKxm2V/tlaWd5R2FcGEpaQIZF1uo7vrXLjY0MUqDUp6FxUXx8CtHAl3+d7EsgOt6SptN6YWutm1KBiKEcqLdM0s732TVdHcgBMm6HK7A+3hyCG4Q6tVakUGLTTpjY5GAezVOBKAcarx1JnwVmuTQ2hxDEVOWBBTJ1qolGWl31gri8/XwQLHgAWrNYbtwE34/xrMszjz8wYDY01oampKTjahjWqjMkSi1tbWMqvC4TChGNPrp4iFKy/iL66Z5WcMDDOlCgZLShf55RxSQksVsFHVmtIafG7T7nNbtrzdqm0tz7jVdPj8YXdCt0NoipyIFOoG/SMjUZOwBmDZE39uzSzfR7VLT2+kINmxyeucYVIJa1ZNhd/dvh8t4Or2zLj+LNHO8qjDTU2OpoSE8006iGIblEc6dINpEzojVTtqR/+0dpYfyqRgmaIgDXQ5dTadC3khaMW2H3737t3tjadQ+5XlxQn8oVfrmBxCm1w+YdMNTQxG6ox6JyOWwS5rTmnq1inEkp4iwFZr1E309rokUrGymFWifpxDeLoOl50/fB6HZjlMMtjmTRPEMuGMHIwccuqdbhRKVrZ2u/j4/OvnPz9FwoTZwwRuRaR/g0nPoL7gN3V3DYSVlQWeT2jSmUwTABnRaJKTHQoHZKFVf8gyYXE69UZWAL+Iv+2zLuf1LVMkDDY/J1gahBhg8SaV4Y1pUugcJkcTvcEw+OLQCeU8i84SqaNLGhaLp/jr64Pi87NGThiBQOa0DPo3YCtlnBKnVCYTyNgYGnCtbowqDleToinSojPZ5INyG+Jk0SFETj0jI1m+uE4sfxM6RY4JCxMwQxP+Df5CHaqGXuLuwhgraSIEThOHQodQYVuALr0UJx1KnRN2QUVahyzy3oG/0Tg1NaVCg+xyWuT+/pE6hRv5YWQwDkicwFA4dJDDhjUbrvHX0IUmpZLFMmQ0GqXEYv/ROrH4/DQOLFPUB6RDmL8tQy6GXpzjlhixUJJjdIgJkmhCrpnolXOXq/his+iGGKeRQsSOH39mvWDeyJsi+6YEUyrJdUN6Pb0MBVOb9yWAJrkNKNij6bUNOBM2CpNQYZQ63WBhtMdyc9YL5m9ODW8aHk5PUQXbjUORCiAQjFHCsWCj76VbmZGRvtKRBiyLI/6DyKNek8uJWVCKQseKYq/k1PzvdYL5BQmDtjQVLHMqhoz0ZBnSmpgUwt5eet5mZIRup0CC7+kCXGgSIoUkbpmdYdgdFbsqa/5onVh+fAoow1PB6VMpgRhhsS5hQAGJXqEQ2pA6EIU72B/JLoiPEH8B9UcqEzNK7cW52Ic16vfXCeY1EmY4PXgqPYyuo5yAcEoUDoULMCYTiaEZCQkJIV3o1S9gcendqIZY05RsuW9sbF2OOudr68Py5utg2cTDwAIIkgsRcgy5ECSHiYzb0JCPdXuEqORyk1BhZez07BMV3ZPxsbEBbZ6ar/7fdYL5u01clGAZu13M0pNCEqeCXlbi0JkaGjincC0JbsFOL7S6ZeYBgd1Mzq3wraiIvelRq9crl/41bzgdUUoJRgVG8UdKMwByKfQKh7CXu+Ec4VlgXAvmXDvNgmYBRrodtcRywuPx1KxTlHw+c4e3TDANeZgD6OXOTpde3yTU6WxyjVxDmd2rsVmw3FucYgx9wSmzUpYxzD2qwNnmqfKo3//T9WH58ufzptIpSuk0AYdxr6NikEpNKHcKdEQ4NhLFVmihl4O4zXR1oxKwEjaj9pEvhDlBLDUvr5Mw3/u7YbJMevomrlcKaFNmjGiO3MsAIy30RAS9mlmIymJOUamCVSlihlHGAsW3IvZhVZWnZf0s8134dxg8U3fu3IFAYVI3SzBoBU3IbYXF0aTQO+mJetaewq0OdKeXsfkR6QLvQhe1+tp6wXz+zvBwHokTvn371TvpKTK7W0ZdkqHn7xRNGPnZLgZd2UyzOl2ZsxJDRS2x+Ha08bqo1S+vj2d+kHcnL+/OpuFNd8JBs52GGmkXXONm3efZLhlrbzW3cs+tYM8M8yYRZCGYXQssHs/765FNXygBC+KzaRgxGr7D0wyUdbntYQP2MCxwpxoRQmy8ZgFmdQE9kyDyrX3EwTzw9HAsLYD5o3WI00+vT5EudzZtItNM3SFt8tJVra3oU6rGvDzEDzmP8iMwYwgUCFhWdrLWy1LS0lNVRbq0oM5cW3ucXgyYHc6jIE2hBiOxIQ9otnPxwpdN6cgczOgyOzjAImbY8tpaHsb3YWUVx9JCLFVV155ZG83XHnZEpVOUSBUqMunoUOGwDg6A0olDIJPJumTYX+wki2Fuc+1mDqbiciX5pWWBparn2strsM0L7z8MOKaaImGoyFABJpo7HNgUYsO9vJaOnV5MhK1I274Zh2N50FZFMaLjaSGWKnWN+qs/Wi3OM+qCXRX1KQQzzOuC3pQO7wCLrkTslFGYx6UUI+qfKC2LLFdgXS6RFll6qq5Vea69/6Onj9UXvvZ+Tc3NB3MnBa2wzDAHE0zvsM452lfCZIFuTP1A6bIPhMnsWpZNfLSZh4Fdbvb0AAbhoRBxLPhTT1VPZZX65a/9y1O1on/862s16prj+zoClDIVD8MZBjCbYNlgsHRJ3eeB0gUUsq+Yqa/YvMjyoK2H0wUsvCoUMU8LvuBc++oz/+FYfenlv6Z6qa7pqbs4l9FlT6fcXebfqS2kSxe9XD6wq2tAMCCQacWsqGPzIkv8lR7u0auWRIEmVS1VHExlZVvly/+hBeq771deq6mpUbfgU8mDjgCxLGVqmLMMwZybOodOCV3KpByJ3W7GCCXWipUXN29+FW+cX2JvVlb1rGAhPXq8LICpbGv793PnR+8TA7Goa2pygvY9qDiZLlNNDXOWmaJ9kmrNluCwsq6urrIyGSp/q1kr41A2v/oqp8ujR3VtPZxfAFO1jGXhu8pKfPx7Q8IzfwaAnEWUnCv7HuzyzQhOmUrPaxwGyfBw453hO5wwPMtAWGureUAsrg/gUF7lQ+R7gliq+Mf2moVjaVnEqvyNLL//wst/68nJ4VEAQywnHjx4EOAbFaaaUk0BJh3th9oTx0InDCiQhU2cIxCvLLWPAm5WLqiwaJbFIHlZen6jYY+raxZR1PQpJ8cPLLtifevN6XR3SK9cwkCD5kSZRChlxDLAZvjyKAssdccpCCtgeC08LYt/+rW6/PF3//raNY7EqwoHk5PzECi7dlVU1Kuwz9KZ4k/6FnIvkimMUG7Fe1G8LL5X2iqX/ME/eCX3k6oaz6J9f41hv/u312p4khyCUC/qUkAoFzt846NUKbNEkw6Qc+lT54gljA+R8uRKlM2POh7yKD0rVOGOuuU36vK9Z/5WneMlAQpMq/Zqk4PCC5iLsb7xtcfmzeaUWaov5+iDixEnS/3p2ldfXcmyj8voRZYFDpLGo2759Sxfe+aaWr1AkpPDlTgeBGA5ucijXQFgia+di5o3c8rgbIFfOO+aW+s7ajcvYyGc+BLq0Ys0vFP5qlLZU9Pi8cbsCZKXF4OzIAvFR+1lqTl+nXSp8H2EqST+1izBcA2b9wtY6ueWVFkQJnZb20ISc4nd07NQ4DiWBQOtAPmXH72/EAsvCRchnoV3cU8dxxJPE9Lm+GOzs9xChuEhmIMxl3c8ibJ518PKZQ5ZSmiOxaP2eOO2jORPn/mqNxaLyqhXRIiDCYJhAoiFS5AAJY1MaEaACdtSZtjxmCpcD3hURyHqWSDoqVoEIRY+k4hmWXD+qKWGfMKXWY6H5sEW9RJKDv77FWKJ5VnwYHOHlFLQlIUFbwkbKD9dsfnVVx+D2byZMnp56qxgWRakxeCoa1oWDFrjZalRU4Png7SQ3jnbYN6O2PhHtVyFf3Vz/Olu2UBr8JYtW+6fuhj/6mOHC1HHicpFt/CmxefKRRaPehnLnz7zZ57FUCwZBig0gqnVSyHiWS4GkHc3L8KUhxfeLSw889Ie0ZMsRPPgZttSgCqXEtp7FoIElq+9f83jLSHqpRJLtm2hGUz9JEtARyxvGP7hovfc34hz9OjRtz/w/RXCxO9oq1ysrUuR6lli4YNU5fNnnkVNapbh4Hi4w7MsZFULmuMuYvElGO7Rbt9/e/ful/bsfvvTgx8fPOD7pC7I6CWWymU4i0FaYPGol1A4ayzUWZiFmwj5WcGbVi3QhVhifSlK9GgngfHS7t1vQ5S3D3788Ufxj+tSe/FhW0/VSr9W8gPLQiapvSxeFDUHoVbXLKBx1RCy0KK3WG1awEK6dMTO+cY/oiD57tmz58z9o7v3vE00gEnY/BgLenRb1XKWnsplIF7DcOXYh3t4epQW7mHV9MWrygLLYh3mWS4SCxclRGDnS7xZ9nyw5+2tHEzTY8LEXmlbHN6W68KfNsRP7TWMD/f4NVwhUfPfcxHirM1FqGUJRc2xBHAsc76+6ManX9rz0u6NR70sgPn44P2TK3W56NdT9XiI2rgPcBBJDh6MG/l8uHrGbZaLX8Di4UdTqi/LWPCPcrbtIl0QJM6+p146wwmzZ88HWz/YunXr7re3Hj0TsNy7j67frHqChROEYHqoilX18EOfj7rFS8Mp0+JlqalaZKlZ1ieJhdOFhKnwrb1+5u7dMxsLSZa3t35Awuw+erQwc5llNleUtPX8OpZKNf0ve7zJVeXT4uF2bW6F8rRwOvA5VUW3JQBb3rOrqmq27eJjBMdU1GY+t/9uIWRBLh08SLocRa0p3DC2xFIbsGCXlX4FTE8LfLLUClB3+aWyxbtbLshCZZcD9HaoRZaWE7t4Wci9+54r3LChsJBYth7kYnR/9/37hYX7YxdlefTAb3kDWJE9NT1eeRZYqjzLD1f0a1q8M7dXo6U0wj84sSBL7Fxt53MbNtzbX1h4/yVUugOfbj1KLBsLCzdkL86YFcvssgIFFa6nbfFwMD4e7yLnZeGlaampWTZ1L454np7K434XvSjIpLPP0blXuBEsBw58enTr0Y0vbdxYuP9S5r6FEHXs4O3ClZQVWU1r/RILaKDL4llQpqVlWXVbDkMsuQ95WeZQeh9cunfvuQ3PPbeh8P6eDw5/8PbRoxs3ntl497lL00d2VHhDtOuKt+g+bhdep2W6YMZctrJU8UXfw1nmSRQu+Qr8dvGixMbGV1++VLSfWDYUHj144ABU2Vh4ZuP+s5mTJdf38U3cd9+JSq9zKysfY+FK3vIwLWfhGxBf37hdXv04S2Wb34kHsV67VIxON5dUcywbtx48/Ckvy5kiP0Kpi+UKXceCXSofR6n0pnLlr2LxVC36l++RLY+zkF1ObHvAuyXWd0dq0ZEHHXH3NkCXrZ9ClqOQ5X7WlRtAud5+2pcLUd1CiH79WYySD79ncywLl0Z8S/AsjFFLLFWVx68ELbDETxYF1XXMdRRt2PDcxq0HDhykEBWKdtRdb2/ft+9i+wN0q4oHQZW/UpYnaejOA3/12jL38j2ypsUbrJqcZSlNugSVPOBDVNGeVHIdy+xcwCmK0UekS+GZ3e372i9ePL0voKL9esfm2o4HflV8Fi3vRE80SF4a6NJTtTKVuKbkBVOvKC+enrbLQXVelvigK6exy/rOVVx8ifyClIYsYx3oVgHt7b61Adf3xfvuenBzhSxtv1EZn8dQOFn4Jt3yeKmDLjeD6jB5c+71a4/FbuJbUVGRsWHj/a1HqeLuCZgLmJu72B5bWzvX3h5Q8aDuuGelXdq8g0LPY4NDJafL0rrNDQncnad3YFixj+QgjSpvltRxOd1RUbejoqIjPj7e17fi1oajHxz89OOthXd3zs3BQe0XfTfX+gZAoX1BVZ6VduEf9njbiji1tVWRMivrC9+uPUtcK8ou/sHNuroALka+QRW+FXPxHMyOwqMffHTw461bz9RVzMV2nG6fe7T5ke8c2tbFh55fZReC4aThMxvfe55kQWGhBPKCeVbq0sKxXA/gYnTxOimCnRowezZuPfzRwYOYGAIq8PicLI9A2tExd5MuTb3BaHtiZFj4D+jkbY+xcBvBAotnYZTJWdiuSZeHXpaKXb5goa06Pv5Y4caPPzr8EU0MO3w7Ak63d9RuroWRIFF7m8fzKzPaW/57vIyetsdY+Cq3yOJ5PJF4ljoKUYfvg3ieJb42fkfh1oOAOYAF6bDvxdPtFyEXPac31xFQUtOyZJe2hdly0SgLEavqaXtCFzWvS9VijFYkUgv++cOS6wF8GhELJ0t81MatH2MZObDn6P1TcyhzHfGcLBQjPxrbVujStgTTs9AevbKsZGlZXEZ4XdQrdEFKt2WDBQ8SG+C7xFK+8f6Bj0DzKcbwAFT/OfzYl9clV+15IotWdMeeZbI8xqJeyeJpWX7fQbPPQ5R9X98ObzbzLK1n3j5w+PDHHx/cuvul63UZFyly9JqBjoB9PR7Pr67/Pct0qWzxtqTFWufhn5hcwdLSUrOUSZheOJYAX190gEdgiedQOs4U7jl84PABsBzdeLikroOThUIUEKReaZcVbdq7Ora1eRbmu8e9u8hS5Xms8KpJyodX6jrwO3fEP/JaNx7W3f3BB4BBUh89unvnSV+vLHMBAX4ty+1yvI33btuSXThET9sTLJ4FlmV/5pfthRZQybNAF04WnsW3sXD324eRRgdIl/uHA3wXQxRweUXRPd623C6Lzl0ae1fqsixG3hKzFKMaTpdtdQEVnCwLLMcKC1/64MDHPAtmzTn81LcCPXPuYh1Vh8UI8W/LUCqXlVzu/BtBLz1J+hL9eQAAAABJRU5ErkJggg=="/>
<image clip-path="url(#c1_25)" preserveAspectRatio="none" x="700" y="302" width="140" height="181" xlink:href="data:image/png;base64,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"/>
<path d="M74.3,225.6H247.5" class="g0_25"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

25

Directors’ Biographies

Moti Nagar

Executive Director & CEO

Moti Nagar has been the CEO of

BATM since 1 January 2023, having

been the CFO since 2015. During

his time at BATM, Mr. Nagar has

been instrumental in driving the

business' development, including

leading several M&A transactions,

the Group's IPO on TASE and, since his appointment as

CEO, renewing the Group's strategy. Prior to BATM, Mr.

Nagar held several senior positions at Deloitte, which

he joined in 2005. As a Senior Manager, Mr. Nagar

was responsible for handling the accounts of leading

corporate clients in Israel and overseas, with companies

traded on the LSE, NASDAQ and TASE as well as private

businesses operating in a range of sectors. Mr. Nagar is a

member of the Managing Board of the Israeli Association

of Publicly Traded Companies, a non-profit organisation

representing hundreds of companies listed on the Tel Aviv

Stock Exchange and other stock exchanges throughout

the world. Mr. Nagar graduated in Business Management

and Accounting and qualified as an Israeli Certified Public

Accountant (CPA, Israel) in 2008. He also holds an MBA in

Financial Management from Tel Aviv University. He was

re-elected as a Director of the Board in December 2024.

Skills and experience

Mr. Nagar brings to the role of CEO business

management and accounting skills and experience he

gathered from his years as CFO at BATM and as an audit

manager to international companies. As CEO of BATM

his core skills include:

l

Business leadership and management

l

International business operations and strategy

l

Business finance

l

M&A experience

l

Stakeholder and shareholder management

l

Forward thinking and calculated risk management

Committee membership

CORPORATE GOVERNANCE

Gideon Chitayat

Non-executive Chairman

Dr.

Gideon

Chitayat

is

the

Chairman and CEO of GMBS Ltd,

a strategic consulting firm. He has

served as the Chairman of Delta

Galil Industries and as a director

of

Milissron

Shopping

malls,

Paz

Oil

Company,

Teva

Israel

Pharmaceutical Industries, Bank Hapoalim and Israel

Aircraft Industries, and has provided consultancy services

in business strategy to the boards and presidents of large

companies. He has also served as Adjunct Professor at

Tel Aviv University, Recanati Business School. Dr. Chitayat

holds a Ph.D. in Business & Applied Economics from

the University of Pennsylvania, Wharton School and

a Master’s in Business & Applied Economics from the

Hebrew University, Jerusalem. Dr. Chitayat joined the

Board of BATM in June 2010 and was appointed Chairman

in January 2015. He was re-elected as a Director of the

Board in December 2024.

Skills and experience

Dr. Chitayat has extensive experience in providing

strategic business advice to boards and executives

across a wide range of sectors, including high-tech and

healthcare. He also has vast and in-depth knowledge

of the business of the Group. Other relevant key skills

include:

l

Board management

l

Strategy formulation

l

Financial expertise

l

Corporate governance

l

Shareholder and stakeholder engagement

l

Performance monitoring

Committee membership

N

RB

RB

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_26"><path d="M697,483.2V304.4H833.4V483.2Z"/></clipPath>
<clipPath id="c1_26"><path d="M303,485.9V307.1H439.4V485.9Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_26{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_26{
fill: #F4FFDF;
}
.g2_26{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<path d="M73.6,1208.7H835.8" class="g0_26"/>
<path d="M464.3,744.5V923.2c0,11.9,9.7,21.6,21.7,21.6H831.7V766.2c0,-12,-9.7,-21.7,-21.7,-21.7Z" class="g1_26"/>
<image clip-path="url(#c0_26)" preserveAspectRatio="none" x="695" y="303" width="140" height="182" xlink:href="data:image/png;base64,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"/>
<image clip-path="url(#c1_26)" preserveAspectRatio="none" x="301" y="306" width="140" height="181" xlink:href="data:image/png;base64,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"/>
<path d="M70.2,706.8v289c0,12,9.7,21.7,21.7,21.7H438.3v-289c0,-12,-9.7,-21.7,-21.6,-21.7Z" class="g1_26"/>
<path d="M70.6,357.1H290m174.3,18.4H684" class="g2_26"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

26

CORPORATE GOVERNANCE

Ran Noy

Executive Director & CFO

Ran Noy has been the CFO of BATM

since 1 February 2023, having

served as VP Finance since joining

the Group in 2021.

Prior to BATM, Mr. Noy spent 10

years in the finance department

at ADAMA Ltd., a global agri-chem business that delivered

sales of $5bn in 2021. Latterly as Financial Reporting

Manager, he was responsible for ADAMA’s financial

reporting to the Shenzhen Stock Exchange and the Tel

Aviv Stock Exchange. He was also instrumental in ADAMA’s

listing on the Shenzhen Stock Exchange via the reverse

takeover of a subsidiary of ChemChina and was responsible

for the financial integration of that business. Mr. Noy is an

Israeli Certified Public Accountant who began his career as

an auditor at EY Israel. He was re-elected as a Director of

the Board in December 2024.

Skills and experience

Mr. Noy has skills and experience in developing and

managing financial systems and in financial management

of international businesses with multiple subsidiaries.

His skills include:

l

Financial management

l

Business management

l

Financial reporting

l

M&A and IPOs

l

Financial integration

l

System implementation

Committee membership

Zvi Marom

Founder &

Non-executive Director

Dr. Zvi Marom founded BATM

in 1992 and served as CEO until

January

2023.

A

former

first

lieutenant

in

the

Israeli

Navy,

he

graduated

with

excellence

from the officers course of the

Naval Academy and with excellence from the Advanced

Naval Command Course. He has a post-graduate degree

in medicine from the Sackler – Gold Schlagger School of

Medicine, Israel and an MSc in Electronics. Dr. Marom was

the Chairman of the Hi-Tech Union of the Manufacturers’

Association of Israel until January 2021, and he now serves

as the head of its quantum forum. In 2021, he received

The Industry Award from the Manufacturers' Association

of

Israel, and in March 2024 he was awarded the Knight's

Cross of the Order of Merit of Hungary. He is Chairman

of ADOR Diagnostics, an associate company of BATM,

and a director of Shore Capital Group plc. Dr. Marom was

re-elected as a Director of BATM in December 2024.

Skills and experience

As the founder of the Company and its CEO for

many years, Dr. Marom has vast relevant business

experience and in-depth knowledge of the Group, its

markets and various stakeholders, and holds important

organisational memory.

Committee membership

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_27"><path d="M699.4,488.7V303.1H835.8V488.7Z"/></clipPath>
<clipPath id="c1_27"><path d="M307.6,488.7V303.1H444V488.7Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_27{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_27{
fill: #F4FFDF;
}
.g2_27{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
.g3_27{
fill: none;
stroke: #D23230;
stroke-width: 0.763;
}
.g4_27{
fill: #009BDE;
}
.g5_27{
fill: #0C5192;
}
.g6_27{
fill: #F7931D;
}
.g7_27{
fill: none;
stroke: #009BDE;
stroke-width: 0.763;
}
.g8_27{
fill: #D23230;
}
]]></style>
</defs>
<path d="M73.6,1208.7H835.8" class="g0_27"/>
<path d="M467.7,728.1V959.9c0,12,9.7,21.7,21.7,21.7H835.8V749.7c0,-11.9,-9.7,-21.6,-21.6,-21.6Z" class="g1_27"/>
<path d="M467.7,361.5H686.4" class="g2_27"/>
<path d="M514.7,967h21.7V945.4H514.7V967Z" class="g3_27"/>
<path d="M482.2,966.6h21.7V945H482.2v21.6Z" class="g4_27"/>
<path d="M548.1,966.6h21.6V945H548.1v21.6Z" class="g5_27"/>
<path d="M580.4,966.6h21.7V945H580.4v21.6Z" class="g6_27"/>
<image clip-path="url(#c0_27)" preserveAspectRatio="none" x="698" y="302" width="139" height="188" xlink:href="data:image/png;base64,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"/>
<path d="M72.6,679.8V842.2c0,11.9,9.7,21.6,21.7,21.6H440.8V701.4c0,-11.9,-9.7,-21.6,-21.7,-21.6Z" class="g1_27"/>
<path d="M72.6,379.8h222" class="g2_27"/>
<path d="M84.3,839.7H106V818H84.3v21.7Z" class="g7_27"/>
<path d="M116.8,839.7h21.7V818H116.8v21.7Z" class="g8_27"/>
<path d="M150.2,839.7h21.6V818H150.2v21.7Z" class="g5_27"/>
<path d="M182.5,839.7h21.7V818H182.5v21.7Z" class="g6_27"/>
<image clip-path="url(#c1_27)" preserveAspectRatio="none" x="306" y="302" width="140" height="188" xlink:href="data:image/png;base64,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"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

27

Varda Shalev

Non-executive Director

Prof. Varda Shalev is a specialist in

epidemiology, medical informatics

and predictive analytics in community

healthcare.

She

was

a

founder

and director of the Morris Kahn &

Maccabi Institute for Health Research

and Innovation and is an active

primary care physician. She has pioneered the development

of multiple disease registries to support chronic disease

management, and has authored or co-authored over

200

publications

in

peer-reviewed

medical

journals.

She is a Managing Partner of Team8 Health, a medtech-

focused venture capital company, and a director of Teva

Pharmaceutical Industries Ltd. In addition, she is a Professor

at the Tel Aviv University School of Public Health and sits on

the advisory board of several med-tech businesses. She was

appointed to the Board of BATM in November 2018 and her

third three-year term, in accordance with Israeli law, was

approved by shareholders in December 2024.

Skills and experience

Prof. Shalev brings 30 years’ experience in medicine,

including clinical research, healthcare information

technology

and

epidemiology.

Her

industry

and

clinical knowledge is complemented by business

acumen, having established and grown a number of

organisations, making Prof. Shalev a valuable addition to

the Group as it develops its bio-medical product offering

and markets.

Committee membership

A

R

N

RB

Harel Locker

Non-executive Director & Senior

Independent Director

Harel Locker has been the Chairman

of the Board of Paz Oil Ltd, the

leading Israeli energy company, since

2021 and was the Chairman of the

Board of Israel Aerospace Industries

Ltd, the leading Israeli aerospace

and defence company, from 2017 to 2021. He served as

the Director General of the Israeli Prime Minister’s Office

and head of the Prime Minister's economic headquarters

between 2011 and 2015. Mr. Locker commenced his career

practicing commercial law for more than 25 years with both

Tel Aviv and Wall Street, New York City, first tier law firms.

He was appointed to the Board of BATM in September 2016

and his third three-year term, in accordance with Israeli

law, was approved by shareholders in December 2022.

Skills and experience

Mr. Locker brings to the Board broad business and

managerial skills based on his vast experience, as well as

in-depth understanding of the dynamics of government

authorities.

Committee membership

A

R

N

RB

Directors’ Biographies

CONTINUED

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_28"><path d="M303.7,488.7V303.1H440.2V488.7Z"/></clipPath>
<clipPath id="c1_28"><path d="M698.9,488.7V303.1H835.3V488.7Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_28{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_28{
fill: #009BDE;
}
.g2_28{
fill: #D23230;
}
.g3_28{
fill: #0C5192;
}
.g4_28{
fill: #F7931D;
}
.g5_28{
fill: #FFF;
}
.g6_28{
fill: none;
stroke: #231F20;
stroke-width: 0.763;
}
.g7_28{
fill: #F4FFDF;
}
.g8_28{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<path d="M73.6,1208.7H835.8M468.3,1187.4H836.4V976.6H468.3v210.8Z" class="g0_28"/>
<path d="M482.5,1044.3h17.3v-17.4H482.5v17.4Z" class="g1_28"/>
<path d="M482.5,1076.2h17.3v-17.4H482.5v17.4Z" class="g2_28"/>
<path d="M482.5,1108.1h17.3v-17.3H482.5v17.3Z" class="g3_28"/>
<path d="M482.5,1140.1h17.3v-17.4H482.5v17.4Z" class="g4_28"/>
<path d="M482.9,1172h17.3v-17.4H482.9V1172Z" class="g5_28"/>
<path d="M482.9,1172h17.3v-17.4H482.9V1172Z" class="g6_28"/>
<path d="M73.6,710.7V907c0,12,9.7,21.7,21.6,21.7H441.7V732.4c0,-12,-9.7,-21.7,-21.7,-21.7Z" class="g7_28"/>
<path d="M468.7,690.2V846.8c0,12,9.7,21.7,21.6,21.7H836.8V711.8c0,-11.9,-9.7,-21.6,-21.7,-21.6Z" class="g7_28"/>
<path d="M73.6,361.5H290.7m178,0H685.9" class="g8_28"/>
<path d="M89.3,913.1H111V891.4H89.3v21.7Z" class="g1_28"/>
<path d="M121.8,913.1h21.7V891.4H121.8v21.7Z" class="g2_28"/>
<path d="M155.1,913.1h21.7V891.4H155.1v21.7Z" class="g3_28"/>
<path d="M187.5,913.1h21.7V891.4H187.5v21.7Z" class="g4_28"/>
<image clip-path="url(#c0_28)" preserveAspectRatio="none" x="302" y="302" width="140" height="188" xlink:href="data:image/png;base64,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"/>
<image clip-path="url(#c1_28)" preserveAspectRatio="none" x="697" y="301" width="140" height="189" xlink:href="data:image/png;base64,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"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

28

CORPORATE GOVERNANCE

Committee Key

Audit Committee

Remuneration Committee

Nomination Committee

Responsible Business Committee

Committee Chair

Avigdor Shafferman

Non-executive Director

Dr. Avigdor Shafferman had an

established career at the Israel

Institute for Biological Research,

a leading governmental applied

research institute specialising in the

fields of biology, medicinal chemistry

and environmental sciences, where

he worked for almost 40 years. He is a recipient of several

prestigious scientific awards and author of over 200 scientific

papers. Most recently, from 1995 until his retirement in

2013, he was General Director of the organisation. Other

roles have included serving as a visiting professor in the

University of California, San Diego at the biology department

as well as a visiting senior research scientist at various leading

research institutions in the United States in various medical

areas, including vaccines. Dr. Shafferman holds a Ph.D. in

physical chemistry from the Hebrew University of Jerusalem.

He was re-elected as a Director of BATM in December 2024.

Skills and experience

Dr. Shafferman is an influential scientist with experience

in top-management and international cooperation.

His skills span applied medical research, vaccine

development and environmental science, which is

highly relevant for supporting BATM’s developmental

diagnostic activities.

Committee membership

Shmuel Ben Zvi

Non-executive Director

Dr. Shmuel (Muli) Ben Zvi was

elected as a Director of BATM in

December 2024. He has extensive

executive and board experience

across

multiple

industries,

including nine years as a director

of Bank Leumi, the largest banking

corporation in Israel, and being elected Chairman of the

board in October 2023 for the final year of his tenure. At

Bank Leumi, he was a member of the board’s audit, risk

management, credit, technology and strategy committees.

Dr. Ben Zvi is currently a director of Protalix Biotherapeutics

(NYSE American: PLX) and previously of Sol-Gel Technologies

(NASDAQ: SLGL) and VBL Therapeutics (NASDAQ: VBLT). From

2004 to 2014, he held a number of managerial positions at

Teva Pharmaceuticals (NASDAQ and TASE: TEVA), including

Vice President of Strategy and Vice President of Finance.

Skills and experience

Dr. Ben Zvi brings to the Board extensive experience

in finance and strategy management as well as a deep

understanding of corporate governance, including for

international public companies.

Committee membership

A

R

N

RB

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

29

Corporate Governance Report

The Company is committed to high standards of corporate

governance and the Board is accountable to the Company’s

shareholders for such governance. The Board carefully reviews

all new regulations relating to the principles of good corporate

governance and practice and endeavours to apply them where

applicable. It also carefully reviews any comments received

from independent reviewing agencies and shareholders and

communicates with them directly. The Company believes that

the combination of the experience of its Chairman, Dr. Gideon

Chitayat, with the experience and expertise of its Executive

and Non-executive Directors, provides the Company with

the relevant leadership to address its position as an Israeli

company that is traded on the London Stock Exchange and

which is also traded on the Tel Aviv Stock Exchange. The

Company's governance contributes to the delivery of its

strategy through the combination of the ongoing leadership

of the Executive Directors in the Company's day-to-day efforts

to deliver its strategy and the monitoring and guidance of the

Chairman and the Board in periodical meetings as well as

ad-hoc meetings when a specific issue requires the attention

and guidance of the Board.

CORPORATE GOVERNANCE FRAMEWORK

The Board has delegated the daily operational management

of the business to the CEO, and holds him to account

for his responsibilities. Business risks and opportunities

are assessed primarily through the leadership of the

Executive Directors (one of whom currently serves as the

Group Risk and Opportunity Manager) in consultation with

managers within the Group's divisions. The Board also

operates through several committees: Audit, Remuneration,

Nomination and Responsible Business. Executive Directors

serve as directors in Group subsidiaries. The Board receives

a Group-wide overview of the Group’s activities, including

risks and opportunities, in the CEO’s overview in the

quarterly meetings of the Board. The Board of the Group

is able to validate the information that it receives from the

Executive Directors via the internal auditor (as defined under

Israeli law) and the external auditors' audit of the annual and

interim reports. BATM’s corporate governance structure is

shown in the diagram below.

THE BOARD

During 2024, the Board consisted of the Chairman, two

Executive Directors (Moti Nagar, CEO, and Ran Noy, CFO)

and four Non-executive Directors, with the appointment of

Shmuel Ben Zvi as a fifth Non-executive Director occurring

in December 2024. Two of the Non-executive Directors

are defined as ‘external directors’ under Israeli law. All the

Directors bring a broad and valuable range of skills and

experience to the Group (their biographical details are set out

on pages 25 to 28). The division of responsibilities between

the Chairman, CEO and other Directors is clearly established,

and no individual has unrestricted powers of decision.

Audit

Committee

Internal

Auditor

Remuneration

Committee

Responsible

Business

Committee

Nomination

Committee

Shareholders

Appointment

and review

Reporting &

accountability

Reporting

Reporting

Board of Directors of the Group

•

Chairman

•

Non-executive Directors

•

External Directors\*

•

Executive Directors

Reporting &

accountability

Appointment,

review and

approval

Executive Directors of the Group

(CEO & CFO)

\* As defined under Israeli law

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

30

CORPORATE GOVERNANCE

MATTERS RESERVED FOR THE BOARD

The Israeli Companies Law, which applies to the Company,

sets out and defines the responsibilities and duties of, and

areas of decision for, the Board. These include preparation

and approval of financial statements; distributions (dividends

and

buy-backs);

long-term

objectives

and

commercial

strategy; appointment, removal and compensation of senior

management; major investments; risk management; corporate

governance; engagement of professional advisers; political

donations; internal control arrangements; and additional

responsibilities and duties as defined in the Israeli Companies

Law and the Company’s Articles of Association. The ultimate

responsibility for reviewing and approving the annual report

and financial statements, and for ensuring that they present a

balanced assessment of the Company’s position, lies with the

Board. These provisions have been fully complied with.

BOARD AND COMMITTEE MEETINGS

In compliance with Israeli company legislation, the Board

meets at least four times a year in formal session. Prior to

each meeting, the Board is furnished with information in a

form and quality appropriate for it to discharge its duties

concerning the state of the business and performance. The

Chairman met with Non-executive Directors, without the

Executive Directors present, during the year.

DIVISION OF RESPONSIBILITIES

The responsibilities of the Chairman, CEO and other Directors

are clearly set out and defined under Israeli Companies Law

and the Company's Articles of Association, with no individual

having unrestricted powers of decision.

The Chairman is responsible for the leadership of the Board,

while the responsibility for the day-to-day management

of the Group has been delegated to the CEO. The CEO is

supported by the executive management team, which

is responsible for making and implementing operational

decisions and for making recommendations to the Board.

INDEPENDENCE

Mr. Locker, Prof. Shalev and Dr. Shafferman qualify as

"Independent Directors" as this term is defined in the

Israeli Companies Law. The Board considers that the

aforementioned directors in addition to Dr. Gideon Chitayat

and Dr. Shmuel Ben Zvi are independent in accordance with

the UK Corporate Governance Code, being independent in

character and judgment. The interests of the Directors in the

Company and their shareholdings are set out on pag

e 55.

All directors are subject to annual re-election by shareholders

at the Annual General Meeting, except the external directors

– being Harel Locker and Prof. Varda Shalev – who, in

accordance with Israeli law, cannot be subject to annual

re-election (but the law does allow for their removal from

office if certain conditions are met). External directors under

Israeli law are appointed for a minimum of one three-year

term, which may be extended by the Company (subject

to shareholder approval) for no more than two additional

terms of three years each.

Meeting attendance

Director

Board

Audit

Committee

Remuneration

Committee

Nomination

Committee

Responsible

Business

Committee

Dr. Gideon Chitayat, Chairman

(1)

9/9

-

-

3/3

4/4

Moti Nagar, CEO

(1)

9/9

-

-

-

4/4

Ran Noy, CFO

(1)

9/9

-

-

-

-

Harel Locker, SID

9/9

6/6

5/5

3/3

4/4

Dr. Zvi Marom, NED

9/9

-

-

-

-

Prof. Varda Shalev, NED

9/9

6/6

5/5

3/3

4/4

Dr. Avigdor Shafferman, NED

9/9

6/6

5/5

3/3

4/4

Dr. Shmuel Ben Zvi, NED

(2)

1/1

-

-

-

-

(1) The Chairman and/or Executive Directors attend parts of certain meetings of the Audit and Remuneration Committees at the request of

the Committee or when the Committee Chair decides that they are required for the presentation of certain subjects.

