FURTHER DETAILS ABOUT THE NET RESULT
Restructuring costs and integration costs amount to EUR 5.4 million and have increased by EUR 2.4 million compared to 31 December 2020, mainly as a consequence of the growth plan in the UK, costs incurred for the integration of Aditro, launch! and Protime in SD Worx and the divestment of the Aspex business.
Acquisition and transaction costs have increased by EUR 1.3 million to EUR 1.7 million as a consequence of the acquisition of Aditro, Teal Partners and launch! during the first semester of 2021.
The cost of non-committed share plans for the group management is spread evenly over a vesting period of three years. The increase of EUR 1.9 million is related to the share plans issued in FY2020 and FY2021.
Depreciations and amortisations
Depreciations and amortisations on tangible and intangible assets of EUR 48.4 million have been recorded per 31 December 2021 and are mainly related to the group's important and continuing investments in digital solutions (EUR 23.6 million), the depreciation of leased right-of-use assets such as rented buildings and company cars (EUR 21.4 million) and the amortisation of intangible assets acquired in business combinations (EUR 3.4 million).
The financial result per 31 December 2021 amounts to EUR -6.4 million, mainly due to the interest costs of the subordinated EUR 80 million bond issued in June 2019, the committed EUR 125 million revolving credit facility and financial charges on lease liabilities.
The financial result improved by EUR 2.2 million compared to 2020, which is mainly the result of the loss realised per 30 June 2020 on the sale of the group’s cash investments in financial assets held in discretionary management.
Tax charges decreased by EUR 7.4 million from EUR 10.1 million to EUR 2.7 million. The lower effective tax rate is mainly a consequence of the recognition of deferred tax assets on fiscal losses carried forward in Belgium, which have been deemed recoverable as a result of a legal merger between two subsidiaries. A fiscal ruling on the tax neutrality of the merger has been obtained.
The net result, recorded at EUR 46.8 million, increased significantly in relation to the same period last year due to the aforementioned increase in operating profit, the increased financial result and decreased effective tax rate.