Items impacting financial results

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Income taxes

2020

2019

Profit before taxes 7,124 3,885
Consolidated income taxes at Group’s domestic tax rate (20%) 1,425 777
Impact of different tax rates of foreign subsidiaries 341 49
Tax-exempt income and non-deductible expenses 108 63
Tax at source booked as cost 0 129
Income taxes for prior years -133 142
Effect of deferred tax assets not recognized -162 420
Other items 177 -93
Income tax recognized in consolidated income statement
1,755
1,488
Effective tax rate 24.6 38.3

 

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. Other key currencies for the Group are AUD (Australia), GBP (United Kingdom), RMB (China), USD (USA) and HKD (Hong Kong).

In 2020 exchange rates impacted revenue by -1.0%.

Debt structure and covenants

Konsernin korkoriski liittyy lähinnä konsernin lainoihin. Yhden prosenttiyksikön muutos korkokannassa vaikuttaa vuoden 2020 lopun tilanteen mukaan 397 (324) tuhatta euroa tulokseen.

Non-current interest-bearing loans and borrowings

EUR thousands

2020

2019

Loans from financial institutions 9,800 10,564
Lease liabilities 2,332 3,549
Pension loans 751 690
Total
12,883
14,803

 

Current interest-bearing loans and borrowings

EUR thousands

2020

2019

Loans from financial institutions 28,886 20,833
Lease liabilities 1,089 1,262
Cheque account with overdraft facility 284 264
Total
30,258
22,360

 

EUR 21.5 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 26.7 million.