(2) Appointed to the Board on 19 December 2024.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

31

DIVERSITY

The Group operates open and inclusive hiring and staff

management

practices,

and

encourages

employment

of people drawn from a wide range of socioeconomic

backgrounds. At present, it does not have a formal diversity

policy due to the requirements of the Israeli Law of Equal

Opportunity at Work (1988) (see ‘Diversity, Equality &

Inclusion’ on page 15). However, it appreciates its importance

and intends to explore the ability to produce a policy that

complies with Israeli law. The Board evaluates and reviews its

structure, size and composition on a continual basis, including

its balance of skills, knowledge, experience and diversity, while

factoring in the Group’s strategy, risk appetite and future

development.

Regarding Board composition, the Company is subject to the

mandatory provisions of the Israeli Corporation Law, which

sets rules regarding board diversity. According to section

239(d) of the law, if at the time of appointing an external

director all the current directors are of the same gender,

the appointed director should be of the other gender. The

Company complies with this provision. Regarding a senior

position being held by a woman, it is intended that Prof. Varda

Shalev will assume the role of Senior Independent Director

following Mr. Locker completing his third three-year term of

as an External Director during 2025. Regarding a member

of the board being from a minority ethnic background,

inquiries regarding a person's ethnic background or

references thereto are considered inappropriate in the

Israeli culture and may also be considered inconsistent

with law or regulation. As a company incorporated in Israel,

BATM is subject to the Israeli Law of Equal Opportunity at

Work (1988), which forbids discrimination on the basis of

(among others) race, nationality, state of origin and gender,

including in hiring job candidates. The law states that if an

employer asks an employee or candidate for such details,

it will be assumed that the employer has violated the non-

discrimination provision. The Group operates in compliance

with this law.

As at 31 December 2024, gender representation on BATM’s

board and executive management team was as shown in

the table below.

EFFECTIVENESS & EVALUATION

The Board’s members have a wide breadth of experience

in areas relating to the Company’s activities, including in

leadership, management, business development, technology

(especially in the bio-medical and diagnostics areas), finance,

entrepreneurship and risk management. All of the Directors

are of a high calibre and standing. The Board is of the

opinion that each of its members has the skills, knowledge,

aptitude and experience to perform the functions required

of a director of a listed company and that the Board is

comprised of a good balance of Executive and Non-executive

Directors to ensure it performs its duties effectively. Further

biographical details can be found on pages 25 to 28.

The Nomination Committee is responsible for succession

planning and conducting the process to appoint new Board

members. However, ultimately, the appointment of any new

Director is a matter for the shareholders at a general meeting.

Non-executive Directors are advised on appointment of

the time required to fulfil their role. The Company’s two

External Directors, as defined under Israeli law, being

Harel Locker and Varda Shalev, have significant additional

appointments, which is customary in Israel owing to the fixed

nature of remuneration and tenure of External Directors. In

addition, the Board considers their broader involvement in

the business community to be of benefit to BATM and it is

satisfied that the Chairman and each of the Non-executive

Directors, including the External Directors, are able to devote

sufficient time to the Company’s business.

During the year, the Board undertook an internal evaluation

of its own performance and that of its committees and

individual Directors. Individual evaluation aims to show

whether each Director continues to contribute effectively

and to demonstrate commitment to the role (including

commitment of time for Board and committee meetings and

other duties).

Board & executive management diversity

Number of

board members

Percentage

of the

board

Number in

executive

management

Percentage of

executive

management

Male

7

87

35

73

Female

1

13

13

27

Corporate Governance Report

CONTINUED

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

32

CORPORATE GOVERNANCE

INDUCTION

The induction of newly elected Directors into office is

the responsibility of the Chairman of the Board. The new

Directors meet with senior members of management who

present the Company and its activities, and receive a guided

tour of the Company’s corporate headquarters.

INFORMATION AND SUPPORT

Prior to each Board meeting, the Directors are furnished

with information in a form and quality appropriate for

them to discharge their duties concerning the state of

the business and performance. The Directors periodically

receive a detailed operating report on the performance of

the Company in the relevant period, including a consolidated

statement of financial position. A fuller report on the

trading and quarterly results of the Company is provided

at every quarterly Board meeting. Once per year, a budget

is discussed and approved by the Board for the following

year. All Directors are properly briefed on issues arising at

Board meetings and any further information requested by a

director is always made available.

The Company Secretary, Yair Livneh, is present at every Board

meeting and Board committee meeting. All of the Directors

have access to Mr. Livneh’s services. In accordance with the

Israeli Companies Law, in special cases the Directors may take

independent professional advice at the Company’s expense

in furtherance of their duties, if the Company’s cover of the

costs is approved by the Board or by a court of law.

BOARD COMMITTEES

The Board has appointed an Audit Committee, a Remuneration

Committee and a Nomination Committee to deal with specific

aspects of the Company’s affairs and ensures that each such

committee is fully constituted and operates as required

under the Israeli Companies Law. In addition, the Board has

appointed a Responsible Business Committee to deal with

social, environmental, health and safety practices, diversity and

similar matters with respect to the way the Company conducts

itself. The composition of the aforementioned committees and

an overview of their activities are as detailed below.

Audit Committee

Members:

Harel Locker (Chair), Prof. Varda Shalev and Dr.

Avigdor Shafferman

The Audit Committee meets at least four times a year. The

membership of the Audit Committee consists of independent

Non-executive Directors. The Board has considered the

requirements of the UK Corporate Governance Code with

respect to the composition of audit committees and is

satisfied that all members of the Audit Committee have

recent and relevant financial experience and that the

Committee as a whole has competence relevant to the

sectors in which the Group operates.

The Audit Committee has been delegated responsibility

for ensuring the financial performance of the Company is

properly reported on and reviewed and for the monitoring

of the external auditor, the internal auditor and oversight of

internal controls. Further details on the Audit Committee’s

responsibilities and main activities are set out in the Audit

Committee Report on pages 36 to 38.

Remuneration Committee

Members:

Prof. Varda Shalev (Chair), Harel Locker and Dr.

Avigdor Shafferman

The Remuneration Committee has responsibility for making

recommendations to the Board on the Company’s policy

on staff remuneration and is authorised to decide whether

to approve remuneration of Office Holders (as designated

under Israeli Companies Law), including the Chairman of the

Company and Executive Directors (including pension rights

and any compensation payments). The membership of the

Remuneration Committee consists of independent Non-

executive Directors.

Further

details

on

the

Remuneration

Committee’s

responsibilities

and

activities

can

be

found

in

the

Remuneration Committee Report on pages 39 to 40

(within the Directors’ Remuneration Report). Information

on the Company’s policy regarding the setting of Directors’

remuneration, together with the remuneration of Directors,

is set out in the Directors’ Remuneration Report on pages

39 to 57. The Company’s current remuneration policy

as recommended by the Remuneration Committee was

approved at the Annual General Meeting of the Company on

19 December 2024. The remuneration policy is more fully

explained in the Directors’ Remuneration Report.

Nomination Committee

Members:

Dr. Gideon Chitayat (Chair), Prof. Varda Shalev,

Harel Locker and Dr. Avigdor Shafferman

The membership of the Nomination Committee consists

of independent Non-executive Directors. In line with the

Committee's terms of reference, the Chairman of the Board

acts as chair of the Committee. During the year, the Nomination

Committee met on three occasions where it discussed, and

recommended to the Board, the appointment of a new Non-

executive Director.

The Nomination Committee is specifically tasked with assessing

the process utilised by the Company in relation to Board

appointments and in monitoring diversity during the recruitment

process and in the context of the resulting appointment

made. During the process, the Nomination Committee

considers the role and capabilities required for a particular

appointment, with consideration given to the balance of skills,

experience, independence and knowledge on the Board. Board

appointments are made on merit, having due regard, amongst

other things, to the benefits of diversity on the Board. The

Nomination Committee considers the skills, experience and

expertise of a potential candidate against the needs of the

Company, and presents its recommendations to the Board.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

33

Responsible Business Committee

Members:

Dr. Gideon Chitayat (Chair), Moti Nagar, Harel

Locker, Prof. Varda Shalev and Dr. Avigdor Shafferman

The primary role of the Responsible Business Committee is

to assist the Board in:

l

understanding the views of key stakeholders in the Company;

l

understanding the Company’s impact on community and

environment;

l

assessing and monitoring climate-related risks and

opportunities; and

l

ensuring that the Board is aware of the processes used

by the Company in engaging with its key stakeholders.

The interests of the Company's key stakeholders, as well as

the likely consequences of any decisions in the long term, the

interests of the Company's employees, the need to foster the

Company's business relationships with suppliers, customers

and others, the impact of the Company's operations on

the community and the environment, the desirability of the

Company maintaining a reputation for high standards of

business conduct, and the need to act fairly between members

of the Company, have been considered in Board discussions

and decision-making through discussions in the Responsible

Business Committee; through the participation of external and

independent directors who bring external perspectives to the

Board discussions; through the incorporation of environmental

aspects into the Group's Risks and Opportunities Management

Framework;

and

through

the

Company's

general

risk

management system, which includes management of risks

related to employees, suppliers, customers and reputation.

The duties of the Responsible Business Committee pursuant

to its terms of reference are:

l

to assess and monitor culture to ensure alignment with

the Company’s purpose, values and strategy;

l

to be responsible for interaction and engagement with the

workforce on behalf of the Board, as and when relevant;

l

to oversee, monitor and help generate the Company’s

health and safety systems and practices; and

l

to help the Board understand the impact of the Company’s

operations on the community and environment.

The Responsible Business Committee met on four occasions during

the year where it discussed the disclosure recommendations of

the former Taskforce on Climate-related Financial Disclosures, the

Group’s management development programme and the Israeli

Securities Authority's report on audit regarding disclosure and

reporting of environmental risks in public companies.

RELATIONS WITH SHAREHOLDERS AND

SIGNIFICANT SHAREHOLDERS

Communication with shareholders is given high priority.

The half-yearly and annual results are intended to give a

detailed review of the business and developments, and

are available on the Company’s website to all shareholders.

Printed copies of the full Annual Report are made available

on request. The Company solicits regular dialogue with

institutional

shareholders

(other

than

during

closed

periods) to understand shareholders views. The Board also

uses the Annual General Meeting to communicate with all

shareholders and welcomes their participation. Directors

are available to meet with shareholders at appropriate

times. The Company is committed to having a constructive

engagement with its shareholders. During 2024, the CEO

and CFO attended over:

l

19 scheduled meetings with UK-based investors (including

four group meetings/presentations); and

l

19 scheduled meetings with Israel-based investors.

The Chairman of the Board (as well as the CEO, CFO and

a Non-executive Director) attended the Annual General

Meeting. He also met with certain significant shareholders

during the year without the Executive Directors present.

As of 31 December 2024, to the best of the Company’s

knowledge, the following persons or entities had a significant

holding of BATM ordinary shares:

l

Lombard Odier Investment Managers – 29.77%

l

Dr. Zvi Marom, Non-executive Director and founder – 22.17%

l

Herald Investment Management – 4.21%

l

Canaccord Genuity Wealth Management – 3.63%

CULTURE AND CONFLICTS

The Board also works to ensure that within the Group

there exists a culture that is free from discrimination

and harassment in any form. The Board ensures that the

Company complies with Israeli legislation known as the

Israeli Equal Rights for People with Disabilities Law, 5748-

1988 to ensure that appropriate consideration is given

to employees with disabilities. The Company is also in full

compliance with Israeli legislation known as the Law of Equal

Opportunity at Work, 1988, which requires an employer

not to discriminate amongst employees on account of sex,

sexual tendencies, personal status and various other forms

of discrimination.

Corporate Governance Report

CONTINUED

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

34

CORPORATE GOVERNANCE

During the year, the Group initiated a series of roundtable discussions where groups of employees (with each group consisting

of c. 12 employees) engaged directly with the CEO and the VP of HR. These sessions, held across different locations, provided

an open forum for employees to voice their thoughts, contribute ideas and discuss business challenges and opportunities. In

addition, the Board received a presentation from the VP of HR regarding a management development programme.

Throughout 2024, the Company complied with procedures in place for ensuring that the Board’s powers to authorise conflict

situations operated effectively and this has also been considered at a committee level where appropriate. During 2024, no

conflicts arose that required the Board to exercise authority or discretion in relation to such conflicts.

ANNUAL GENERAL MEETING

The 2024 Annual General Meeting (“AGM”) was held on Thursday 19 December 2024. The results of voting were published via

the Regulatory News Service and on the Company’s website at www.batm.com. The Chairman, CEO, CFO and a Non-executive

Director attended the AGM in person.

At the 2024 AGM, the resolution to appoint Dr. Shmuel Ben Zvi (resolution 10) as a Non-executive Director was passed with

a majority of 66.60%. As a result, and in accordance with provision 4 of the UK Corporate Governance Code, the Company

has subsequently engaged with those shareholders who voted against the resolution. The votes against included those of

a significant shareholder – excluding which, the resolution would have passed with a majority of 97.91%. Accordingly, the

views of the individual shareholder are not representative of the Company’s shareholder base as a whole. The Company

understands that the individual shareholder voted against resolution 10 on the basis that they believe the Board would

benefit from the addition of a director with knowledge and experience in the networking and

encryption markets. The

Company explained that they believe Dr. Ben Zvi was the best candidate overall based on his other attributes. The Board

takes multiple factors into consideration when assessing prospective candidates, including their experience in industries

relevant to the Group’s activities, and will continue to do so.

COMPLIANCE WITH THE UK CORPORATE GOVERNANCE CODE

Shareholders can find information on how the Company has applied the principles of the 2018 UK Corporate Governance

Code (the "Code") as follows:

Board leadership and company purpose

Page reference

Chairman’s Statement

4

Business Model

5

Strategy

6

Chief Executive Officer's Review

7-9

Corporate Governance Report

29-35

Stakeholder Engagement

10-11

Division of responsibilities

Matters reserved for the Board and Board and Committee Meetings

30

Division of Responsibilities

30

Board Committees

32-33

Composition, succession and evaluation

Directors’ Biographies

25-28

The Board

29

Effectiveness & Evaluation

31

Nomination Committee

32

Audit, risk and internal control

Audit Committee Report

36-38

Risk Management

22-24

Remuneration

Directors’ Remuneration Report

39-57

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

35

Corporate Governance Report

CONTINUED

Provision

Exception and explanation

18

All directors should be subject to

annual re-election.

In accordance with Israeli law, the Company is required to appoint at least

two independent non-executive directors (defined as ‘external directors’

within Israeli law), who must be appointed for a minimum of one three-

year term. Mr. Harel Locker and Prof. Varda Shalev are classified as

external directors and cannot be subject to annual re-election (however,

the Israeli Companies Law does provide grounds for removing an external

director from office). All other members of the Board are subject to annual

re-election.

19

The chair should not remain in post

beyond nine years from the date of

their first appointment to the board.

As of June 2024, Dr. Gideon Chitayat, Chairman, has served on the Board

for 14 years - ten of these as Chairman. Dr. Chitayat was appointed to

the Board as an independent Non-executive Director and the Board

continues to consider him as independent in character and judgement.

His knowledge of the business and the understanding of its various

components, which is built on his experience, combined with his

independence of mind, enables a critical review of strategy and operations.

In addition, his vast business experience, expertise and knowledge of

directing large business organisations within Israel is a valuable resource

for the Board and the Company as a whole. As a result, the Board believes

that Dr. Chitayat remaining as Chairman is in the best of interests of the

Company and of shareholders.

21

A regular externally facilitated board

evaluation.

Externally facilitated Board evaluation is not common practice in the Israeli

corporate business environment. The Company performed an internal

Board evaluation.

The Board considers that, during 2024, the Company complied with the provisions set out in the Code with the exception of

the matters referred to below:

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzM2ewpmaWxsOiBub25lOwpzdHJva2U6ICMwQzUxOTI7CnN0cm9rZS13aWR0aDogMC43NjM7Cn0KLmcxXzM2ewpmaWxsOiAjRkZGOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTczLjYsMTIwOC43SDgzNS44IiBjbGFzcz0iZzBfMzYiLz4KPHBhdGggZD0iTTczLjYsMTE5MC45SDgzNS44VjI1OS44SDczLjZ2OTMxLjFaIiBjbGFzcz0iZzFfMzYiLz4KPHBhdGggZD0iTTczLjYsMjMzLjRIMjQ2LjkiIGNsYXNzPSJnMF8zNiIvPgo8L3N2Zz4=)

ANNUAL REPORT & ACCOUNTS 2024

36

CORPORATE GOVERNANCE

Audit Committee Report

Dear Shareholder

I am pleased to present the Audit Committee report for

2024. I trust that this report will provide you with an insight

into our work, the matters handled and the focus of the

Audit Committee’s deliberations during the year.

MEMBERSHIP AND ATTENDANCE

The members of the Audit Committee are:

l

Harel Locker (Chairman), Senior Independent (Non-

executive) Director ("external director" as this term is

defined in Israeli Companies Law)

l

Prof. Varda Shalev, Non-executive Director ("external

director")

l

Dr. Avigdor Shafferman, Non-executive Director

("independent director" as this term is defined in Israeli

Companies Law)

The Audit Committee members are independent Non-

executive Directors of the Company, with diverse skills

and financial and/or related business experience gained in

senior positions in a range of organisations relevant to the

sectors in which BATM operates. The Board is satisfied that I,

as Chairman, have recent and relevant financial experience,

including having been Chairman of the Audit Committee

from joining the Board in 2016 until 22 December 2020

(and, thereafter, remained a member until resuming the role

of Chairman on 28 November 2021).

The Audit Committee meets at least twice a year, and always

prior to the announcement of interim or annual results. The

external auditors and internal auditor are invited to attend

all meetings to ensure that all the information required by

the Audit Committee is available for it to operate effectively

and the Audit Committee reports back to the Board. The

Audit Committee also meets with representatives of the

Company’s external auditors at least twice per year (with

executive officers present) and raises any issues it has with

the review and/or audit carried out by the external auditors

and comments on specific issues it believes the auditors

should be focusing on when required. The Chairman and/or

Executive Directors attend parts of certain meetings of the

Audit Committee at the request of the Committee or when

the Committee Chair decides that they are required for the

presentation of certain subjects.

The Company Secretary is secretary to the Audit Committee.

During the year, there were six meetings of the Audit

Committee, which were attended by all members.

GOVERNANCE AND COMPLIANCE

The Audit Committee adheres to the functions and

requirements prescribed to it by the Israeli Companies

Law and Israeli Regulations as well as to the specific Terms

of Reference adopted by the Board for this committee and

takes account of the relevant provisions of the Disclosure

Guidance and Transparency Rules of the Financial Conduct

Authority ("FCA") and the UK Corporate Governance Code.

The Chairman of the Audit Committee maintains close

contact on a regular basis with the key people involved in the

Company’s governance.

RESPONSIBILITIES AND ACTIVITIES

The Audit Committee’s responsibility is to, among other

things, ensure that the financial information published by

the Group properly presents its activities to stakeholders in

a way that is fair, balanced and understandable; monitor the

scope and results of the external and internal audit; review

whistleblowing procedures; consider compliance with legal

requirements, accounting standards and the Listing Rules of

the FCA; and advise the Board on the requirement to maintain

an effective system of internal controls. The Committee also

keeps under review the independence and objectivity of the

Group’s external auditors, value for money of the audit and

the nature, extent and cost-effectiveness of the non-audit

services provided by the auditors. Pursuant to section 117

(6) of the Israeli Companies Law, the Audit Committee is

responsible to fix procedures and policy for whistleblowing

and to oversee these procedures.

In 2024, the Audit Committee’s activities included:

l

Examining the Annual Report for the year to 31 December

2023 and the Half-year Report for the six months to 30

June 2024 and discussing them with management and

the external auditor to assess whether the reports, taken

as a whole, were fair, balanced and understandable prior

to recommending these to the Board for approval.

l

Reviewing and challenging areas of significant risk and

judgement and the level of disclosure.

l

Challenging the assumptions and analysis produced by

management in relation to the Company’s going concern

basis of preparation, the long-term viability statement

and associated risk assumptions, the accounting policies

and disclosures, the financial reporting issues and the

assumptions and adjustments made.

l

Reviewing and approving the financial results for the first

and third quarters of 2024.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

37

l

Reviewing the findings of the internal audit work and

the follow-ups of reviews done in the previous year and

considering the internal audit work plan for the following

year.

l

Reviewing the effectiveness of the Group’s internal

controls and disclosures made in the Annual Report and

Financial Statements.

INTERNAL AUDIT, INTERNAL CONTROL AND RISK

MANAGEMENT

During 2024, the Company continued to follow the

processes for identifying, evaluating and managing the

significant risks faced by the Group in accordance with

its Risk and Opportunity Management Framework as

described in the Risk Management section on page

22. Principal controls are ultimately managed by the

Executive Directors,

including alongside regular review

by management and the Board of the operations and the

financial statements of the Company.

The Executive Directors, as part of the Board, have overall

responsibility for ensuring that the Company maintains

adequate systems of internal control and for determining

the nature and extent of principal risks. The Board

confirms that it has carried out, during 2024, a robust

assessment of such risks accordingly, including those

that would impact the Company’s business model, future

performance, solvency or liquidity, and have considered

how they are to be mitigated.

In accordance with the Israeli Companies Law, the

Company retains the services of an independent

qualified internal auditor. Each year, the Audit Committee

reviews with the internal auditor potential risks and a

proposed plan for their scope of work. Each year the

Audit Committee usually selects at least two areas of the

Company’s operations on which it requests the internal

auditor to focus and prepare an internal audit report

with recommendations. Following the completion of each

report, the internal auditor sends it to all the Directors

and presents their findings to the Audit Committee.

The Audit Committee then reports to the Board on

any major findings together with the internal auditor’s

recommendations for improving controls and corporate

responsibility and the Board instructs management to

implement the recommendations. During the year under

review, the internal auditor presented a report to the

Audit Committee on procedures regarding authorised

signatories in operating entities of the Group

.

The key features of the financial controls of the Company

include a comprehensive system of financial reporting,

budgeting

and

forecasting,

and

clearly

laid

down

accounting policies and procedures. The main elements

of internal control currently include:

l

Operating Controls: The identification and mitigation

of major business risks on a daily basis is the

responsibility of the Executive Directors and senior

management. Each business function within the Group

maintains controls and procedures, as directed by

senior management, appropriate to its own business

environment while conforming to the Company’s

standards and guidelines. These include procedures

and guidelines to identify, evaluate the likelihood of and

mitigate all types of risks on an ongoing basis.

l

Information and Communication: The Group operating

procedures include a comprehensive system for

reporting financial and non-financial information to

the Directors. Financial projections, including revenue

and profit forecasts, are typically reported on a

monthly basis to senior management compared with

corresponding results for previous periods. The central

process for evaluating and managing non-financial risk

is primarily through meetings of Executive Directors

and/or the Group Risk and Opportunity Manager with

the business unit leaders.

l

Finance

Management:

The

finance

department

operates within procedures approved by the Directors

and the Chief Financial Officer. Expenditures are tightly

controlled with stringent approvals required based

on amount. Duties such as legal, finance, sales and

operations are also segregated to minimise risk.

l

Insurance: Insurance coverage is provided externally

and depends on the scale of the risk in question and

the availability of coverage in the external market.

The process by which the Audit Committee has monitored

and reviewed the effectiveness of the system of internal

controls and risk management during the year has included:

l

reviewing

the

Company's

Risk

and

Opportunity

Management Framework and the way it was activated

during the year, the risks that were identified,

quantitative assessment of the risks, details of the risks

and mitigation measures;

l

reviewing any control matters identified by Brightman

Almagor Zohar & Co. and challgening management on

the application of controls to gain assurance on their

effectiveness; and

Audit Committee Report

CONTINUED

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

38

CORPORATE GOVERNANCE

l

reporting to, and updating, the Board on the risk and

control within the Group.

The Audit Committee is satisfied that the Group's

framework of internal control systems has continued to

operate effectively throughout 2024.

EXTERNAL AUDITOR AND INDEPENDENCE

Brightman Almagor Zohar & Co., a Firm in the Deloitte

Global Network, serves as the Group’s auditor. The Audit

Committee as well as the Directors review and assess on

an annual basis, the performance of the external auditors,

their independence and the reasonableness of their audit

fees as compared with peer tier 1 accountancy offices in

Israel, and make recommendations to be brought forward

to the shareholders’ meeting as to the appointment, or

reappointment, or replacement of the external auditors of

the Group. While the Audit Committee as part of its activity

reviews and monitors the external auditor’s independence

and objectivity, there is no requirement under Israeli law

and regulations to have maximum terms for auditors.

Rotation of external auditors is not accepted practice in

the Israeli market and the Company is not subject to EU

audit regulations that relate to rotation of the external

auditors. However, to facilitate auditor independence,

based on the IESBA Code, the audit engagement partner

must be rotated after no more than seven years of service

in that role. The most recent audit partner rotation

occurred in 2022. The Audit Committee has discussed

with the external auditors their independence, and has

received and reviewed written disclosures from the

external auditors regarding independence.

In addition, the Financial Reporting Council (the “FRC”)

conducted an inspection of the audit by Brightman

Almagor Zohar & Co. of our financial statements for the

year ended 31 December 2023, covering risk assessment

and planning, execution of the audit plan, and completion

and reporting, including the quality of communication

with the Audit Committee. The FRC assessed the audit

as ‘Good’, which is the highest assessment level, with no

matters to address.

NON-AUDIT SERVICES

Non-audit work is generally put out to tender. In cases

which are significant, the Company engages another

independent firm of accountants to provide consulting

work to avoid the possibility that the external auditors’

objectivity and independence could be compromised; work

is only carried out by the external auditors in cases where

they are best suited to perform the work, for example, tax

compliance. However, from time to time, the Company

will engage the external auditors on matters relating to

acquisition accounting and due diligence (the scope of

which is limited), thus ensuring the continued objectivity

and independence of the external auditors.

In order to safeguard the independence and objectivity

of the external auditor, the Audit Committee reviews the

nature and extent of the non-audit services supplied, and

receives reports on the balance of audit to non-audit fees.

For 2024, the external auditor provided $34k of non-audit

work (2023: $33k). Fees paid to Brightman Almagor Zohar

& Co. are set out in note 9 to the financial statements.

Harel Locker

Audit Committee Chairman

7 April 2025

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

39

REMUNERATION COMMITTEE REPORT

Dear Shareholder

The Board is pleased to present the Remuneration

Committee's Report for the year ended 31 December 2024.

The main purpose of the Remuneration Committee is to design

appropriate remuneration packages to attract, retain and

motivate senior executives and managers of the experience

and expertise required to run the Company successfully.

The Remuneration Committee reviews and considers the

remuneration of, amongst others, the CEO, CFO, Executive

and Non-executive Directors and senior management.

The Remuneration Committee ensures that a remuneration

framework is established and implemented that addresses

the need of the Company to attract, retain and motivate such

executives and managers, while considering and managing

business risks and ensuring the Company's remuneration

policy facilitates, so far as possible, the Company's long-

term strategy and performance and ensures its sustainable

financial health.

The Remuneration Committee ensures that the overall

remuneration strategy adopted by the Company remains

aligned

with

the interests of

its

shareholders. The

Remuneration

Committee,

when

necessary,

engages

external executive remuneration advisers to give it guidance

regarding the accepted levels of salary, bonuses and long-

term incentives ("LTIs") payable by similar sized companies

listed on the London Stock Exchange and the Tel Aviv Stock

Exchange to its CEO, CFO and other senior executives and

ensures that the level of remuneration offered to its senior

executives is both fair and reasonable.

INTRODUCTION

The Directors’ Remuneration Report sets out BATM's

executive

remuneration

policy

and

details

Directors'

remuneration and benefits for the financial year under

review. The Company is incorporated in Israel, and the

Company's current Remuneration Policy and Guidelines

(the "Policy”) came into effect after its approval by a majority

vote of shareholders, as prescribed in section 267A (b) of

the Israeli Companies Law, 1999 (“Companies Law”), at the

Annual General Meeting (“AGM”) held in December 2024. The

Policy has been effective from the date of its approval and is

intended to operate for a period of three years. Accordingly,

for the majority of the year under review, the applicable

Remuneration Policy was that approved by shareholders at

the AGM held in December 2021.

THE REMUNERATION COMMITTEE’S RESPONSIBILITIES

The BATM Remuneration Committee (the “Committee”)

was established by the Board of Directors of the Company

and operates in accordance with the functions set forth in

the Israeli Companies Law and UK corporate governance

expectations. This is a separate independent Committee

comprised of external independent directors who are

appointed by the shareholders' meeting.

The Committee’s responsibilities and duties are:

(1)

Recommending for approval to the Board the framework

or broad policy for the remuneration of the Company's

Chairman of the Board, CEO, Executive Directors, Non-

executive Directors and other senior management and

Office Holders (as defined in the Israeli Companies Law)

("Remuneration Policy");

(2)

Recommending appropriate remuneration packages and

service contracts of the Executive Directors and Officers,

reviewing the ongoing appropriateness and relevance of

the Remuneration Policy, recommending to the Board

updates of the Policy, and monitoring its application;

(3)

Determining whether to approve remuneration of Office

Holders;

(4)

Exempting the remuneration of a candidate for the role

of CEO from the approval of the general meeting, if the

remuneration is according to the Remuneration Policy,

the candidate is not related to a controlling shareholder

(and if there is no controlling shareholder - to a substantial

shareholder, the Chairman of the Board, the CEO or

the CFO), and the Committee found that bringing the

remuneration for the approval of the general meeting will

result in failure of the attempted recruitment of the CEO

candidate;

(5)

Recommending and determining the goals for all

performance-related

remuneration

offered

by

the

Company and approving the total annual payments made

under such schemes;

(6)

Reviewing the design of all long-term incentive schemes,

such as options and equity awards, and recommending

these for approval by the Board and, if and when required

by law, by the shareholders; and

(7)

Reviewing the CEO's compensation policies for Office

Holders.

The Committee’s terms of reference are available on the

Company’s website and are available in hard copy on request

from the Company Secretary.

Directors’ Remuneration Report

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

40

CORPORATE GOVERNANCE

KEY ACTIVITIES DURING THE YEAR

There were five meetings of the Committee during the

year to 31 December 2024. The Committee undertook the

following activities in this period:

l

Discussed amendments to the Remuneration Policy with

the CEO and recommended its approval to the Board

l

Determining the outcome of the 2023 annual bonus

l

Setting the targets and measures for the 2024 annual

bonus

l

Approving the remuneration of a new Non-executive

Director

l

Approving the remuneration for the role of Chairman of

the Board of the Company

l

Approving and granting long-term incentive awards to

employees and another grantee who is a service provider

l

Approving allocation of shares following vesting of

Restricted Share Units

l

Approving grant of exemption and indemnification to

Office Holders (as exemption and indemnification are

considered remuneration under Israeli Companies Law)

l

Approving the Company's purchase of an Office Holders'

insurance policy (as Office Holders' insurance is considered

remuneration under Israeli Companies Law)

STAKEHOLDER VIEWS & ENGAGEMENT

At the AGM in 2024, we proposed three remuneration-

related resolutions - including the approval of the new

Remuneration Policy - which all passed, with an average

approval rating of 95.66% (further detail is provided in the

Annual Report on Remuneration section below). On behalf

of the Committee, I thank shareholders for their support

and look forward to receiving further support at this year's

Annual General Meeting.

Prof. Varda Shalev

Remuneration Committee Chair

7 April 2025

REMUNERATION POLICY

This Remuneration Policy sets out the remuneration policy

of BATM Advanced Communications Ltd (hereinafter – the

"Company") for its executive and non-executive directors,

and Officers (as that term is defined in section 1 of the Israeli

Companies Law), which includes the CEO and other senior

executives in the Company that report directly to the CEO

of BATM.

The Directors’ and Officers’ Remuneration Policy (the “Policy”)

was approved by shareholders at the December 2024

Annual General Meeting and took effect from the date of

approval.

In accordance with Israeli law, a policy for a period

of over three years requires approval by the Company's

shareholders at a general meeting every three years. The full

Policy, as approved by shareholders, is provided below.

DIRECTORS’ & OFFICERS' REMUNERATION POLICY

The BATM Remuneration Committee (the “Committee”)

was established by the Board of Directors of the Company

and operates in accordance with the functions set forth in

the Israeli Companies Law and UK corporate governance

expectations.

This is a separate independent Committee

comprised of three external independent directors who are

appointed by the shareholders' meeting.

The Committee's responsibilities and duties are:

(1)

Recommending for approval to the Board the framework

or broad policy for the remuneration of the Company's

Chairman of the Board, Chief Executive Officer, executive

directors, non-executive directors and other senior

management and “Officers” (as designated under Israeli

Companies Law);

(2) Recommending appropriate remuneration packages

and service contracts of the Executive Directors and

Officers, and reviewing the ongoing appropriateness

and relevance of the Remuneration Policy;

(3) Recommending and determining the goals for all

performance-related

remuneration

offered

by

the

Company and approving the total annual payments

made under such schemes;

(4)

Reviewing the design of all long-term incentive schemes,

such as options and equity awards and recommending

these for approval by the Board and, if and when required

by law, by the shareholders.

(5) Reviewing the CEO's compensation policies for the

overall management of BATM.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

41

Directors' Remuneration Report

CONTINUED

The Committee’s terms of reference are available on the

Company’s website and are available in hard copy on

request from the Company Secretary.

This Remuneration Policy sets out the remuneration policy

of BATM Advanced Communications Ltd (hereinafter – the

"Company") for its executive and non-executive directors,

and Officers (as that term is defined in section 1 of the

Israeli Companies Law), which includes the CEO and other

senior executives in the Company that report directly to

the CEO of the BATM Group. This policy will be put to a

shareholders' vote at the forthcoming AGM of 2024.

The proposed Remuneration Policy will, if approved by

shareholders, take effect from its approval. The policy

has been developed taking into account the mandatory

provisions of the Israeli Companies Law on directors' and

officers' remuneration as well as the principles of the UK

Corporate Governance Code 2018. As a UK-listed company

with a premium listing, the Policy also includes certain

voluntary disclosures as set out in UK company law under

the Large and Medium-sized Companies and Groups

(Accounts and Reports) (Amendment) Regulations 2013.

REMUNERATION PHILOSOPHY AND OBJECTIVES

The Company believes that the most effective Executive

remuneration policy is one that is designed to reward

achievement, to encourage a high degree of performance

and that aligns Executives' interests with those of the

Company and its shareholders while ensuring that

the Company can maintain its ability to attract and

retain outstanding executives for the long-term leading

employees for key positions. The remuneration philosophy

of the Company is to offer Executives remuneration which

is comprised of a mix of fixed annual salary and benefits

and variable performance – through annual bonus and/or

long term equity incentives.

The Company has undertaken an independent review

of executive remuneration and has sought to create an

appropriate balance that takes into account BATM’s Israeli

origins and the pay expectations for a company listed on

the UK Main Market, in particular the structure of variable

pay and good practice expectations. The Committee has

established the following main remuneration objectives:

l

Remuneration should be related to performance on

both a short-term and long-term basis with a portion of a

senior Executive's potential annual bonus and long-term

equity-based remuneration conditional on achievement

of pre-determined performance objectives.

l

The mix of the fixed and performance based variable

remuneration

should

serve

to

encourage

senior

Executives to remain with the Company. The Policy's

components are designed to retain talented executives.

A significant element of the Policy is therefore a long-

term equity-based incentive remuneration reward that

vest on a rolling basis over a minimum of three years. As a

way of motivating and retaining executives, the Company

believes that packages should include a meaningful

share component to further align the interests of the

senior Executives with the interests of the shareholders.

l

The overall level of salary, incentives, pension and other

benefits should be competitive (but not excessive)

when compared with other companies of a similar size

and global spread and should be sufficient to attract,

retain and motivate Executive Directors and Officers of

superior calibre in order to deliver long-term objectives.

l

Remuneration

should

be

designed

to

encourage

initiative, innovation and appropriate levels of risk.

It

should be structured to discourage taking excessive

short-term risk without constraining reasonable risk

taking. Therefore, a portion of the incentive variable

remuneration should be linked to longer-term Company

performance.

l

The Policy should ensure transparency and accountability

and encourage a high-performing culture in the Company.

CONSIDERATIONS WHEN DETERMINING

REMUNERATION POLICY

In reviewing our Policy, and in planning for its implementation,

good practice in both Israel and the U.K. has been a key

touchstone. We have been careful to take full account of

the remuneration-related provisions in the UK Corporate

Governance Code (the Code) in our design considerations.

