Analysis of ratios

1
REPORT ON FINANCIAL STRUCTURE
OFRENATA LTD & SQUARE
PHARMACEUTICALS LTD.

2
Prepared For:
SHANILA TANEEM (SNT)
Prepared by:
SUMAIYA KHAN ANHA - 1510260030
ALI ARFI SHAFAT CHOWDHURY - 1510376630
TARANNUM HAIDER MALIHA - 1511332630
DIPANNITA FARHAHA INITA - 1110533030
NAFIS JAWAD RAHMAN - 1311015630

3
Table of Contents
No. Contents Page Number
1 Description of Company 04
2 Solvency measures 05-13
3 Recommendation 14
4 Conclusion 14

4
Brief description of the companies:
Renata LTD:
Renata Limited (formerly Pfizer Laboratories (Bangladesh) Limited), also known
as Renata, is one of the top ten (in terms of revenue).Renata is engaged in the
manufacture and marketing of human pharmaceutical and animal health
products. The company also manufactures animal therapeutics and nutrition
products.
The company began its operations as Pfizer (Bangladesh) Limited in 1972. For the
next two decades it continued as a subsidiary of Pfizer Corporation However, by
the late 1990s the focus of Pfizer had shifted from formulations to research. In
accordance with this transformation, Pfizer divested its interests in many
countries, including Bangladesh. Specifically, in 1993 Pfizer transferred the
ownership of its Bangladesh operations to local shareholders, and the name of the
company was changed to Renata Limited. At present, Renata manufactures about
300 generic pharmaceutical products including hormones, contraceptives, anti-
cancer drugs, oral preparations, cephalosporins, parenteral preparations as well as
other conventional drugs. In addition, they also offer about 95 animal therapeutics
and nutrition products.
Square Pharmaceuticals LTD:
The company was founded in 1958 by Samson H.Chowdhury along with three of his
friends as a private firm. It went public in 1991 and is currently listed on
the Dhaka Stock Exchange. Square Pharmaceuticals Ltd., the flagship company, is
holding the strong leadership position in the pharmaceutical industry of
Bangladesh since 1985 and it has been continuously in the 1st position among all
national and multinational companies since 1985. Square Pharmaceuticals Ltd. is now
on its way to becoming a high performance global player. As per vision, mission and
objectives; they are to emphasize on the quality of product, process and services
leading to growth of the company imbibed with good governance.

5
Solvency Measures
Liquidity ratios
Current ratio means the firm’s ability to meet its short-term obligations. Current ratio is always
good when it is higher than 1 times.
‘
Square Pharmaceuticals LTD. is operating above the industry average whereas Renata LTD is
operating below the industry average. As a result, the current ratio of Square is above 2, which is
very good as it has the capacity to pay off its liability.
Quick ratio is similar to current ratio, except that it excludes inventory, which is generally the
least liquid current asset. Quick ratio is also good when it is greater than 1 times.
Square Pharmaceuticals Ltd. has a fluctuating graph whereas it is still operating above the industry
average. Despite of it, the quick ratio is falling below 1. On the contrary, Renata Ltd. has a very low
quick ratio of 0.5 in 2014. However, it faced its trough in year 2013 when it had a quick ratio of
below 0.5.
0
0.5
1
1.5
2
2.5
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
0
0.5
1
1.5
2
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
Current
ratio
Quick ratio

6
Activity ratios
Inventory turnover means the activity, or liquidity of a firm’s inventory. The higher the inventory
turnover is, the better it is.
The inventory turnover of square is above the industry average not only that it is still rising till
date. It reached the peak in 2014 with an inventory turnover of 5 times. On the contrary, Renata
has an inventory turnover below industry average and faced an all time low in around 2013.
Avg. age of inventory means how many times are being used to sell the product. The lower the avg.
age of inventory turnover is, the better it is.
From the graph, we can depict that Square is in a better position than Renata as it has a value
below industry average. Moreover, Renatahas a very high average age of inventory. Therefore in
this particular case also square is performing better than Renata.
Avg. collection period means the approximate amount of time that it takes for a business to
receive payments owed. Every company wants to sell their products faster and get the payment
faster. So the lower the avg. collection period is, the better it is.
0
1
2
3
4
5
6
2011 2012 2013 2014
RENATA LTD.
SQUARE
PHARMACEUTIC
ALS LTD.
INDUSTRY
AVERAGE
0
50
100
150
200
250
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
Inventory
turnover
Avg.age of
inventory

