Statement of Financial Position and Financing
The figures presented in the statement of financial position of December 31, 2024, are compared with the statement of the financial position of December 31, 2023 (MEUR).
| MEUR | Dec. 31, 2024 | Dec. 31, 2023 |
|---|---|---|
| Non-current assets | 82.8 | 84.6 |
| Current assets | 82.4 | 73.1 |
| Total assets | 165.1 | 157.7 |
| Share capital | 12.9 | 12.9 |
| Other capital | 99.9 | 94.6 |
| Total equity | 112.8 | 107.6 |
| Non-current liabilities | 18.4 | 1.8 |
| Current liabilities | 34.0 | 48.3 |
| Total equity and liabilities | 165.1 | 157.7 |
| CASH FLOW OF THE REVIEW PERIOD, MEUR | 1-12/2024 | 1–12/2023 |
|---|---|---|
| + profit of the period +/- adjustment of accrual basis items | 18.9 | 5.1 |
| +/- change in net working capital | 7.1 | -3.0 |
| – interest, taxes and dividends | -1.5 | -0.9 |
| = net cash from operating activities | 24.4 | 1.2 |
| – net cash from investing activities | -6.7 | -7.7 |
| – net cash from financing activities | -4.3 | -4.2 |
| = net change in cash and cash equivalents | 13.4 | -10.7 |
The number of gross investments in the period under review was EUR 7.4 million (EUR 9.4 million). Net investments for the review period totaled to EUR 7.3 million (EUR 9.2 million). The total amount of depreciations during the period under review was EUR 8.6 million (EUR 9.5 million). The amount of interest-bearing debt including finance lease liabilities was EUR 20.9 million at the end of the reporting period (EUR 22.6 million). Bittium’s equity ratio at the end of the period was 69.9 percent (69.6 percent).
At the end of review period, Bittium had a EUR 19.0 million senior loan and a EUR 10.0 million overdraft credit facility agreement with Nordea Bank Finland Plc. These agreements have been renegotiated on March 28, 2024, with the previous agreements between the parties expiring in May 2024. The maturity date for the senior loan is May 24, 2029, and it will be amortized by EUR 1.0 million every six months. The overdraft credit facility agreement is valid until May 24, 2026, after which it will continue to be valid indefinitely. At the end of the review, period no limit from the overdraft credit facility agreement was in use. These agreements include customary covenants related to, for example, equity ratio, interest-bearing debts and EBITDA, as well as the transfer and pledging of assets, the conditions of which were fulfilled at the end of the review period.
The company’s financial loans and their changes are entered in the company’s balance sheet as long-term and short-term loans in accordance with the repayment plan.