With regard to how we have sought to comply with the six

factors outlined in Provision 40 of the Code for example, we

believe the following are worth noting in particular:

l

Clarity – Our remuneration framework is structured

to support financial delivery and the achievement of

strategic objectives, aligning the interests of Executive

Directors and Officers with those of our shareholders.

Our proposed Policy is transparent and has been

clearly articulated to our shareholders (during prior

consultation).

l

Simplicity – Our remuneration framework adopts the

typical model found in the UK and is straightforward to

communicate and operate.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

42

CORPORATE GOVERNANCE

l

Risk – Our incentives have been structured to ensure

that they are aligned with the Board’s system of risk

management and risk appetite. Inappropriate risk-taking

is discouraged and mitigated through, for example (i) the

operation of arrangements that provide an appropriate

balance of fixed pay to short- and long-term incentive

pay, (ii) the deferral of a proportion of annual bonus

into shares and the operation of a post-vesting holding

period for the LTIP (which replaces the more geared share

option structure operated previously), (iii) the operation

of significant in-employment and post-employment

shareholding guidelines, and (iv) the operation of robust

recovery and withholding provisions.

l

Predictability – Our incentive plans are subject to

individual caps and the Committee has full discretion

to alter the pay-out level or vesting outcome to ensure

payments are appropriately aligned with the underlying

performance of the Company.

l

Proportionality – Ensuring Executive Directors and

Officers are not rewarded for failure underscores

our approach to remuneration, e.g. the significant

proportion of our packages is based on long-term

performance targets linked to the KPIs of the Company,

through our ability and openness to the use of discretion

to ensure appropriate outcomes. There is a clear link

between individual awards, delivery of strategy and our

long-term performance. As mentioned above, formulaic

incentive outcomes are reviewed by the Committee and

may be adjusted having consideration to overall Group

performance

and

wider

workforce

remuneration

policies and practices.

l

Alignment to culture – The Board sets the framework of

KPIs against which we monitor the performance of the

Company and the Committee links the performance

metrics of our incentive arrangements to those KPIs.

We are also keen to foster a culture of share ownership

throughout the Company and operate all-employee

share arrangements in pursuit of this objective.

DIRECTORS’ & OFFICERS' REMUNERATION

POLICY TABLE

The table below sets out the main components of the

proposed Remuneration Policy for executive and non-

executive directors and Officers (as that term is defined

in section 1 of the Israeli Companies Law), together with

further information on how these aspects of remuneration

operate, subject to approval by shareholders at the 2024

AGM. The existing policy approved at the AGM in 2021 will

remain in effect until shareholders approve the new Policy.

For clarity, the incentive arrangements set out in this policy

will apply from its approval.

The Committee has discretion to amend remuneration

and benefits to the extent described in the table and the

written sections that follow it.

Base Salary

Purpose and link to strategy

To provide competitive fixed remuneration.

To attract and retain Executive Directors and Officers of superior calibre in order

to deliver long-term business success.

Reflects individual experience, achievements, expertise, education, skills, role and

responsibility.

The Committee’s aim is to position salaries around the mid-market level of

companies of a similar size, scale and complexity.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzQzewpmaWxsOiBub25lOwpzdHJva2U6ICMwQzUxOTI7CnN0cm9rZS13aWR0aDogMC43NjM7Cn0KLmcxXzQzewpmaWxsOiAjM0Q3NEE4Owp9Ci5nMl80M3sKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMjMxRjIwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwpzdHJva2UtbWl0ZXJsaW1pdDogMTA7Cn0KXV0+PC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNNzMuNiwxMjA4LjdIODM1LjgiIGNsYXNzPSJnMF80MyIvPgo8cGF0aCBkPSJNNzQsMjYwLjJIODM1LjR2MzAuM0g3NFYyNjAuMloiIGNsYXNzPSJnMV80MyIvPgo8cGF0aCBkPSJNNzQsNzE0VjI5MC45TTMwNy45LDcxNFYyOTAuOU04MzUuNCw3MTRWMjkwLjlNNzMuNiw3MTQuNEgzMDcuOU03NCwxMDQ4LjFWNzE0LjdtMjMzLjksLS4zSDgzNS44TTMwNy45LDEwNDguMVY3MTQuN201MjcuNSwzMzMuNFY3MTQuN003My42LDEwNDguNUgzMDcuOU03NCwxMTMxdi04Mi4xbTIzMy45LC0uNEg4MzUuOE0zMDcuOSwxMTMxdi04Mi4xTTgzNS40LDExMzF2LTgyLjFNNzMuNiwxMTMxLjRIMzA3LjltMCwwSDgzNS44TTczLjYsMjYwLjJIMzA3LjlNNzQsMjkwLjJWMjYwLjZtMjMzLjksLS40SDgzNS44bS0uNCwzMFYyNjAuNk03My42LDI5MC41SDMwNy45bTAsMEg4MzUuOCIgY2xhc3M9ImcyXzQzIi8+Cjwvc3ZnPg==)

ANNUAL REPORT & ACCOUNTS 2024

43

Directors' Remuneration Report

CONTINUED

Base Salary

Continued

Operation

Normally reviewed annually by the Committee with increases typically effective

from 1 January.

Increases take into account:

l

The executive's skills, experience, education, qualifications, achievements,

expertise, role and responsibilities

l

Affordability

l

Pay increases for the workforce

l

Performance

l

External market trends

l

Internal differentials/relativities

l

The value of total remuneration

l

The Committee’s judgement

Significant adjustments are infrequent and normally reserved for material changes

in role, a significant increase in the size/complexity of the Group, or where an

individual has been appointed on a low salary with an intention to bring them to

market levels over time and subject to performance.

Other factors which will be taken into account will include pay and conditions

elsewhere in the Group, progression within the role, and competitive salary levels

in UK premium-listed and Israeli publicly-listed companies of a broadly similar size

and complexity.

Maximum potential value

Basic salary of Office Holders that report directly to the CEO will be capped at 80%

of the CEO's basic salary.

The normal approach will be to limit increases to the average level across the

wider workforce, though increases above this level may be awarded subject to

Committee discretion to take account of certain circumstances, such as those

stated under ‘Operation’.

On recruitment or promotion, the Committee will consider previous remuneration

and pay levels for comparable companies (for example, companies of a similar size

and complexity, industry sector or location), when setting salary levels.

This may

lead to salary being set at a lower or higher level than for the previous incumbent.

The Committee also takes into account the ratio between the total remuneration

of the applicable Executive Director and/or Officer and the salary of all other

employees in the Company, especially the ratio between the total remuneration

and the median and average salary of all such other employees in the Company

- this analysis and ratio will be calculated or evaluated on a per division basis and

on a per country basis so as to ensure that the comparison is made on the same

underlying parameters.

Performance targets

Although there are no formal performance conditions, any increase in base salary

is only implemented after careful consideration of individual contribution and

performance and having due regard to the factors set out in the ‘Operation’ row

of this table.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

44

CORPORATE GOVERNANCE

Benefits

Purpose and link to strategy

To provide competitive fixed remuneration.

To attract and retain Executive Directors and Officers of superior calibre in order

to deliver long-term business success.

Operation

Executive Directors, Officers and all employees in Israel may be entitled to benefits

such as a study fund/Further Education funds, expansion of mandatory benefits

(pension and end-of-work compensation) beyond the salary levels on which they

are mandatory or carry tax benefits, travel-related benefits including a car or car

allowance, use of mobile phone and newspaper. Executives will be eligible for any

other benefits which are introduced for the wider workforce on broadly similar

terms.

Any reasonable business-related expenses (and any tax thereon) can be

reimbursed if determined to be a taxable benefit. The Company may also arrange

for reasonable insurance cover for Executive Directors (see 'Director and office

holder insurance' below).

Executive Directors and Officers may be eligible to participate in future all-

employee share plans operated by the Company, on the same terms as other

eligible employees.

For external and internal appointments or relocations, the Company may pay

certain relocation and/or incidental expenses as appropriate.

Maximum potential value

Study fund contributions are common in Israel and under this arrangement the

employer deposits 7.5% of base salary to a study fund (payable to the employee

with no tax after 6 years), and deducts 2.5% from the employee’s base salary to be

also deposited to this fund.

It is not possible to calculate in advance the cost of some benefits, and therefore a

maximum potential value is not pre-determined.

Performance targets

Not applicable.

Pension

Purpose and link to strategy

To reward sustained contributions by providing retirement benefits.

Operation

The Company funds contributions to an Executive Director or Officer’s pension as

appropriate through contribution to a pension fund.

Maximum potential value

In line with all employees and in line with mandatory requirements in Israel, BATM

contributes 6.5% of base salary towards pension and is obliged to deduct 6% of

salary from the employee’s base salary and deposit it into the pension fund.

In addition, at the end of employment all Israeli employees (including Executive

Directors and Officers) are entitled to end-of-employment compensation of

1 basic salary per every year of employment (1 month for every 12 months, or

8.333%). Israeli employers are bound to make ongoing deposits of at least 6% of

the employee’s (including Executive Directors and Officers) salary to the pension

fund for end-of-employment compensation.

Performance targets

Not applicable.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzQ1ewpmaWxsOiBub25lOwpzdHJva2U6ICMwQzUxOTI7CnN0cm9rZS13aWR0aDogMC43NjM7Cn0KLmcxXzQ1ewpmaWxsOiAjM0Q3NEE4Owp9Ci5nMl80NXsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMjMxRjIwOwpzdHJva2Utd2lkdGg6IDAuNzYzOwpzdHJva2UtbWl0ZXJsaW1pdDogMTA7Cn0KXV0+PC9zdHlsZT4KPC9kZWZzPgo8cGF0aCBkPSJNNzMuNiwxMjA4LjdIODM1LjgiIGNsYXNzPSJnMF80NSIvPgo8cGF0aCBkPSJNNzMsMjYwLjJIODM0LjV2MjcuOUg3M1YyNjAuMloiIGNsYXNzPSJnMV80NSIvPgo8cGF0aCBkPSJNNzMsMzc0LjlWMjg4LjRtMjMzLjksODYuNVYyODguNG01MjcuNiw4Ni41VjI4OC40TTcyLjYsMzc1LjJIMzA2LjlNNzMsNjgxVjM3NS42bTIzMy45LC0uNGg1MjhNMzA2LjksNjgxVjM3NS42TTgzNC41LDY4MVYzNzUuNk03Mi42LDY4MS40SDMwNi45TTczLDc0OS45VjY4MS44bTIzMy45LC0uNGg1MjhtLTUyOCw2OC41VjY4MS44bTUyNy42LDY4LjFWNjgxLjhNNzIuNiw3NTAuMkgzMDYuOU03MywxMDcwVjc1MC42bTIzMy45LC0uNGg1MjhNMzA2LjksMTA3MFY3NTAuNk04MzQuNSwxMDcwVjc1MC42TTcyLjYsMTA3MC40SDMwNi45bTAsMGg1MjhNNzIuNiwyNjAuMkgzMDYuOU03MywyODcuN1YyNjAuNm0yMzMuOSwtLjRoNTI4bS0uNCwyNy41VjI2MC42TTcyLjYsMjg4LjFIMzA2LjltMCwwaDUyOCIgY2xhc3M9ImcyXzQ1Ii8+Cjwvc3ZnPg==)

ANNUAL REPORT & ACCOUNTS 2024

45

Directors' Remuneration Report

CONTINUED

Annual Bonus

Purpose and link to strategy

Rewards the achievement of annual financial and business targets aligned with the

Group’s KPIs.

Deferred element encourages long-term considerations and discourages excessive

risk taking.

Operation

Bonus is based on performance in the relevant financial year. Any payment is

discretionary and will be subject to the achievement of performance targets.

Bonus is normally paid in cash, except one-third of any bonus above 70% of annual

base salary which is deferred into an award over Company shares for two years. In

case of immediate tax obligations due to award of such shares, and subject to the

provisions of the Company's Share Incentive Plan, the receiver of the shares will be

allowed to exercise shares immediately to the extent needed to finance coverage

of tax obligations.

Bonuses are not contractual and are not eligible for inclusion in the calculation of

pension arrangements.

Recovery and withholding provisions apply in cases of specific circumstances (see

'Recovery of Variable Remuneration' below).

Dividends or dividend equivalents may accrue on deferred shares.

It is expected, subject to shareholder approval of this policy, that the bonus scheme

will apply from financial year 2024.

Maximum potential value

Capped at 125% of annual base salary.

In the first full financial year of the policy only (being the year ending 31 December

2025), the bonus opportunity will be set at 100% of salary for the CEO and CFO.

Performance targets

The Committee sets performance measures and targets that are appropriately

stretching each year, taking into account key strategic and financial priorities and

ensuring there is an appropriate balance between incentivising Executive Directors

and Officers to meet targets, while ensuring they do not drive unacceptable levels

of risk or inappropriate behaviours.

The Remuneration Committee will set bonus criteria at the start of the year which

reflect the short-term financial and strategic objectives of the Group.

For directors and the CEO, the bonus will be based on performance and on

measurable criteria; but bonus of up to 25% of annual salary can be based

on strategic, non-measurable criteria and considering the director's / CEO's

contribution to the Company.

A graduated scale of targets is normally set for each financial measure, with no

pay-out for performance below a threshold level of performance.

The Committee has discretion to amend the overall bonus pay-out should the

outcome not reflect the Committee’s assessment of overall business and/or

individual performance.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

46

CORPORATE GOVERNANCE

Long-Term Incentive Plan (LTIP)

Purpose and link to strategy

Designed to align Executive Directors’ and Officers’ interests with those of

shareholders and to incentivise the delivery of sustainable earnings growth and

superior shareholder returns.

Operation

Awards of conditional shares or nil or nominal cost option awards which normally

vest after three years subject to the achievement of performance targets and

continued service.

For Executive Directors, an additional two-year holding period applies after the

end of the three-year vesting period, if so decided by the Committee. Sufficient

awards may be sold during the holding period to satisfy any tax liabilities owed.

Recovery and withholding provisions apply in cases of specific circumstances (see

‘Recovery of Variable Remuneration’ below).

Dividend equivalents may be paid for awards to the extent they vest.

The Committee retains discretion to adjust vesting levels in exceptional

circumstances, including but not limited to regard of the overall performance of

the Company or the grantee’s personal performance.

The Committee also retains discretion to adjust provisions of LTIP regarding

acceleration, change of ownership, restructuring and any other circumstances

that justify adjustment of provisions, considering also the provisions of the Share

Incentive Plan.

Any options shall not be exercisable more than ten years after the date of grant.

Maximum potential value

Executive Directors and Officers may receive an award with a face value of up to

125% of basic salary per annum in any financial year.

For the first award to be granted in 2025, awards to Executive Directors will be

limited to 100% of salary.

The Committee will consider the prevailing share price when deciding on the

number of shares to be awarded as part of any LTIP grant.

A 10% in 10 years’ dilution limit governing the issue of new shares to satisfy all

share scheme operated by the Company will apply.

Performance targets

Performance measures may include, and are not limited to, EPS, absolute or

relative total shareholder return, other financial measures, strategic measures

and/or ESG-related objectives.

The Committee retains discretion to set alternative weightings or performance

measures for awards over the life of the policy.

For directors and the CEO, the LTIP will be based on performance in long-term

view and on measurable criteria; but LTIP of up to 25% of annual salary can be

based on strategic, non-measurable criteria and considering the director's / CEO's

contribution to the Company.

100% of awards vest for stretch performance, up to 25% of an award vests for

threshold performance and no awards vest below this.

Underpins may apply.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

47

Directors' Remuneration Report

CONTINUED

Share Ownership Guidelines

Purpose and link to strategy

To increase alignment between Executive Directors and shareholders.

Operation

Nil or nominal cost options which have vested but are yet to be exercised and

deferred bonus awards subject to a time condition only may be considered to

count towards the in-employment shareholding on a notional post-tax basis.

Maximum potential value

Executive Directors are expected to build up and maintain an in-employment

shareholding worth 200% of salary.

Executive Directors are normally expected to hold shares at a level equal to the

lower of their shareholding at cessation and 200% of annual base salary for two

years post-employment (excluding shares purchased with own funds and any

shares from share plan awards made before the approval of the policy).

Performance targets

Not applicable.

Non-executive and Non-External Directors’ Salary and Benefits

Purpose and link to strategy

Israeli publicly listed companies often have Directors that are both Non-executive

and Non-External, such as the current Chairman. Due to their status and

relationship to the Company, such Directors are distinguished from independent

External Directors (see table below).

Non-executive and Non-External Directors should be paid in line with the

demands of the roles at a level that attracts high calibre individuals and reflects

their experience and knowledge.

Operation

Non-executive and Non-External Directors may receive salary in cash or ordinary

shares for their contribution and efforts for the Company. Salary is typically set

by reference to a proportion of the salary for a full-time Executive Director role

(reflecting the part-time nature of the role).

In addition, the Non-executive and Non-External Director may receive modest

benefits on the same basis as an Executive Director (as set out in the policy table

above).

There are currently no plans for Non-executive and Non-External Directors to

participate in the variable remuneration plans offered by the Company to its

Executive Directors and Officers. Any future participation by Non-executive and

Non-External Directors in the Company’s variable remuneration plans would be

subject to prior approval by the Company’s shareholders.

Maximum potential value

No prescribed maximum or maximum increase.

Salary is normally reviewed annually taking into account factors such as the time

commitment and contribution of the role and market levels in companies of

comparable size and complexity.

Any increases will be informed by taking into account internal benchmarks such as

the salary increase for the general workforce and will have due regard to the same

factors that apply to Executive Directors.

Performance targets

Not applicable.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

48

CORPORATE GOVERNANCE

External Directors’ Fees and Benefits

Purpose and link to strategy

As an Israeli publicly listed company, BATM's Board must include at all times at

least two External Directors (as defined in the Israeli Companies Law).

Fees of External Directors in Israel is set by regulation.

In addition to External Directors, the Israeli Companies Law defines an Independent

Director, which receives the same remuneration as an External Director. Currently

there is one such Independent Director in the Company.

Operation

External Directors remuneration is prescribed in the Israeli Companies Regulations

(Rules Regarding Compensation and Expense Reimbursement of External

Directors) 2000 (the "Israeli Compensation Regulations"), which includes an annual

fixed pay and a per-meeting participation fee, both set according to the size of the

Company and the expertise of the director.

In addition, the Company may reimburse said directors for their reasonable

expenses incurred in connection with attending meetings of the Board of

Directors and of any Committees of the Board, all in accordance with the Israeli

Compensation Regulations.

The External Directors are not eligible to participate in the variable remuneration

plans offered by the Company to its Executive Directors and Officers.

The Israeli Companies Law states that a director defined as Independent Director

will receive remuneration according to the same rules as an External Director.

Maximum potential value

Fees are paid according to strict rules set by the Israeli authorities.

Performance targets

Not applicable.

Recovery of variable remuneration

Annual bonuses may be withheld in whole or in part if the

business has suffered an exceptional negative event, even

if some specific targets have been met.

The Committee

has overall discretion to ensure that a payment that is

inappropriate in all the Company’s circumstances is not

made.

The maximum aggregate bonus shall be as set

forth in the above table, per executive level.

If there was a mistake in calculation of the annual bonus

by the Company, or if the Company restates any of the

financial data that was used in calculating the bonus (other

than a restatement required due to changes in financial

reporting standards), then the applicable bonus shall

be recalculated using such restated data (the "Restated

Bonus").

The balance between the original bonus and the

Restated Bonus, if any, (the "Balance") will be repaid to the

Company, or paid to the executive (as the case will be) by

deducting, or adding such balance from the first amounts

payable to such senior executive as a bonus immediately

after the completion of the restatement. To the extent that

no bonus will be payable to such senior executive in that

year, then the Balance shall be deducted from the bonus

payable in the next year and so forth up to three years.

Notwithstanding the above, if the senior executive's

employment relationship with the Company terminates

before the Balance is fully repaid to the Company, then

the Balance shall be deducted from all amounts due and

payable to such senior executive in connection with such

termination of employment and if there is still an unpaid

balance to the Company, then such unpaid balance shall

be repaid pursuant to the terms determined by the Board

of Directors.

With regard to LTIP awards, in exceptional circumstances

and/or cases of a restatement of any of the Company's

financial statements, the Committee has the discretion

to reduce future rewards of LTIs to the relevant senior

executive.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

49

Directors' Remuneration Report

CONTINUED

Director and office holder insurance

The Israeli Companies Law specifies rules and boundaries

for directors' and officers' liability insurance. Accordingly,

it is common practice for Israeli listed companies to

provide directors and officers with liability insurance, and

to include details of director insurance provisions within

the remuneration policy (since such insurance is classed

as remuneration under Israeli law). The following therefore

summarises the ability of the Company to arrange

insurance to Directors and Officers for liabilities incurred

during office.

Subject to any applicable law and to the Company's articles

of association, and in accordance with the common

practice in Israeli listed companies, the Committee will be

authorised to approve engagements of the Company in

insurance policies to cover liability of Directors and Officers

in the Company and in other entities wholly or partly held

by the Company, provided that the total yearly cover within

the insurance policy will not exceed USD 40,000,000 for any

specific year or specific claim. Such policies will be entered

into on normal market terms and will not be such that they

may materially affect the profitability of the Company, its

assets or obligations, and that the insurance premium

and excess will be in common market terms and will not

be such that may materially affect the profitability of the

Company, its assets or obligations, and will be according

to offers received from bodies that are not related to the

Company.

The Committee will be authorised to approve exemption

and indemnification as approved by the shareholders on

21 December 2022.

SELECTION OF PERFORMANCE MEASURES AND

TARGETS

Annual bonus

The annual bonus arrangements are focused on the

achievement of the Company’s short- and medium-term

financial objectives, with financial measures selected to

closely align the performance of the Executive Director or

Officer with the strategy of the business and with shareholder

value creation. Where non-financial objectives are set, these

are chosen to support the delivery of strategic milestones

and which link to those KPIs of most relevance to each

Director or Officer’s individual responsibilities.

Details of the measures to be used for the annual bonus will

be determined at the start of the financial year and disclosed

in the next year's remuneration report.

Long-Term Incentive Plan

The aim of the LTIP is to motivate Executive Directors and

other senior executives to achieve performance superior to

the Company’s peers and to maintain and increase earnings

levels whilst at the same time ensuring that it is not at the

expense of longer-term shareholder returns.

The Committee will review the choice of performance

measures and the appropriateness of the performance

targets prior to each LTIP grant. It is expected that the first

LTIP grant under this policy will be in 2025.

Measurable Targets

Measurable targets / performance metrics for the annual

bonus and / or for LTIP schemes can involve a number of

BATM's KPIs and may include any number of the following:

l

Work plan targets

l

Budget targets

l

Accomplishment of specific projects

l

Meeting pre-defined goals of -

T

EBITDA

T

Revenue

T

Profit

T

Operating profit

T

Cash from operating activities

T

Cash flow

T

Share price

T

Earnings per share

T

Return on invested capital

T

Return on capital employed

T

Total shareholder return

T

Absolute total shareholder return

T

Relative total shareholder return

FLEXIBILITY, DISCRETION AND JUDGEMENT

The Committee operates the annual bonus and LTIP according

to the rules of each respective plan which, consistent with

market practice, include discretion in a number of respects

in relation to the operation of each plan. Discretions include:

l

who participates in the plan, the quantum of an award and/

or payment and the timing of awards and/or payments

l

determining the extent of vesting

l

treatment of awards and/or payments on a change of

control or restructuring of the Group

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

50

CORPORATE GOVERNANCE

l

whether an Executive Director or an Officer is a good/

bad leaver for incentive plan purposes and whether the

proportion of awards that vest do so at the time of leaving

or at the normal vesting date(s)

l

how and whether an award may be adjusted in certain

circumstances (e.g. for a rights issue, a corporate

restructuring or for special dividends)

l

what the weighting, measures and targets should be for

the annual bonus plan and LTIP awards from year to year

l

the Committee also retains the ability, within the policy, if

events occur that cause it to determine that the conditions

set in relation to an annual bonus plan or a granted LTIP

award are no longer appropriate or unable to fulfil their

original intended purpose, to adjust targets and/or set

different measures or weightings for the applicable annual

bonus plan and LTIP awards with, in the case of LTIP

awards held by Executive Directors, adjusted performance

conditions being not materially less difficult to satisfy

than the original conditions would have been but for the

relevant event(s)

l

the ability to override formulaic outcomes in line with this

Policy

All assessments of performance are ultimately subject to the

Committee’s judgement and discretion is retained to adjust

payments in appropriate circumstances as outlined in this

Policy. Any discretion exercised (and the rationale) will be

disclosed in the relevant Directors’ & Officers' remuneration

report detailing the payment outcome.

With regards to section 1B3 of the Israeli Companies

Regulations (Reliefs in Related Party Transactions), 2000,

immaterial changes to the remuneration of Office Holders

(defined as up to 10% of the total annual cost of the

remuneration of that Office Holder) that report directly to the

CEO, as stated in section 272(c) to the Israeli Companies Law,

will be approved by the CEO within the boundaries set in the

Remuneration Policy.

Legacy arrangements

For the avoidance of doubt, in approving this Policy,

authority is given to the Company to honour any previous

commitments entered into with current or former Directors

and Officers and in scope employees (such as the BATM

Employee Share Option Plan (ESOP) share awards granted

before the approval of this Policy) that remain outstanding.

Approach to recruitment remuneration

The Committee will take into consideration a number

of factors, including the current pay for other Executive

Directors and Officers, external market forces, skills and

current level of pay at previous employer in determining the

pay on recruitment.

In terms of additional benefits, the Committee will offer a

package which is set in line with this Policy and the mandatory

pension scheme levels in the Israeli market.

Annual bonus and LTIs will be set in line with this Policy.

Buy-Out awards: Where an individual forfeits outstanding

variable opportunities or contractual rights at a previous

employer as a result of his/her recruitment by the Company,

the Committee may offer compensatory payments or buy-

out awards, dependent on the individual circumstances

of recruitment, determined on a case by case basis.

Where appropriate, the Committee may choose to apply

performance conditions to any of these awards.

Service contracts, letters of appointment and policy

on payments for loss of office

As part of the incentives under this Policy, the Company is

permitted to approve retirement benefits and termination

arrangements in its employment and services contracts

in order to attract and retain highly skilled professional

executives. The retirement and termination arrangements

may include one or more of the following, as may be approved

by the Committee and the Board (unless the termination is

in circumstances that negate the payment of severance pay

pursuant to applicable law):

l

The Company may terminate an Executive Director or

Officer’s employment (as CEO or CFO) with immediate

effect by making a payment in lieu of notice consisting

of basic salary (but excluding any bonus, commission,

benefits or holiday entitlement) during the notice period.

Their office as directors may be terminated by the

Company's shareholders' meeting.

l

A pro-rated bonus may be paid subject to performance,

for the period of active service only. Outstanding share

awards may (if at all) vest in accordance with the provisions

of the various scheme rules. Any outstanding deferred

bonus awards will continue on the normal timetable, save

for forfeiture for serious misconduct. Clawback and malus

provisions will also apply. On a change of control, awards

will generally vest on the date of a change of control,

unless the Committee permits (or requires) awards to roll

over into equivalent shares in the acquirer.

l

Under the LTIP, any outstanding awards will ordinarily

lapse, however in ‘good leaver’ cases the default treatment

is that awards will vest subject to the original performance

condition and time proration and the holding period will

normally continue to apply. For added flexibility, the rules

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

51

allow for the Committee to decide not to pro-rate (or pro-

rate to a lesser extent) if it decides it is appropriate to do so,

and to allow vesting to be triggered at the point of leaving by

reference to performance to that date, rather than waiting

until the end of the performance period if the Committee

so decides. On a change of control, any vesting of awards

will be subject to assessment of performance against the

performance conditions and normally be time pro-rated.

l

The Group may pay outplacement and professional legal

fees incurred by executives in finalising their termination

arrangements, where considered appropriate, and may

pay any statutory entitlements or settle compromise

claims in connection with a termination of employment,

where considered in the best interests of the Company.

Outstanding savings/shares under all-employee share

plans would be transferred in accordance with the terms of

the plans.

l

The Committee may approve change in engagement type

from service contract to employment or from employment

to service contract, as long as there is no material change

in engagement terms and in the costs for the Company.

The date of each Executive Director’s contract is:

Name

Date of service

contract

Duration

Moti Nagar

Employment

agreement - 24

October 2022.

Terms approved by

the shareholders

on the AGM of 21

December 2022.

Re-elected as director

on 13 July 2023.

Re-election as

director was for a

one-year term until

the next AGM of the

Company.

Ran Noy

Employed as CFO

since 2023.

Elected as director

on 13 July 2023.

Re-election as

director was for a

one-year term until

the next AGM of the

Company.

Chair and External Directors

The External Directors are not entitled to notice periods of

termination, as their position under the Israeli Companies

Law is set for a defined term of three years following their

appointment by the shareholders' meeting.

Their office may

only be terminated for cause in special circumstances by

the Company's shareholders' meeting, or by the competent

court at the request of a director or shareholder. The Chair's

office as chair may be terminated by the Company's BOD,

and as a director - by the shareholders' meeting.

For the Chair and each External Director, the effective date of

their latest appointment is:

Name

Date of

appointment

Term

Dr. Gideon

Chitayat

13 July 2023

One-year until the next

AGM of the Company

Harel

Locker

21 December

2022

Three years

Prof. Varda

Shalev

28 November

2018

Three years, up for

renewal in the 2024

AGM

Dr. Zvi

Marom

13 July 2023

One-year until the next

AGM of the Company

Dr. Avigdor

Shafferman

13 July 2023

One-year until the next

AGM of the Company

External appointments

The Company does not prohibit its directors from being

appointed as directors in other companies, provided that such

appointment will not create a conflict of interest between his/

her position in the Company and his external appointment.

In each such instances, the Company's Director may retain

the remuneration paid to him/her by the other company. The

Company provides a full disclosure on each such instance

in its Directors’ & Officers' remuneration report contained in

the Company's Annual Report.

Consideration of shareholder views

The Committee is committed to an ongoing dialogue with

shareholders and welcomes feedback on Directors’ and

Officers' remuneration.

The Committee seeks to engage

directly with major shareholders and their representative

bodies on changes to the Policy. The Committee also

considers shareholder feedback received in relation to the

remuneration-related resolutions each year following the

AGM.

This, plus any additional feedback received from time

to time (including any updates to shareholders’ remuneration

guidelines), is then considered as part of the Committee’s

annual review of remuneration policy and its implementation.

Consideration of employment conditions elsewhere

in the Group

The Committee closely monitors the pay and conditions of

the wider workforce and the design of the Directors’ and

Officers' Remuneration Policy is informed by the policy for

employees across the Group.

Directors' Remuneration Report

CONTINUED

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

52

CORPORATE GOVERNANCE

While employees are not formally consulted on the design

of the Directors’ and Officers’ Remuneration Policy, pay

levels and increases across the business are taken into

account when setting Directors’ and Officers’ remuneration.

In February 2021 Varda Shalev was appointed as “voice of

the workforce”. In this role, she developed a programme to

enable regular dialogue with employees across the business

and report back to the Board to increase our awareness and

understanding of their views, including remuneration.

Differences in pay policy for Executive Directors and

senior employees compared to employees more

generally

As for the Executive Directors, general practice across the

Group is to recruit employees at competitive market levels

of remuneration, incentives and benefits to attract and retain

employees, accounting for national and regional talent pools.

When considering salary increases for Executive Directors

and Officers, the Committee will take into account salary

increases and pay and employment conditions across the

wider workforce.

ANNUAL REPORT ON REMUNERATION

This section of the Directors’ Remuneration Report

provides

details of the remuneration earned by the Directors in the year

ended 31 December 2024 and how the Remuneration Policy

will operate for the year ending 31 December 2025.

Remuneration Committee

Roles and responsibilities

The Remuneration Committee works within its terms of

reference, and in accordance with the functions set forth in

Israeli Companies Law, to make recommendations to the

Board of Directors of the Company and to decide whether to

approve certain transactions and whether to exempt certain

transactions from approval. The Remuneration Committee's

full terms of reference are available on the Company's website.

Remuneration Committee members and meetings

The Remuneration Committee consists of all the External and

Independent Directors (as these terms are defined in the

Israeli Companies Law). The members of the Remuneration

Committee during the year under review were:

l

Prof. Varda Shalev (Chair)

l

Harel Locker

l

Dr. Avigdor Shafferman

The Remuneration Committee receives advice from several

sources, namely:

l

The other Directors of the Board, who attend the

Remuneration Committee meetings when specifically

invited by the Chair of the Committee in order to provide

relevant information to the Committee.

l

As and when the Committee deems it necessary,

the Committee is provided advice from independent

consultants.

Key activities during the year

The Committee held five meetings during the year to

31 December 2024.

As noted in the Remuneration Committee Report, the key

activities undertaken during the year included discussing

amendments to the remuneration policy with the CEO and

recommending its approval to the Board; determining the

outcomes and setting the targets for annual bonus;

approval

of the remuneration of a new Non-executive Director

and of the role of Chairman; approving the granting and

allocation of LTIs and RSUs; approving grant of exemption

and indemnification to Office Holders; and approving the

purchase of an Office Holders' insurance policy.