7
According to the graph, Renata LTD. has an upward sloping graph which means it takes a lot of time
to receive payments from its accounts receivables. Whilst, Square has a very low avg. collection
period and has faced a downfall in 2014 with almost a value of 10.
Total asset turnover (T.A.T.O) means the efficiency with which the firm uses its assets to
generate sales. The higher the T.A.T.O. is, the better it is.
The graph illustrates two scenarios of Renata and Square-
1) Renata was operating above the industry average and Square was below the industry average
from 2011 to somewhere around 2012.
2) After 2012, Square started operating above the industry average and Renata faced a trough at
its worst in 2013 with almost a value of 0.69.
As a result, from this particular graph we can assume Square is performing better than Renata and
is using its assets more efficiently.
Debt. Ratios
Debt. Ratio means the proportion of total assets financed by the firm’s creditors. We know that,
the lower the debt. Ratio is, the better it is.
0
10
20
30
40
50
60
70
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
0
0.2
0.4
0.6
0.8
1
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
Avg. collection
period
Total asset
turnover

8
From the debt ratio graph, we can measure that the debt. ratio of the both industries has gone
downwards. It means both of the industries have lower capital financed from debts. However,
Square has a lower debt ratio of 16% in 2014 in comparison to Renata Ltd. which is 35.98%.
Moreover, Renata is also operating above the industry average for the last 4 years.
Debt. To equity ratio means the relative proportion of total liabilities to common stock equity used
to finance the firm’s assets. The lower the debt. to equity ratio is, the better it is.
The graph shows that Square is performing well below the industry average whereas REnata has a
ratio above the industry average. It shows that Renata is not performing well, as the lower the rate
is, the better it is.
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
Debt.
ratio
Debt. To
equity ratio

9
The times interest earned ratio (TIE) means the firm’s ability to make contractual interest
payments. It is better for the firm when the ratio is higher.
The graph shows that square has been fluctuating in this case a lot in the last 4 years in contrast to
Renata which had a relatively stable graph. However, Renata has a ratio below the industry average
and hence increment in terms of this ratio is necessary. Despite of this, Square’s effort should be
applauded because even after the fall in 2012 it still managed to raise a high of 29.6 times.
Profitability ratios
The gross profit margin (G.P.M) means the percentage of each sales dollar remaining after the
firm has paid for its goods. The higher the gross profit is, the better it is.
The GPM graph is showing that the industry has got an upward sloping curve. Renata’s curve though
looks almost the same, it has gone little downfrom 52.46% to 51.21% in the given years. On the
contrary, Square was operating above the industry average till the end of 2012. However, in 2013 it
faced its worst trough which might be due to higher cost of goods sold. Despite of all these
fluctuations, Square did manage to increase its profit all over again by 2014.
0
5
10
15
20
25
30
35
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTIC
ALS LTD
INDUSTRY
AVERAGE
0.00%
100.00%
200.00%
300.00%
400.00%
500.00%
600.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICA
LS LTD
INDUSTRY
AVERAGE
Times interest
earned ratio
Gross profit
margin

