Statement of Financial Position and Financing
|Dec. 31, 2019||Dec. 31, 2018|
|Total equity and liabilities||154.2||132.4|
|Cash flow of the review period:||Jan.-Dec- 2019||Jan.-Dec. 2018|
|+ Profit of the period +/- Adjustment of accrual basis items||14.3||7.9|
|+/- Change in net working capital||-4.2||-8.4|
|- interest, taxes and dividends||-0.4||0.0|
|= Net cash from operating activities||9.6||-0.5|
|- Net cash from investing activities||-18.6||-19.8|
|- Net cash from financing activities||13.2||-11.7|
|= Net change in cash and cash equivalents||4.3||-32.0|
The amount of gross investments in the period under review was EUR 21.3 million. Net investments for the review period totaled to EUR 21.3 million. The total amount of depreciation during the period under review was EUR 8.0 million. The amount of interest-bearing debt, including finance lease liabilities, was at the end of the reporting period EUR 22.6 million (EUR 1.5 million). Bittium´s equity ratio at the end of the period was 73.4 percent (84.7 percent).
Cash and other liquid assets at the end of the reporting period were EUR 35.2 million (EUR 30.9 million). Net cash flow during the period was EUR 4.3 million. The net cash flow resulted as the most significant items from the withdrawal of a EUR 20.0 million bank loan, the EUR 15.6 million investments made into own product development and the EUR 5.4 million dividend payment (EUR -32.0 million including EUR 15.1 million investments made into own product development and the EUR 10.7 million dividend payment as most significant items).
Bittium has a EUR 20.0 million senior loan and a EUR 10.0 million committed overdraft credit facility agreement with Nordea Bank Finland Plc. Maturity date for the senior loan is May 24, 2024 and the credit limit agreement is valid until May 24, 2024. Bittium has EUR 10.0 million committed overdraft credit facility agreement with OP Corporate Bank Plc valid until May 24, 2022. At the end of the review period, EUR 0.0 million of these facilities were in use.
Bittium follows a hedging strategy that has an objective to ensure the business margins in changing market circumstances by minimizing the influence of exchange rates. According to the hedging strategy principles, the net position in the currency is hedged when it exceeds the euro limit defined in the hedging strategy. The net position is determined on the basis of accounts receivable, accounts payable, order book and budgeted net currency cash flow.