Statement of Financial Position and Financing
The figures presented in the statement of financial position of December 31, 2016, are compared with the statement of the financial position of December 31, 2015 (MEUR).
||Dec. 31, 2016
||Dec. 31, 2015
|Total equity and liabilities
| Cash flow of the review period:
|+ Profit of the period +/- Adjustment of accrual basis items
|+/- Change in net working capital
|- interest, taxes and dividends
|= Net cash from operating activities
|- Net cash from investing activities
|- Net cash from financing activities
|= Net change in cash and cash equivalents
Net cash from operating activities in 2015 includes operative cash flows from both continuing and discontinuing operations.
The amount of gross investments in the period under review was EUR 18.5 million. Net investments for the review period totaled to EUR 18.4 million. The total amount of depreciation during the period under review was EUR 3.3 million. The amount of interest-bearing debt, including finance lease liabilities, was at the end of the reporting period EUR 3.2 million (EUR 1.4 million on December 31, 2015). Bittiumīs equity ratio at the end of the period was 87.0 percent (90.5 percent on December 31, 2015).
Cash and other liquid assets at the end of the reporting period were EUR 94.9 million (EUR 122.8 million on December 31, 2015). Bittium has a total of EUR 20.2 million credit facility agreements from which EUR 20.0 million are valid until June 30, 2017 and EUR 0.2 million until September 29, 2017. At the end of the review period, EUR 0.1 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.