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_53{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_53{
fill: #FFF;
}
.g2_53{
fill: #3D74A8;
}
.g3_53{
fill: #CEDCE9;
}
.g4_53{
fill: #F4FFDF;
}
.g5_53{
fill: none;
stroke: #231F20;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
.g6_53{
fill: none;
stroke: #FFF;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<path d="M73.6,1208.7H835.8m-762.2,0H835.8" class="g0_53"/>
<path d="M76.5,622H838.8V318.3H76.5V622Z" class="g1_53"/>
<path d="M76.9,318.7H280.5v43.6H76.9V318.7Zm203.6,0H466.7v43.6H280.5V318.7Zm186.2,0H652.9v43.6H466.7V318.7Zm186.2,0H839.1v43.6H652.9V318.7Z" class="g2_53"/>
<path d="M76.9,362.3H839.1v23.5H76.9V362.3Zm0,70.6H839.1v23.5H76.9V432.9Z" class="g1_53"/>
<path d="M76.9,385.8H280.5v23.5H76.9V385.8Zm203.6,0H466.7v23.5H280.5V385.8Zm186.2,0H652.9v23.5H466.7V385.8Zm186.2,0H839.1v23.5H652.9V385.8Zm-576,70.6H280.5v23.5H76.9V456.4Zm203.6,0H466.7v23.5H280.5V456.4Zm186.2,0H652.9v23.5H466.7V456.4Zm186.2,0H839.1v23.5H652.9V456.4Zm-576,47H280.5v23.5H76.9V503.4Zm203.6,0H466.7v23.5H280.5V503.4Zm186.2,0H652.9v23.5H466.7V503.4Zm186.2,0H839.1v23.5H652.9V503.4Zm-576,47H280.5v23.5H76.9V550.4Zm203.6,0H466.7v23.5H280.5V550.4Zm186.2,0H652.9v23.5H466.7V550.4Zm186.2,0H839.1v23.5H652.9V550.4Z" class="g3_53"/>
<path d="M76.9,409.3H280.5v23.6H76.9V409.3Zm203.6,0H466.7v23.6H280.5V409.3Zm186.2,0H652.9v23.6H466.7V409.3Zm186.2,0H839.1v23.6H652.9V409.3Zm-576,70.6H280.5v23.5H76.9V479.9Zm203.6,0H466.7v23.5H280.5V479.9Zm186.2,0H652.9v23.5H466.7V479.9Zm186.2,0H839.1v23.5H652.9V479.9Zm-576,47H280.5v23.5H76.9V526.9Zm203.6,0H466.7v23.5H280.5V526.9Zm186.2,0H652.9v23.5H466.7V526.9Zm186.2,0H839.1v23.5H652.9V526.9Zm-576,47H280.5v23.5H76.9V573.9Zm203.6,0H466.7v23.5H280.5V573.9Zm186.2,0H652.9v23.5H466.7V573.9Zm186.2,0H839.1v23.5H652.9V573.9Z" class="g4_53"/>
<path d="M839.1,573.9V550.4m0,46.7V573.9M76.5,597.4h204m0,0H466.7m0,0H652.9m0,0H839.5m-.4,-188.1V385.8m0,47.1V409.3" class="g5_53"/>
<path d="M280.5,361.9V319.1m186.2,42.8V319.1m186.2,42.8V319.1M77.3,362.3H280.5m0,0H466.7m0,0H652.9m0,0H838.8M77.3,385.8H280.5m0,0H466.7M280.5,409V386.2m186.2,-.4H652.9M466.7,409V386.2m186.2,-.4H838.8M652.9,409V386.2M77.3,409.3H280.5m0,0H466.7M280.5,432.5V409.7m186.2,-.4H652.9M466.7,432.5V409.7m186.2,-.4H838.8M652.9,432.5V409.7M77.3,432.9H280.5m0,0H466.7m0,0H652.9m0,0H838.8M77.3,456.4H280.5m0,0H466.7M280.5,479.5V456.7m186.2,-.3H652.9M466.7,479.5V456.7m186.2,-.3H838.8M652.9,479.5V456.7M77.3,479.9H280.5m0,0H466.7M280.5,503V480.3m186.2,-.4H652.9M466.7,503V480.3m186.2,-.4H838.8M652.9,503V480.3M77.3,503.4H280.5m0,0H466.7M280.5,526.5V503.8m186.2,-.4H652.9M466.7,526.5V503.8m186.2,-.4H838.8M652.9,526.5V503.8M77.3,526.9H280.5m0,0H466.7M280.5,550V527.3m186.2,-.4H652.9M466.7,550V527.3m186.2,-.4H838.8M652.9,550V527.3" class="g6_53"/>
<path d="M76.5,318.7h204M76.9,362.3V319.1m203.6,-.4H466.7m0,0H652.9m0,0H839.5m-.4,43.6V319.1M76.9,385.8V362.3m762.2,23.5V362.3m-762.2,47V385.8m0,47.1V409.3m0,47.1V432.9m762.2,23.5V432.9m-762.2,47V456.4m762.2,23.5V456.4m-762.2,47V479.9m762.2,23.5V479.9m-762.2,47V503.4m762.2,23.5V503.4m-762.2,47V526.9m762.2,23.5V526.9m-762.2,47V550.4m0,46.7V573.9" class="g5_53"/>
<path d="M77.3,550.4H280.5M77.3,573.9H280.5m0,-23.5H466.7M280.5,573.9H466.7m0,-23.5H652.9M466.7,573.9H652.9m0,-23.5H838.8M652.9,573.9H838.8m-558.3,-.4V550.8m0,46.3V574.3m186.2,-.8V550.8m0,46.3V574.3m186.2,-.8V550.8m0,46.3V574.3" class="g6_53"/>
<path d="M73.6,1196.3H835.8V928.2H73.6v268.1Z" class="g1_53"/>
<path d="M73.6,911H835.8V620.8H73.6V911Z" class="g1_53"/>
<path d="M74,621.2H277.5v43.6H74V621.2Zm203.5,0H463.8v43.6H277.5V621.2Zm186.3,0H650v43.6H463.8V621.2Zm186.2,0H836.2v43.6H650V621.2Z" class="g2_53"/>
<path d="M74,664.8H836.2v26H74v-26Z" class="g1_53"/>
<path d="M74,690.8H277.5v26H74v-26Zm203.5,0H463.8v26H277.5v-26Zm186.3,0H650v26H463.8v-26Zm186.2,0H836.2v26H650v-26Zm-576,78H277.5v26H74v-26Zm203.5,0H463.8v26H277.5v-26Zm186.3,0H650v26H463.8v-26Zm186.2,0H836.2v26H650v-26ZM74,820.7H277.5v26H74v-26Zm203.5,0H463.8v26H277.5v-26Zm186.3,0H650v26H463.8v-26Zm186.2,0H836.2v26H650v-26Zm-576,52H277.5v26H74v-26Zm203.5,0H463.8v26H277.5v-26Zm186.3,0H650v26H463.8v-26Zm186.2,0H836.2v26H650v-26Z" class="g3_53"/>
<path d="M74,716.8H277.5v26H74v-26Zm203.5,0H463.8v26H277.5v-26Zm186.3,0H650v26H463.8v-26Zm186.2,0H836.2v26H650v-26Zm-576,78H277.5v25.9H74V794.8Zm203.5,0H463.8v25.9H277.5V794.8Zm186.3,0H650v25.9H463.8V794.8Zm186.2,0H836.2v25.9H650V794.8ZM74,846.7H277.5v26H74v-26Zm203.5,0H463.8v26H277.5v-26Zm186.3,0H650v26H463.8v-26Zm186.2,0H836.2v26H650v-26Z" class="g4_53"/>
<path d="M74,742.8H836.2v26H74v-26Z" class="g1_53"/>
<path d="M277.5,664.5V621.6m186.3,42.9V621.6M650,664.5V621.6M74.4,664.8H277.5m0,0H463.8m0,0H650m0,0H835.8m-761.4,26H277.5m0,0H463.8M277.5,716.4V691.2m186.3,-.4H650M463.8,716.4V691.2M650,690.8H835.8M650,716.4V691.2M74.4,716.8H277.5m0,0H463.8M277.5,742.4V717.2m186.3,-.4H650M463.8,742.4V717.2M650,716.8H835.8M650,742.4V717.2M74.4,742.8H277.5m0,0H463.8m0,0H650m0,0H835.8m-761.4,26H277.5m0,0H463.8M277.5,794.4V769.2m186.3,-.4H650M463.8,794.4V769.2M650,768.8H835.8M650,794.4V769.2M74.4,794.8H277.5m0,0H463.8M277.5,820.4V795.1m186.3,-.3H650M463.8,820.4V795.1M650,794.8H835.8M650,820.4V795.1M74.4,820.7H277.5m0,0H463.8M277.5,846.3V821.1m186.3,-.4H650M463.8,846.3V821.1M650,820.7H835.8M650,846.3V821.1M74.4,846.7H277.5m0,0H463.8M277.5,872.3V847.1m186.3,-.4H650M463.8,872.3V847.1M650,846.7H835.8M650,872.3V847.1M74.4,872.7H277.5m0,0H463.8m0,0H650m0,0H835.8M277.5,898.3V873.1m186.3,25.2V873.1M650,898.3V873.1" class="g6_53"/>
<path d="M73.6,621.2H277.5M74,664.8V621.6m203.5,-.4H463.8m0,0H650m0,0H836.6m-.4,43.6V621.6M74,690.8v-26m762.2,26v-26M74,716.8v-26m762.2,26v-26M74,742.8v-26m762.2,26v-26M74,768.8v-26m762.2,26v-26M74,794.8v-26m762.2,26v-26M74,820.7V794.8m762.2,25.9V794.8M74,846.7v-26m762.2,26v-26M74,872.7v-26m762.2,26v-26M74,898.3V872.7m762.2,25.6V872.7m-762.6,26H277.5m0,0H463.8m0,0H650m0,0H836.6" class="g5_53"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

53

Directors' Remuneration Report

CONTINUED

2024

Salary/Fees

$’000

Performance Bonus

$’000

Total Remuneration

$’000

Executive Directors

Moti Nagar, CEO

(1)

677

-

677

Ran Noy, CFO

(2)

219

-

219

Non-executive Directors

Gideon Chitayat

100

-

100

Zvi Marom

45

-

45

Harel Locker

45

-

45

Varda Shalev

45

-

45

Avigdor Shafferman

45

-

45

Shmuel Ben Zvi

(3)

3

-

3

Single total figure of remuneration

The tables below set out the single total remuneration figures for each director for 2024 and the prior year.

1.

Moti Nagar's salary includes social and pension benefits as required by Israeli law for all employees.

2.

Ran Noy was appointed CFO on 1 February 2023, having previously been VP Finance of BATM since 2021, and became an Executive Director on

13 July 2023. The 2023 figures represent his remuneration for the 12-month period. His salary includes social and pension benefits as required by

Israeli law for all employees.

3.

Dr. Shmuel Ben Zvi was appointed to the Board on 19 December 2024.

4.

From 1 January 2023 until 30 June 2023, Dr. Zvi Marom received payment according to the rights regarding the end of his Service Agreement

(following his tenure as CEO ending on 31 December 2022). From 1 July 2023, he received remuneration equal to the remuneration paid by the

Company to expert External Directors, as prescribed in the Israeli Compensation Regulations. From 1 July 2023 until 31 December 2023, he also

received a payment equating to $40k per annum pursuant to a consulting agreement.

As at 31 December 2024, the total liability for payment related to salary/fees for the Executive Directors was $72 thousand

(31 December 2023: $60 thousand), which was paid in January 2025 (2023 liability was paid in January 2024).

2023

Salary/Fees

$’000

Performance Bonus

$’000

Total Remuneration

$’000

Executive Directors

Moti Nagar, CEO

(1)

678

294

972

Ran Noy, CFO

(2)

227

76

303

Non-executive Directors

Gideon Chitayat

100

–

100

Zvi Marom

(4)

316

-

316

Harel Locker

43

–

43

Varda Shalev

46

–

46

Avigdor Shafferman

46

–

46

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

54

CORPORATE GOVERNANCE

Non-executive Directors

In determining the remuneration to its “external directors”

and “independent directors” (as defined under Israeli law),

which during 2024 included Harel Locker, Prof. Varda

Shalev and Dr. Avigdor Shafferman, the Group was required

to comply with Israeli law that formulates the kind and

amounts of remuneration and expenses that an Israeli

public company may pay its external and independent

directors. The applicable Israeli statute is the Israeli

Companies Regulations (Rules Regarding Compensation

and Expense Reimbursement of External Directors) 2000

(the “Compensation Regulations”), which prescribes the level

of remuneration that a publicly listed company may pay its

external directors, and section 249C of the Israeli Companies

Law, which states that the rules regarding remuneration of

external directors will apply also for independent directors.

Cash remuneration payable to these directors is comprised

of two fees: (i) an annual fixed fee; and (ii) a per-meeting

participation fee. The figures set forth in the Compensation

Regulations for these elements are based on the size of

the company calculated by the equity of the relevant listed

company as recorded in its last audited financial statements.

In compliance with the Compensation Regulations, the

Company does not pay any additional amounts to the

external directors. The Compensation Regulations do not

apply to the Chairman, Dr. Zvi Marom or Dr. Shmuel Ben Zvi

who are not external or independent directors in terms of

Israeli law, however the Board resolved that Dr. Ben Zvi will

be remunerated on the same basis as the directors to whom

the regulations apply.

Long-term incentive awards granted in 2024

No long-term incentive awards were granted to directors

during 2024.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

55

Directors' Remuneration Report

CONTINUED

Share interests

Shares owned

outright

(31/12/24)

Shares owned

outright

(31/12/23)

Awards

unvested and

subject to

performance

conditions as at

31/12/24

Options

unvested and

not subject to

performance

conditions as at

31/12/24

Options

vested but not

exercised as at

31/12/24

Shareholding as

a percentage of

salary/service

fee\*

Executive Directors

Moti Nagar

-

-

537,109

10,955,958

6,384,179

0%

Ran Noy

-

-

240,644

-

-

0%

Non-executive Directors

Gideon Chitayat

3,159,000

3,159,000

-

-

1,229,369

730%

Zvi Marom

96,794,500

96,794,500

-

-

4,000,000

49,688%

Harel Locker

-

-

-

-

-

0%

Varda Shalev

-

-

-

-

-

0%

Avigdor

Shafferman

-

-

-

-

-

0%

Shmuel Ben Zvi

-

-

-

-

-

0%

\* According to the share price on the LSE on 31 December 2024 of £0.1845 and the currency rate on 31 December 2024 of £0.7987 per $1.00

Moti Nagar’s vested options have an average exercise price of £0.2367, Dr. Gideon Chitayat's vested options have an exercise

price of £0.2549 and Dr. Zvi Marom’s vested options have an exercise price of £0.2695.

Ratio of CEO pay to average full-time employee

The ratio of CEO base pay to average full-time employee base pay during 2024 for continuing operations was 7:1

(2023: 7:1) for employees of Israeli companies in the Group and 22:1 (2023: 24:1) for the whole Group. The details of CEO pay

can be found on page 53. Average full-time employee pay (excluding share-based payments) for the whole Group, including

employees being paid under service contracts, in 2024 was $31.5k (2023: $28.4k). (Note 11 to the financial statements – ‘Staff

costs’ – does not include employees paid under service contract: this payment is reflected within general & administrative,

research & development and sales & marketing expenses and cost of goods).

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_56{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_56{
fill: #3D74A8;
}
.g2_56{
fill: #F4FFDF;
}
.g3_56{
fill: #CEDCE9;
}
.g4_56{
fill: none;
stroke: #FFF;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
.g5_56{
fill: none;
stroke: #231F20;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<path d="M73.6,1208.7H835.8" class="g0_56"/>
<path d="M74,322.2h86.6v52H74v-52Zm86.6,0H385.8v26H160.6v-26Zm225.2,0H606.7v26H385.8v-26Zm220.9,0H840.5v26H606.7v-26Zm-446.1,26h47.7v26H160.6v-26Zm47.7,0h47.6v26H208.3v-26Zm47.6,0h43.3v26H255.9v-26Zm43.3,0h43.3v26H299.2v-26Zm43.3,0h43.3v26H342.5v-26Zm43.3,0h43.3v26H385.8v-26Zm43.3,0h47.7v26H429.1v-26Zm47.7,0h43.3v26H476.8v-26Zm43.3,0h43.3v26H520.1v-26Zm43.3,0h43.3v26H563.4v-26Zm43.3,0h47.6v26H606.7v-26Zm47.6,0h43.3v26H654.3v-26Zm43.3,0h56.3v26H697.6v-26Zm56.3,0h43.3v26H753.9v-26Zm43.3,0h43.3v26H797.2v-26Z" class="g1_56"/>
<path d="M74,374.2H840.5V398H74V374.2Zm0,47.3h86.6V445H74V421.5Zm86.6,0h47.7V445H160.6V421.5Zm47.7,0h47.6V445H208.3V421.5Zm47.6,0h43.3V445H255.9V421.5Zm43.3,0h43.3V445H299.2V421.5Zm43.3,0h43.3V445H342.5V421.5Zm43.3,0h43.3V445H385.8V421.5Zm43.3,0h47.7V445H429.1V421.5Zm47.7,0h43.3V445H476.8V421.5Zm43.3,0h43.3V445H520.1V421.5Zm43.3,0h43.3V445H563.4V421.5Zm43.3,0h47.6V445H606.7V421.5Zm47.6,0h43.3V445H654.3V421.5Zm43.3,0h56.3V445H697.6V421.5Zm56.3,0h43.3V445H753.9V421.5Zm43.3,0h43.3V445H797.2V421.5ZM74,468.5h86.6v41.9H74V468.5Zm86.6,0h47.7v41.9H160.6V468.5Zm47.7,0h47.6v41.9H208.3V468.5Zm47.6,0h43.3v41.9H255.9V468.5Zm43.3,0h43.3v41.9H299.2V468.5Zm43.3,0h43.3v41.9H342.5V468.5Zm43.3,0h43.3v41.9H385.8V468.5Zm43.3,0h47.7v41.9H429.1V468.5Zm47.7,0h43.3v41.9H476.8V468.5Zm43.3,0h43.3v41.9H520.1V468.5Zm43.3,0h43.3v41.9H563.4V468.5Zm43.3,0h47.6v41.9H606.7V468.5Zm47.6,0h43.3v41.9H654.3V468.5Zm43.3,0h56.3v41.9H697.6V468.5Zm56.3,0h43.3v41.9H753.9V468.5Zm43.3,0h43.3v41.9H797.2V468.5ZM74,538.2h86.6V580H74V538.2Zm86.6,0h47.7V580H160.6V538.2Zm47.7,0h47.6V580H208.3V538.2Zm47.6,0h43.3V580H255.9V538.2Zm43.3,0h43.3V580H299.2V538.2Zm43.3,0h43.3V580H342.5V538.2Zm43.3,0h43.3V580H385.8V538.2Zm43.3,0h47.7V580H429.1V538.2Zm47.7,0h43.3V580H476.8V538.2Zm43.3,0h43.3V580H520.1V538.2Zm43.3,0h43.3V580H563.4V538.2Zm43.3,0h47.6V580H606.7V538.2Zm47.6,0h43.3V580H654.3V538.2Zm43.3,0h56.3V580H697.6V538.2Zm56.3,0h43.3V580H753.9V538.2Zm43.3,0h43.3V580H797.2V538.2Z" class="g2_56"/>
<path d="M74,398h86.6v23.5H74V398Zm86.6,0h47.7v23.5H160.6V398Zm47.7,0h47.6v23.5H208.3V398Zm47.6,0h43.3v23.5H255.9V398Zm43.3,0h43.3v23.5H299.2V398Zm43.3,0h43.3v23.5H342.5V398Zm43.3,0h43.3v23.5H385.8V398Zm43.3,0h47.7v23.5H429.1V398Zm47.7,0h43.3v23.5H476.8V398Zm43.3,0h43.3v23.5H520.1V398Zm43.3,0h43.3v23.5H563.4V398Zm43.3,0h47.6v23.5H606.7V398Zm47.6,0h43.3v23.5H654.3V398Zm43.3,0h56.3v23.5H697.6V398Zm56.3,0h43.3v23.5H753.9V398Zm43.3,0h43.3v23.5H797.2V398ZM74,445H840.5v23.5H74V445Zm0,65.4h86.6v27.8H74V510.4Zm86.6,0h47.7v27.8H160.6V510.4Zm47.7,0h47.6v27.8H208.3V510.4Zm47.6,0h43.3v27.8H255.9V510.4Zm43.3,0h43.3v27.8H299.2V510.4Zm43.3,0h43.3v27.8H342.5V510.4Zm43.3,0h43.3v27.8H385.8V510.4Zm43.3,0h47.7v27.8H429.1V510.4Zm47.7,0h43.3v27.8H476.8V510.4Zm43.3,0h43.3v27.8H520.1V510.4Zm43.3,0h43.3v27.8H563.4V510.4Zm43.3,0h47.6v27.8H606.7V510.4Zm47.6,0h43.3v27.8H654.3V510.4Zm43.3,0h56.3v27.8H697.6V510.4Zm56.3,0h43.3v27.8H753.9V510.4Zm43.3,0h43.3v27.8H797.2V510.4ZM74,580h86.6v41.9H74V580Zm86.6,0h47.7v41.9H160.6V580Zm47.7,0h47.6v41.9H208.3V580Zm47.6,0h43.3v41.9H255.9V580Zm43.3,0h43.3v41.9H299.2V580Zm43.3,0h43.3v41.9H342.5V580Zm43.3,0h43.3v41.9H385.8V580Zm43.3,0h47.7v41.9H429.1V580Zm47.7,0h43.3v41.9H476.8V580Zm43.3,0h43.3v41.9H520.1V580Zm43.3,0h43.3v41.9H563.4V580Zm43.3,0h47.6v41.9H606.7V580Zm47.6,0h43.3v41.9H654.3V580Zm43.3,0h56.3v41.9H697.6V580Zm56.3,0h43.3v41.9H753.9V580Zm43.3,0h43.3v41.9H797.2V580ZM74,663.7h86.6v41.9H74V663.7Zm86.6,0h47.7v41.9H160.6V663.7Zm47.7,0h47.6v41.9H208.3V663.7Zm47.6,0h43.3v41.9H255.9V663.7Zm43.3,0h43.3v41.9H299.2V663.7Zm43.3,0h43.3v41.9H342.5V663.7Zm43.3,0h43.3v41.9H385.8V663.7Zm43.3,0h47.7v41.9H429.1V663.7Zm47.7,0h43.3v41.9H476.8V663.7Zm43.3,0h43.3v41.9H520.1V663.7Zm43.3,0h43.3v41.9H563.4V663.7Zm43.3,0h47.6v41.9H606.7V663.7Zm47.6,0h43.3v41.9H654.3V663.7Zm43.3,0h56.3v41.9H697.6V663.7Zm56.3,0h43.3v41.9H753.9V663.7Zm43.3,0h43.3v41.9H797.2V663.7Z" class="g3_56"/>
<path d="M74,621.9h86.6v41.8H74V621.9Zm86.6,0h47.7v41.8H160.6V621.9Zm47.7,0h47.6v41.8H208.3V621.9Zm47.6,0h43.3v41.8H255.9V621.9Zm43.3,0h43.3v41.8H299.2V621.9Zm43.3,0h43.3v41.8H342.5V621.9Zm43.3,0h43.3v41.8H385.8V621.9Zm43.3,0h47.7v41.8H429.1V621.9Zm47.7,0h43.3v41.8H476.8V621.9Zm43.3,0h43.3v41.8H520.1V621.9Zm43.3,0h43.3v41.8H563.4V621.9Zm43.3,0h47.6v41.8H606.7V621.9Zm47.6,0h43.3v41.8H654.3V621.9Zm43.3,0h56.3v41.8H697.6V621.9Zm56.3,0h43.3v41.8H753.9V621.9Zm43.3,0h43.3v41.8H797.2V621.9Z" class="g2_56"/>
<path d="M160.6,347.8V322.6m225.2,25.2V322.6m220.9,25.2V322.6M160.2,348.2h48.1m-47.7,25.6V348.6m47.7,-.4h47.6m-47.6,25.6V348.6m47.6,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h47.7m-47.7,25.6V348.6m47.7,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h47.6m-47.6,25.6V348.6m47.6,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h56.3m-56.3,25.6V348.6m56.3,-.4h43.3m-43.3,25.6V348.6m43.3,-.4h43m-43,25.6V348.6M74.4,374.2h86.2m0,0h47.7m0,0h47.6m0,0h43.3m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.7m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.6m0,0h43.3m0,0h56.3m0,0h43.3m0,0h43M74.4,398h86.2m0,0h47.7m-47.7,23.1V398.4m47.7,-.4h47.6m-47.6,23.1V398.4m47.6,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h47.7m-47.7,23.1V398.4m47.7,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h47.6m-47.6,23.1V398.4m47.6,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h56.3m-56.3,23.1V398.4m56.3,-.4h43.3m-43.3,23.1V398.4m43.3,-.4h43m-43,23.1V398.4M74.4,421.5h86.2m0,0h47.7m-47.7,23.1V421.9m47.7,-.4h47.6m-47.6,23.1V421.9m47.6,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h47.7m-47.7,23.1V421.9m47.7,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h47.6m-47.6,23.1V421.9m47.6,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h56.3m-56.3,23.1V421.9m56.3,-.4h43.3m-43.3,23.1V421.9m43.3,-.4h43m-43,23.1V421.9M74.4,445h86.2m0,0h47.7m0,0h47.6m0,0h43.3m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.7m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.6m0,0h43.3m0,0h56.3m0,0h43.3m0,0h43M74.4,468.5h86.2m0,0h47.7M160.6,510V468.9m47.7,-.4h47.6M208.3,510V468.9m47.6,-.4h43.3M255.9,510V468.9m43.3,-.4h43.3M299.2,510V468.9m43.3,-.4h43.3M342.5,510V468.9m43.3,-.4h43.3M385.8,510V468.9m43.3,-.4h47.7M429.1,510V468.9m47.7,-.4h43.3M476.8,510V468.9m43.3,-.4h43.3M520.1,510V468.9m43.3,-.4h43.3M563.4,510V468.9m43.3,-.4h47.6M606.7,510V468.9m47.6,-.4h43.3M654.3,510V468.9m43.3,-.4h56.3M697.6,510V468.9m56.3,-.4h43.3M753.9,510V468.9m43.3,-.4h43m-43,41.5V468.9M74.4,510.4h86.2m0,0h47.7m-47.7,27.4V510.7m47.7,-.3h47.6m-47.6,27.4V510.7m47.6,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h47.7m-47.7,27.4V510.7m47.7,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h47.6m-47.6,27.4V510.7m47.6,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h56.3m-56.3,27.4V510.7m56.3,-.3h43.3m-43.3,27.4V510.7m43.3,-.3h43m-43,27.4V510.7M74.4,538.2h86.2m0,0h47.7m-47.7,41.5V538.6m47.7,-.4h47.6m-47.6,41.5V538.6m47.6,-.4h43.3m-43.3,41.5V538.6m43.3,-.4h43.3m-43.3,41.5V538.6m43.3,-.4h43.3m-43.3,41.5V538.6m43.3,41.1V538.6m43.3,-.4h47.7m-47.7,41.5V538.6m47.7,-.4h43.3m-43.3,41.5V538.6m43.3,-.4h43.3m-43.3,41.5V538.6m43.3,-.4h43.3m-43.3,41.5V538.6m43.3,41.1V538.6m47.6,-.4h43.3m-43.3,41.5V538.6m43.3,-.4h56.3m-56.3,41.5V538.6m56.3,-.4h43.3m-43.3,41.5V538.6m43.3,-.4h43m-43,41.5V538.6M74.4,580h86.2m0,0h47.7m-47.7,41.5V580.4m47.7,-.4h47.6m-47.6,41.5V580.4m47.6,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h47.7m-47.7,41.5V580.4m47.7,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h47.6m-47.6,41.5V580.4m47.6,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h56.3m-56.3,41.5V580.4m56.3,-.4h43.3m-43.3,41.5V580.4m43.3,-.4h43m-43,41.5V580.4M74.4,663.7h86.2m0,0h47.7m-47.7,41.5V664.1m47.7,-.4h47.6m-47.6,41.5V664.1m47.6,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h47.7m-47.7,41.5V664.1m47.7,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h47.6m-47.6,41.5V664.1m47.6,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h56.3m-56.3,41.5V664.1m56.3,-.4h43.3m-43.3,41.5V664.1m43.3,-.4h43m-43,41.5V664.1" class="g4_56"/>
<path d="M73.6,322.2h87M74,348.2V322.6m0,51.6v-26m86.6,-26h47.7m0,0h47.6m0,0h43.3m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.7m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.6m0,0h43.3m0,0h56.3m0,0h43.3m0,0h43.7m-.4,26V322.6m0,51.6v-26M74,398V374.2M840.5,398V374.2M74,421.5V398m766.5,23.5V398M74,445V421.5M840.5,445V421.5M74,468.5V445m766.5,23.5V445M74,510.4V468.5m766.5,41.9V468.5M74,538.2V510.4m766.5,27.8V510.4M74,580V538.2M840.5,580V538.2M74,621.9V580m766.5,41.9V580M74,705.2V663.7m766.5,41.5V663.7M74,663.7V621.9" class="g5_56"/>
<path d="M74.4,621.9h86.2m47.7,0h47.6m-95.3,0h47.7m47.6,0h43.3m0,0h43.3m0,0h43.3m0,-83.7h43.3m177.6,0h47.6M385.8,621.9h43.3m0,0h47.7m129.9,0h47.6m-177.5,0h43.3m0,0h43.3m0,0h43.3m47.6,0h43.3m0,0h56.3m0,0h43.3m0,0h43M160.6,663.4V622.3m95.3,41.1V622.3m-47.6,41.1V622.3m90.9,41.1V622.3m43.3,41.1V622.3m43.3,41.1V622.3m220.9,41.1V622.3M429.1,663.4V622.3m47.7,41.1V622.3m177.5,41.1V622.3M520.1,663.4V622.3m43.3,41.1V622.3m134.2,41.1V622.3m56.3,41.1V622.3m43.3,41.1V622.3" class="g4_56"/>
<path d="M840.5,663.7V621.9M73.6,705.6h87m0,0h47.7m0,0h47.6m0,0h43.3m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.7m0,0h43.3m0,0h43.3m0,0h43.3m0,0h47.6m0,0h43.3m0,0h56.3m0,0h43.3m0,0h43.7" class="g5_56"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

56

CORPORATE GOVERNANCE

Percentage change in directors’ remuneration

The table below shows the percentage change in each directors’ remuneration (on an actual currency basis) over a rolling

five-year period.

Salary/Fee

Benefits

Annual Bonus

2024

2023

2022

2021

2020

2024

2023

2022

2021

2020

2024

2023

2022

2021

2020

Executive Directors

Moti Nagar

0%

150%

(1)

0%

0%

0%

0%

106%

(1)

0%

0%

0%

(100)%

-

(2)

(100)%

(2)

0%

24%

Ran Noy

(4)%

-

-

-

-

1%

-

-

-

-

(100)%

-

-

-

-

Non-executive Directors

(3)

Gideon

Chitayat

0%

85%

(4)

0%

0%

0%

-

-

-

-

-

-

-

-

-

-

Zvi Marom

(86)%

(45)%

(5)

0%

0%

0%

-

-

(5)

0%

0%

0%

-

-

(2) (5)

(100)%

(2)

0%

173%

Harel

Locker

5%

(9)%

(7)%

4%

0%

-

-

-

-

-

-

-

-

-

-

Varda

Shalev

(1)%

(7)%

(10)%

(4)%

9%

-

-

-

-

-

-

-

-

-

-

Avigdor

Shafferman

(1)%

34%

(6)

-

-

-

-

-

-

-

-

-

-

-

-

-

Shmuel Ben

Zvi

(7)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1.

Moti Nagar became CEO on 1 January 2023, having previously been CFO since 2015. His remuneration as CEO was as approved by shareholders

at the AGM 2022.

2.

Moti Nagar and Dr. Zvi Marom waived their bonus payments for 2022.

3.

The number of meetings attended by each director may change from one year to another.

4.

Dr. Gideon Chitayat’s fee was increased from 1 January 2023 as approved by shareholders at the AGM 2022.

5.

Dr. Zvi Marom’s tenure as CEO finished on 31 December 2022, when he became a Non-executive Director.

He received payment in 2023 in accordance with the rights regarding the end of his Service Agreement.

6.

Avigdor Shafferman was appointed to the Board on 12 April 2022.

7.

Shmuel Ben Zvi was appointed to the Board on 19 December 2024.

Payments for loss of office and/or payments to former directors

No payments were made to former directors during the year.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

57

Directors' Remuneration Report

CONTINUED

Statement of shareholder voting

At the AGM that took place on 19 December 2024, there were three remuneration-related resolutions:

Resolution

Votes for

(including

discretionary)

% for\*

Votes

against

(excluding

withheld)

%

against\*

Total

(excluding

withheld

and third-party

discretionary)

Withheld

Approval of the report of the

Remuneration Committee

289,249,227

95.54

13,489,997

4.46

302,739,052

104,927

Approval of the

Remuneration Policy

185,567,384

91.49

17,255,952

8.51

202,823,164

3,226,315

Approval of the remuneration

for the role of Chairman of

the Board

302,587,954

99.94

167,895

0.06

302,755,677

88,302

\* Excludes withheld votes.

Implementation of Policy for FY25

Component of Pay

Implementation for FY25

Base salaries

CEO: NIS 1,800,000

CFO: NIS 624,000

Benefits and pension

In line with the Directors’ Remuneration Policy and past practice, the Company contributes

towards pension in line with mandatory requirements in Israel.

No changes to benefit provisions.

Annual bonus

The CEO’s and CFO’s bonus opportunity will be 67% and 50% of base salary respectively.

The targets are currently commercially sensitive and will be reported in next year's annual

report.

LTIP

None

NED fees

The Chairman and NED fees for FY25 are as follows:

l

Chairman fee: $100,000

l

Non-executive Director and External Director base fee\*: NIS 126,979 (US$34,817\*\*)

l

Non-executive Director and External Director per-meeting fee\*: NIS 4,874 (US$1,336\*\*)

\* Linked to the consumer price index in Israel

\*\* According to the 31 December 2024 currency rate of 3.647 NIS per 1 US$

On behalf of the Board.

Prof. Varda Shalev

Remuneration Committee Chair

7 April 2025

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

58

CORPORATE GOVERNANCE

Directors’ Report

PRINCIPAL ACTIVITIES

BATM develops, produces, markets and distributes products,

with a focus on real-time technologies and associated

services, in three core application areas: Networking, Cyber

and Diagnostics. Networking comprises data communication

products, namely high-performance connectivity solutions

for the network edge, including the innovative Edgility open

edge software platform that enables the deployment and life-

cycle management of apps, network functions and compute

devices at the edge of the network, and a broad portfolio of

carrier grade switching and routing hardware and software

products. Cyber includes integrated hardware and software

solutions for network encryption. Diagnostics includes

the sale and distribution of in vitro medical diagnostic

reagents and instruments, including the development and

production of proprietary products. In addition, the Group’s

non-core activities comprise the distribution of third-party

pharmaceutical and environmental monitoring products,

and the administering of diagnostic tests. BATM has offices

in the United States, Israel and Europe.

FINANCIAL PERFORMANCE

The financial performance of the Group for the year ended

31 December 2024 is detailed in the Chief Financial Officer’s

Review on pages 12 to 13 and in the consolidated financial

statements and notes to the consolidated financial statements

on pages 66 to 106, which are incorporated in this Directors’

Report by reference.

RETURNS TO SHAREHOLDERS

While recognising the importance of returns to shareholders,

the Board believes it is in the best interests of the Company

and of shareholders as a whole not to declare a dividend

for 2024 in order to maximise the resources available to the

Group to execute on its new growth strategy. In particular,

and as previously stated, the Group may add capability to its

core businesses through M&A. The Board continues to keep

its dividend policy under constant review and to assess all

options for generating returns for shareholders.

BUSINESS AND STRATEGIC REVIEW

The review of the Group’s business operations, including its

strategy, key performance indicators and principal risks and

uncertainties, are set out in the Strategic Report section

on

pages 3 to 24 and are incorporated in this Directors' Report by

reference.

DIRECTORS

The Directors who served for the year ended 31 December

2024 and are currently serving (unless otherwise stated) are

as follows:

l

Dr. Gideon Chitayat, Non-executive Chairman

l

Moti Nagar, CPA, Executive Director and Chief Executive

Officer

l

Ran Noy, CPA, Executive Director and Chief Financial Officer

l

Dr. Zvi Marom, Founder and Non-executive Director

l

Harel Locker, Non-executive External Director and Senior

Independent Director ("SID")

l

Prof. Varda Shalev, Non-executive External Director

l

Dr. Avigdor Shafferman, Non-executive Director

l

Dr. Shmuel Ben Zvi, Non-executive Director (appointed

19 December 2024)

CORPORATE GOVERNANCE STATEMENT

The information that fulfils the requirement of the corporate

governance statement in accordance with Rule 7.2 of the

Financial Conduct Authority’s Disclosure and Transparency

Rules can be found in this Directors’ Report and in the

Corporate Governance information on pages 25 to 60,

which is incorporated in this Directors’ Report by reference.

DIRECTORS’ REMUNERATION AND INTERESTS

The Directors’ remuneration and interests are set out in the

Directors’ Remuneration Report on pages 39 to 57.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

59

RULES ABOUT APPOINTMENT AND REPLACEMENT

OF DIRECTORS

Pursuant to the Company’s articles of association and Israeli

Companies Law, directors are elected at an annual general

meeting by the vote of the holders of a majority of the voting

power represented at such meeting in person or by proxy

and voting on the election of directors. Appointments to

the Board are subject to a formal, rigorous and transparent

procedure after the Company’s Nomination Committee

has considered each nominee and the Company gives

full and transparent information and background to the

shareholders on each candidate that it wishes to propose

for election and/or re-election to the Board. Each director

(except for the external directors) shall serve until the

next annual general meeting following the annual general

meeting at which such director was appointed, or their

earlier removal. The holders of a majority of the voting power

represented at a general meeting and voting thereon shall

be entitled to remove any director(s) from office, to elect

directors in place of the directors so removed or to fill any

vacancy, however created, in the Board of directors by way

of ordinary resolution. Such vacancy may also be temporarily

filled by the continuing directors, and any director so

appointed shall hold office until the next annual general

meeting and is eligible for reappointment at that meeting.

“External” directors, as defined by Israeli Companies Law,

are non-executive directors that are appointed and elected

for a mandatory term of three years, which is renewable for

no more than two further terms of three years each. The

appointment of the external directors must be approved by

the shareholders in general meeting. The Israeli Companies

Law defines the procedures and conditions for election and

re-election of external non-executive directors.

Apart from the authority of the General Meeting to remove

a director from office, subject to giving such director a

reasonable opportunity to present their position to the

General Meeting, under the Company’s articles, the office of

a director shall be vacated ipso facto, upon their death, or

if the director is found to be of unsound mind, or becomes

bankrupt or if they become prohibited by law from being a

director in a public company.

The Chairman of the Board, Dr. Gideon Chitayat, the CEO,

Mr. Moti Nagar, the CFO, Mr. Ran Noy, and Non-executive

Directors Dr. Zvi Marom and Dr. Avigdor Shafferman were

re-elected and Dr. Shmuel Ben Zvi was elected at the Annual

General Meeting of 19 December 2024 until the following

AGM. In addition, Prof. Varda Shalev was re-elected as a

Non-executive External Director for an additional three-year

term. Their biographies appear on pages 25 to 28 above.

AMENDMENT OF ARTICLES

Under the Israeli Companies Law, a company may amend its

articles by a simple majority of the shareholders at a general

meeting. According to the Company’s articles of association,

any proposed amendments to the articles regarding

modification of rights attached to shares of the Company

and/or dividing the share capital into various classes of

shares requires the approval of the holders of 75% of the

issued shares in the Company.

GOING CONCERN

After making enquiries, the Directors have a reasonable

expectation that the Company and the Group will be able

to operate within the level of available facilities and cash for

the foreseeable future. Accordingly, the Company continues

to prepare its financial statements according to the going

concern basis.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

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 Company 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’.

