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.
