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).