Directors' Report

CONTINUED

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

60

CORPORATE GOVERNANCE

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:

l

properly select and apply accounting policies;

l

present information, including accounting policies, in a

manner that provides relevant, reliable, comparable and

understandable information;

l

make an assessment of the Company’s ability to continue

as a going concern and disclose where they consider it

appropriate; and

l

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 U.K. 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.

The Directors’ Report has been brought for review to the

Board and has been approved in its present form.

The Directors’ Report is signed on behalf of the Board by:

Dr. Gideon Chitayat

Chairman

7 April 2025

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_61"><path d="M193.9,399.9V339.3H427.3v60.6Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_61{
fill: #E7EEF4;
}
.g1_61{
fill: #9EB9D3;
}
.g2_61{
fill: #CEDCE9;
}
.g3_61{
fill: #FFF;
}
.g4_61{
fill: #B6CBDE;
}
.g5_61{
fill: #86A8C8;
}
.g6_61{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
]]></style>
</defs>
<path d="M0,532.7H453.8V216.5H0V532.7Z" class="g0_61"/>
<path d="M178.8,532.7h275V216.5h-275V532.7Z" class="g1_61"/>
<path d="M453.8,861.8H909.4V216.5H453.8V861.8Z" class="g0_61"/>
<path d="M0,862.7H453.8v-330H0v330Z" class="g2_61"/>
<path d="M0,1282.6H909.4V698.4H0v584.2Z" class="g3_61"/>
<path d="M178.8,436.4h275V312.7h-275V436.4Z" class="g3_61"/>
<image clip-path="url(#c0_61)" preserveAspectRatio="none" x="194" y="339" width="233" height="61" xlink:href="data:image/png;base64,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"/>
<path d="M0,436.4H88.8V312.7H0V436.4Z" class="g4_61"/>
<path d="M88.8,436.4h90V312.7h-90V436.4Z" class="g5_61"/>
<path d="M73.6,1208.7H835.8" class="g6_61"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

61

Consolidated

Financial

Statements

for the year ended

31 December 2024

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

62

Neve Ne’eman Ind. Area

4, Ha’harash Street, P.O.B. 7318

4524075 Hod Hasharon, Israel

Opinion

We have audited the consolidated financial statements of BATM Advanced Communications Ltd. and its subsidiaries (the

Group) set out on pages 66 to 106, which comprise the consolidated statement of financial position as at December 31,

2024, and the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated

statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the

consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated

financial position of the Group as at December 31, 2024, and its consolidated financial performance and its consolidated

cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting

Standards Board (IASB).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those

standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for

Accountants’

International Code of Ethics for Professional Accountants (IESBA Code),

and we have fulfilled our other

ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the

consolidated financial statements of the current period. These matters were addressed in the context of our audit of

the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

Independent Auditor’s Report to the Shareholders

of BATM Advanced Communications Ltd.

FINANCIAL STATEMENTS

Tel Aviv - Main Office

1 Azrieli Center Tel Aviv, 6701101 P.O.B. 16593 Tel Aviv, 6116402

Tel: +972 (3) 608 555 | info@deloitte.co.il

Jerusalem

3 Kiryat Ha’Mada

Har Hotzion Tower

Jerusalem, 914510

Tel: +972 (2) 501 8888

Fax: +972 (2) 537 4173

info-jer@deloitte.co.il

Haifa

5 Ma’aleh Hashichrur

P.O.B. 5648

Haifa, 3105502

Tel: +972 (4) 860 7333

Fax: +972 (4) 867 2528

info-haifa@deloitte.co.il

Eilat

Habalan 2 ST

P.O.B. 583

Eilat, 8850135

Tel: +972 (8) 637 5676

Fax: +972 (8) 637 1628

info-eilat@deloitte.co.il

Nazareth

9 Marj lbn Amer St.

Nazareth, 16100

Tel: +972 (73) 399 4455

Fax: +972 (73) 637 4455

info-nazareth@deloitte.co.il

Raanana,

Infinity Park,

HaPnina 8

Raanana

Rishon LeZion

Millennia Center

Sderot HaRishonin 23,

Rishon LeZion

Beit Shemesh

Yigal Alon 1 St.

Beit Shemesh, 9906201

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

63

Key audit matter

How our audit addressed the key audit matter

Impairment of goodwill and other intangible

assets

As detailed in Notes 25 and 26, as of 31 December 2024, the

Group had goodwill and other intangible assets of $11,348

thousand.

Management conducted their annual impairment testing using

an external valuation specialist, when relevant, to assess the

recoverability of the goodwill while considering the Group's

execution of its business strategy and whether there were

indicators of impairment with respect to other intangible assets.

Significant judgement is required to determine the value in use.

The value in use is based on the cash flow forecast model for

several cash-generating unit and requires the estimation of

valuation and business assumptions, most importantly the

discount rate and growth rate.

We focused our testing of the impairment of goodwill and

other intangible assets, on the key assumptions made by the

management and the directors. Our audit procedures included:



Considering whether there are indicators of impairment

with respect to other intangible assets, taking into account

the business strategy execution.



Evaluating whether the model used to calculate the fair

value less costs to sell or the value in use of the individual

cash-generating units complies with the requirements of

IAS 36: Impairment of Assets.



Using our internal valuation specialists when applicable

to assess the appropriateness of management and the

directors' estimations applied in the discount rates used in

the value in use calculations.



Challenging management and the directors' assumptions

applied and inputs in the respective models by comparing

it to historical information, contractual arrangements when

available and approved budgets.



Performing stress analysis on key estimates, when relevant.



Performing discussions, when applicable, with key

management about new significant clients and markets

penetration, new significant contracts and bids, certification

status of new products.

Findings

We found the models and assumptions applied in the goodwill

impairment assessments to be appropriate. We considered

the disclosure of the goodwill and other intangible assets to

be appropriate for purposes of the consolidated financial

statements.

Other Information

Management is responsible for the other information. The

other information comprises the information included

in the annual report but does not include the financial

statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does

not cover the other information and we do not express any

form of assurance conclusion thereon.

In connection with our audit of the consolidated financial

statements, our responsibility is to read the other

information and, in doing so, consider whether the other

information is materially inconsistent with the consolidated

financial statements or our knowledge obtained in the audit

or otherwise appears to be materially misstated. If, based

on the work we have performed, we conclude that there is

a material misstatement of this other information, we are

required to report that fact. We have nothing to report in

this regard.

Responsibilities of Management and

Those Charged with Governance for the

Consolidated Financial Statements

Management is responsible for the preparation and fair

presentation of the consolidated financial statements in

accordance with IFRS Accounting Standards as issued by

the IASB, and for such internal control as management

determines is necessary to enable the preparation of

consolidated financial statements that are free from material

misstatement, whether due to fraud or error.

In

preparing

the

consolidated

financial

statements,

management is responsible for assessing the Group’s ability

to continue as a going concern, disclosing, as applicable,

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPGNsaXBQYXRoIGlkPSJjMF82NCI+PHBhdGggZD0iTTc2LjksMTYzVjEzNS4yaDE0OVYxNjNaIi8+PC9jbGlwUGF0aD4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzY0ewpmaWxsOiBub25lOwpzdHJva2U6ICMwQzUxOTI7CnN0cm9rZS13aWR0aDogMC43NjM7Cn0KLmcxXzY0ewpmaWxsOiAjODZCQzI0Owp9Ci5nMl82NHsKZmlsbDogIzBGMEIwQjsKfQpdXT48L3N0eWxlPgo8L2RlZnM+CjxwYXRoIGQ9Ik03My42LDEyMDYuNUg4MzUuOCIgY2xhc3M9ImcwXzY0Ii8+CjxwYXRoIGNsaXAtcGF0aD0idXJsKCNjMF82NCkiIGQ9Ik0yMTgsMTU5LjFjMCwtMi4yLDEuOCwtNCwzLjksLTRjMi4yLDAsNCwxLjgsNCw0YzAsMi4yLC0xLjgsMy45LC00LDMuOWMtMi4xLDAsLTMuOSwtMS43LC0zLjksLTMuOVoiIGNsYXNzPSJnMV82NCIvPgo8cGF0aCBkPSJNOTkuNSwxNDguNGMwLDQuNSwtMS4yLDgsLTMuNywxMC41Yy0yLjQsMi41LC01LjksMy43LC0xMC4zLDMuN0g3Ni45VjEzNS4zaDkuMmM0LjMsMCw3LjYsMS4xLDkuOSwzLjNjMi4zLDIuMywzLjUsNS41LDMuNSw5LjhtLTcuNSwuMmMwLC0yLjUsLS41LC00LjMsLTEuNCwtNS42Yy0xLC0xLjIsLTIuNSwtMS44LC00LjQsLTEuOEg4NC4xdjE1LjNoMS42YzIuMiwwLDMuOCwtLjYsNC44LC0xLjljMSwtMS4zLDEuNSwtMy4zLDEuNSwtNloiIGNsYXNzPSJnMl82NCIvPgo8cGF0aCBkPSJNMTIzLjQsMTYyLjZoNi45VjEzNS4yaC02Ljl2MjcuNFoiIGNsYXNzPSJnMl82NCIvPgo8cGF0aCBkPSJNMTUyLjgsMTUyLjRjMCwzLjMsLS45LDUuOSwtMi42LDcuOGMtMS44LDEuOCwtNC4yLDIuNywtNy40LDIuN2MtMywwLC01LjQsLS45LC03LjIsLTIuOGMtMS44LC0xLjksLTIuNywtNC41LC0yLjcsLTcuN2MwLC0zLjQsLjksLTUuOSwyLjcsLTcuOGMxLjcsLTEuOCw0LjIsLTIuNyw3LjMsLTIuN2MyLDAsMy43LC40LDUuMiwxLjJjMS41LC45LDIuNywyLjEsMy41LDMuN2MuOCwxLjYsMS4yLDMuNCwxLjIsNS42bS0xMi45LDBjMCwxLjcsLjIsMywuNyw0Yy41LC45LDEuMiwxLjMsMi4zLDEuM2MxLjEsMCwxLjgsLS40LDIuMywtMS4zYy40LC0xLC42LC0yLjMsLjYsLTRjMCwtMS44LC0uMiwtMy4xLC0uNywtNGMtLjQsLS45LC0xLjIsLTEuMywtMi4yLC0xLjNjLTEuMSwwLC0xLjgsLjQsLTIuMywxLjNjLS41LC45LC0uNywyLjIsLS43LDRaIiBjbGFzcz0iZzJfNjQiLz4KPHBhdGggZD0iTTE1NS41LDE2Mi42aDYuOVYxNDIuMmgtNi45WiIgY2xhc3M9ImcyXzY0Ii8+CjxwYXRoIGQ9Ik0xNTUuNSwxMzkuOGg2Ljl2LTQuNmgtNi45djQuNloiIGNsYXNzPSJnMl82NCIvPgo8cGF0aCBkPSJNMTc2LjMsMTU3LjRjLjksMCwyLC0uMiwzLjMsLS43djUuMWMtLjksLjQsLTEuOCwuNywtMi42LC45Yy0uOSwuMiwtMS44LC4yLC0zLC4yYy0yLjMsMCwtMy45LC0uNSwtNC45LC0xLjdjLTEuMSwtMS4xLC0xLjYsLTIuOSwtMS42LC01LjN2LTguNGgtMi40di01LjNoMi40VjEzN2w2LjksLTEuMnY2LjRoNC40djUuM2gtNC40djcuOWMwLDEuMywuNywyLDEuOSwyWiIgY2xhc3M9ImcyXzY0Ii8+CjxwYXRoIGQ9Ik0xOTIuMiwxNTcuNGMuOSwwLDIsLS4yLDMuMywtLjd2NS4xYy0uOSwuNCwtMS44LC43LC0yLjYsLjljLS45LC4yLC0xLjgsLjIsLTMsLjJjLTIuMywwLC0zLjksLS41LC01LC0xLjdjLTEsLTEuMSwtMS41LC0yLjksLTEuNSwtNS4zdi04LjRIMTgxdi01LjNoMi40di01LjNsNi45LC0xLjF2Ni40aDQuNHY1LjNoLTQuNHY3LjljMCwxLjMsLjcsMiwxLjksMloiIGNsYXNzPSJnMl82NCIvPgo8cGF0aCBkPSJNMjEzLjksMTQ0LjNjLTEuNywtMS42LC00LC0yLjQsLTcsLTIuNGMtMy4xLDAsLTUuNiwuOSwtNy4zLDIuN2MtMS43LDEuOSwtMi41LDQuNSwtMi41LDcuOWMwLDMuNCwuOSw1LjksMi43LDcuN2MxLjksMS44LDQuNSwyLjcsNy44LDIuN2MxLjYsMCwyLjksLS4xLDQuMSwtLjNjMS4xLC0uMiwyLjIsLS42LDMuMywtMS4xbC0xLjEsLTQuNmMtLjcsLjMsLTEuNSwuNSwtMi4yLC43Yy0xLC4yLC0yLjEsLjQsLTMuMywuNGMtMS4zLDAsLTIuNCwtLjQsLTMuMSwtMWMtLjgsLS43LC0xLjIsLTEuNiwtMS4zLC0yLjdoMTIuM3YtMy4xYzAsLTMsLS44LC01LjMsLTIuNCwtNi45bS05LjcsNS42Yy4xLC0xLjEsLjQsLTIsLjksLTIuNWMuNiwtLjUsMS4zLC0uOCwyLjEsLS44Yy44LDAsMS41LC4zLDIuMSwuOWMuNSwuNiwuOCwxLjQsLjgsMi40aC01LjlaIiBjbGFzcz0iZzJfNjQiLz4KPHBhdGggZD0iTTExOC4zLDE0NC4zYy0xLjYsLTEuNiwtMy45LC0yLjQsLTYuOSwtMi40Yy0zLjIsMCwtNS42LC45LC03LjMsMi43Yy0xLjcsMS45LC0yLjYsNC41LC0yLjYsNy45YzAsMy40LDEsNS45LDIuOCw3LjdjMS44LDEuOCw0LjQsMi43LDcuNywyLjdjMS42LDAsMywtLjEsNC4xLC0uM2MxLjIsLS4yLDIuMywtLjYsMy4zLC0xLjFsLTEsLTQuNmMtLjgsLjMsLTEuNSwuNSwtMi4yLC43Yy0xLjEsLjIsLTIuMiwuNCwtMy40LC40Yy0xLjMsMCwtMi4zLC0uNCwtMy4xLC0xYy0uOCwtLjcsLTEuMiwtMS42LC0xLjIsLTIuN2gxMi4zdi0zLjFjMCwtMywtLjksLTUuMywtMi41LC02LjltLTkuNyw1LjZjLjEsLTEuMSwuNCwtMiwxLC0yLjVjLjUsLS41LDEuMiwtLjgsMiwtLjhjLjksMCwxLjYsLjMsMi4xLC45Yy41LC42LC44LDEuNCwuOCwyLjRoLTUuOVoiIGNsYXNzPSJnMl82NCIvPgo8L3N2Zz4=)

ANNUAL REPORT & ACCOUNTS 2024

64

FINANCIAL STATEMENTS

matters related to going concern and using the going

concern basis of accounting unless management either

intends to liquidate the Group or to cease operations, or

has no realistic alternative but to do so.

Those charged with governance are responsible for

overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about

whether the consolidated financial statements as a whole

are free from material misstatement, whether due to fraud

or error, and to issue an auditor’s report that includes our

opinion. Reasonable assurance is a high level of assurance

but is not a guarantee that an audit conducted in accordance

with ISAs will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they

could reasonably be expected to influence the economic

decisions of users taken on the basis of these consolidated

financial statements.

As part of an audit in accordance with ISAs, we exercise

professional

judgment

and

maintain

professional

skepticism throughout the audit. We also:

l

Identify and assess the risks of material misstatement of

the consolidated financial statements, whether due to fraud

or error, design and perform audit procedures responsive

to those risks and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The

risk of not detecting a material misstatement resulting

from fraud is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

l

Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness of

the Group’s internal control.

l

Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and

related disclosures made by management.

l

Conclude on the appropriateness of management’s use of

the going concern basis of accounting and, based on the

audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast

significant doubt on the Group’s ability to continue as a

going concern. If we conclude that a material uncertainty

exists, we are required to draw attention in our auditor’s

report to the related disclosures in the consolidated

financial statements or, if such disclosures are inadequate,

to modify our opinion. Our conclusions are based on the

audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause

the Group to cease to continue as a going concern.

l

Evaluate the overall presentation, structure, and content

of the consolidated financial statements, including the

disclosures, and whether the consolidated financial

statements represent the underlying transactions and

events in a manner that achieves fair presentation.

l

Plan and perform the group audit to obtain sufficient

appropriate

audit

evidence

regarding

the

financial

information of the entities or business activities within

the Group to express an opinion on the consolidated

financial statements. We are responsible for the direction,

supervision, and review of the audit work performed

for the purposes of the Group audit. We remain solely

responsible for our audit opinion.

We communicate with those charged with governance

regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including

any significant deficiencies in internal control that we

identify during our audit.

We also provide those charged with governance with a

statement that we have complied with relevant ethical

requirements regarding independence, and to communicate

with them all relationships and other matters that may

reasonably be thought to bear on our independence, and

where applicable, actions taken to eliminate threats or

safeguards applied.

From the matters communicated with those charged with

governance, we determine those matters that were of

Independent Auditor’s Report to the Shareholders

of BATM Advanced Communications Ltd.

(CONTINUED)

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

65

most significance in the audit of the consolidated financial

statements of the current period and are therefore the key

audit matters. We describe these matters in our auditor’s

report unless law or regulation precludes public disclosure

about the matter or when, in extremely rare circumstances,

we determine that a matter should not be communicated

in our report because the adverse consequences of doing

so would reasonably be expected to outweigh the public

interest benefits of such communication.

As required by the Financial Conduct Authority (FCA)

Disclosure

Guidance

and

Transparency

Rule

(DTR)

4.1.14R, these financial statements form part of the ESEF-

prepared Annual Financial Report filed on the National

Storage Mechanism of the UK FCA in accordance with

the ESEF Regulatory Technical Standard (‘ESEF RTS’). This

auditor’s report provides no assurance over whether the

annual financial report has been prepared using the single

electronic format specified in the ESEF RTS.

The engagement partner on the audit resulting in this

independent auditor’s report is Elad Cazaz.

Brightman Almagor Zohar and Co.,

Certified Public Accountants

A Firm in the Deloitte Global Network

1 Azrieli Center, Tel Aviv

Israel

7 April 2025

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

66

FINANCIAL STATEMENTS

2024

2023

Note

US$’000

US$’000

Revenues

5, 6

117,336

116,729

Cost of revenues

7

80,536

78,425

Gross profit

36,800

38,304

Operating expenses

Sales and marketing expenses

8

19,582

18,261

General and administrative expenses

9

12,790

14,024

Research and development expenses

10

4,636

4,443

Other operating expenses (income)

12

4,453

(1,155)

Total operating expenses

41,461

35,573

Operating profit (loss)

(4,661)

2,731

Finance income

13

665

1,329

Finance expenses

14

(1,387)

(1,288)

Profit (loss) before tax

(5,383)

2,772

Income tax expenses

15

(1,728)

(776)

Profit (loss) for the year before share of loss of a joint

venture and associated companies

(7,111)

1,996

Share of loss of a joint venture and associated companies

26

345

822

Profit (loss) for the year from continuing operations

(7,456)

1,174

Loss for the year from discontinued operations

20

(14,798)

(1,374)

Loss for the year

(22,254)

(200)

Attributable to:

Owners of the Company from continuing operations

(7,498)

1,181

Owners of the Company from discontinued operations

(14,798)

(1,374)

Non-controlling interests from continuing operations

42

(7)

Earnings (loss) per share (in cents):

Basic and diluted from continuing operations

16

(1.72)

0.27

Basic and diluted from discontinued operations

16

(3.39)

(0.32)

Basic and diluted

16

(5.11)

(0.05)

Consolidated Statements of Profit or Loss

Continuing operations

for the year ended 31 December

The accompanying notes are an integral part of these financial statements.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

67

2024

2023

US$’000

US$’000

Loss for the year

(22,254)

(200)

Items that may be reclassified subsequently

to profit or loss:

Exchange differences on translating foreign operations

(5,043)

3,112

Items that will not be reclassified subsequently

to profit or loss:

Re-measurement of defined benefit obligation

19

5

Total other comprehensive income (loss) for the year

(5,024)

3,117

Total comprehensive income (loss) for the year

(27,278)

2,917

Attributable to:

Owners of the Company from continuing operations

(11,366)

3,869

Owners of the Company from discontinued operations

(15,739)

(1,110)

Non-controlling interests

(173)

158

(27,278)

2,917

Consolidated Statements of Comprehensive Income

The accompanying notes are an integral part of these financial statements.

for the year ended 31 December

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

68

FINANCIAL STATEMENTS

2024

2023

Note

US$’000

US$’000

Assets

Current assets

Cash and cash equivalents

25,898

32,339

Trade and other receivables

18

29,614

31,219

Short-term investment in deposits and other securities

17

5,672

8,425

Inventories

19

32,710

38,227

Disposal groups Held for Sale

21

4,660

-

98,554

110,210

Non-current assets

Property, plant and equipment

22

12,016

16,051

Investment property

23

548

612

Right-of-use assets

24

4,178

4,351

Goodwill

25

3,344

12,763

Intangible assets

26

8,004

8,019

Investment in joint venture and associate

28

17,802

17,894

Investments carried at fair value

1,220

1,220

Deferred tax assets

29

3,498

3,507

50,610

64,417

Total assets

149,164

174,627

Equity and liabilities

Current liabilities

Short-term bank credit

30

4,261

3,276

Trade and other payables

30

36,691

41,662

Current maturities of lease liabilities

30

2,032

1,830

Tax liabilities

619

359

Liabilities associated with disposal groups Held for Sale

21

2,978

-

46,581

47,127

Non-concurrent liabilities

Long-term bank credit

30

-

1,328

Long-term liabilities

30

6,588

3,449

Long-term lease liabilities

30

2,358

2,650

Deferred tax liabilities

29

-

39

Retirement benefit obligation

35

655

598

9,601

8,064

Total liabilities

56,182

55,191

Equity

Share capital

31

1,320

1,320

Share premium account

429,598

428,656

Reserves

(31,073)

(29,865)

Reserves associated with disposal groups Held for Sale

(3,620)

-

Accumulated deficit

(302,162)

(279,767)

Equity attributable to the:

Owners of the Company

94,063

120,344

Non-controlling interests

(1,081)

(908)

Total equity

92,982

119,436

Total equity and liabilities

149,164

174,627

The financial statements were approved by the board of directors and authorised on 7 April 2025. They were signed on its behalf by:

M. Nagar, CEO

R. Noy, CFO

Consolidated Statements of Financial Position

The accompanying notes are an integral part of these financial statements.

for the year ended 31 December

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_69{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_69{
fill: #5585B3;
}
.g2_69{
fill: #FFF;
}
.g3_69{
fill: #CEDCE9;
}
.g4_69{
fill: none;
stroke: #231F20;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<path d="M73.6,1206.5H835.8" class="g0_69"/>
<path d="M65.3,194.9H844.9v-39H65.3v39Z" class="g1_69"/>
<path d="M54.1,81.7H170v-60H54.1v60Z" class="g2_69"/>
<path d="M65.3,220.9h117v113H65.3v-113Zm117,0h51.9v113H182.3v-113Zm51.9,0h65v113h-65v-113Zm65,0h78v113h-78v-113Zm78,0h56.3v113H377.2v-113Zm56.3,0h99.6v113H433.5v-113Zm99.6,0H624v113H533.1v-113Zm90.9,0h82.3v113H624v-113Zm82.3,0h77.9v113H706.3v-113Zm77.9,0h60.7v113H784.2v-113ZM65.3,333.9h117v21.6H65.3V333.9Zm117,0H844.9v21.6H182.3V333.9Z" class="g3_69"/>
<path d="M65.3,355.5h117v37.1H65.3V355.5Zm368.2,0h99.6v37.1H433.5V355.5ZM65.3,392.6h117v23.5H65.3V392.6Zm0,23.5h117V471H65.3V416.1Zm0,54.9h117v72.8H65.3V471Zm0,72.8h117v55H65.3v-55Zm0,55h117v37H65.3v-37Zm0,37h117v37.1H65.3V635.8Zm0,37.1h117v21.6H65.3V672.9Zm0,21.6h117v55H65.3v-55Zm0,55h117v90.7H65.3V749.5Zm0,90.7h117v54.9H65.3V840.2Zm0,54.9h117v72.8H65.3V895.1Zm0,72.8h117V1005H65.3V967.9Zm0,37.1h117v108.5H65.3V1005Zm0,108.5h117v54.9H65.3v-54.9Z" class="g2_69"/>
<path d="M182.3,355.5h51.9v37.1H182.3V355.5Zm51.9,0h65v37.1h-65V355.5Zm65,0h78v37.1h-78V355.5Zm78,0h56.3v37.1H377.2V355.5Zm155.9,0H624v37.1H533.1V355.5Zm90.9,0h82.3v37.1H624V355.5Zm82.3,0h77.9v37.1H706.3V355.5Zm77.9,0h60.7v37.1H784.2V355.5ZM182.3,392.6h51.9v23.5H182.3V392.6Zm51.9,0h65v23.5h-65V392.6Zm65,0h78v23.5h-78V392.6Zm78,0h56.3v23.5H377.2V392.6Zm56.3,0h99.6v23.5H433.5V392.6Zm99.6,0H624v23.5H533.1V392.6Zm90.9,0h82.3v23.5H624V392.6Zm82.3,0h77.9v23.5H706.3V392.6Zm77.9,0h60.7v23.5H784.2V392.6ZM182.3,416.1h51.9V471H182.3V416.1Zm51.9,0h65V471h-65V416.1Zm65,0h78V471h-78V416.1Zm78,0h56.3V471H377.2V416.1Zm56.3,0h99.6V471H433.5V416.1Zm99.6,0H624V471H533.1V416.1Zm90.9,0h82.3V471H624V416.1Zm82.3,0h77.9V471H706.3V416.1Zm77.9,0h60.7V471H784.2V416.1ZM182.3,471h51.9v72.8H182.3V471Zm51.9,0h65v72.8h-65V471Zm65,0h78v72.8h-78V471Zm78,0h56.3v72.8H377.2V471Zm56.3,0h99.6v72.8H433.5V471Zm99.6,0H624v72.8H533.1V471Zm90.9,0h82.3v72.8H624V471Zm82.3,0h77.9v72.8H706.3V471Zm77.9,0h60.7v72.8H784.2V471ZM182.3,543.8h51.9v55H182.3v-55Zm51.9,0h65v55h-65v-55Zm65,0h78v55h-78v-55Zm78,0h56.3v55H377.2v-55Zm56.3,0h99.6v55H433.5v-55Zm99.6,0H624v55H533.1v-55Zm90.9,0h82.3v55H624v-55Zm82.3,0h77.9v55H706.3v-55Zm77.9,0h60.7v55H784.2v-55Zm-601.9,55h51.9v37H182.3v-37Zm51.9,0h65v37h-65v-37Zm65,0h78v37h-78v-37Zm78,0h56.3v37H377.2v-37Zm56.3,0h99.6v37H433.5v-37Zm99.6,0H624v37H533.1v-37Zm90.9,0h82.3v37H624v-37Zm82.3,0h77.9v37H706.3v-37Zm77.9,0h60.7v37H784.2v-37Zm-601.9,37h51.9v37.1H182.3V635.8Zm51.9,0h65v37.1h-65V635.8Zm65,0h78v37.1h-78V635.8Zm78,0h56.3v37.1H377.2V635.8Zm56.3,0h99.6v37.1H433.5V635.8Zm99.6,0H624v37.1H533.1V635.8Zm90.9,0h82.3v37.1H624V635.8Zm82.3,0h77.9v37.1H706.3V635.8Zm77.9,0h60.7v37.1H784.2V635.8ZM182.3,672.9h51.9v21.6H182.3V672.9Zm51.9,0h65v21.6h-65V672.9Zm65,0h78v21.6h-78V672.9Zm78,0h56.3v21.6H377.2V672.9Zm56.3,0h99.6v21.6H433.5V672.9Zm99.6,0H624v21.6H533.1V672.9Zm90.9,0h82.3v21.6H624V672.9Zm82.3,0h77.9v21.6H706.3V672.9Zm77.9,0h60.7v21.6H784.2V672.9ZM182.3,694.5h51.9v55H182.3v-55Zm51.9,0h65v55h-65v-55Zm65,0h78v55h-78v-55Zm78,0h56.3v55H377.2v-55Zm56.3,0h99.6v55H433.5v-55Zm99.6,0H624v55H533.1v-55Zm90.9,0h82.3v55H624v-55Zm82.3,0h77.9v55H706.3v-55Zm77.9,0h60.7v55H784.2v-55Zm-601.9,55h51.9v90.7H182.3V749.5Zm51.9,0h65v90.7h-65V749.5Zm65,0h78v90.7h-78V749.5Zm78,0h56.3v90.7H377.2V749.5Zm56.3,0h99.6v90.7H433.5V749.5Zm99.6,0H624v90.7H533.1V749.5Zm90.9,0h82.3v90.7H624V749.5Zm82.3,0h77.9v90.7H706.3V749.5Zm77.9,0h60.7v90.7H784.2V749.5ZM182.3,840.2h51.9v54.9H182.3V840.2Zm51.9,0h65v54.9h-65V840.2Zm65,0h78v54.9h-78V840.2Zm78,0h56.3v54.9H377.2V840.2Zm56.3,0h99.6v54.9H433.5V840.2Zm99.6,0H624v54.9H533.1V840.2Zm90.9,0h82.3v54.9H624V840.2Zm82.3,0h77.9v54.9H706.3V840.2Zm77.9,0h60.7v54.9H784.2V840.2ZM182.3,895.1h51.9v72.8H182.3V895.1Zm51.9,0h65v72.8h-65V895.1Zm65,0h78v72.8h-78V895.1Zm78,0h56.3v72.8H377.2V895.1Zm56.3,0h99.6v72.8H433.5V895.1Zm99.6,0H624v72.8H533.1V895.1Zm90.9,0h82.3v72.8H624V895.1Zm82.3,0h77.9v72.8H706.3V895.1Zm77.9,0h60.7v72.8H784.2V895.1ZM182.3,967.9h51.9V1005H182.3V967.9Zm51.9,0h65V1005h-65V967.9Zm65,0h78V1005h-78V967.9Zm78,0h56.3V1005H377.2V967.9Zm56.3,0h99.6V1005H433.5V967.9Zm99.6,0H624V1005H533.1V967.9Zm90.9,0h82.3V1005H624V967.9Zm82.3,0h77.9V1005H706.3V967.9Zm77.9,0h60.7V1005H784.2V967.9ZM182.3,1005h51.9v108.5H182.3V1005Zm51.9,0h65v108.5h-65V1005Zm65,0h78v108.5h-78V1005Zm78,0h56.3v108.5H377.2V1005Zm56.3,0h99.6v108.5H433.5V1005Zm99.6,0H624v108.5H533.1V1005Zm90.9,0h82.3v108.5H624V1005Zm82.3,0h77.9v108.5H706.3V1005Zm77.9,0h60.7v108.5H784.2V1005ZM182.3,1113.5h51.9v54.9H182.3v-54.9Zm51.9,0h65v54.9h-65v-54.9Zm65,0h78v54.9h-78v-54.9Zm78,0h56.3v54.9H377.2v-54.9Zm56.3,0h99.6v54.9H433.5v-54.9Zm99.6,0H624v54.9H533.1v-54.9Zm90.9,0h82.3v54.9H624v-54.9Zm82.3,0h77.9v54.9H706.3v-54.9Zm77.9,0h60.7v54.9H784.2v-54.9Z" class="g2_69"/>
<path d="M182.3,333.9h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,0h77.9m0,0h60.7M182.3,355.5h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,0h77.9m0,0h60.7M65.3,392.6h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,0h77.9m0,0h60.7M65.3,416.1h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,0h77.9m0,0h60.7M65.3,471h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,0h77.9m0,0h60.7M65.3,543.8h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,0h77.9m0,0h60.7m-779.6,55h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,0h77.9m0,0h60.7m-779.6,37h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m-641,37.1h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m-641,21.6h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m-641,55h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m-641,90.7h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m-641,54.9h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m-641,72.8h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3M65.3,1005h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m-641,108.5h117m0,0h51.9m0,0h65m0,0h78m0,0h56.3m0,0h99.6m0,0H624m0,0h82.3m0,-477.7h77.9m0,0h60.7M706.3,672.9h77.9m0,0h60.7M706.3,694.5h77.9m0,0h60.7m-138.6,55h77.9m0,0h60.7M706.3,840.2h77.9m0,0h60.7M706.3,895.1h77.9m0,0h60.7M706.3,967.9h77.9m0,0h60.7M706.3,1005h77.9m0,0h60.7M706.3,1113.5h77.9m0,0h60.7" class="g4_69"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

69

Consolidated Statements of Changes in Equity

The accompanying notes are an integral part of these financial statements.

for the years ended 31 December 2024 and 2023

Share

Capital

Share

Premium

Account

Translation

Reserve

Other

Reserve

Reclassification

of other

comprehensive

income

attributable

to disposal

groups

Accumulated

Deficit

Attributable

to Owners

of the

Company

Non-

Controlling

Interests

Total

Equity

US$ in thousands

Balance as at

1 January 2023

1,320

426,138

(26,039)

(6,773)

–

(279,579)

115,067

(1,066)

114,001

Loss for the year

–

–

–

–

–

(193)

(193)

(7)

(200)

Re-measurement

of defined

benefit obligation

–

–

–

–

–

5

5

–

5

E

xchange

differences on

translating foreign

operations

–

–

2,947

–

–

–

2,947

165

3,112

Total

comprehensive

income (loss)

–

–

2,947

–

–

(188)

2,759

158

2,917

Share-based

payments

–

2,518

–

–

–

–

2,518

–

2,518

Balance as at

1 January 2024

1,320

428,656

(23,092)

(6,773)

–

(279,767)

120,344

(908)

119,436

Loss for the year

–

–

–

–

–

(22,296)

(22,296)

42

(22,254)

Re-measurement

of defined

benefit obligation

–

–

–

–

–

19

19

–

19

Exchange

differences

on translating

foreign

operations

–

–

(4,828)

–

–

–

(4,828)

(215)

(5,043)

Total

comprehensive

income (loss)

–

–

(4,828)

–

–

(22,277)

(27,105)

(173)

(27,278)

Dividend to

non-controlling

interests holding

put option

–

–

–

–

–

(118)

(118)

–

(118)

Share-based

payments

–

942

–

–

–

–

942

–

942

Reclassification

of other

comprehensive

income

attributable to

disposal groups

–

–

3,620

–

(3,620)

–

–

–

–

Balance as at

31 December

2024

1,320

429,598

(24,300)

(6,773)

(3,620)

(302,162)

94,063

(1,081)

92,982

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

70

FINANCIAL STATEMENTS

2024

2023

Note

US$’000

US$’000

Net cash from Continuing operating activities

32

153

7,401

Net cash used in Discontinued operating activities

(1,806)

(2,392)

Net cash from (used) in operating activities

(1,653)

5,009

Investing activities

Purchases of property, plant and equipment

(700)

(2,366)

Increase of other intangible assets

(2,707)

(2,510)

Investment in joint venture and associated companies

(1,378)

(2,060)

Proceeds on disposal of property, plant and equipment

791

228

Proceeds on disposal of deposits and securities

11,526

2,777

Purchases of deposits and securities

(8,744)

(1,879)

Net cash used in investing activities - Continuing Operations

(1,212)

(5,810)

Net cash used in investing activities - Discontinued Operations

(4)

(310)

Net cash used in investing activities

(1,216)

(6,120)

Financing activities

Lease payment

30

(2,098)

(1,938)

Bank loan repayment

30

(2,458)

(7,498)

Bank loan received

30

2,359

7,500

Dividend paid to non-controlling interests holding put option

(118)

-

Net cash used in financing activities - Continuing Operations

(2,315)

(1,936)

Net cash used in financing activities – Discontinued Operations

(297)

(224)

Net cash used in financing activities

(2,612)

(2,160)

Net decrease in cash and cash equivalents

(5,480)

(3,271)

Cash and cash equivalents at the beginning of the year

32,339

35,156

Effects of exchange rate changes on the balance of cash

held in foreign currencies

(961)

454

Cash and cash equivalents at the end of the year

25,898

32,339

Consolidated Statements of Cash Flow

The accompanying notes are an integral part of these financial statements.

for the year ended 31 December

![](data:image/svg+xml;base64,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)

for the year ended 31 December 2024

71

ANNUAL REPORT & ACCOUNTS 2024

Notes to the Consolidated Financial Statements

1.

