Items impacting financial results

Income tax reconciliation

2023

2022

Profit before taxes -8,254 3,600
Consolidated income taxes at Group’s domestic tax rate (20%) -1,651 720
Impact of different tax rates of foreign subsidiaries -507 -76
Tax-exempt income and non-deductible expenses 9 115
Tax at source booked as cost 216 575
Income taxes for prior years -130 -547
Effect of deferred tax assets not recognized 2,059 356
Revaluation of deferred taxes 900 119
Other items 158 192
Income tax recognized in consolidated income statement 1,055 1,455
Effective tax rate -12.8 40.4

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 423 (461) thousand.

Non-current interest-bearing loans and borrowings

2023

2022

Loans from financial institutions 4,200 12,400
Lease liabilities 221 1,136
Pension loans 0 0

Total

4,421

13,536

Current interest-bearing loans and borrowings

2023

2022

Loans from financial institutions 37,200 33,200
Lease liabilities 1,264 1,271
Cheque account with overdraft facility 731 491
Loans from others 174 0

Total

39,369

34,962

 

EUR 25.0 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 36.0 million.