10
The operating profit margin (O.P.M) measures the operational efficiency. The higher the O.P.M.
is, the better it is.
The OPM graph shows that the industry average has fluctuated a bit in the last 4 years. Renata has
been operating above the industry average for almost 80% in the last 4 years which proves it has
lower expenses than Square. Square had a very high OPM of 34.34% in 2012. In spite of the high
OPM which it could not sustain, it faced a downfall in 2013.
The net profit margin (N.P.M) measures the percentage of each sales dollar remaining after all
costs and expenses, including interest, taxes, and preferred stock dividends, have been deducted.
Like the GPM and OPM, the upward slope is better for NPM.
The NPM of Renata LTD. was very high and above the industry average from 2011 to 2012 whilst
Square had relatively same margin from 16.30% to 16.6%. In spite of all these factors, Renata
faced a downfall in 2012 and went below the industry average in the next 2 years.
0.00%
10.00%
20.00%
30.00%
40.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
INDUSTRY
AVERAGE
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
Net profit
margin
Operating
profit margin

11
The earnings per share (EPS) of a company is generally of interest to present or prospective
stockholders and management. The higher the ratio is, the better it is.
From the graph we can depict that, Renata has an EPS above the industry average in 2014 with
almost 40%. On the contrary, Square had EPS below the industry average which started from
9.56% to a lower value of 7.10%. EPS is very important for the company as it will help them to gain
investors.
The company’s return on assets (ROA) means the overall effectiveness of management in
generating profits with its available assets. The higher the ROA is, the better it is.
The ROA graph shows that Renata had a very high ROA of 18.71% which was w ell above the industry
average in 2011. However, it reduced to 15.18% in the end with the worst fall in 2013 with a value of
10.93%. Square, on the other hand, started with a low value in 2011 well below the industry average
and increased to 15.18% above the industry average.
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
0.00%
5.00%
10.00%
15.00%
20.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
Earnings
per share
Return on
assets

12
The company’s return on equity (ROE) means the return earned on the common stockholders’
investment in the firm. The higher the ROE is, the better it is.
The ROE curve implies that Renata started off with a very high ROE of 36.35% in 2011 and ended
with 22.07% in 2014. However, it was still above the industry average. On the contrary, Square had
a ROE of 18.32% in 2011 which was well below industry average. It faced the worst downfall in 2012
with 15.15% and ended with 18.09% in 2014.
Market Ratios
The price/earnings ratio (P/E) measures one can analyze the market's stock valuation of a company
and its shares relative to the income the company is actually generating. The higher the ratio is, the
better it is.
There can be two scenarios: 1) If the share price is high and EPS is low. This shows that the stock
is undervalued. They are bubble stocks and will eventually fall in the short run.
2) If both the share price and EPS is high. Although, the change is share price is higher.
From the graph we can say that Square is operating below the industry average and Renata is
operating above the industry average with its peak in 2012 by 67.59%.
0.00%
10.00%
20.00%
30.00%
40.00%
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICAL
S LTD
INDUSTRY
AVERAGE
0
20
40
60
80
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
Return on
equity
Price-
earnings
ratio

13
The Book value per share (BVPS) compares the amount of stockholders' equity to the number
of shares outstanding. The higher the BVPS is, the better it is.
Renata has a higher book value per share which shows that people will have more confidence on the
business. On the other hand, Square has lost some confidence from the people as they have got a
downfall in 2013.
The market/book ratio (M/B) is used to find the value of a company by comparing the book value
of a firm to its market value. Book value is calculated by looking at the firm's historical cost, or
accounting value. Market value is determined in the stock market through its market capitalization.
The higher the ratio is, the better it is.
According to the graph, The M/B ratio of Renata is very high compared to Square. Renata faced a
peak in 2012 and so did Square. As a result it shows that the industry has also fluctuated.
0
50
100
150
200
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD
INDUSTRY AVERAGE
0
50
100
150
200
2011 2012 2013 2014
RENATA LTD
SQUARE
PHARMACEUTICALS
LTD.
INDUSTRY AVERAGE
Book
value per
share
Market/Book
ratio

