Page 42 - CODIC 2017/2018 Annual Report

3. CommentS on the ConSolidated finanCial StatementS
aS at 30 april 2018

I. INCOME STATEMENT

Net income (€23.3m)

The net income generated by the Group was €23.3m, up 12% over the previous year.

Turnover (€137.4m) / Gross margin (€46.4m)

Turnover generated in the 2017/18 financial year amounted to €137.4m for a gross margin
of €46.4m (34% of turnover), up 20% over the previous year.

Administrative and commercial expenses (€-9.5 m)

This item includes all the operating costs of Group companies (personnel costs, depreciation,
etc).

Financial income (€-5.0 m)

The financial income of €-5.0m mainly consists of interest charges on corporate borrowings
(bank and bond), the cost of project-related borrowings being directly capitalised.

Income tax (€-7.3 m)

The tax expense results from the taxation of profit for the year, including movements relating
to deferred taxes.

40 Codic Annual Report 2017/2018