Hi, I have a question. I am doing a financial analsis. Below is consolidated income...

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Accounting

Hi, I have a question. I am doing a financial analsis. Below is consolidated income statement over five year of the company. I have to find the reason for any growth and loss. Net income goes down in 2014. Is this because operating income from continuing operations goes down? Or due to increase of income tax? Also, I want to know why some year income tax increase. Please help me. Thanks.

2018 2017 2016 2015 2014 2013
Sales 1,731,894 1,459,874 1,393,997 1,463,753 1,007,064 1,256,164
Cost of sales (296,820) (270,887) (305,065) (337,073) (285,251) (342,655)
Gross profit 1,435,074 1,188,987 1,088,932 1,126,680 721,813 913,509
R&D expenses (690,592) (548,735) (509,779) (580,554) (433,900) (435,011)
Marketing expenses (339,274) (316,806) (305,735) (284,965) (279,957) (304,941)
Administrative and IT expenses (144,649) (122,538) (117,296) (100,051) (83,269) (81,360)
Operating income from continuing operations 260,559 200,908 156,122 161,110 (75,313) 92,197
Goodwill depreciation 0 0 0 0 0 0
Other non-current operating income and expenses (38,242) (25,094) (19,334) (21,717) (22,627) (4,293)
Operating income 222,317 175,814 136,788 139,393 (97,940) 87,904
Interest on borrowings (17,732) (12,081) (8,429) (5,322) (6,154) (5,032)
Income from cash 1,823 1,265 989 556 369 403
Net borrowing cost (15,909) (10,816) (7,440) (4,766) (5,785) (4,629)
Result from foreign-exchange operations (5,747) (2,288) (5,168) 1,159 (1,143) 709
Other financial expenses (56) (5,449) (3,666) (1,764) (114) (219)
Other financial income 8,312 2,348 2,548 6,083 17,376 8,138
Net financial income (13,400) (16,205) (13,726) 712 10,334 3,999
Share in profit of associates (224) (339) 0 0 11
Total income tax (69,241) (51,457) (29,654) (53,094) 22,081 (27,083)
Income for the period

139,452 107,813 93,408 87,011 (65,525) 64,831

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