Net cash from operating activities developed positively thanks to good profit and reduced need of net working capital, especially on fourth quarter when EB received advance payments for future projects and customers paid well their trade payables to EB. In addition to normal investments, net cash from investing activities includes proceeds from Test Tools product business on the first quarter.
Net cash from financing activities includes among others repayment of capital and repayment of borrowings on fourth quarter. The amount of accounts receivable and other receivables, booked in current receivables, was EUR 54.3 million (EUR 63.0 million on December 31, 2012). Accounts payable and other payables, booked in interest-free current liabilities, were EUR 54.5 million (EUR 40.5 million on December 31, 2012).
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, 2012). The amount of gross investments in the period under review was EUR 7.9 million. Net investments for the reporting period totaled EUR 7.5 million. The total amount of depreciation of continuing operations during the period under review was EUR 9.0 million, including EUR 1.0 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 5.3 million (EUR 18.3 million on December 31, 2012). The distribution of net financing expenses on the income statement of continuing operations was as follows:
EB´s equity ratio at the end of the period was 65.1% (54.5% on December 31, 2012). The increase in equity ratio is mainly due to the sale of the Test Tools product business. The transaction resulted in a net profit of about EUR 24 million.
Cash and other liquid assets at the end of the reporting period were EUR 43.0 million (EUR 14.3 million on December 31, 2012). The increase in cash reserves is mainly due to the sale of the Test Tools product business. EB has from Nordea Bank plc a committed credit facility agreement and a revolving credit facility agreement of altogether EUR 20 million, valid until June 30, 2014. EUR 0.0 million of these facilities was used at the end of the reporting period.
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 8.5 million.