Page 38 - CODIC 2016/2017 - Annual report
P. 38
3. CommentS on the ConSolidated finanCial StatementS
aS at 30 april 2017
I. PROFIT AND LOSS ACCOUNT
Net income (€20.7m)
The Net income generated by the Group is €20.7m, up 26% compared to the previous
financial year.
Turnover (€189.2m) / Gross margin (€38.7m)
Turnover figures for the 2016/17 financial year amount to €189.2m for a total gross margin
of €38.7m (20.5% of the turnover), up 45% compared to the previous year.
Administrative and commercial expenses (€-9.1m)
This item includes all operating costs of the companies in the Group (payroll costs,
depreciation,…).
Financial result (€-3.3m)
The financial result of €-3.3m mainly consists of interest charges on corporate loans (bank
loans and bonds), the cost of project-related borrowing being directly capitalized.
Income tax (€-4.3m)
The tax charge for the year resulted from the recognition of margins and movement on
deferred taxes.
36 Codic Annual Report 2016/2017
