EXEL industries - 2019 Universal Registration Document

Consolidated fi nancial statements Notes to the consolidated fi nancial statements

22.3 Reconciliation of the e ff ective tax expense and theoretical tax expense (Calculated at the tax rate applicable in France)

09/30/2018 Fiscal year

09/30/2019 Fiscal year

Consolidated (in € thousands)

Pro fi t (Loss) before tax and impairment of goodwill

9,565

55,161

Current tax rate in France

34.43%

34.43%

THEORETICAL TAX INCOME/(EXPENSE) AT THE CURRENT TAX RATE

(3,293)

(18,992)

Impact of: Permanent tax di ff erences

(3,660)

(1,050)

Tax loss not used

(2,958)

(2,330)

Tax rate di ff erential with foreign subsidiaries

2,086

4,390

Tax credits

2,365

2,339

4

Taxes on dividend distribution

(340)

(286)

Misc. (including impact of the French tax sharing agreement)

75

(419)

NET TAX INCOME/(EXPENSE) RECOGNIZED

(5,725)

(16,349)

E ff ective Group tax rate (%)

59.80%

29.60%

Tax credits, mainly research tax credits (RTC).

Note c 23 Change in working capital requirements (WCR)

09/30/2018

09/30/2019

(in € thousands)

Net inventories

(7,400)

45,434

Advances and prepayments paid

312

(2,054)

Net trade receivables

(30,139)

1,074

Current income tax receivables

8,490

(5,200)

Other receivables and accruals

(65)

(4,612)

(28,802)

34,642

Advances and prepayments received

(225)

(5,246)

Trade payables

(13,891)

(7,119)

Payables for fi xed assets

119

93

Payables for tax (excluding corporate income tax) and payroll tax agencies

(2,068)

236

Current income tax payables

2,842

1,942

Other payables and accruals

(2,153)

(899)

(15,376)

(10,993)

NETWORKING CAPITAL (+ USE, - SOURCE)

(13,426)

45,635

Payables on fi xed assets reclassi fi ed under investments

(119)

(93)

Impact of change in Group structure on WCR

-

-

Impact of foreign exchange on WCR

(4,049)

2,380

NETWORKING CAPITAL (+ USE/- SOURCE) (EXCLUDING IMPACTS OF CHANGE IN GROUP STRUCTURE)

(9,258)

43,347

EXEL Industries Group I 2019 Universal Registration Document

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