General Information

BATM Advanced Communications Ltd. (“the Company”) is a company incorporated in Israel under the Israeli Companies

Law. The address of the registered office is POB 7318, Nave Ne’eman Ind. Area 4, Ha’harash Street, 4524075 Hod

Hasharon, Israel. The Company and its subsidiaries (“the Group”) is engaged in the development, production and supply

of real-time technologies and associated services in three core application areas: Networking, Cyber and Diagnostics. In

addition, the Group’s non-core activities comprise the production and supply of eco-friendly pathogenic waste treatment

solutions for medical, agricultural and pharmaceutical applications, and the distribution of third-party pharmaceutical

and environmental monitoring products\*. BATM has offices in the United States, Israel and Europe.

\* See note 21 in respect of disposal groups held for sale

2

New and revised International Financial Reporting Standards

(IFRS Accounting Standards)

IFRS IC Decision ‘Disclosure of Revenue and Expenses for Reportable Segments'

In July 2024, the IASB approved the IFRS Interpretations Committee's (IFRS IC) agenda decision ‘Disclosure of Revenue and

Expenses for Reportable Segments’ (hereinafter: the agenda decision).

The agenda decision considers the application of the disclosure requirements set out in paragraph 23 of IFRS 8 “Operating

Segments” and clarifies that disclosure is required for “material items of income and expense” if they are included in the

measure of segment profit or loss reviewed by the chief operating decision maker (CODM), even if they are not separately

provided to or reviewed by the CODM. It also clarifies that “material items of income and expense” are not limited only to

unusual or non-recurring items.

In addition, the agenda decision clarifies that in determining the information to disclose for each reportable segment, an

entity should apply judgement and consider the entity’s specific facts and circumstances, the core principle of IFRS 8 and

the principles of materiality and aggregation in IAS 1 “Presentation of Financial Statements”.

Amendments to IAS 1 – Classification of Liabilities as Current or Non-current

The Group has adopted the amendments to IAS 1 for the first time in the current year.

The amendments to IAS 1 published in January 2020 (2020 amendments) affect only the presentation of liabilities as

current or non-current in the statement of financial position and not the amount or timing of recognition of any asset,

liability, income or expenses, or the information disclosed about those items.

The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence

at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will

exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the

end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer

to the counterparty of cash, equity instruments, other assets or services.

In October 2022 the IASB published additional amendments (2022 amendments) that specify that only covenants that an

entity is required to comply with on or before the end of the reporting period affect the entity’s right to defer settlement

of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the

classification of the liability as current or non-current). Such covenants affect whether the right exists at the end of the

reporting period, even if compliance with the covenant is assessed only after the reporting date.

However, if the entity’s right to defer settlement of a liability is subject to the entity complying with covenants within

twelve months after the reporting period, an entity discloses information that enables users of financial statements to

understand the risk of the liabilities becoming repayable within twelve months after the reporting period.

IFRS 18 Presentation and Disclosures in Financial Statements

IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new

requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made

minor amendments to IAS 7 and IAS 33 Earnings per Share.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

72

ANNUAL REPORT & ACCOUNTS 2024

IFRS 18 introduces new requirements to:

• present specified categories and defined subtotals in the statement of profit or loss.

• provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

• improve aggregation and disaggregation.

An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier

application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective

when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.

The directors of the Company anticipate that the application of these amendments may have an impact on the Group's

consolidated financial statements in future periods.

3

Significant Accounting Policies

Statement of compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards

(IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB).

Basis of preparation

The consolidated financial statements have been prepared on a historical cost basis except for certain properties and

financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained

in the accounting policies below.

Israel-Hamas conflict

The Group continues to monitor the ongoing conflict between the state of Israel and Hamas. This situation did not have a

material impact on the Company’s operations or on BATM’s consolidated financial results.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the

Company and its subsidiaries. Control is achieved when the Company has power over the investee, is exposed, or has

rights, to variable returns from its involvement with the investee and has the ability to use its power to affect its returns.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company

loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year

are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company

gains control until the date when the Company ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to

the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and

to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Investments in associates and joint ventures

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in

the financial and operating policy decisions of the investee but without control or joint control over those policies.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights

to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an

arrangement, which exists only when decisions about the relevant activities require unanimous consent of the

parties sharing control.

An investment in an associate or a joint venture is accounted for using the equity method from the date on which the

investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any

excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of

the investee is recognised as goodwill, which is included within the carrying amount of the investment.

![](data:image/svg+xml;base64,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)

73

ANNUAL REPORT & ACCOUNTS 2024

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with

respect to the Group’s investment in an associate or a joint venture. When necessary, the entire carrying amount of the

investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset

by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount.

Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment

loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently

increases. The carrying value of the investment in associates and joint ventures considering the requirement of IAS 36 are

presented in note 28.

Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business

combination is measured at fair value, which is calculated as the sum of the acquisition-date fair value of the assets transferred

by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the

Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests

in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the

acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

When the consideration transferred by the Group in a business combination includes a contingent consideration

arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the

consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify

as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill.

Measurement period adjustments are adjustments that arise from additional information obtained during the

‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that

existed at the acquisition date.

When a business combination is achieved in stages, the Group’s previously held interests (including joint operations) in the

acquired entity are remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit

or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in

other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest

were disposed of.

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the

entity’s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’

proportionate share of the recognised amounts of the acquiree’s identifiable net assets. The choice of measurement basis

is made on a transaction-by-transaction basis.

Disposal groups held for sale

Disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.

Disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather

than through continuing use. This condition is regarded as met only when the sale is highly probable and the disposal

group is available for immediate sale in its present condition. Management must be committed to the sale which should be

expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that

subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will

retain a non-controlling interest in its former subsidiary after the sale.

Discontinued operation

A discontinued operation is a component of the Group that has been disposed of or is classified as held for sale and

represents a separate major line of business or geographical area of operations. The results of discontinued operations are

presented separately in the statement of profit or loss.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

74

The results of discontinued operations are presented in a single amount in the statement of profit or loss, comprising the

post-tax profit or loss of discontinued operations and the post-tax gain or loss recognised on the measurement to fair value

less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation. Cash flows

from discontinued operations are presented in the cash flow statement, classified according to operating activities, investing

activities, and financing activities.

Comparative information for prior periods is restated to reflect the disclosures related to all operations that have been

discontinued by the end of the reporting period.

Goodwill

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business

less accumulated impairment losses, if any. Goodwill is not amortised but is reviewed for impairment at least annually.

For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of

cash-generating units) that is expected to benefit from the synergies of the combination. A cash-generating unit to which

goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit

may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment

loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of

the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised

directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

On disposal of a cash-generating unit, the attributable goodwill is included in the determination of the profit or loss on disposal.

Revenue recognition

The Group recognises revenue from the following major sources:

l

Sale of goods (point in time) – networking products, network encryption products, medical diagnostics reagents and

instruments, and pathogenic waste treatment and sterilisation products

l

Rendering of services – related mainly to software services such as training and technical support, laboratory service and

maintenance related to products sold

l

Construction contracts (over time)

Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer

and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a

product or service to a customer.

Sale of goods

For sales of goods, revenue is recognised when control of the goods has transferred generally, being when the goods have

been shipped to the customer’s specific location (delivery). Following delivery, the customer has full discretion over the

manner of distribution and price to sell the goods, has the primary responsibility when onselling the goods and bears the

risks of obsolescence and loss in relation to the goods.

A receivable is generally recognised by the Group when the goods are delivered to the customer as this represents the point

in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment

is due.

Rendering of services

Services provided by the Group are recognised as a performance obligation satisfied over time. Revenue is recognised

based on the stage of completion of the contract. The management have assessed that the stage of completion determined

as the proportion of the total time expected to install that has elapsed at the end of the reporting period is an appropriate

measure of progress towards complete satisfaction of these performance obligations under IFRS 15.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised over time by

reference to the stage of completion of the contract activity at the date of the consolidated statements of financial position.

This is normally measured by the proportion that contract costs incurred for work performed to date compare to the

![](data:image/svg+xml;base64,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)

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

75

estimated total contract costs except where this would not be representative of the stage of completion or engineering

completion. The management consider that this input method is an appropriate measure of the progress towards complete

satisfaction of these performance obligations under IFRS 15. Variations in contract work, claims and incentive payments

are included to the extent that they have been agreed with the customer.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent

of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period

in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an

expense immediately.

Leases

The Group as a lessee

At inception of the contract, the Group assesses whether an arrangement is a lease or contains a lease. The Group

recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the

lessee, except for assets leased for a period of less than 12 months, and also to lease of assets with low economic value.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement

date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its

incremental borrowing rate.

The lease liability is subsequently measured at amortised cost using the effective interest method.

Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses, and are

depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of

the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option,

the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the

commencement date of the lease.

The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any

lease and associated non-lease components as a single arrangement. The Group has used this practical expedient.

Foreign currencies

The individual financial statements of each Group company are prepared in the currency of the primary economic

environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the

results and financial position of each Group company are expressed in the US dollar, which is the presentation currency for

the consolidated financial statements.

In preparing the financial statement of the individual companies, transactions in currencies other than the entity’s functional

currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At the end

of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are retranslated at

the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are

translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured

in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included

in profit or loss for the period.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations

(operations in foreign currencies) are translated at exchange rates prevailing at the end of each reporting period. Income

and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly

during that period, in which case the exchange rates at the date of transactions are used. Exchange differences arising, if

any, are recognised in other comprehensive income and accumulated in equity (attributed to non-controlling interests as

appropriate) within the Group’s translation reserve. Such translation reserves are reclassified from equity to profit or loss in

the period in which the foreign operation is disposed.

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzc2ewpmaWxsOiAjNTU4NUIzOwp9Ci5nMV83NnsKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMEM1MTkyOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDE5NC45SDg0NC41di0zOUg2NXYzOVoiIGNsYXNzPSJnMF83NiIvPgo8cGF0aCBkPSJNNzMuNiwxMjA2LjVIODM1LjgiIGNsYXNzPSJnMV83NiIvPgo8L3N2Zz4=)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

76

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of

the foreign operation and translated at the closing rate. Exchange differences arising are recognised in other comprehensive

income and accumulated in equity.

Government grants

Government grants are assistance from government in the form of transfers of resources to an entity in return for past

or future compliance with certain conditions relating to the operating activities of the entity.

Forgivable loans are loans where the lender (Israeli Chief Scientist Officer (ISO)) undertakes to waive repayment under

certain prescribed conditions. In a case where a government grant takes the form of a forgivable loan, a liability is

recognised in regards to this loan at fair value, based on estimations of future cash flows related to the relevant grant.

The Group’s policy is to designate such loans as financial liabilities measured at amortised cost according to IFRS 9. The

difference between the liability and proceeds are recognised in the research and development expenses.

Share-based payments arrangements

Share-based payment transactions of the Company

Equity-settled share-based payments to employees and others providing similar services are measured at the fair value

of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-

based transactions are set out in note 34.

The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis

over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding

increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments

expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the

cumulative expense reflects the revised estimate, with a corresponding adjustment to the share premium reserve.

Taxation

The income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The Group’s liability for current tax is calculated using tax

rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the

consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax

liabilities are generally recognised for all taxable temporary differences.

Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable

profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and

liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business

combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries

and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary

difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets

arising from deductible temporary differences associated with such investments and interests are only recognised to the

extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary

differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that

it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the

liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted

by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

77

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the

carrying amount of its assets and liabilities.

Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other

comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other

comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial

accounting for a business combination, the tax effect is included in the accounting for the business combination.

Property, plant and equipment

Land and buildings held for use in the Company’s operation are stated in the consolidated statements of financial position

on a historical cost basis, being the historical cost at the date of acquisition, less any subsequent accumulated depreciation

and subsequent accumulated impairment losses.

Properties in the course of construction are carried at cost, less any recognised impairment loss. Cost includes professional

fees. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready

for their intended use.

Freehold land is not depreciated. Fixtures and equipment are stated at cost less accumulated depreciation and any

recognised impairment loss.

Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, using the

straight-line method, on the following bases:

|  |  |
| --- | --- |
| Buildings | 2%-6% |
| Plant and equipment | 10%-33% |
| Motor vehicles | 15%-33% |
| Furniture and fittings | 6%-15% |
| Leasehold improvements | 6%-20% |

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales

proceeds and the carrying amount of the asset and is recognised in other income or expense.

Intangible assets

Internally-generated intangible assets - research and development expenditure

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

An internally-generated intangible asset arising from development (or from the development phase of an internal project)

is recognised if, and only if, all of the following have been demonstrated:

l

the technical feasibility of completing the intangible asset so that it will be available for use or sale;

l

the intention to complete the intangible asset and use or sell it;

l

the ability to use or sell the intangible asset;

l

how the intangible asset will generate probable future economic benefits;

l

the availability of adequate technical, financial and other resources to complete the development and to use or sell the

intangible asset; and

l

the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the

date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible

asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

Acquired intangible assets are measured initially at purchase cost and are amortised on a straight-line basis over their

estimated useful lives.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

78

ANNUAL REPORT & ACCOUNTS 2024

Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at

their fair value at the acquisition date (which is regarded as their cost).

Amortisation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line

method, on the following bases:

|  |  |
| --- | --- |
|  |  |
| Customer relationships and backlog | 10%-12.5% |
| Technology | 10%-20% |
| Other | 10% |

Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortisation and accumulated

impairment losses.

Impairment of tangible and intangible assets other than goodwill

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,

the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it

is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of

the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified,

corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group

of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least

annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future

cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the

time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying

amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised

immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is

treated as a revaluation decrease.

Inventory

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable,

direct labour costs and those overheads that have been incurred in bringing the inventories to their present location

and condition. Cost is determined on the “first-in-first-out” basis. Net realisable value represents the estimated selling

price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Financial instruments

Financial assets and financial liabilities are recognised on the Group’s consolidated statements of financial position when

the Group becomes a party to the contractual provisions of the instrument.

Trade and other receivables

Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the

effective interest rate method. Appropriate allowances to recognise expected lifetime credit losses are recognised in profit or loss

at the end of the reporting period. The allowance recognised is measured as the difference between the asset’s carrying amount

and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.

Financial assets at FVTPL

Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses

recognised in profit or loss. The net gain or loss recognised in profit or loss is included in the ‘other gains and losses’, or

financial income or expenses line item as appropriate. Fair value is determined in the manner described in note 37.

![](data:image/svg+xml;base64,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)

79

ANNUAL REPORT & ACCOUNTS 2024

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

Impairment of financial assets

The Group recognises a loss allowance for expected credit losses on trade receivables. The amount of expected credit losses

is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Group recognises lifetime ECL for trade receivables. The expected credit losses on these financial assets are

estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that

are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast

direction of conditions at the reporting date, including time value of money where appropriate.

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life

of a financial instrument.

4

Critical Accounting Judgments and Key Sources of Estimation Uncertainty

Critical judgments in applying the Group’s accounting policies

In the process of applying the Group’s accounting policies, which are described in note 3, management has made the

following judgments that have the most significant effect on the amounts recognised in the financial statements (apart

from those involving estimations, which are dealt with below):

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the consolidated

statements of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts

of assets and liabilities within the next financial year, are discussed below.

Impairment of intangible assets and goodwill

Determining whether goodwill is impaired requires an estimation of the value-in-use or the fair value less cost of sale of

the cash-generating units (CGU) to which goodwill has been allocated. The value-in-use calculation requires the entity to

estimate the future cash flows of the CGU and a suitable discount rate in order to calculate present value.

Judgments with respect to deferred tax assets

For the purposes of measuring deferred tax assets arising from loss carry-forwards in different territories, management is

required to use considerable judgment in estimation of the carried forward losses in which it expects to be able to utilise in the

foreseeable future. For additional information in respect of deferred tax assets see note 15.

Judgments with respect to construction contracts

The Company accounts for its revenue in accordance with IFRS 15 revenue from contracts with customers, which requires

estimates to be made for contract costs and revenues. Revenue is recognised using the percentage of completion method

based on the ratio of contract costs incurred to total estimated contract costs or engineering completion percentage. Estimating

total costs is subjective and requires the use of management’s best judgments based on the information available at that time.

Judgments with respect to recognition of internally generated intangible assets

The Company recognises costs related to development of software and diagnostic products in accordance with the conditions

for recognising internally generated intangible assets. Estimation of meeting the conditions specified for recognition of

intangible assets requires the use of management’s best judgments.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

80

5

Revenues

The Group derives its revenue from contracts with customers for the transfer of goods at a point in time and services

and construction contracts point and over time. An analysis of the Group’s revenues is as follows:

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Sales of goods (point in time) | 91,998 | 92,592 |
| Services | 16,073 | 14,658 |
| Construction contracts (over time) | 9,265 | 9,479 |
|  | 117,336 | 116,729 |

6

Business and Geographical Segments

Business segments

Operational segments are identified on the basis of internal reports about the Group’s components that are reviewed by the

chief operational decision maker of the Group (“CODM”), the CEO of the Company, for the purpose of allocating resources

and evaluating the performance of the operational segments. Information reported to the CODM for the purpose of resource

allocation and assessment of segment performance focuses on the types of goods or services delivered or provided and the

operating profit.

The principal products and services of each of these segments are as follows: Networking – marketing, research and

development of data communication products, which includes high-performance connectivity solutions for the network

edge, including the Edgility open edge software platform that enables the deployment and life-cycle management of apps,

network functions and compute devices at the edge of the network, and a broad portfolio of carrier grade switching and

routing hardware and software products. Cyber – provision of integrated hardware and software solutions for network

encryption, including hardware security modules (HSMs). Diagnostics – mainly engaged in sales and distribution of in vitro

diagnostics reagents and instruments, including the development and production of proprietary products. Its proprietary

products are focused on molecular diagnostics by test type and infectious disease by application area. Non-core – mainly

the distribution of pharmaceutical and environmental monitoring products and diagnostic tests, and the production of eco-

friendly pathogenic waste treatment solutions for medical, agricultural and pharmaceutical applications.

A. Segment revenues and segment results

Year ended 31 December 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Networking | Cyber | Diagnostics | Non-core | Total |
|  | $’000s | $’000s | $’000s | $’000s | $’000s |
| Revenues from external customers | 8,550 | 13,131 | 38,617 | 57,038 | 117,336 |
| Gross profit | 4,139 | 5,387 | 10,733 | 16,541 | 36,800 |
| Operating profit (loss) | (4,693) | 2,898 | (1,721) | (1,145) | (4,661) |
| Net finance expenses |  |  |  |  | (722) |
| Loss before tax |  |  |  |  | (5,383) |

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

81

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

Year ended 31 December 2023

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Networking | Cyber | Diagnostics | Non-core | Total |
|  | $’000s | $’000s | $’000s | $’000s | $’000s |
| Revenues from external customers | 19,800 | 10,346 | 33,342 | 53,241 | 116,729 |
| Gross profit | 8,967 | 4,222 | 10,293 | 14,822 | 38,304 |
| Operating profit (loss) | (224) | 1,496 | 334 | 1,125 | 2,731 |
| Net finance income |  |  |  |  | 41 |
| Profit before tax |  |  |  |  | 2,772 |

Included in revenues from the Cyber division are revenues of approximately $12.9 million (2023: $10.3 million) from

sales to a single customer. No customer contributed 10% or more to the Group's revenue in 2023, and no other

customer contributed 10% or more in 2024.

B. Segment assets, liabilities and other information

As at 31 December 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Networking | Cyber | Diagnostics | Non-core | Total |
|  | $’000s | $’000s | $’000s | $’000s | $’000s |
| Assets excluding cash & cash equivalents | 26,316 | 4,257 | 60,931 | 26,090 | 117,594 |
| Liabilities | 7,502 | 4,785 | 23,598 | 20,297 | 56,182 |
| Depreciation and amortisation | 1,013 | 203 | 2,157 | 1,595 | 4,968 |
| Additions to non-current assets | 2,489 | 311 | 1,742 | 2,604 | 7,146 |

As at 31 December 2023

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Networking | Cyber | Diagnostics | Non-core | Total |
|  | $’000s | $’000s | $’000s | $’000s | $’000s |
| Assets excluding cash & cash equivalents | 27,063 | 5,476 | 58,396 | 42,928 | 133,863 |
| Liabilities | 8,863 | 5,926 | 21,350 | 19,052 | 55,191 |
| Depreciation and amortisation | 1,091 | 189 | 1,822 | 1,578 | 4,680 |
| Additions to non-current assets | 2,884 | 204 | 1,692 | 2,371 | 7,151 |

C. Revenue from major products and services

The following is an analysis of the Group’s revenue from operations from its major products and services.

|  |  |  |
| --- | --- | --- |
| Year ended 31 December | 2024 | 2023 |
|  | $’000s | $’000s |
| Networking and cyber products | 17,009 | 24,093 |
| Software services | 4,672 | 6,053 |
| Diagnostic  medical products and services | 38,617 | 33,342 |
| Non-core | 57,038 | 53,241 |
|  | 117,336 | 116,729 |

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_82{
fill: #5585B3;
}
.g1_82{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g2_82{
fill: #CEDCE9;
}
.g3_82{
fill: none;
stroke: #231F20;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<path d="M65,194.9H844.5v-39H65v39Z" class="g0_82"/>
<path d="M73.6,1206.5H835.8" class="g1_82"/>
<path d="M351.2,277.3h99.6v47.4H351.2V277.3Zm99.6,0h99.6v47.4H450.8V277.3Zm99.6,0H650v47.4H550.4V277.3Zm99.6,0h99.6v47.4H650V277.3Zm99.6,0h95.3v47.4H749.6V277.3Z" class="g2_82"/>
<path d="M108.3,277.3H351.2m-242.6,47V277.6m-.3,47.1H351.2M108.6,347.8V325.1m242.6,22.7V325.1m99.6,22.7V325.1m99.6,22.7V325.1M650,347.8V325.1m99.6,22.7V325.1m95.3,22.7V325.1M108.3,348.2H351.2M108.6,371.4V348.6m242.6,-.4h99.6m-99.6,23.2V348.6m99.6,-.4h99.6m-99.6,23.2V348.6m99.6,-.4H650m-99.6,23.2V348.6m99.6,-.4h99.6M650,371.4V348.6m99.6,-.4h95.7m-95.7,23.2V348.6m95.3,22.8V348.6M108.3,371.7H351.2M108.6,394.9V372.1m242.6,-.4h99.6m-99.6,23.2V372.1m99.6,-.4h99.6m-99.6,23.2V372.1m99.6,-.4H650m-99.6,23.2V372.1m99.6,-.4h99.6M650,394.9V372.1m99.6,-.4h95.7m-95.7,23.2V372.1m95.3,22.8V372.1M108.3,395.2H351.2M108.6,418.4V395.6m242.6,-.4h99.6m-99.6,23.2V395.6m99.6,-.4h99.6m-99.6,23.2V395.6m99.6,-.4H650m-99.6,23.2V395.6m99.6,-.4h99.6M650,418.4V395.6m99.6,-.4h95.7m-95.7,23.2V395.6m95.3,22.8V395.6M108.3,418.8H351.2M108.6,441.9V419.1m242.6,-.3h99.6m-99.6,23.1V419.1m99.6,-.3h99.6m-99.6,23.1V419.1m99.6,-.3H650m-99.6,23.1V419.1m99.6,-.3h99.6M650,441.9V419.1m99.6,-.3h95.7m-95.7,23.1V419.1m95.3,22.8V419.1M108.3,442.3H351.2m0,0h99.6m0,0h99.6m0,0H650m0,0h99.6m0,0h95.7M450.8,324.3V277.6m99.6,46.7V277.6M650,324.3V277.6m99.6,46.7V277.6m-398.4,-.3h99.6m-99.6,47V277.6m99.6,-.3h99.6m0,0H650m0,0h99.6m0,0h95.7m-.4,47V277.6M351.2,324.7h99.6m0,0h99.6m0,0H650m0,0h99.6m0,0h95.7" class="g3_82"/>
<path d="M351.2,483h99.6v47.5H351.2V483Zm99.6,0h99.6v47.5H450.8V483Zm99.6,0H650v47.5H550.4V483Zm99.6,0h99.6v47.5H650V483Zm99.6,0h95.3v47.5H749.6V483Z" class="g2_82"/>
<path d="M108.3,483H351.2M108.6,530.1V483.4m-.3,47.1H351.2M108.6,553.6V530.9m242.6,22.7V530.9m99.6,22.7V530.9m99.6,22.7V530.9M650,553.6V530.9m99.6,22.7V530.9m95.3,22.7V530.9M108.3,554H351.2M108.6,577.1V554.4M351.2,554h99.6m-99.6,23.1V554.4m99.6,-.4h99.6m-99.6,23.1V554.4m99.6,-.4H650m-99.6,23.1V554.4M650,554h99.6M650,577.1V554.4m99.6,-.4h95.7m-95.7,23.1V554.4m95.3,22.7V554.4M108.3,577.5H351.2M108.6,600.6V577.9m242.6,-.4h99.6m-99.6,23.1V577.9m99.6,-.4h99.6m-99.6,23.1V577.9m99.6,-.4H650m-99.6,23.1V577.9m99.6,-.4h99.6M650,600.6V577.9m99.6,-.4h95.7m-95.7,23.1V577.9m95.3,22.7V577.9M108.3,601H351.2M108.6,624.1V601.4M351.2,601h99.6m-99.6,23.1V601.4m99.6,-.4h99.6m-99.6,23.1V601.4m99.6,-.4H650m-99.6,23.1V601.4M650,601h99.6M650,624.1V601.4m99.6,-.4h95.7m-95.7,23.1V601.4m95.3,22.7V601.4M108.3,624.5H351.2M108.6,647.7V624.9m242.6,-.4h99.6m-99.6,23.2V624.9m99.6,-.4h99.6m-99.6,23.2V624.9m99.6,-.4H650m-99.6,23.2V624.9m99.6,-.4h99.6M650,647.7V624.9m99.6,-.4h95.7m-95.7,23.2V624.9m95.3,22.8V624.9M108.3,648H351.2m0,0h99.6m0,0h99.6m0,0H650m0,0h99.6m0,0h95.7M450.8,530.1V483.4m99.6,46.7V483.4M650,530.1V483.4m99.6,46.7V483.4M351.2,483h99.6m-99.6,47.1V483.4m99.6,-.4h99.6m0,0H650m0,0h99.6m0,0h95.7m-.4,47.1V483.4M351.2,530.5h99.6m0,0h99.6m0,0H650m0,0h99.6m0,0h95.7" class="g3_82"/>
<path d="M108.6,775.1H290.5v26H108.6v-26Zm181.9,0H567.7v26H290.5v-26Zm277.2,0H844.9v26H567.7v-26Zm-277.2,26H429.1v23.5H290.5V801.1Zm138.6,0H567.7v23.5H429.1V801.1Zm138.6,0H706.3v23.5H567.7V801.1Zm138.6,0H844.9v23.5H706.3V801.1Z" class="g2_82"/>
<path d="M108.3,775.1H290.5M108.6,800.7V775.5m181.9,-.4H429.1M290.5,800.7V775.5m138.6,-.4H567.7m0,0H706.3M567.7,800.7V775.5m138.6,-.4h139m-.4,25.6V775.5M108.3,801.1H290.5M108.6,824.2V801.5m181.9,-.4H429.1M290.5,824.2V801.5m138.6,-.4H567.7M429.1,824.2V801.5m138.6,-.4H706.3M567.7,824.2V801.5m138.6,-.4h139m-139,23.1V801.5m138.6,22.7V801.5M108.3,824.6H290.5M108.6,847.7V825m181.9,-.4H429.1M290.5,847.7V825m138.6,-.4H567.7M429.1,847.7V825m138.6,-.4H706.3M567.7,847.7V825m138.6,-.4h139m-139,23.1V825m138.6,22.7V825M108.3,848.1H290.5M108.6,871.3V848.5m181.9,-.4H429.1M290.5,871.3V848.5m138.6,-.4H567.7M429.1,871.3V848.5m138.6,-.4H706.3M567.7,871.3V848.5m138.6,-.4h139m-139,23.2V848.5m138.6,22.8V848.5M108.3,871.6H290.5M108.6,894.8V872m181.9,-.4H429.1M290.5,894.8V872m138.6,-.4H567.7M429.1,894.8V872m138.6,-.4H706.3M567.7,894.8V872m138.6,-.4h139m-139,23.2V872m138.6,22.8V872M108.3,895.1H290.5M108.6,918.3V895.5m181.9,-.4H429.1M290.5,918.3V895.5m138.6,-.4H567.7M429.1,918.3V895.5m138.6,-.4H706.3M567.7,918.3V895.5m138.6,-.4h139m-139,23.2V895.5m138.6,22.8V895.5M108.3,918.7H290.5m0,0H429.1m0,0H567.7m0,0H706.3m0,0h139" class="g3_82"/>
<path d="M108.6,982.6H416.1v26H108.6v-26Zm307.5,0h428v26h-428v-26Zm-307.5,26H416.1v43.3H108.6v-43.3Zm307.5,0H632.7v43.3H416.1v-43.3Zm216.6,0H844.1v43.3H632.7v-43.3Z" class="g2_82"/>
<path d="M108.3,982.6H416.1m-307.5,25.6V983m307.5,-.4H632.7m-216.6,25.6V983m216.6,-.4H844.5m-.4,25.6V983m-735.8,25.6H416.1m-307.5,42.9V1009m307.5,-.4H632.7m-216.6,42.9V1009m216.6,-.4H844.5m-211.8,42.9V1009m211.4,42.5V1009m-735.8,42.9H416.1M108.6,1075v-22.7m307.5,-.4H632.7M416.1,1075v-22.7m216.6,-.4H844.5M632.7,1075v-22.7M844.1,1075v-22.7m-735.8,23.1H416.1m-307.5,23.1v-22.7m307.5,-.4H632.7m-216.6,23.1v-22.7m216.6,-.4H844.5m-211.8,23.1v-22.7m211.4,22.7v-22.7m-735.8,23.1H416.1M108.6,1122v-22.7m307.5,-.4H632.7M416.1,1122v-22.7m216.6,-.4H844.5M632.7,1122v-22.7M844.1,1122v-22.7m-735.8,23.1H416.1m-307.5,23.2v-22.8m307.5,-.4H632.7m-216.6,23.2v-22.8m216.6,-.4H844.5m-211.8,23.2v-22.8m211.4,22.8v-22.8m-735.8,23.1H416.1m-307.5,23.2v-22.8m307.5,-.4H632.7m-216.6,23.2v-22.8m216.6,-.4H844.5m-211.8,23.2v-22.8m211.4,22.8v-22.8m-735.8,23.1H416.1m-307.5,24.8v-24.4m307.5,-.4H632.7m-216.6,24.8v-24.4m216.6,-.4H844.5m-211.8,24.8v-24.4m211.4,24.4v-24.4m-735.8,24.8H416.1m0,0H632.7m0,0H844.5" class="g3_82"/>
</svg>)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

82

ANNUAL REPORT & ACCOUNTS 2024

D. Revenue from major sources

Year ended 31 December 2024

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Networking | Cyber | Diagnostics | Non-core | Total |
|  | $’000s | $’000s | $’000s | $’000s | $’000s |
| Sales of goods (point in time) | 5,568 | 3,866 | 34,275 | 48,289 | 91,998 |
| Services (over time) | 2,982 | - | - | - | 2,982 |
| Services (point in time) | - | - | 4,342 | 8,749 | 13,091 |
| Construction contracts (over time) | - | 9,265 | - | - | 9,265 |
|  | 8,550 | 13,131 | 38,617 | 57,038 | 117,336 |

Year ended 31 December 2023

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Networking | Cyber | Diagnostics | Non-core | Total |
|  | $’000s | $’000s | $’000s | $’000s | $’000s |
| Sales of goods (point in time) | 16,488 | 775 | 29,793 | 45,536 | 92,592 |
| Services (over time) | 3,312 | - | - | - | 3,312 |
| Services (point in time) | - | 92 | 3,549 | 7,705 | 11,346 |
| Construction contracts (over time) | - | 9,479 | - | - | 9,479 |
|  | 19,800 | 10,346 | 33,342 | 53,241 | 116,729 |

The cumulative revenue related to construction contracts, which has not yet been recognised, totals $15.4 million.

