Statement of Financial Position and Financing
The figures presented in the statement of financial position of December 31, 2014, are compared with the statement of the financial position of December 31, 2013 (MEUR).
| ||31.12.2014 ||31.12.2013 |
|Non-current assets ||48.8 ||46.1 |
|Current assets ||118.0 ||98.2 |
|Total assets ||166.8 ||144.4 |
|Share capital ||12.9 ||12.9 |
|Other equity ||80.5 ||68.8 |
|Total shareholders´ equity ||93.4 ||81.7 |
|Non-current liabilities ||7.6 ||6.1 |
|Current liabilities ||65.8 ||56.5 |
|Total shareholders´ equity and liabilities ||166.8 ||144.4 |
The cash flows during the period under review:
|+ net profit +/- adjustment of accrual basis items || EUR +27.4 million |
|+/- change in net working capital ||EUR -12.1 million |
|- interest, taxes and dividends ||EUR -4.7 million |
|= cash generated from operations ||EUR +10.5 million |
|- net cash used in investment activities ||EUR -9.2 million |
|- net cash used in financing ||EUR -1.0 million |
|= net change in cash and cash equivalents ||EUR +0.3 million |
The increase in net working capital during the review period resulted mainly from the increase in non-interest bearing receivables and from the decreased non-interest bearing liabilities.
The amount of accounts receivable and other receivables, booked in current receivables, was EUR 72.5 million (EUR 54.3 million on December 31, 2013). Accounts payable and other payables, booked in interest-free current liabilities, were EUR 61.3 million (EUR 54.5 million on December 31, 2013). The amount of non-depreciated consolidation goodwill at the end of the period under review was EUR 19.3 million (EUR 19.3 million on December 31, 2013).
The amount of gross investments in the period under review was EUR 11.4 million. Net investments for the reporting period totaled EUR 11.3 million. The total amount of depreciation during the period under review was EUR 8.7 million, including EUR 0.2 million of depreciation owing to business acquisitions in Automotive Business Segment.
The amount of interest-bearing debt, including finance lease liabilities, at the end of the reporting period was EUR 8.3 million (EUR 5.3 million on December 31, 2013). The distribution of net financing expenses on the income statement was as follows:
|interest dividend and other financial income || EUR 0.4 million |
|interest expenses and other financial expenses ||EUR -0.4 million |
|foreign exchange gains and losses ||EUR -1.3 million |
EB´s equity ratio at the end of the period was 62.3% (65.1% on December 31, 2013).
Cash and other liquid assets at the end of the reporting period were EUR 43.3 million (EUR 43.0 million on December 31, 2013). In July EB signed a EUR 10 million credit facility agreement with Nordea Bank Finland Plc. and a EUR 10 million credit facility agreement with Pohjola Bank Plc. These agreements, intended for general financing purposes, are valid until June 30, 2017. At the end of the review period, EUR 3.0 million of these facilities was in use.
EB follows a hedging strategy, the objective of which is to ensure the margins of business operations in changing market circumstances by minimizing the influence of exchange rates. In accordance with the hedging strategy, the agreed customer commitments net cash flow of the currency in question is hedged. The net cash flow is determined on the basis of sales receivables, payables, the order book and the budgeted net currency cash flow. The hedged foreign currency exposure at the end of the review period was equivalent to 8.0 million.
The 2013 figures presented in comparison in this Report by Board of Directors include the figures of Continuing Operations only.