Items impacting financial results

Income tax reconciliation

2024

2023

Profit before taxes -3,778  -8,254
Consolidated income taxes at Group’s domestic tax rate (20%) -756 -1,651
Impact of different tax rates of foreign subsidiaries -273 -507
Tax-exempt income and non-deductible expenses -16 9
Tax at source booked as cost 102 216
Income taxes for prior years 132 -130
Effect of deferred tax assets not recognized 1,819 2,059
Revaluation of deferred taxes 0 900
Other items 241 158
Income tax recognized in consolidated income statement 1,249 1,055
Effective tax rate -33.1 -12.8

 

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).

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 249 (423) thousand.

Non-current interest-bearing loans and borrowings

2024

2023

Loans from financial institutions 5,073 4,200
Financial arrangement costs -195 0
Lease liabilities 3,904 221

Total

8,783

4,421

Current interest-bearing loans and borrowings

2024

2023

Loans from financial institutions 19,569 37,200
Financial arrangement costs
Lease liabilities
-584
1,577
0
1,264
Cheque account with overdraft facility 1,069 731
Loans from others 0 174

Total

21,631

39,369

EUR 13.0 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 32.4 million. Interest-bearing loans and credit limits include financial covenants (Net Debt to EBITDA, Interest cover, Available liquidity).