E. Geographical information

The Group operates in three principal geographical areas: the United States of America, Israel and Europe. The Group’s

revenue from external customers and information about its segment assets by geographical location are presented by

the location of operations and are detailed below:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| $’000s | Revenue from external customers | | Non-current assets | |
|  | 2024 | 2023 | 2024 | 2023 |
| Area A | 87,554 | 79,324 | 32,529 | 44,841 |
| Area B | 22,654 | 26,535 | 11,061 | 12,607 |
| Area C | 7,128 | 10,870 | 2,302 | 2,242 |
| Total | 117,336 | 116,729 | 45,892 | 59,690 |

7

Cost of revenues

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Direct costs – Components and subcontractors | 75,368 | 76,071 |
| Changes in inventory | (435) | (3,565) |
| Salaries and related benefits | 2,552 | 2,641 |
| Overheads and depreciation | 2,493 | 2,672 |
| Other expenses | 558 | 606 |
|  | 80,536 | 78,425 |

![](data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiIHN0YW5kYWxvbmU9Im5vIj8+CjwhRE9DVFlQRSBzdmcgUFVCTElDICItLy9XM0MvL0RURCBTVkcgMS4xLy9FTiIKImh0dHA6Ly93d3cudzMub3JnL0dyYXBoaWNzL1NWRy8xLjEvRFREL3N2ZzExLmR0ZCI+Cjxzdmcgdmlld0JveD0iMCAwIDkwOSAxMjg2IiB2ZXJzaW9uPSIxLjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiPgo8ZGVmcz4KPHN0eWxlIHR5cGU9InRleHQvY3NzIj48IVtDREFUQVsKLmcwXzgzewpmaWxsOiAjNTU4NUIzOwp9Ci5nMV84M3sKZmlsbDogbm9uZTsKc3Ryb2tlOiAjMEM1MTkyOwpzdHJva2Utd2lkdGg6IDAuNzYzOwp9Ci5nMl84M3sKZmlsbDogI0NFRENFOTsKfQouZzNfODN7CmZpbGw6IG5vbmU7CnN0cm9rZTogIzIzMUYyMDsKc3Ryb2tlLXdpZHRoOiAwLjc2MzsKc3Ryb2tlLW1pdGVybGltaXQ6IDEwOwp9Cl1dPjwvc3R5bGU+CjwvZGVmcz4KPHBhdGggZD0iTTY1LDE5NC45SDg0NC41di0zOUg2NXYzOVoiIGNsYXNzPSJnMF84MyIvPgo8cGF0aCBkPSJNNzMuNiwxMjA2LjVIODM1LjgiIGNsYXNzPSJnMV84MyIvPgo8cGF0aCBkPSJNMTA4LjYsMjUyLjZINDE2LjF2MjZIMTA4LjZ2LTI2Wm0zMDcuNSwwaDQyOHYyNmgtNDI4di0yNlptLTMwNy41LDI2SDQxNi4xdjQzLjFIMTA4LjZWMjc4LjZabTMwNy41LDBINjMyLjd2NDMuMUg0MTYuMVYyNzguNlptMjE2LjYsMEg4NDQuMXY0My4xSDYzMi43VjI3OC42WiIgY2xhc3M9ImcyXzgzIi8+CjxwYXRoIGQ9Ik00MTYuMSwyNzguMlYyNTNNMTA4LjMsMjc4LjZINDE2LjFtMCwwSDYzMi43TTQxNi4xLDMyMS4zVjI3OW0yMTYuNiwtLjRIODQ0LjVNNjMyLjcsMzIxLjNWMjc5TTEwOC42LDM0Ny4zVjMyMi4xbTMwNy41LDI1LjJWMzIyLjFtMjE2LjYsMjUuMlYzMjIuMW0yMTEuNCwyNS4yVjMyMi4xTTEwOC4zLDM0Ny43SDQxNi4xTTEwOC42LDM3My4zVjM0OC4xbTMwNy41LC0uNEg2MzIuN000MTYuMSwzNzMuM1YzNDguMW0yMTYuNiwtLjRIODQ0LjVNNjMyLjcsMzczLjNWMzQ4LjFtMjExLjQsMjUuMlYzNDguMU0xMDguMywzNzMuN0g0MTYuMU0xMDguNiwzOTkuM1YzNzQuMW0zMDcuNSwtLjRINjMyLjdNNDE2LjEsMzk5LjNWMzc0LjFtMjE2LjYsLS40SDg0NC41TTYzMi43LDM5OS4zVjM3NC4xbTIxMS40LDI1LjJWMzc0LjFNMTA4LjMsMzk5LjdINDE2LjFNMTA4LjYsNDI1LjNWNDAwbTMwNy41LC0uM0g2MzIuN000MTYuMSw0MjUuM1Y0MDBtMjE2LjYsLS4zSDg0NC41TTYzMi43LDQyNS4zVjQwMG0yMTEuNCwyNS4zVjQwME0xMDguMyw0MjUuNkg0MTYuMU0xMDguNiw0NTEuMlY0MjZtMzA3LjUsLS40SDYzMi43TTQxNi4xLDQ1MS4yVjQyNm0yMTYuNiwtLjRIODQ0LjVNNjMyLjcsNDUxLjJWNDI2bTIxMS40LDI1LjJWNDI2TTEwOC4zLDQ1MS42SDQxNi4xTTEwOC42LDQ3Ny4yVjQ1Mm0zMDcuNSwtLjRINjMyLjdNNDE2LjEsNDc3LjJWNDUybTIxNi42LC0uNEg4NDQuNU02MzIuNyw0NzcuMlY0NTJtMjExLjQsMjUuMlY0NTJNMTA4LjMsNDc3LjZINDE2LjFNMTA4LjYsNTAzLjJWNDc4bTMwNy41LC0uNEg2MzIuN000MTYuMSw1MDMuMlY0NzhtMjE2LjYsLS40SDg0NC41TTYzMi43LDUwMy4yVjQ3OG0yMTEuNCwyNS4yVjQ3OE0xMDguMyw1MDMuNkg0MTYuMW0wLDBINjMyLjdtMCwwSDg0NC41TTEwOC4zLDI1Mi42SDQxNi4xTTEwOC42LDI3OC4yVjI1M20zMDcuNSwtLjRINjMyLjdtMCwwSDg0NC41bS0uNCwyNS42VjI1M00xMDguNiwzMjEuM1YyNzltNzM1LjUsNDIuM1YyNzlNMTA4LjMsMzIxLjdINDE2LjFtMCwwSDYzMi43bTAsMEg4NDQuNSIgY2xhc3M9ImczXzgzIi8+CjxwYXRoIGQ9Ik0xMDguNiw1NjMuNEg0MTYuMXYyNkgxMDguNnYtMjZabTMwNy41LDBoNDI4djI2aC00Mjh2LTI2Wm0tMzA3LjUsMjZINDE2LjF2NDMuMkgxMDguNlY1ODkuNFptMzA3LjUsMEg2MzIuN3Y0My4ySDQxNi4xVjU4OS40Wm0yMTYuNiwwSDg0NC4xdjQzLjJINjMyLjdWNTg5LjRaIiBjbGFzcz0iZzJfODMiLz4KPHBhdGggZD0iTTEwOC4zLDU2My40SDQxNi4xTTEwOC42LDU4OS4xVjU2My44bTMwNy41LC0uNEg2MzIuN000MTYuMSw1ODkuMVY1NjMuOG0yMTYuNiwtLjRIODQ0LjVtLS40LDI1LjdWNTYzLjhNMTA4LjMsNTg5LjRINDE2LjFNMTA4LjYsNjMyLjJWNTg5LjhtMzA3LjUsLS40SDYzMi43TTQxNi4xLDYzMi4yVjU4OS44bTIxNi42LC0uNEg4NDQuNU02MzIuNyw2MzIuMlY1ODkuOG0yMTEuNCw0Mi40VjU4OS44TTEwOC4zLDYzMi42SDQxNi4xTTEwOC42LDY1OC4yVjYzMi45bTMwNy41LC0uM0g2MzIuN000MTYuMSw2NTguMlY2MzIuOW0yMTYuNiwtLjNIODQ0LjVNNjMyLjcsNjU4LjJWNjMyLjltMjExLjQsMjUuM1Y2MzIuOU0xMDguMyw2NTguNUg0MTYuMU0xMDguNiw2ODQuMVY2NTguOW0zMDcuNSwtLjRINjMyLjdNNDE2LjEsNjg0LjFWNjU4LjltMjE2LjYsLS40SDg0NC41TTYzMi43LDY4NC4xVjY1OC45bTIxMS40LDI1LjJWNjU4LjlNMTA4LjMsNjg0LjVINDE2LjFNMTA4LjYsNzEwLjFWNjg0LjltMzA3LjUsLS40SDYzMi43TTQxNi4xLDcxMC4xVjY4NC45bTIxNi42LC0uNEg4NDQuNU02MzIuNyw3MTAuMVY2ODQuOW0yMTEuNCwyNS4yVjY4NC45TTEwOC4zLDcxMC41SDQxNi4xTTEwOC42LDczNi4xVjcxMC45bTMwNy41LC0uNEg2MzIuN000MTYuMSw3MzYuMVY3MTAuOW0yMTYuNiwtLjRIODQ0LjVNNjMyLjcsNzM2LjFWNzEwLjltMjExLjQsMjUuMlY3MTAuOU0xMDguMyw3MzYuNUg0MTYuMU0xMDguNiw3NjIuMVY3MzYuOW0zMDcuNSwtLjRINjMyLjdNNDE2LjEsNzYyLjFWNzM2LjltMjE2LjYsLS40SDg0NC41TTYzMi43LDc2Mi4xVjczNi45bTIxMS40LDI1LjJWNzM2LjlNMTA4LjMsNzYyLjVINDE2LjFNMTA4LjYsODAzLjl2LTQxbTMwNy41LC0uNEg2MzIuN000MTYuMSw4MDMuOXYtNDFtMjE2LjYsLS40SDg0NC41TTYzMi43LDgwMy45di00MW0yMTEuNCw0MXYtNDFNMTA4LjMsODA0LjNINDE2LjFtMCwwSDYzMi43bTAsMEg4NDQuNSIgY2xhc3M9ImczXzgzIi8+CjxwYXRoIGQ9Ik0xMDguNiw5NTkuNEg0MjAuNXYyNkgxMDguNnYtMjZabTMxMS45LDBIODQ0Ljl2MjZINDIwLjV2LTI2Wm0tMzExLjksMjZINDIwLjV2NDMuMUgxMDguNlY5ODUuNFptMzExLjksMEg2MzIuN3Y0My4xSDQyMC41Vjk4NS40Wm0yMTIuMiwwSDg0NC45djQzLjFINjMyLjdWOTg1LjRaIiBjbGFzcz0iZzJfODMiLz4KPHBhdGggZD0iTTEwOC4zLDk1OS40SDQyMC41TTEwOC42LDk4NVY5NTkuOG0zMTEuOSwtLjRINjMyLjdNNDIwLjUsOTg1Vjk1OS44bTIxMi4yLC0uNEg4NDUuM20tLjQsMjUuNlY5NTkuOE0xMDguMyw5ODUuNEg0MjAuNW0tMzExLjksNDIuN1Y5ODUuOG0zMTEuOSwtLjRINjMyLjdtLTIxMi4yLDQyLjdWOTg1LjhtMjEyLjIsLS40SDg0NS4zbS0yMTIuNiw0Mi43Vjk4NS44bTIxMi4yLDQyLjNWOTg1LjhtLTczNi42LDQyLjdINDIwLjVtLTMxMS45LDI1LjZ2LTI1LjJtMzExLjksLS40SDYzMi43bS0yMTIuMiwyNS42di0yNS4ybTIxMi4yLC0uNEg4NDUuM20tMjEyLjYsMjUuNnYtMjUuMm0yMTIuMiwyNS4ydi0yNS4ybS03MzYuNiwyNS42SDQyMC41bS0zMTEuOSwyNS42di0yNS4ybTMxMS45LC0uNEg2MzIuN20tMjEyLjIsMjUuNnYtMjUuMm0yMTIuMiwtLjRIODQ1LjNtLTIxMi42LDI1LjZ2LTI1LjJtMjEyLjIsMjUuMnYtMjUuMm0tNzM2LjYsMjUuNkg0MjAuNW0tMzExLjksMjUuNnYtMjUuMm0zMTEuOSwtLjRINjMyLjdtLTIxMi4yLDI1LjZ2LTI1LjJtMjEyLjIsLS40SDg0NS4zbS0yMTIuNiwyNS42di0yNS4ybTIxMi4yLDI1LjJ2LTI1LjJtLTczNi42LDI1LjZINDIwLjVtLTMxMS45LDI1LjZ2LTI1LjJtMzExLjksLS40SDYzMi43bS0yMTIuMiwyNS42di0yNS4ybTIxMi4yLC0uNEg4NDUuM20tMjEyLjYsMjUuNnYtMjUuMm0yMTIuMiwyNS4ydi0yNS4ybS03MzYuNiwyNS42SDQyMC41bS0zMTEuOSwyNS42di0yNS4zbTMxMS45LC0uM0g2MzIuN20tMjEyLjIsMjUuNnYtMjUuM20yMTIuMiwtLjNIODQ1LjNtLTIxMi42LDI1LjZ2LTI1LjNtMjEyLjIsMjUuM3YtMjUuM20tNzM2LjYsMjUuNkg0MjAuNU0xMDguNiwxMTg0di0yNS4ybTMxMS45LC0uNEg2MzIuN000MjAuNSwxMTg0di0yNS4ybTIxMi4yLC0uNEg4NDUuM002MzIuNywxMTg0di0yNS4yTTg0NC45LDExODR2LTI1LjJtLTczNi42LDI1LjZINDIwLjVtMCwwSDYzMi43bTAsMEg4NDUuMyIgY2xhc3M9ImczXzgzIi8+Cjwvc3ZnPg==)

83

ANNUAL REPORT & ACCOUNTS 2024

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

8

Sales and marketing expenses

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Salaries and related benefits | 12,750 | 12,000 |
| Commissions | 612 | 603 |
| Outside services | 494 | 395 |
| Advertising and sales promotion | 972 | 1,174 |
| Overheads and depreciation | 3,055 | 2,674 |
| Travelling and other expenses | 1,699 | 1,415 |
|  | 19,582 | 18,261 |

9

General and administrative expenses

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Salaries and related benefits | 7,347 | 7,797 |
| Professional services(\*) | 1,896 | 2,462 |
| Overheads and depreciation | 1,637 | 1,729 |
| Other expenses | 1,910 | 2,036 |
|  | 12,790 | 14,024 |
| (\*) Including auditors’ remuneration for audit |  |  |
| services | 327 | 332 |

Amounts payable to the auditors by the Group undertakings in respect of non-audit services in 2024 were $34 thousand

(2023: $33 thousand). In addition, payables in respect of non-audit services to other than the Company’s auditors, for tax and

internal audit services in 2024, were $19 thousand and $25 thousand, respectively (2023: for tax and internal audit services

$70 thousand and $56 thousand, respectively).

10

Research and development expenses

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Salaries and related benefits | 2,704 | 2,824 |
| Components and subcontractors | 1,655 | 1,264 |
| Overheads and depreciation | 623 | 536 |
| Other expenses | 194 | 321 |
| Government grants | (540) | (502) |
|  | 4,636 | 4,443 |

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

84

ANNUAL REPORT & ACCOUNTS 2024

11

Staff costs

The average monthly number of employees in 2024 (including executive directors) was 867 (2023: 897).

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Wages and salaries | 24,411 | 22,954 |
| Share-based payments | 942 | 2,308 |
|  | 25,353 | 25,262 |

12

Other operating expenses (income)

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Impairment of goodwill  (1)  and intangible assets | 6,809 | - |
| Gain from disposal of property | (263) | (83) |
| Change in liabilities | (2,074) | (860) |
| Amortisation of intangible assets | 84 | 94 |
| Other | (103) | (306) |
|  | 4,453 | (1,155) |

(1)

See note 25 in relation to impairment of goodwill

13

Finance income

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Interest on bank deposits and other | 421 | 1,028 |
| Gain on financial assets at FVTPL | 244 | 301 |
|  | 665 | 1,329 |

14

Finance expenses

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Interest on loans and bank fees | (643) | (605) |
| Interest expense on liabilities | (744) | (683) |
|  | (1,387) | (1,288) |

![](data:image/svg+xml;base64,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)

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

85

15

Income tax expenses

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Current tax | (1,307) | (1,008) |
| Tax on previous years | (474) | 20 |
| Deferred tax (note 29) | 53 | 212 |
|  | (1,728) | (776) |

Taxation under various laws:

Israel

The Company is an “industrial company” as defined in the Israeli Law for the Encouragement of Industry (Taxes) 1969.

1.

The corporate income tax rate for the years 2023 and 2024 is 23%.

2.

Encouragement of Capital Investments Law:

a. The corporate tax rate for each company with Preferred Enterprise status for the years 2023 and 2024 is 7.5%.

b.

Including additional tax tracks for Preferred Technological Enterprise (tax rate of 7.5% in Area “A” and tax rate of 12%

in Area “Other”) and for special Preferred Technological Enterprise (tax rate of 6%).

c.

Determining relief of the threshold conditions to enter the track of “Special Preferred Enterprise” relevant for huge

companies (tax rates of 5% in Area “A” or 8% in the Area “Other”).

The Company has Preferred Enterprise status in Area A and its Israeli subsidiaries are being assessed according to the

corporate income tax rate.

The Company and its Israeli subsidiaries have tax loss carry-forwards of $133.1 million for which the Group did not create

deferred tax assets. According to the Israeli tax law there is no expiry date to use such losses.

The Company tax assessments for the years up to and including the 2019 tax year are considered as final.

The United States of America

Telco Systems incurred losses for tax purposes. In addition, in accordance with U.S. tax law, Telco Systems elected to

amortise a substantial part of the excess cost paid by the Company in its acquisition over a period of 15 years, which has

resulted in tax loss carry-forwards. According to U.S. law, losses created until 2017 can be carried forward for 20 years.

As of 31 December 2024, the total carry-forward losses of Telco Systems amounted to $196.2 million of which deferred

tax assets of $3.1 million have been recognised in respect of such losses to the extent that a sufficient taxable profit will

be available in the foreseeable future.

The corporate income tax for the years 2024 and 2023 is 21%.

Other jurisdictions

Taxation for other jurisdictions than those mentioned above is calculated at the rates prevailing in the respective

jurisdictions. The corporate income tax rate for subsidiaries with significant sales are: Moldova is 12%, Romania is 16%

and Italy is 27.9%.

The Group has tax loss carry-forwards of $8.4 million in European subsidiaries and the Group did not recognise deferred

tax assets in respect of $7.4 million of such losses.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

86

The income tax expenses for the year can be reconciled to the profit per the consolidated statement of profit or loss as

follows:

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Profit (loss) before tax | (5,383) | 2,772 |
| Tax expense at the Israeli statutory corporate income tax rate of 23% | (1,238) | 619 |
| Current year losses for which no deferred tax assets were recognised | 1,653 | 622 |
| Differences between statutory tax in Israel (23%) and subsidiaries tax rate | 699 | (246) |
| Impairment of goodwill and intangible assets | 479 | - |
| Tax losses utilised in current period for which no deferred tax assets have | (123) | (204) |
| been recognised |
| Deferred tax assets recognised | -- | (199) |
| Tax on previous years | 474 | (20) |
| Other | (216) | 204 |
| Tax expenses for the year | 1,728 | 776 |

16

Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
| Earnings (loss) from continuing operations for the purposes of basic and | (7,498) | 1,181 |
| diluted earnings per share ($’000s) attributable to Owners of the Company |
| Loss from discontinued operations for the purposes of basic and diluted | (14,798) | (1,374) |
| earnings per share ($’000s) attributable to Owners of the Company |
| Number of shares |  |  |
| Weighted average number of ordinary shares for the purposes of basic | 436,259,446 | 436,051,454 |
| earnings per share |
| Effect of dilutive potential ordinary shares | 1,192,389 | 766,993 |
| Weighted average number of ordinary shares for the purposes of |  |  |
| calculation of diluted earnings per share | 437,451,835 | 436,818,447 |

The number of dilutive instruments that could potentially dilute basic earnings per share in the future, but were not

included in the calculation of diluted earnings per share because they are antidilutive for the year, is 29,020,965 (2023:

25,049,219).

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

87

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

17

Short-term investment in deposits and other securities

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Interest-bearing deposits | 174 | 281 |
| Financial assets at FVTPL | 5,498 | 8,144 |
|  | 5,672 | 8,425 |

The average interest rate of deposits as of 31 December 2024 and 2023 are 4.0% and 4.0% respectively.

18

Trade and other receivables

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
| Trade and other receivables | $’000s | $’000s |
| Trade receivable account | 19,384 | 21,806 |
| Prepaid expenses & Deposits | 3,438 | 3,898 |
| Construction contracts (see following table) | 1,298 | 2,528 |
| Government authorities | 1,478 | 1,217 |
| Other debtors | 4,016 | 1,770 |
|  | 29,614 | 31,219 |

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
| Construction contracts | $’000s | $’000s |
| Composition: |  |  |
| Cumulative costs incurred | 18,212 | 18,232 |
| In addition - Recognised profits | 1,111 | 2,306 |
| Less accounts submitted to project customers | (18,025) | (18,010) |
|  | 1,298 | 2,528 |

No interest is charged on the receivables. A net reversal of allowance has been made at 31 December 2024 for estimated

irrecoverable amounts from the sale of goods of $2,997 thousand (2023: allowance of $3,215 thousand), including a loss

allowance for expected credit losses according to IFRS 9. The directors consider that the carrying amount of trade and

other receivables approximates their fair value.

As of 31 December 2024, trade receivable account includes amounts of $10.9 million for which the maturity date has

expired (including a receivable in the amount of $2.5 million that is overdue by more than a year), but the Group, based on

past experience and on the credit quality of the debtors and given that a substantial part of the debts have been collected

by the date of the approval of this annual report, has not made an allowance for doubtful debts since the Company expects

that those debts are collectible.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

88

Credit risk

The Group’s principal financial assets are cash and cash equivalents, trade and other receivables, deposits and

investments at fair value. The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented

in the consolidated statements of financial position are net of allowances for credit loss.

19

Inventories

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Raw materials | 5,132 | 7,537 |
| Work-in-progress | 2,373 | 3,864 |
| Finished goods | 25,205 | 26,826 |
|  | 32,710 | 38,227 |

During 2024, a net of $0.1 million of slow-moving inventory was impaired and expensed to the profit or loss account

(2023: $0.1 million).

20

Discontinued operations

During the year, the Board resolved to dispose of the eco-med operation, which constitute part of the Group's non-core

segment. The operation, which is expected to be sold within 12 months, has been classified as a discontinued operation.

The comparative consolidated statement of profit or loss and the cash flow has been re-presented to show the discontinued

operation separately from the continuing operations.

During the reporting period, a claim with respect to the discontinued operation was pending regarding alleged breach

of contract to supply products and resulting damages. To the extent that the management, based on the advice of its

consultants, predicts that the claim may result in a required outflow of funds from the Group, the management, based

on the advice of its legal advisers, is of the opinion that an adequate provision was made in the financial statements.

The results of the discontinued operation are as follows:

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Revenues | 3,238 | 6,101 |
| Expenses\* | 13,962 | 7,412 |
| Loss from valuation of fair value less costs to sell | 4,065 | - |
| Pre-tax loss for the year attributable to discontinued operations | (14,789) | (1,311) |
| Tax expenses | 9 | 63 |
| Loss for the year attributable to discontinued operations | (14,798) | (1,374) |
| Other comprehensive income (expenses) for the year | (941) | 264 |
| Total comprehensive loss for the year | (15,739) | (1,110) |

\* During the year, the Company recorded impairments of inventory and other receivables from this operation totalling $5.6m.

![](data:image/svg+xml;base64,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)

89

ANNUAL REPORT & ACCOUNTS 2024

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

21

Held for sale

As part of the Group’s strategy to divest its non-core businesses, the Group’s Eco-med business and Provider of genetic

test operations, which are part of the Group’s non-core business, are presented as held for sale as the Group expects these

operations to be disposed within of 12 months.

Efforts to sell the disposal group held for sale operations have commenced, and significant progress was made towards the

disposal of one of the Group’s businesses for the distribution of genetic tests, Progenetics Ltd. The Group has entered into

an agreement, post year-end, to sell its entire shareholding in Progenetics. The transaction values Progenetics at NIS 14m

(c. $4m), of which BATM will receive approximately $2m in cash for its 51% shareholding.

Impairment losses relating to the disposal groups

Impairment losses of $5.1m for write-downs of the disposal group held for sale operations to the lower of its carrying

amount and its fair value less costs to sell have been recognised.

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | Provider of | Total |
|  | Eco-med | genetic tests | $’000s |
| Trade and other receivables | 1,136 | 705 | 1,841 |
| Property, plant and equipment | - | 17 | 17 |
| Right-of-use assets | 1,209 | - | 1,209 |
| Goodwill | - | 1,593 | 1,593 |
| Total assets classified as held for sale | 2,345 | 2,315 | 4,660 |
| Trade and other payables | 835 | 902 | 1,737 |
| Current maturities of lease liabilities | 286 | - | 286 |
| Long-term liabilities | 36 | - | 36 |
| Long-term lease liabilities | 919 | - | 919 |
| Total liabilities associated with assets classified as held for sale | 2,076 | 902 | 2,978 |

22

Property, plant and equipment

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Land & | Plant and | Motor | Furniture | Leasehold |  |
| ($’000s) | buildings | equipment | vehicles | & fittings | improvements | Total |
| Cost |  |  |  |  |  |  |
| At 1 January 2023 | 6,790 | 21,581 | 2,235 | 3,910 | 3,790 | 38,306 |
| Additions | 130 | 1,454 | 179 | 299 | 489 | 2,551 |
| Disposals | (17) | (340) | (135) | (21) | (176) | (689) |
| Effect of translation adjustment | 322 | 376 | 169 | 158 | 15 | 1,040 |
| At 1 January 2024 | 7,225 | 23,071 | 2,448 | 4,346 | 4,118 | 41,208 |
| Additions | - | 330 | 320 | 128 | 89 | 867 |
| Disposal | (460) | (114) | (380) | (37) | - | (991) |
| Classified as Held for Sale | (384) | (2,131) | (67) | (764) | (307) | (3,653) |
| Effect of translation adjustment | (371) | (683) | (200) | (172) | (90) | (1,516) |
| At 31 December 2024 | 6,010 | 20,473 | 2,121 | 3,501 | 3,810 | 35,915 |

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

90

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Furniture |  |  |
|  | Land and | Plant and | Motor | and | Leasehold | Total |
| ($’000s) | buildings | equipment | vehicles | fittings | improvements |  |
| Accumulated depreciation |  |  |  |  |  |  |
| At 1 January 2023 | 2,059 | 14,225 | 1,271 | 3,820 | 1,622 | 22,997 |
| Depreciation expense | 253 | 1,145 | 225 | 203 | 393 | 2,219 |
| Disposals | (3) | (333) | (106) | (19) | (110) | (571) |
| Effect of translation adjustment | 112 | 186 | 90 | 107 | 17 | 512 |
| At 1 January 2024 | 2,421 | 15,223 | 1,480 | 4,111 | 1,922 | 25,157 |
| Depreciation expense | 424 | 1,146 | 267 | 217 | 404 | 2,458 |
| Disposals | (133) | (38) | (191) | (26) | - | (388) |
| Impairment\* | 23 | 1,203 | 3 | - | - | 1,229 |
| Classified as Held for Sale | (384) | (2,116) | (66) | (761) | (307) | (3,634) |
| Effect of translation adjustment | (192) | (403) | (130) | (137) | (61) | (923) |
| At 31 December 2024 | 2,159 | 15,015 | 1,363 | 3,404 | 1,958 | 23,899 |
| Carrying amount |  |  |  |  |  |  |
| At 31 December 2024 | 3,851 | 5,458 | 758 | 97 | 1,852 | 12,016 |
| At 31 December 2023 | 4,804 | 7,848 | 968 | 235 | 2,196 | 16,051 |

\* Impairment related to assets which are part of disposal groups which were classified to held for sale

23

Investment property

Additional Information

Fair value disclosures for investment properties measured using the cost model

Details of the Group’s freehold land and buildings and information about the fair value hierarchy as at year end are as

follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 31 December 2024 | | 31 December 2023 | |
|  | At amortised cost | Fair value | At amortised cost | Fair value |
|  | $’000s | $’000s | $’000s | $’000s |
| Italy | 548 | 953 | 612 | 1,014 |

The fair value of the asset was determined based on the market comparable approach that reflects recent transaction

prices for similar properties, where the market rentals of all lettable units of the properties are assessed by reference

to the rentals achieved in the lettable units as well as other lettings of similar properties in the neighbourhood. The

capitalisation rate adopted is made by reference to the yield rates observed by the valuers for similar properties in the

locality and adjusted based on the valuers’ knowledge of the factors specific to the respective properties.

Average market price, taking into account the differences in location and individual factors, such as frontage and size,

between the comparables and the property, was $985 per square metre for the property in Italy.

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<style type="text/css"><![CDATA[
.g0_91{
fill: #5585B3;
}
.g1_91{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g2_91{
fill: #FFF;
}
.g3_91{
fill: none;
stroke: #231F20;
stroke-width: 0.381;
stroke-miterlimit: 10;
}
.g4_91{
fill: #CEDCE9;
}
.g5_91{
fill: none;
stroke: #231F20;
stroke-width: 0.763;
stroke-miterlimit: 10;
}
]]></style>
</defs>
<path d="M65,194.9H844.5v-39H65v39Z" class="g0_91"/>
<path d="M65,265.9H238.2M73.6,1206.5H835.8" class="g1_91"/>
<path d="M65,1199.6H844.5V220.9H65v978.7Z" class="g2_91"/>
<path d="M108.3,1026.2H358" class="g3_91"/>
<path d="M108.6,252.6H355.5v23.5H108.6V252.6Zm246.9,0H520.1v23.5H355.5V252.6Zm164.6,0h99.6v23.5H520.1V252.6Zm99.6,0H740.9v23.5H619.7V252.6Zm121.2,0h104v23.5h-104V252.6ZM108.6,276.1H844.9v23.5H108.6V276.1Z" class="g4_91"/>
<path d="M108.3,252.6H355.5M108.6,275.7V253m246.9,-.4H520.1M355.5,275.7V253m164.6,-.4h99.6m-99.6,23.1V253m99.6,-.4H740.9M619.7,275.7V253m121.2,-.4H845.3M740.9,275.7V253m104,22.7V253M108.3,276.1H355.5M108.6,299.2V276.5m246.9,-.4H520.1m0,0h99.6m0,0H740.9m0,0H845.3m-.4,23.1V276.5M108.3,299.6H355.5M108.6,327.1V300m246.9,-.4H520.1M355.5,327.1V300m164.6,-.4h99.6m-99.6,27.5V300m99.6,-.4H740.9M619.7,327.1V300m121.2,-.4H845.3M740.9,327.1V300m104,27.1V300M108.3,327.5H355.5M108.6,350.6V327.8m246.9,-.3H520.1M355.5,350.6V327.8m164.6,-.3h99.6m-99.6,23.1V327.8m99.6,-.3H740.9M619.7,350.6V327.8m121.2,-.3H845.3M740.9,350.6V327.8m104,22.8V327.8M108.3,351H355.5M108.6,374.1V351.4M355.5,351H520.1M355.5,374.1V351.4M520.1,351h99.6m-99.6,23.1V351.4m99.6,-.4H740.9M619.7,374.1V351.4M740.9,351H845.3M740.9,374.1V351.4m104,22.7V351.4M108.3,374.5H355.5M108.6,397.6V374.9m246.9,-.4H520.1M355.5,397.6V374.9m164.6,-.4h99.6m-99.6,23.1V374.9m99.6,-.4H740.9M619.7,397.6V374.9m121.2,-.4H845.3M740.9,397.6V374.9m104,22.7V374.9M108.3,398H355.5M108.6,421.1V398.4M355.5,398H520.1M355.5,421.1V398.4M520.1,398h99.6m-99.6,23.1V398.4m99.6,-.4H740.9M619.7,421.1V398.4M740.9,398H845.3M740.9,421.1V398.4m104,22.7V398.4M108.3,421.5H355.5M108.6,444.6V421.9m246.9,-.4H520.1M355.5,444.6V421.9m164.6,-.4h99.6m-99.6,23.1V421.9m99.6,-.4H740.9M619.7,444.6V421.9m121.2,-.4H845.3M740.9,444.6V421.9m104,22.7V421.9M108.3,445H355.5M108.6,468.2V445.4M355.5,445H520.1M355.5,468.2V445.4M520.1,445h99.6m-99.6,23.2V445.4m99.6,-.4H740.9M619.7,468.2V445.4M740.9,445H845.3M740.9,468.2V445.4m104,22.8V445.4M108.3,468.5H355.5M108.6,491.7V468.9m246.9,-.4H520.1M355.5,491.7V468.9m164.6,-.4h99.6m-99.6,23.2V468.9m99.6,-.4H740.9M619.7,491.7V468.9m121.2,-.4H845.3M740.9,491.7V468.9m104,22.8V468.9M108.3,492.1H355.5M108.6,519.5V492.4m246.9,-.3H520.1M355.5,519.5V492.4m164.6,-.3h99.6m-99.6,27.4V492.4m99.6,-.3H740.9M619.7,519.5V492.4m121.2,-.3H845.3M740.9,519.5V492.4m104,27.1V492.4M108.3,519.9H355.5M108.6,543V520.3m246.9,-.4H520.1M355.5,543V520.3m164.6,-.4h99.6M520.1,543V520.3m99.6,-.4H740.9M619.7,543V520.3m121.2,-.4H845.3M740.9,543V520.3m104,22.7V520.3M108.3,543.4H355.5m0,0H520.1m0,0h99.6m0,0H740.9m0,0H845.3" class="g5_91"/>
<path d="M108.6,561.5H355.5V585H108.6V561.5Zm246.9,0H520.1V585H355.5V561.5Zm164.6,0h99.6V585H520.1V561.5Zm99.6,0H740.9V585H619.7V561.5Zm121.2,0h104V585h-104V561.5ZM108.6,585H844.9v23.5H108.6V585Zm0,267.1H844.9v23.5H108.6V852.1Z" class="g4_91"/>
<path d="M108.3,561.5H355.5M108.6,584.6V561.9m246.9,-.4H520.1M355.5,584.6V561.9m164.6,-.4h99.6m-99.6,23.1V561.9m99.6,-.4H740.9M619.7,584.6V561.9m121.2,-.4H845.3M740.9,584.6V561.9m104,22.7V561.9M108.3,585H355.5M108.6,608.1V585.4M355.5,585H520.1m0,0h99.6m0,0H740.9m0,0H845.3m-.4,23.1V585.4M108.3,608.5H355.5M108.6,636V608.9m246.9,-.4H520.1M355.5,636V608.9m164.6,-.4h99.6M520.1,636V608.9m99.6,-.4H740.9M619.7,636V608.9m121.2,-.4H845.3M740.9,636V608.9m104,27.1V608.9M108.3,636.4H355.5M108.6,659.5V636.8m246.9,-.4H520.1M355.5,659.5V636.8m164.6,-.4h99.6m-99.6,23.1V636.8m99.6,-.4H740.9M619.7,659.5V636.8m121.2,-.4H845.3M740.9,659.5V636.8m104,22.7V636.8M108.3,659.9H355.5M108.6,683V660.3m246.9,-.4H520.1M355.5,683V660.3m164.6,-.4h99.6M520.1,683V660.3m99.6,-.4H740.9M619.7,683V660.3m121.2,-.4H845.3M740.9,683V660.3m104,22.7V660.3M108.3,683.4H355.5M108.6,706.5V683.8m246.9,-.4H520.1M355.5,706.5V683.8m164.6,-.4h99.6m-99.6,23.1V683.8m99.6,-.4H740.9M619.7,706.5V683.8m121.2,-.4H845.3M740.9,706.5V683.8m104,22.7V683.8M108.3,706.9H355.5M108.6,734.2V707.3m246.9,-.4H520.1M355.5,734.2V707.3m164.6,-.4h99.6m-99.6,27.3V707.3m99.6,-.4H740.9M619.7,734.2V707.3m121.2,-.4H845.3M740.9,734.2V707.3m104,26.9V707.3M108.3,734.5H355.5M108.6,757.7V734.9m246.9,-.4H520.1M355.5,757.7V734.9m164.6,-.4h99.6m-99.6,23.2V734.9m99.6,-.4H740.9M619.7,757.7V734.9m121.2,-.4H845.3M740.9,757.7V734.9m104,22.8V734.9M108.3,758.1H355.5M108.6,781.2V758.4m246.9,-.3H520.1M355.5,781.2V758.4m164.6,-.3h99.6m-99.6,23.1V758.4m99.6,-.3H740.9M619.7,781.2V758.4m121.2,-.3H845.3M740.9,781.2V758.4m104,22.8V758.4M108.3,781.6H355.5M108.6,804.7V782m246.9,-.4H520.1M355.5,804.7V782m164.6,-.4h99.6m-99.6,23.1V782m99.6,-.4H740.9M619.7,804.7V782m121.2,-.4H845.3M740.9,804.7V782m104,22.7V782M108.3,805.1H355.5M108.6,828.2V805.5m246.9,-.4H520.1M355.5,828.2V805.5m164.6,-.4h99.6m-99.6,23.1V805.5m99.6,-.4H740.9M619.7,828.2V805.5m121.2,-.4H845.3M740.9,828.2V805.5m104,22.7V805.5M108.3,828.6H355.5M108.6,851.7V829m246.9,-.4H520.1M355.5,851.7V829m164.6,-.4h99.6m-99.6,23.1V829m99.6,-.4H740.9M619.7,851.7V829m121.2,-.4H845.3M740.9,851.7V829m104,22.7V829M108.3,852.1H355.5M108.6,875.2V852.5m246.9,-.4H520.1m0,0h99.6m0,0H740.9m0,0H845.3m-.4,23.1V852.5M108.3,875.6H355.5M108.6,898.7V876m246.9,-.4H520.1M355.5,898.7V876m164.6,-.4h99.6m-99.6,23.1V876m99.6,-.4H740.9M619.7,898.7V876m121.2,-.4H845.3M740.9,898.7V876m104,22.7V876M108.3,899.1H355.5M108.6,922.3V899.5m246.9,-.4H520.1M355.5,922.3V899.5m164.6,-.4h99.6m-99.6,23.2V899.5m99.6,-.4H740.9M619.7,922.3V899.5m121.2,-.4H845.3M740.9,922.3V899.5m104,22.8V899.5M108.3,922.6H355.5m0,0H520.1m0,0h99.6m0,0H740.9m0,0H845.3" class="g5_91"/>
<path d="M108.6,1040H541.7v41.6H108.6V1040Zm433.1,0H693.3v41.6H541.7V1040Zm151.6,0H844.9v41.6H693.3V1040Z" class="g4_91"/>
<path d="M108.3,1040H541.7m-433.1,41.3v-40.9m433.1,-.4H693.3m-151.6,41.3v-40.9m151.6,-.4h152m-152,41.3v-40.9m151.6,40.9v-40.9m-736.6,41.2H541.7m-433.1,28.1V1082m433.1,-.4H693.3m-151.6,28.1V1082m151.6,-.4h152m-152,28.1V1082m151.6,27.7V1082m-736.6,28H541.7m-433.1,23.2v-22.8m433.1,-.4H693.3m-151.6,23.2v-22.8m151.6,-.4h152m-152,23.2v-22.8m151.6,22.8v-22.8m-736.6,23.1H541.7m0,0H693.3m0,0h152" class="g5_91"/>
</svg>)

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

91

ANNUAL REPORT & ACCOUNTS 2024

24

Right-of-use assets

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| ($’000s) | Plant and equipment | Buildings | Motor vehicles | Total |
| Cost |  |  |  |  |
| At 1 January 2023 | 1,013 | 9,806 | 1,182 | 12,001 |
| Additions | 241 | 1,272 | 305 | 1,818 |
| Disposals | - | (1,912) | - | (1,912) |
| Effect of translation adjustment | 34 | 196 | 16 | 246 |
| At 31 December 2023 | 1,288 | 9,362 | 1,503 | 12,153 |
| Additions | 954 | 2,076 | 542 | 3,572 |
| Disposals | - | (2,011) | (98) | (2,109) |
| Effect of translation adjustment | (114) | (64) | (139) | (317) |
| Classified as Held for Sale | - | (1,395) | - | (1,395) |
| At 31 December 2024 | 2,128 | 7,968 | 1,808 | 11,904 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| ($’000s) | Plant and equipment | Buildings | Motor vehicles | Total |
| Accumulated depreciation |  |  |  |  |
| At 1 January 2023 | 306 | 5,529 | 705 | 6,540 |
| Charge for the year | 251 | 1,580 | 303 | 2,134 |
| Disposals | - | (1,034) | - | (1,034) |
| Effect of translation adjustment | 14 | 141 | 7 | 162 |
| At 31 December 2023 | 571 | 6,216 | 1,015 | 7,802 |
| Charge for the year | 384 | 1,597 | 335 | 2,316 |
| Disposals | - | (1,901) | (98) | (1,999) |
| Effect of translation adjustment | (53) | (17) | (137) | (207) |
| Classified as Held for Sale | - | (186) | - | (186) |
| At 31 December 2024 | 902 | 5,709 | 1,115 | 7,726 |
| Carrying amount |  |  |  |  |
| At 31 December 2024 | 1,226 | 2,259 | 693 | 4,178 |
| At 31 December 2023 | 717 | 3,146 | 488 | 4,351 |

The Group leases several assets including buildings and motor vehicles. The average lease term of buildings and motor

vehicles is approximately 5 and 3 years, respectively.