14
Recommendation
From the entire report of Square Pharmaceuticals LTD. and Renata LTD. we can assume that
Square is performing better than Renata in terms profitably, liquidity and debt ratio. However, in
case of the P/E ratio, Square has a lower P/E than Renata. In our opinion, we would suggest
investing in Square as the profits are higher and the upward trend is more sustainable than Renata
LTD. Square has managed to perform well in almost all the sectors and dealt with their inefficiency
efficiently. As a result, we believe investing in Square would have lower risk involved in comparison
to the return.
Conclusion
After checking all the ratios of both the companies, we can conclude that both the companies are
performing well and have their own share of respect in the market. Despite of all these, Renata has
been underperforming in comparison to Square in almost all the aspect. On the contrary, Renata did
manage to provide with a higher EPS than Square which might instigate investors to invest more due
to higher return. But if we look at the long run prospective, Square has been outperforming Renata
with better efficiency and will be a more sustainable one to invest.

15
Appendix
Liquidity Ratios
Renata Ltd.
Year Current ratio = Current assets/Current
liabilities
Quick ratio = (Current assets – Inventory)/ Current
liabilities
2011 2,464,125,653/3,385,850,284= 0.73 times (2,464,125,653-1,585,100,179) / 3,385,850,284= 0.26 times
2012 3,310,220,716/2,876,857,184 = 1.15 times (3,310,220,716-1,986,744,883)/ 2,876,857,184 = 0.46 times
2013 4,137,379,000/5,266,051,481 = 0.79 times (4,137,379,000– 2,628,838,384)/ 5,266,051,481 = 0.29 times
2014 5,296,370,085/5,214,178,551 = 1.02 times (5,296,370,085 – 2,760,765,470)/ 5,214,178,551 = 0.49 times
Square Pharmaceuticals Ltd.
Year Current ratio = Current assets/Current
liabilities
Quick ratio = (Current assets – Inventory)/ Current
liabilities
2011 7,022,213,840 /4,668,189,426 =1.5 times (7,022,213,840-2,541,688,329) /4,668,189,426 = 0.96 times
2012 8,248,571,022/4,315,390,359 = 1.91 times (8,248,571,022-3,178,672,614)/ 4,315,390,359 = 1.17 times
2013 7,768,068,298/3,416,619,593 = 1.58 times (7,768,068,298-2,345,389,488)/3,416,619,593 = 1.59 times
2014 5,996,697,544/3,792,438,255 = 2.27 times (5,996,697,544-2,503,683,240)/3,416,619,593 = 0.92 times

16
Activity ratios
Renata Ltd.
Year Inventory turnover =
C.O.G.S/Inventory
Avg. age of
inventory =
365/Inventory
turnover
Avg. collection period =
Accounts
receivable/Avg. sales
per day
= Accounts receivable/
(Annual sales/365
Total asset turnover =
Sales/Total assets
2011 3,099,355,955/1,585,100,17
9 = 1.95 times
365/1.95 = 187.18
days
640,195,291/
(6,519,639,234/365) = 35.84
days
6,519,639,234/7,691,601,900
= 0.85
2012 3,619,613,644/1,986,744,58
3 = 1.82 times
365/1.82 = 200 days 843,231,267/
(7,671,572,303/365) = 40.12
days
7,671,572,303/9,753,077,971
= 0.79
2013 4,086,775,028/2,628,838,38
4 = 1.55 times
365 / 1.55 = 235.48
days
877,700,564/
(8,757,405,748/365) = 36.58
days
8,757,405,748/12,714,843,61
0 = 0.69
2014 5,418,971,406/2,760,765,47
0 = 1.96 times
365 / 1.96 = 186.22
days
1,926,360,804/
(11,107,281,260/365) =
63.30 days
11,107,281,260/14,493,568,7
29 = 0.76
Year Inventory turnover =
C.O.G.S/Inventory
Avg. age of
inventory =
365/Inventory
turnover
Avg. collection period =
Accounts
receivable/Avg. sales
per day
= Accounts receivable/
(Annual sales/365
Total asset turnover =
Sales/Total assets
2011 7,703,661,010 /2,541,688,329
=3.03 times
365 /3.03 =
120.46days
772,421,345 /
(15,576,487,536/365)
=18.1days
15,576,487,536
/19,444,409,654 =0.8 times
2012 9,167,253,620 /
3,178,672,614=2.88 times
365 / 2.88 = 126.73
days
785,203,495 /
(18,592,856,236 / 365) =
15.41 days
18,592,856,236 /
24,376,715,644 = 0.76 times
2013 10,133,675,177/2,503,683,24
0 = 4.05 times
365 / 4.05= 90.12
days
800,974,912/
(17,959,489,496/365) =
16.28 days
20,695,259,012/23,734,742,9
33 = 0.87 times
2014 11,727,992,671/2,345,389,48
8 = 5 times
365 / 5= 73 days 757,757,419/
(20,910,773,826/365) =
13.23 days
24,262,297,324/26,549,534,8
78 = 0.91 times

