Both a2 Milk Ltd. And Synlait Ltd. operate in the dairy products industry. The following ratios for a2 Milk Ltd. and Synlait Ltd. were calculated for 2020 and 2019:     a2 Milk Ltd. Synlait Ltd.   2020 2019 2020 2019           Gross Profit Margin 55.96% 54.84% 15.64% 18.19% Profit Margin 22.29% 22.12% 5.78% 8.03% Return on Assets 44.52% 48.54% 9.33% 12.81% Return on Equity 40.15% 42.83% 13.69% 17.93% Current Ratio 3.69 times 3.15 times 1.00 times 0.76 times Debt ratio 21.97% 21.76% 59.36% 57.20%   Based on the above ratios, comment on a2 Milk Ltd.’s and complete the following   Profitability in the Income Statement Profitability to investment Briefly summaries the profitability of a2 Milk by comparing with Synlait Ltd.

Agro Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows: Agro Co.: Income Statement for the year ended 31 March 2019 £'000 Sales 3495 Cost of Sales (2182) Gross profit 1313 Other income: interest received 33 Distribution costs (187) Administrative expenses (309) Interest costs (75) Profit before tax 775 Income tax expense (157) Profit for the year 618 Agro Co.: Statements of Financial Position as at 31 March 2019 and 2018 2019 2018 £'000 £'000 Non-current assets Property, plant and equipment (PPE) 1700 1615 Intangible assets 425 375 Investments 0 95 Current assets Inventory 150 102 Trade receivables 1010 315 Short-term investments 75 0 Cash at Bank 452 1 Total Assets 3812 2503 Current liabilities Trade payables 289 119 Bank overdraft 143 98 Taxation 312 285 744 502 Non-current liabilities Long-term loans 170 50 Total Net Assets 2898 1951 Equity Share capital (£1 ordinary shares) 1950 1550 Share premium…

Answer the following: 19.   Rate of return on Sales                                            20.   Rate of Return on Owner’s Equity21.   Rate of Return on Common Equity

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