EXEL Industries // 2020 Universal registration document

Consolidated fi nancial statements 5

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)

Fiscal year 09/30/2019

Fiscal year 09/30/2020

Consolidated (in € thousands)

Net pro fi t before tax

(5,625)

9,565

Goodwill impairment

26,282

0

THEORETICAL TAXABLE INCOME

20,657

9,565

Current tax rate in France

32.00%

34.43%

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

(6,610)

(3,293)

Impact of: Permanent tax di ff erences

600

(3,660)

Tax loss not used

(4,399)

(2,958)

Tax rate di ff erential with foreign subsidiaries

3,825

2,086

Tax credits

1,336

2,365

Taxes on dividend distribution

(102)

(340)

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

(79)

75

NET TAX INCOME/(EXPENSE) RECOGNIZED

(5,430)

(5,725)

E ff ective Group tax rate (%)

26.2%

59.8%

Tax credits, mainly research tax credits (RTC).

Note 23 Change in working capital requirements (WCR)

09/30/2019

09/30/2020

(in € thousands)

Net inventories

(8,268)

(7,400)

Advances and prepayments paid

(140)

312

Net trade receivables

11,216

(30,139)

Current income tax receivables

(3,967)

8,490

Other receivables and accruals

3,499

(65)

2,340

(28,802)

Advances and prepayments received

4,972

(225)

Trade payables

10,111

(13,891)

Payables for fi xed assets

(183)

119

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

1,412

(2,068)

Current income tax payables

(1,371)

2,842

Other payables and accruals

4,025

(2,153)

18,966

(15,376)

(+) NETWORKING CAPITAL (+ USE/- SOURCE) (EXCLUDING FOREIGN EXCHANGE IMPACT & SCOPE)

(16,626)

(13,426)

Payables on fi xed assets reclassi fi ed under investments

183

(119)

Impact of change in Group structure on WCR

(3,663)

-

Impact of foreign exchange on WCR

7,316

(4,049)

(+) OPERATINGWORKING CAPITAL (+ USE, - SOURCE)

(20,462)

(9,258)

EXEL Industries group I 2020 Universal Registration Document

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