17
Debt. Ratio
Renata Ltd.
Year Debt. Ratio = Total
liabilities/Total assets
Debt. To equity ratio =
Total liabilities/Common
stock equity
Times interest earned
ratio = Operating
profit/Interest
2011 3,732,993,864/7,691,601,900 =
48.53%
3,732,993,864/3,958,608,036 =
94.30%
1,087,719,131/215,315,416 =
5.05 times
2012 4,682,598,223/9,753,077,971 =
48.01%
4,682,598,223/5,070,479,748 =
92.35%
1,237,926,366/370,881,897 =
3.33 times
2013 5,266,051,481/12,714,843,610 =
41.40%
5,266,051,481/6,295,114,611 =
83.65%
2,429,127,137/449,500,132 =
5.40 times
2014 5,214,178,551/14,493,568,729 =
35.98%
5,214,178,551/7,750,713,063 =
67.27%
2,910,940,303/463,471,214 =
6.28 times
Year Debt. Ratio = Total
liabilities/Total assets
Debt. To equity ratio = Total
liabilities/Common stock
equity
Times interest earned
ratio = Operating
profit/Interest
2011 5,626,700,666/19,444,409,654
=28.93%
5,626,700,666/13,817,708,990 =
40.72%
3,585,489,925/170,737,615 = 21
times
2012 5,186,900,507 / 21,453,784,762 =
24.17%
5,186,900,507/ 19,120,019,851 =
27.12%
1,783,055,287/433,581,036 =
4.11times
2013 4,681,851,115/23,734,742,933 =
19%
4,681,851,115/19,052,891,818 =
24.5%
3,956,139,219/325,281,016 =
12.16 times
2014 4,272,018,250/26,549,534,878 =
16%
4,272,018,250/22,277,516,628 =
19%
5,008,816,403/169,180,826 =
29.6 times

