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.}