Items impacting financial results

Income taxes

EUR thousands

2021

2020

Profit before taxes 4,165 7,124
Consolidated income taxes at Group’s domestic tax rate (20%) 833 1,425
Impact of different tax rates of foreign subsidiaries 43 341
Tax-exempt income and non-deductible expenses 246 108
Tax at source booked as cost 0 0
Income taxes for prior years -177 -133
Effect of deferred tax assets not recognized 1,220 -162
Other items 343 177
Income tax recognized in consolidated income statement 2,509 1,755
Effective tax rate 60.2 24.6

 

The table above shows the income tax reconciliation and the total income tax amount (tax charge) as reported in the accounting.

Exchange rates

Exel Composites’ functional currency is euro. In addition to the euro (EUR), the main currencies are the Australian dollar (AUD), the British pound (GBP), the US dollar (USD), the Chinese renminbi (RMB), the Hong Kong dollar (HKD) and the Indian rupee (INR).

In 2021 exchange rates impacted revenue by -0.2%.

Debt structure and covenants

The Group’s exposure to the risk of changes in the market interest rates relates primarily to the Group’s loans. The effect of one percentage point in the interest rates on 31 December was EUR 496 (397) thousand.

Non-current interest-bearing loans and borrowings

EUR thousands

2021

2020

Loans from financial institutions 13,100 9,800
Lease liabilities 2,140 2,332
Pension loans 330 751

Total

15,570

12,883

Current interest-bearing loans and borrowings

EUR thousands

2021

2020

Loans from financial institutions 36,200 28,886
Lease liabilities 1,218 1,089
Cheque account with overdraft facility 0 284

Total

37,418

30,258

 

EUR 35.5 million of current interest-bearing liabilities were commercial papers. To secure the payment of commercial papers, the company had at the end of the financial year unused, non-current (over 12 months) revolving credit facilities for EUR 40.0 million.