Net financial income, made up of net borrowing costs and other financial income and expenses, amounted to euro 91 million at December 31, 2019 compared with an expense of euro 71 million in 2018. The cost of net financial debt, was euro 25 million in 2019, including euro 58 million in interest on the Epsilon acquisition liability.
The cost of net financial debt totaled euro 11 million in 2018. Other financial income and expenses represented an expense of euro 66 million, including in particular euro 70 million in interest on lease liabilities. Other financial income and expenses represented an expense of euro 60 million in 2018, including euro 58 million of interest on lease liabilities.
The cost of revaluation of earn-outs totaled euro 22 million (versus an expense of euro 13 million in 2018). The income tax expense was euro 305 million, representing an effective tax rate of 25.0% in 2019, compared with euro 285 million in 2018, which represented an effective tax rate of 24.0%. The share of profit of associates was minus euro 5 million compared with minus euro 4 million the previous year. Minority interests were euro 3 million in 2019, compared with euro 11 million in 2018. Overall, Group net income amounted to euro 841 million at end-December 2019, versus euro 919 million at December 31, 2018.
