Items impacting financial results
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.