18
Profitability Ratios
Renata Ltd.
Year Gross
profit
margin =
Gross
profit/Sales
Operating
profit margin
= Operating
profit/Sales
Net profit
margin =
Earnings
available for
common
stockholders/Sal
es
Earnings per
share = Net
income/Com
mon stock
outstanding
Return on
assets = Net
income/Tota
l assets
Return on
equity = Net
income/Commo
n stock equity
2011 3,420,283,279/
6,519,639,234
= 52.46%
1,708,135,175/
6,519,639,234
= 26.19%
1,438,836,938/6,519,
639,234 = 22.07%
1,438,836,938/29,
888,594.47 =
48.14%
1,438,836,938/7,
691,601,900 =
18.71%
1,438,836,938/3,958
,608,036 = 36.35%
2012 4,051,958,659/
7,671,572,303
= 52.82%
2,161,099,398/
7,671,572,303
= 28.17%
1,237,926,366/7,671,
572,303 = 16.14%
1,237,926,366/282
43813.96 =
43.83%
1,237,926,366/9,
753,077,971 =
12.69%
1,237,926,366/5,070
,479,748 = 24.41%
2013 4,670,630,720/
8,757,405,748
= 53.33%
2,429,127,137/
8,757,405,748
= 27.74%
1,390,164,527/8,757,
405,748 = 15.87%
1,390,164,527/44,
132,207.21 =
31.50%
1,390,164,527/12
,714,843,610 =
10.93%
1,391,064,527/6,295
,114,611 = 22.09%
2014 5,688,309,854/
11,107,281,260
= 51.21%
2,910,940,303/
11,107,281,260
= 26.21%
1,710,862,526/11,107
,281,260 = 15.40%
1,710,862,526/44,
128,514.99 =
38.77%
1,710,862,526/14
,493,568,729 =
11.80%
1,710,862,526/7,750
,713,063 = 22.07%
Year Gross
profit
margin =
Gross
profit/Sales
Operating
profit margin
= Operating
profit/Sales
Net profit
margin =
Earnings
available for
common
stockholders/Sal
es
Earnings per
share = Net
income/Com
mon stock
outstanding
Return on
assets = Net
income/Tota
l assets
Return on
equity = Net
income/Commo
n stock equity
2011 5,767,763,459/
15,576,487,536
=37.02%
2,751,605,397/
15,576,487,536
= 17.70%
2,532,054,550
/15,576,487,536
=16.30%
2,532,054,550/26
4,834,760 =
9.56%
2,532,054,550
/19,444,409,654
=13.02%
2,532,054,550 /
13,817,708,990=
18.32%
2012 6,887,171,623/
18,592,856,236
= 37.04%
6,386,171,623/
18,592,856,236
= 34.34%
3,037,696,965/18,592
,856,236 = 16.34%
2,897,710,641/264
,834,760 =
10.94%
2,897,710,641/24
,376,715,644 =
11.88%
2897710641/191200
19851 = 15.15%
2013 7,825,814,319/
20,695,259,012
= 37.81%
3,956,139,219/
20,695,259,012
= 19.10%
3,419,785,256/20,695
,259,012 = 16.5%
3,419,785,256/409
,065,222 = 8.36%
3,419,785,256/23
,734,742,933 =
14.40%
3,419,785,256/19,05
2,891,818 = 17.94%
2014 9,182,781,155/
24,262,297,324
= 37.84%
5,008,816,403/
24,262,297,324
= 20.60%
4,031,811,268/24,262
,297,324 = 16.6%
4,031,811,268/567
,860,742 = 7.10%
4,031,811,268/26
,549,534,878 =
15.18%
4,031,811,268/22,27
7,516,628 = 18.09%

19
Market Ratios
Renata Ltd.
Year Price/Earnings
ratio = Market
price per share of
common
stock/Earnings per
share
Book value per share =
Common stock
equity/Number of
shares of common
stock outstanding
Market book ratio =
Market price per
share of common
stock/Book value per
share ofcommon stock
2011 1205/38.51 = 31.29 3,958,608,036/37,362,683.41
= 105.95
1205/105.95 = 11.37
2012 739.50/10.94 = 67.59 5,070,479,748/28,243,813.96
= 179.53
739.50/179.53 = 4.12
2013 722/31.50 = 22.92 629,511,461/44,132,207.21
= 142.64
722/142.64 = 5.06
2014 984/38.77 = 25.38 7,750,713,063/44,128,514.99
= 175.64
984/175.64 = 5.60
Year Price/Earnings
ratio = Market
price per share of
common
stock/Earnings per
share
Book value per share =
Common stock
equity/Number ofshares
of common stock
outstanding
Market book ratio =
Market price per
share of common
stock/Book value per
share of common
stock
2011 327.2/9.56 = 34.23 13,817,708,990/264,834,760
= 52.17
327.2/52.17 = 6.27
2012 237.30/10.94 = 21.69 19,120,019,851/264,834,760
= 72.19
237.30/72.19 = 3.29
2013 178.60/8.36 = 21.36 19,052,891,818/481,659,895.2
= 39.56
178.60/39.56 = 4.51
2014 147.85/7.10 = 20.82 22,277,516,628/482,274,075.1
= 46.19
147.85/46.19 = 3.20

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