Statement of Financial Position and Financing
The figures presented in the statement of financial position of December 31, 2022, are compared with the statement of the financial position of December 31, 2021 (MEUR).
|Dec. 31, 2022||Dec. 31, 2021|
|Total equity and liabilities||169.7||166.1|
|Cash flow of the review period:||1-12/2022||1-12/2021|
|+ profit of the period +/- adjustment of accrual basis items||11.7||15.2|
|+/- change in net working capital||-2.9||-6.2|
|- interest, taxes and dividends||-0.8||-0.7|
|= net cash from operating activities||8.0||8.3|
|- net cash from investing activities||-8.0||-8.4|
|- net cash from financing activities||-3.0||-2.5|
|= Net change in cash and cash equivalents||-3.0||-2.6|
The number of gross investments in the period under review was EUR 9.5 million. Net investments for the review period totaled EUR 9.4 million. The total amount of depreciation during the period under review was EUR 10.7 million. The amount of interest-bearing debt, including finance lease liabilities was EUR 22.4 million at the end of the reporting period (EUR 22.3 million). Bittium´s equity ratio at the end of the period was 69.7 percent (72.4 percent).
The Group´s liquidity remained good despite the uncertainty caused by the coronavirus pandemic and the global disruption in the availability of electronic components.
Securing cash flow has not required any special adjustment measures, and no significant changes have been identified in the credit risks of trade receivables.
Cash and other liquid assets at the end of the reporting period were EUR 19.0 million (EUR 22.0 million). Net cash flow during the period was EUR -3.0 million. The net cash flow resulted from EUR 6.6 million investments made into own product development and EUR 1.4 million dividend payment as the most significant items (EUR -2.6 million including EUR 7.0 million investments made into own product development, and EUR 1.1 million dividend payment as the most significant item).
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. The 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 September 30, 2025. At the end of the review period, no limits from these facilities were in use.
Bittium follows a hedging strategy that has the 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 based on accounts receivable, accounts payable, order book, and budgeted net currency cash flow.