The maturity analysis of lease liabilities is presented in note 28.

Amounts recognised in profit or loss

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Interest expense on lease liabilities | 296 | 192 |
| Expense relating to short-term leases | 926 | 978 |

At 31 December 2024, the Group was committed to $1.3 million for short-term leases (2023: $0.8 million). The total cash

outflow for leases amounted to $2,098 thousand (2023: $1,938 thousand).

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

92

ANNUAL REPORT & ACCOUNTS 2024

25

Goodwill

The Group annually tests goodwill for impairment or more frequently if there are indications that goodwill might be

impaired. Management conducted their annual impairment testing, using an external valuation specialist as necessary,

to assess the recoverability of goodwill while considering the Group's execution on its business strategy and whether

there were also indicators of impairment with respect to intangible assets.

The Group has four reportable business segments and goodwill is allocated to CGUs as follows:

Networking Segment: an amount of $1,984 thousand (2023: $1,984 thousand). Diagnostics Segment: $285 thousand

(2023: $1,360 thousand), which is allocated to two CGUs: Diagnostics: $0 thousand (2023: $1,057 thousand) and

Distribution of diagnostics: $285 thousand (2023: $303 thousand). Non-core Segment: $1,075 thousand (2023: $9,419

thousand), which is allocated to four CGUs: Distribution of pharmaceutical: $0 thousand (2023: $776 thousand),

Analytical instruments distribution: $1,075 thousand (2023: $3,580 thousand) and two CGUs in the non-core which

were classified to held for sale: Eco-Med: $0 thousand (2023: $2,550 thousand) and Provider of genetic tests: $1,593

thousand (2023: $2,513 thousand).

The recoverable amounts of the CGUs are determined from value-in-use calculations or fair value less cost to sell for

disposal groups held for sale. The key assumptions for the value-in-use calculations are those regarding the discount

rates, growth rates and expected related expenses during the period. Pre-tax discount rates of between 11.4% - 22.0%

have been used. Changes in expenses are based on recent history and expectations of future changes in the market.

For the purpose of the goodwill impairment test on value-in-use, the Group prepares cash flow forecasts derived from

the most recent financial budget approved by management and extrapolates indefinite cash flows based on estimated

growth rates. For the purposes of this calculation management have used revenue growth rates for the Networking CGU

of 41% average growth per year for 1-5 years and 1% thereafter; for the Diagnostics CGU of 27% average growth per year

for 1-5 years and 4% thereafter; for the Distribution of diagnostics CGU of 13% average growth per year for 1-5 years and

1% thereafter; for the Distribution of pharmaceutical CGU of 9% average growth per year for 1-5 years and 1% thereafter;

and for the Analytical instruments distribution CGU of 2% average growth per year for 1-5 and 1% thereafter.

The average operating expenses have been assumed to grow for the Networking CGU at 2% average growth per year for

1-5 and 1% thereafter; for the Diagnostics CGU at 4% average growth per year for 1-5 and 4% thereafter; for the Distribution

of diagnostics CGU at 9% average growth per year for 1-5 and 1% thereafter; for the Distribution of pharmaceutical CGU

at 7% average growth per year for 1-5 and 1% thereafter; and for the Analytical instruments distribution CGU at 2%

average growth per year for 1-5 and 1% thereafter. The average cost of goods sold has been assumed to grow for the

Networking CGU at 44% average growth per year for 1-5 and 1% thereafter; for the Diagnostics CGU at 25% average

growth per year for 1-5 and 4% thereafter; for the Distribution of diagnostics CGU at 14% average growth per year for 1-5

and 1% thereafter; for the Distribution of pharmaceutical CGU at 10% average growth per year for 1-5 and 1% thereafter;

and for the Analytical instruments distribution CGU at 3% average growth per year for 1-5 and 1% thereafter.

Based on the above analysis, the Group recognised impairment losses for the Distribution of pharmaceutical CGU $762

thousand, Analytical instruments distribution CGU $2,504 thousand and for the Diagnostics CGU an impairment of

which $995 thousand related to goodwill.

For the purpose of goodwill impairment test based on fair value less cost to sell, the Group recognised impairment losses of

$2,550 thousand in its Eco-Med CGU and an additional $915 thousand in its provider of genetics tests CGU.

The fair value measurement was based on level 3 hierarchy. The key assumptions used for the Eco-Med CGU include pre-tax

discount rates of 12.2%, revenue growth rates of 16% per year for 1-5 years and 0% thereafter, average operating expenses

decrease of 10% per year for 1-5 and 0% thereafter, and average cost of goods sold growth of 7% per year for 1-5 and 0%

thereafter. The fair value of the Provider of genetics tests CGU was based on market value following advanced negotiations.

During the financial year, the Group recognised an impairment loss from continuing operations of $5.2 million related to

goodwill, out of which $0.9 million is related to an operation that was classified as held for sale, and an additional $2.5 million

is related to an operation that was classified as discontinued operations.

![](data:image/svg+xml;base64,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)

93

ANNUAL REPORT & ACCOUNTS 2024

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Balance at 1 January | 12,763 | 12,583 |
| Impairment losses for the year | (7,726) | - |
| Classified as held for sale  (1) | (1,593) | - |
| Foreign exchange difference | (100) | 180 |
| Balance at 31 December | 3,344 | 12,763 |

(1)

see note 21 in respect of held for sale

26

Intangible assets

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Customer Relationships |  |  |  |
|  | and Backlog | Technology | Other | Total |
|  | $’000s | $’000s | $’000s | $’000s |
| Cost |  |  |  |  |
| As at 1 January 2023 | 11,385 | 18,258 | 1,637 | 31,280 |
| Additions from internal development | - | 2,782 | - | 2,782 |
| Effect of translation adjustments | 362 | 196 | (27) | 531 |
| At 1 January 2024 | 11,747 | 21,236 | 1,610 | 34,593 |
| Additions from internal development | - | 2,707 | - | 2,707 |
| Classified as held for sale | (1,400) | (2,041) | (312) | (3,753) |
| Effect of translation adjustments | (283) | (347) | (5) | (635) |
| At 31 December 2024 | 10,064 | 21,555 | 1,293 | 32,912 |
| Accumulated amortisation |  |  |  |  |
| At 1 January 2023 | 11,346 | 12,464 | 1,522 | 25,332 |
| Amortisation expense | 10 | 702 | 83 | 795 |
| Effect of translation adjustments | 350 | 103 | (6) | 447 |
| At 1 January 2024 | 11,706 | 13,269 | 1,599 | 26,574 |
| Amortisation expense | 10 | 597 | 73 | 680 |
| Impairment losses for the year | - | 1,802 | 116 | 1,918 |
| Effect of translation adjustments | (292) | (214) | (5) | (511) |
| Classified as held for sale | (1,400) | (1,837) | (516) | (3,753) |
| At 31 December 2024 | 10,024 | 13,617 | 1,267 | 24,908 |
| Carrying amount |  |  |  |  |
| At 31 December 2024 | 40 | 7,938 | 26 | 8,004 |
| At 31 December 2023 | 41 | 7,967 | 11 | 8,019 |

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

94

ANNUAL REPORT & ACCOUNTS 2024

27

Subsidiaries

A list of the significant direct and indirect investments in subsidiaries, including the country of incorporation, and percent

of ownership interest as at 31 December 2024 is presented below.

|  |  |  |  |
| --- | --- | --- | --- |
|  | Principal | Country of | Ownership |
| Subsidiary | activity | incorporation | interest |
| Entity A | Telecommunication | United States of America | 100% |
| Entity B | Distribution of diagnostics | Romania | 100% |
| Entity C | Eco-Med\* | Hungary | 100% |
| Entity D | Distribution | Moldova | 51% |
| Entity E | Diagnostics | Italy | 96% |
| Entity F | Diagnostics | Italy | 96% |
| Entity G | Cyber | Israel | 67% |
| Entity H | Distribution | Hungary | 100% |
| Entity I | Distribution\* | Israel | 100% |

\* see note 20 in respect of disposal groups held for sale

The most significant NCIs (49%) are related to entity D, which the profit for 2024 amounts to $621 thousand (2023: loss

of $40 thousand).

28

Investment in joint venture and associate

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| As at 1 January 2024 | 17,894 | 15,555 |
| Additions | 1,378 | 2,456 |
| Equity Profit (loss) | (345) | (822) |
| Effect of translation adjustments | (1,125) | 705 |
| At 31 December 2024 | 17,802 | 17,894 |

Most of the carrying amount is related to investment in ADOR Diagnostics Ltd (“ADOR”). During 2023, ADOR secured an

investment of $7.5 million, of which the Group is contributing $3.5 million, to be paid on the completion of milestones. As

at the balance sheet date, the Group had invested in four tranches, resulting in a shareholding of 43.2%. Following the full

investment, the Group’s shareholding in ADOR will increase to 43.6%.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

95

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

29

Deferred tax

Deferred tax assets

The following are deferred tax assets recognised by the Group and movements thereon during the current and prior

reporting period (see also note 15).

|  |  |  |  |
| --- | --- | --- | --- |
|  | Losses carried |  |  |
|  | forward | Other | Total |
|  | $’000s | $’000s | $’000s |
| At 1 January 2023 | 3,362 | – | 3,362 |
| Change for the period | – | 135 | 135 |
| Effect of translation adjustments | 10 | – | 10 |
| At 1 January 2024 | 3,372 | 135 | 3,507 |
| Change for the period | – | 14 | 14 |
| Effect of translation adjustments | (15) | (8) | (23) |
| At 31 December 2024 | 3,357 | 141 | 3,498 |

The Company incurred tax losses in certain jurisdictions, to which deferred tax assets relate, to the extent that it is

expected that future taxable profit will be available and can be utilised against them. The deferred tax assets were

analysed based on forecasted operations and existing agreements and backlog. The Company expects that taxable

profits will be available, as a result of an increasing demand, new products and expansion to new markets.

Deferred tax liabilities

|  |  |  |  |
| --- | --- | --- | --- |
|  | Intangible | Tangible assets |  |
|  | assets | and other | Total |
|  | $’000s | $’000s | $’000s |
| At 1 January 2023 | 54 | 66 | 120 |
| Change for the period | (11) | (66) | (77) |
| Effect of translation adjustments | (4) | - | (4) |
| At 1 January 2024 | 39 | - | 39 |
| Change for the period | (39) | - | (39) |
| Effect of translation adjustments | - | - | - |
| At 31 December 2024 | - | - | - |

The following are unrecognised taxable temporary differences associated with investments and interests:

Taxable temporary differences in relation to investments in subsidiaries for which deferred tax liabilities have not been

recognised amount to: $14,773

thousand as of 31 December 2024 (31 December 2023: $16,895 thousand).

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

96

ANNUAL REPORT & ACCOUNTS 2024

30

Financial and other liabilities

Trade and other payables

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Trade creditors | 20,896 | 22,532 |
| Salary accruals | 5,431 | 6,219 |
| VAT and other tax | 2,136 | 2,580 |
| Provision | 123 | 115 |
| Liability for acquisition | 658 | 2,788 |
| Other creditors and accruals | 7,447 | 7,428 |
|  | 36,691 | 41,662 |

Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The

directors consider that the carrying amount of trade payables approximates to their fair value.

Long-term bank credit

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Long-term bank credit | - | 1,328 |
|  | - | 1,328 |

Long-term liabilities

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Liability to the office of the chief scientist | 2,088 | 2,319 |
| Government institutions, contingencies and others | 4,500 | 1,130 |
|  | 6,588 | 3,449 |

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

97

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

Changes in financial liabilities where the cash flows in respect thereof are classified to financing activities

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Open | Cash flow from finance | Foreign exchange | Close |
|  | balance | activities, net | differences | balance |
| 2024 | $’000s | $’000s | $’000s | $’000s |
| Short term | 3,276 | 1,098 | (113) | 4,261 |
| Long term | 1,328 | (1,197) | (131) | - |
|  | 4,604 | (99) | (244) | 4,261 |

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Open | Cash flow from (used in) | Foreign exchange | Close |
|  | balance | finance activities, net | differences | balance |
| 2023 | $’000s | $’000s | $’000s | $’000s |
| Short term | 2,235 | 737 | 304 | 3,276 |
| Long term | 2,000 | (735) | 63 | 1,328 |
|  | 4,235 | 2 | 367 | 4,604 |

Lease liabilities

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
|  |  |  |
| Balance as at 1 January | 4,480 | 5,742 |
| Cash payments | (2,395) | (2,327) |
| Other (mainly additions) | 3,640 | 1,201 |
| Classified as held for sale | (1,204) | - |
| Foreign exchange impact | (131) | (136) |
| Balance as at 31 December | 4,390 | 4,480 |

|  |  |  |
| --- | --- | --- |
|  | 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Maturity analysis |  |  |
| Year 1 | 2,032 | 1,830 |
| Year 2 | 1,161 | 1,279 |
| Year 3 | 663 | 729 |
| Year 4 | 377 | 442 |
| Onwards | 157 | 200 |
|  | 4,390 | 4,480 |

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

98

ANNUAL REPORT & ACCOUNTS 2024

31

Share capital

|  |  |  |
| --- | --- | --- |
|  | Ordinary shares of NIS 0.01 each (number of shares) | |
|  | 2024 | 2023 |
| Authorised: | 1,000,000,000 | 1,000,000,000 |
| Issued and fully paid: | 441,026,659 | 440,684,134 |
| Held in treasury | (4,495,000) | (4,495,000) |
| Net | 436,531,659 | 436,189,134 |

The Company has one class of ordinary shares which carry no right to fixed income.

During 2024 and 2023, 342,525 and 150,010 RSUs were exercised respectively by grantees (see note 34 - share-based

payments)

32

Note to the cash flow statement

|  |  |  |
| --- | --- | --- |
|  | Year ended 31 December | |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Operating profit (loss) from continuing operations | (4,661) | 2,731 |
| Adjustments for: |  |  |
| Amortisation of intangible assets | 680 | 622 |
| Depreciation of property, plant and equipment and investment property | 4,288 | 4,058 |
| Gain on sale of property, plant and equipment | (263) | (20) |
| Impairment of goodwill and other assets | 6,809 | - |
| Share-based payments expenses | 942 | 2,518 |
| Increase in retirement benefit obligation | 16 | 24 |
| Operating cash flow before movements in working capital | 7,811 | 9,933 |
| Increase in inventories | (521) | (2,676) |
| Decrease (increase) in receivables | (1,197) | 3,438 |
| Decrease in payables expense | (2,630) | (3,903) |
| Effects of exchange rate changes on the balance sheet | (1,777) | 1,337 |
| Cash from operations | 1,686 | 8,129 |
| Income taxes paid | (1,291) | (694) |
| Interest paid | (663) | (666) |
| Interest received | 421 | 632 |
| Net cash from continuing operating activities | 153 | 7,401 |
| Net cash from discontinued operating activities | (1,806) | (2,392) |

![](data:image/svg+xml;base64,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)

99

ANNUAL REPORT & ACCOUNTS 2024

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

33

Guarantees and liens

The Group provided from time-to-time bank guarantees due to advances from customers. The Company registered

several liens in favour of banks.

34

Share-based payments

Equity-settled share option scheme

In November 2021, the Company approved a Global Share Incentive Plan (hereinafter: “the 2021 Plan”), under which

the Company can grant options or restricted share units or allot shares (including restricted shares), according to the

procedures, terms and conditions specified in the 2021 Plan. Options granted prior to the 2021 Plan are subject to the

terms and conditions under which they were granted.

Details of the share options outstanding during the year are as follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 | | 2023 | |
|  | Number | Weighted average | Number | Weighted average |
|  | of share | exercise price | of share | exercise price |
|  | options | (in GBP) | options | (in GBP) |
| Outstanding at beginning of year | 25,655,400 | 0.2619 | 5,481,200 | 0.2976 |
| Granted during the year | 5,125,397 | 0.1973 | 20,174,200 | 0.2522 |
| Forfeited during the year | (853,631) | 0.2327 | - | - |
| Exercised during the year | - | - | - | - |
| Outstanding at the end of the year | 29,927,166 | 0.2517 | 25,655,400 | 0.2619 |
| Exercisable at the end of the year | 11,511,600 | 0.2742 | 5,406,200 | 0.2871 |

The outstanding options at 31 December 2024 had a weighted average exercise price of GBP 0.2517, and a weighted aver

-

age remaining contractual life of 4 years. During the year, the Company granted a total of 5,125,397 options over ordinary

shares of 0.01 NIS each in the capital of the Company (“Ordinary Shares”) to four grantees for a total fair value of $661k

which were calculated according to the Black-Scholes model. The options were granted under the 2021 Plan.

The inputs into the Black-Scholes model for the options granted are as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2024 | 2024 | 2024 |
|  | 1st grant | 2nd grant | 3rd grant |
| Weighted average share price (GBP) | 0.2060 | 0.2040 | 0.1645 |
| Weighted average exercise price (GBP) | 0.2033 | 0.2053 | 0.1858 |
| Expected volatility\* | 51% | 51% | 52% |
| Expected life | 6 | 6 | 6 |
| Risk-free rate | 3.6% | 3.8% | 4.0% |
| Expected dividends | 0% | 0% | 0% |
| Fair value of the grant | $281k | $180k | $200k |

On 1 January 2023, the Company granted a total of 17,663,306 options over ordinary shares of 0.01 NIS each in the capital

of the Company (“Ordinary Shares”) to the Chairman and CEO of the Company. The options were granted under the

2021 Plan after receiving the approval of shareholders at a general meeting. In May and December 2023, the Company

granted 2,110,894 and 400,000 options, respectively, to senior employees under the 2021 Plan.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

100

The inputs into the Black-Scholes model for the options granted are as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  | 2023 | 2023 | 2023 |
|  | 1st grant | 2nd grant | 3rd grant |
| Weighted average share price (GBP) | 0.2549 | 0.2386 | 0.2052 |
| Weighted average exercise price (GBP) | 0.2549 | 0.2386 | 0.2052 |
| Expected volatility\* | 48% | 49% | 49% |
| Expected life | 6 | 6 | 6 |
| Risk-free rate | 3.6% | 3.4% | 4.5% |
| Expected dividends | 0% | 0% | 0% |
| Fair value of the grant | $3,091k | $300k | $55k |

\*Expected volatility was determined by calculating the historical volatility of the Company’s share price over the previous 3 years. The expected life used in the

model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.

Details of the restricted share units (“RSUs”) outstanding during the year are as follows:

|  |  |  |
| --- | --- | --- |
|  | Number of RSUs | Number of RSUs |
|  | 2024 | 2023 |
| Outstanding at beginning of year | 1,799,705 | 2,190,359 |
| Granted during the year | - | - |
| Forfeited during the year | (288,773) | (240,644) |
| Exercised during the year | (342,525) | (150,010) |
| Outstanding at the end of the year | 1,168,407 | 1,799,705 |

The Group recognised total expenses of $942 thousand and $2,518 thousand related to equity-settled share-based

payment transactions in 2024 and 2023, respectively.

35

Retirement benefit obligation

Defined contribution plans

The Group operates defined contribution retirement benefit schemes for all qualifying employees in Israel. The assets

of the schemes are held separately from those of the Group in funds under the control of trustees. Where there are

employees who leave the schemes prior to vesting fully in the contributions, the contributions payable by the Group are

reduced by the amount of forfeited contributions.

Total expenses related to the contribution retirement benefit schemes are: $487 thousand in the year 2024 (2023:

$531 thousand).

The employees of the Group’s subsidiaries in the United States are members of a state-managed retirement benefit

scheme operated by the government of the United States. The subsidiary contributes a specified percentage of payroll

costs to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the

retirement benefit scheme is to make the specified contributions.

Defined benefit plans

The Group operates defined benefit schemes for qualifying employees of the Company and its subsidiaries in Israel and

in Italy.

![](data:image/svg+xml;base64,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)

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

101

In Israel, this scheme provides severance pay provision as required by Israeli law.

In Italy, each employee is entitled to

severance payment at the end of employment.

An actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out by an

external appraisal, regarding the employees in Israel. The present value of the defined benefit obligation, the related

current service cost and past service cost were measured using the projected unit credit method. The discount rate was

based on high quality corporate bonds.

The principal assumptions used for the purposes of the actuarial valuations were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Discount rate(s) | 5.42% | 5.13% |
| Expected rate(s) of salary increase | 3-4% | 3-4% |
| Expected inflation rate | 2.52% | 2.59% |
| Employee turnover rate | 7.50% | 8% |

Amounts recognised in comprehensive income in respect of these defined benefit plans are as follows:

Service cost:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Current service cost | 204 | 163 |
| Net interest expenses | 24 | 22 |
| Components of defined benefit costs recognised in profit or loss | 228 | 185 |

Re-measurement on the net defined benefit liability:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Return on plan assets (excluding amounts included in net interest |  |  |
| expense) | 103 | (23) |
| Actuarial gains and losses arising from changes in financial assumptions | 0 | 4 |
| Actuarial gains and losses arising from other | 89 | 24 |
| Components of defined benefit costs recognised in other comprehensive |  |  |
| income | 14 | 5 |

The amount included in the consolidated statements of financial position arising from the entity’s obligation in respect

of its defined benefit plans is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Present value of funded defined benefit obligation | 1,668 | 1,581 |
| Fair value of plan assets | (1,013) | (983) |
| Net liability | 655 | 598 |

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

102

Movements in the present value of the defined benefit obligation in the current period were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Opening defined benefit obligation | 1,581 | 1,665 |
| Current service cost | 204 | 163 |
| Interest cost | 58 | 56 |
| Remeasurement gains arising from changes in financial assumptions | 89 | (29) |
| Benefits paid | (242) | (197) |
| Exchange rate differences | (22) | (77) |
| Closing defined benefit obligation | 1,668 | 1,581 |

Movements in the present value of the plan assets in the current period were as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Opening fair value of plan assets | 983 | 1,128 |
| Interest income | 34 | 34 |
| Remeasurements gains/(losses) return on plan assets (excluding |  |  |
| amounts included in net interest expense) | 103 | (24) |
| Contributions from the employer | 34 | 33 |
| Benefits paid | (135) | (153) |
| Exchange rate differences | (6) | (35) |
| Closing fair value of plan assets | 1,013 | 983 |

36

Related party transactions

Remuneration of directors and key management

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| Short- and long-term employee benefits | 1,179 | 1,596 |
| Share-based payments | 841 | 2,128 |
|  | 2,020 | 3,724 |

At the end of the year, the Group had a liability to a related party in the amount of $154 thousand.

Transactions and balances with

associated companies

During the year, the Group provided various services (mostly lab services) to an associated company for an amount of

$951 thousand. At the end of the year, the Group’s assets and liabilities related to associated companies amounted to

$776 thousand and $472 thousand, respectively.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

103

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

37

Financial Instruments

(a) Capital risk management

Management’s policy is to maintain a strong capital base in order to preserve the ability of the Group to continue

operating so that it may provide a return on capital to its shareholders, benefits to other holders of interests in the Group

such as credit providers and employees of the Group, and sustain future development of the business. Management

of the Group monitors return on capital defined as the total amount of equity attributable to the shareholders of the

Group and also the amount of dividends distributed to the ordinary shareholders.

The Group’s management reviews the capital structure on a periodic basis. As a part of this review the management

considers the cost of capital and the risks associated with each class of capital. Based on management’s recommendations,

the Group will balance its overall capital structure through the payment of dividends. The Group’s overall strategy

remains unchanged from 2006.

(b) Significant accounting policies

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of

measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset,

financial liability and equity instrument are disclosed in note 3 to the financial statements.

(c) Categories of financial instruments

|  |  |
| --- | --- |
|  | 2024 |
|  | $’000s |
| Financial assets |  |
| Cash and cash equivalents\* | 25,898 |
| Fair value through profit or loss | 6,376 |
| Fair value through OCI | 524 |
| Receivables | 24,017 |
| Financial liabilities |  |
| At amortised cost | 46,375 |

|  |  |
| --- | --- |
|  | 2023 |
|  | $’000s |
| Financial assets |  |
| Cash and cash equivalents\* | 32,339 |
| Fair value through profit or loss | 9,121 |
| Fair value through OCI | 524 |
| Receivables | 26,104 |
| Financial liabilities |  |
| At amortised cost | 50,368 |

\* Cash and cash equivalents comprises $15.1 million deposits up to three months and $10.8 million cash (2023: $13.3 million deposits up to three months

and $19.0 million cash).

The majority of the assets included in fair value through profit or loss section measurements are level 1 fair value

measurements, defined as those derived from quoted prices (unadjusted) in active markets for identical assets.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

104

(d) Financial risk management objectives

The Group’s finance function provides services to the business, coordinates access to domestic and international financial

markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports

that analyse exposure by degree and magnitude of risks. These risks include market risk (including currency, interest rate

and inflation risk), credit risk, liquidity risk and cash flow interest rate risk.

The Group seeks to minimise the effects of these risks by using derivatives only for economic hedging and does not apply

hedge accounting. The use of financial derivatives is governed by the Group’s policies approved by the board of directors,

which provide principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-

derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is

reviewed by the internal auditors on a continuous basis.

(e) Market risk

The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates (refer to

section f)

and interest rates (refer to section g). The Group enters into a variety of derivative financial instruments to manage

its exposure to interest rate and foreign currency risk, including: structured deposits, call options and forward foreign

exchange contracts to hedge the exchange rate risk, which derive mostly from existing monetary assets and liabilities.

There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures

the risk. However, due to recent changes and market volatility, the Group is monitoring closely its exposure and possible

indirect impacts.

(f) Foreign currency risk management

The Group undertakes certain transactions denominated in foreign currencies, hence exposures to exchange rate

fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign

exchange contracts.

The Company does not implement hedge accounting.

The carrying amount of the Group’s foreign currency denominated monetary assets and monetary liabilities at the

reporting date is as follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Liabilities | | Assets | |
|  | 2024 | 2023 | 2024 | 2023 |
|  | $’000s | $’000s | $’000s | $’000s |
| EUR | 22,975 | 18,650 | 16,583 | 13,376 |
| NIS | 8,837 | 4,173 | 9,210 | 12,962 |
| RON | 4,356 | 4,451 | 15,469 | 14,744 |
| MDL | 7,878 | 5,803 | 6,241 | 4,884 |
| GBP | 459 | 419 | 53 | 92 |
| Other | 1,663 | 1,879 | 1,371 | 1,256 |

![](data:image/svg+xml;base64,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)

105

ANNUAL REPORT & ACCOUNTS 2024

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

Foreign currency sensitivity

The Group is mainly exposed to EUR, NIS, MDL, RON and GBP.

The following table details the Group’s sensitivity to a 10% change in USD against the respective foreign currencies

in 2024. The 10% is the rate used when reporting foreign currency risk internally to key management personnel and

represents management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis of the

Group’s exposure to foreign currency risk at the reporting date has been determined based on the change taking place

at the beginning of the financial year and held constant throughout the reporting period. A positive number indicates an

increase in profit or loss and other equity where the USD weakens against the respective currency. If the USD were to

strengthen by the same percentage against the respective currency there would be a similar but reverse impact on the

profit or loss and equity as presented in the tables below.

Profit or loss

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| NIS Impact | (9) | 796 |
| EUR Impact | 50 | (10) |
| GBP Impact | (4) | 1 |

Equity

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | $’000s | $’000s |
| NIS Impact | 46 | 83 |
| EUR Impact | (690) | (518) |
| MDL Impact | (164) | (92) |
| GBP Impact | (37) | (33) |
| RON Impact | 1,111 | 1,029 |
| Other Currencies Impact | (29) | (63) |

The Group’s main exposure derives from its cash, receivables and payables at year end.

The Company engages in financial instruments contracts such as forward contracts, call and put options and structured

instruments in order to manage foreign currencies exposure as needed.

(g) Interest rate risk management

The Group is exposed to interest rate risk because entities in the Group may borrow funds at both fixed and floating

interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate

borrowings. The Group’s exposure to interest rate on financial assets and financial liabilities are detailed in the following

table (refer to section h). The exposure to floating rate loans is not material.

(h) Liquidity risk management

The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities,

by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and

liabilities.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

(continued)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

ANNUAL REPORT & ACCOUNTS 2024

106

Financial liabilities

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Weighted average |  |  |  |  |
|  | effective interest |  | 3 months to |  |  |
|  | rate | 0-3 months | 1 year | 1-5 years | Total |
|  | % | $’000s | $’000s | $’000s | $’000s |
| 31 December 2024 |  |  |  |  |  |
| Non-interest bearing |  |  |  |  |  |
| loans | - | 33,863 | 351 | 4,125 | 38,339 |
| Bank loans interest |  |  |  |  |  |
| bearing (\*) | 7.71 | 99 | 4,162 | - | 4,261 |
| Lease liabilities | 6.60 | 508 | 1,524 | 2,358 | 4,390 |
|  |  | 34,470 | 6,037 | 6,483 | 46,990 |
| 31 December 2023 |  |  |  |  |  |
| Non-interest bearing |  |  |  |  |  |
| loans | - | 38,001 | 597 | 3,804 | 42,402 |
| Bank loans interest |  |  |  |  |  |
| bearing(\*) | 5.58 | 99 | 3,177 | 1,328 | 4,604 |
| Lease liabilities | 3.39 | 457 | 1,373 | 2,650 | 4,480 |
|  |  | 38,557 | 5,147 | 7,782 | 51,486 |

(\*)

Part of the bank loans are fixed rate plus Euribor.

The future bank loan interest to be paid is $163 thousand.

(i) Finance liabilities

Loans from banks are measured at amortised cost using the effective interest method. The difference between the fair

value of the loans and their book value is not significant.

(j) Fair value of financial instruments carried at amortised cost

The fair value of the financial instruments of the Group carried at amortised cost is not considered to be materially

different from the stated amortised cost.

![](data:image/svg+xml;base64,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)

ANNUAL REPORT & ACCOUNTS 2024

107

Other Alternative Measures

Income statement adjustments

The Group has made reference in the annual report to a number of adjustments regarding adjustments related

to the amortisation of intangible assets and share-based payments. These adjustments are outlined below:

Year ended 31 December 2024

(Unaudited)

Reported

results

Adjustments(\*)

Adjusted

results

US$ thousands

Gross profit

36,800

432

37,232

Gross margin (%)

31.4%

-

31.7%

Operating profit (loss)

(4,661)

8,430

3,769

EBITDA

7,116

942

8,058

Year ended 31 December 2023

(Unaudited)

Reported

results

Adjustments(\*)

Adjusted

results

US$ thousands

Gross profit

38,304

394

38,698

Gross margin (%)

32.8%

-

33.2%

Operating profit

2,731

3,140

5,871

EBITDA

7,411

2,518

9,929

(\*) Adjusted to exclude amortisation and one-time impairment event of intangible assets and share-based payments.

The above does not form part of the audited financial statements.

EBITDA measurement

The Group uses EBITDA as a performance measure, which is calculated as follows:

Year ended 31 December

2024

(Unaudited)

2023

(Unaudited)

US$ thousands

Operating profit (loss)

(4,661)

2,731

Amortisation of intangible assets

680

622

Share-based payments

942

2,518

Depreciation

4,288

4,058

Impairment

6,809

-

Adj. EBITDA

8,058

9,929

The above does not form part of the audited financial statements.

![](data:image/svg+xml;base64,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)

FINANCIAL STATEMENTS

ANNUAL REPORT & ACCOUNTS 2024

108

Company Information

Registered Office

P.O.B. 7318

, Neve Ne’eman Ind. Area, 4 Ha’harash Street, 4524075 Hod Hasharon, Israel

Company Number

520042813

– Registered in Israel

Company Secretary

Mr. Yair Livneh

Auditors

Brightman Almagor Zohar & Co., a Firm in

the Deloitte Global Network

1 Azriely Center,

Tel-Aviv, Israel

Financial Adviser &

Stockbroke

r

Shore Capital

Cassini House,

57 St James's Street,

London SW1A 1LD, UK

Legal Counsel in UK

Fladgate LLP

16 Great Queen Street,

London WC2B 5DG, UK

Registrar

MUFG Investor Services

10th Floor, Central Square,

29 Wellington Street,

Leeds LS1 4DL, UK

Financial PR Consultants

Gracechurch Group

48 Gracechurch Street,

London EC3V 0EJ, UK

![](data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN"
"http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd">
<svg viewBox="0 0 909 1286" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<defs>
<clipPath id="c0_109"><path d="M76.8,417.8V365.7H277v52.1Z"/></clipPath>
<clipPath id="c1_109"><path d="M0,1286.2V0H909.4V1286.2Z"/></clipPath>
<style type="text/css"><![CDATA[
.g0_109{
fill: none;
stroke: #0C5192;
stroke-width: 0.763;
}
.g1_109{
fill: #000;
}
]]></style>
</defs>
<path d="M73.6,1206.5H835.8" class="g0_109"/>
<g clip-path="url(#c1_109)" style="mix-blend-mode: multiply;">
<image clip-path="url(#c0_109)" preserveAspectRatio="none" x="77" y="366" width="200" height="52" xlink:href="data:image/png;base64,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"/>
</g>
<path d="M78.6,565h6v20h-6V565Z" class="g1_109"/>
<path d="M88.6,571.2c0,-2.1,0,-4.7,0,-6.5h5.8c.2,.7,.2,2.2,.3,2.9c.8,-1.7,2.7,-3.5,7.2,-3.5c4.8,0,6.4,3.5,6.4,9.8V585h-6.1V574.6c0,-3.1,-1.2,-5.2,-3.1,-5.2c-3.4,0,-4.4,2.2,-4.4,6.7V585H88.6Z" class="g1_109"/>
<path d="M85.1,558.2c0,2,-1.6,3.5,-3.5,3.5c-1.9,0,-3.5,-1.5,-3.5,-3.5c0,-1.9,1.6,-3.5,3.5,-3.5c1.9,0,3.5,1.6,3.5,3.5Z" class="g1_109"/>
<path d="M96,600.8v-5.9H90.8c-4.1,0,-7.4,3.3,-7.4,7.5v5.4H78.1v6.1h5.3v14.3h6.4V613.8h4.8l1,-6.1H89.8v-4.3c0,-1.5,1.2,-2.6,2.6,-2.6Z" class="g1_109"/>
<path d="M100,536.4L91.2,523.7l-1,-1.4L84,513.2l-.6,-.8H75.7l1.9,2.8l8.3,12.1l1,1.4l6.7,9.7l.5,.8h7.7Zm-4.9,1l-7,-10.1l-1,-1.4L79,514.2h3.5l6.5,9.5l1,1.4l8.5,12.3Z" class="g1_109"/>
<path d="M87.1,525.9l1,1.4l-1.2,1.4l-9,10.5H75.7L85.9,527.3Z" class="g1_109"/>
<path d="M100.9,512.4l-9.7,11.3L90,525.1l-1,-1.4l1.2,-1.4l6.6,-7.7l1.9,-2.2Z" class="g1_109"/>
</svg>)

ANNUAL REPORT & ACCOUNTS 2024

109

For more information visit:

www.batm.com

@BATMLtd

@BATM

@BATMgroup

Forward-looking statements

This document contains forward-looking statements. Those statements reflect the current opinions, evaluations and

estimations of the Group’s management, and are based on the current data regarding the Group’s business as is

detailed in this document and in the Group’s periodical, interim and immediate reports. The Group does not under

-

take any obligation or make any representation that actual results and events will be in line with those statements,

and stresses that they may differ materially from those statements, due to changes in the Group’s business, market,

competition, demand for the Group’s products or services, general economic factors or other factors that can influ

-

ence the Group’s business and results, due to the risk factors that are detailed in this Annual Report, and due to

information and factors that are currently unknown to the Group’s management and that, if known, would affect the

management’s opinions, evaluations or estimations. The Group will report the actual results and events according to

its legal, accounting and regulatory obligations, and does not undertake any other obligation to report them or their

deviations from the forward-looking statements, or to update any of the forward-looking statements in this document

or to report that it is not valid anymore.

![](data:image/svg+xml;base64,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)

Neve Ne’eman Ind. Area

4 Ha’harash Street, P.O.B. 7318

4524075 Hod Hasharon

Israel