Financialanalysisofunileverpakistan 150430061248 Conversion Gate01

FINANCIAL ANALYSIS
OF
UNILEVER PAKISTAN
Group Members:
1.
Azam Aliani
(2893)
2.
Namraah Khalid
(3096)
3.
Afsheen S. Baig
(1036)
Report Submitted to
Sir IQBAL NIYANI
Final Project Of
INTRODUCTION TO BUSINESS FINANCE (IBF)
Spring 2015
FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)
Annual Report 2014

UNILEVER PAKISTAN
Our Visit
To
Unilever Pakistan limited
On April 16, 2015
No
Particular
Page
Acknowledgement
Abstract
Introduction
Brands
History
10-12
Vision Of unilever
13
What is ratio Analysis
14
Directors Review
15
Performance Indicator
16-17
10
Balance sheet
18-19
11
Income statement
20-21
12
Cashflow statement
22-23
13
Ratio Anaylsis
24-35
14
Conclusion
36
4
ACKNOWLEDGEMENT
This report is the result of the hard work of all our group members. First of all we
would like to thank the ALMIGHTY ALLAH on the successful completion of this
report. We would also like to thank our course instructor Mr. Iqbal Nayani for helping
us understand the depths of Finance and it was only because of his support, help and
guidance throughout the semester that we were successfully able to complete this
project report. It was because of this report that we were able to do our own analysis
of a companys financial statements, which required a great deal of thinking and
brainstorming. This whole project has been an excellent learning experience for us all
as it helped us put our knowledge about business finance to practical implementation.
ABSTRACT
A financial statement is a formal record of the financial activities of a business,
person, or other entity. Relevant financial information is presented in a structured
manner and in a form which is easy to understand. They typically include basic
financial Statements that include the Balance Sheet or Statement of Financial
Position, Income Statement or Profit and Loss Account and Cash Flow Statement.
Financial statements provide the overview of the financial position of the company to
the companys stakeholders and the management; however the companys true
financial position cannot be determined unless the companys financial statements are
analyzed. Analysis of these Financial Statements helps us find out about the liquidity
position of the company, the companys long term solvency, the companys
profitability and its financial viability. Ratio analysis and interpretation of financial
statements help in determining the liquidity position, long term solvency, financial
viability and profitability of a firm and shows overall whether the company has
improved or deteriorated in the past few years. In this report we have done our best to
analyze the financial statements of Unilever Pakistan Limited.
UNILEVER PAKISTAN LIMITED
INTRODUCTION TO UNILEVER PAKISTAN LTD.

Unilever Pakistan (70.4% Unilever equity) is the largest FMCG company in Pakistan, as well
as one of the largest multinationals operating in the country..The company had a turnover of
Rs. 23.3 bn (Euro 309 Mn) in 2007, and enjoys a leading position in most of its core Home
and Personal Care and Foods categories, e.g. Personal Wash, Personal Care, Laundry,
Beverages (Tea) and Ice Cream.
Since the time Unilever Pakistan began its operations in 1948, the Company has been
closely connected to the Pakistani people and its brands have been an integral feature
in their daily lives. In fact, the nature of our business enables our brands to be the
pulse and heartbeat of the 164 million people in Pakistan.
This is a huge commitment, which makes them responsible and accountable to all our
stakeholders and society as a whole and strengthens our resolve to:
Make a positive difference to the lives of low income consumers
Create new opportunities for growth
Improve the overall quality of life in Pakistan, by promoting education, nutrition,

health and hygiene.
10
VIEW OUR BRANDS

Unilever makes and sells products under more than 400 brand names worldwide. Two
billion people use them on any given day. Here is a selection of our top brands,
available in many countries, along with the stories behind them.
11
HISTORY
HELPING PEOPLE GET MORE OUT OF LIFE
In the 1890s, William Hesketh Lever, founder of Lever Bros, wrote down his ideas for
Sunlight Soap his revolutionary new product that helped popularize cleanliness and
hygiene in Victorian England. It was 'to make cleanliness commonplace; to lessen
work for women; to foster health and contribute to personal attractiveness, that life
may be more enjoyable and rewarding for the people who use their products'.
This was long before the phrase 'Corporate Mission' had been invented, but these
ideas have stayed at the heart of their business. Even if their language - and the notion
of only women doing housework has become outdated.
In a history that now crosses three centuries, Unilever's success has been influenced
by the major events of the day economic boom, depression, world wars, changing
consumer lifestyles and advances in technology. And throughout They've created
products that help people get more out of life cutting the time spent on household
chores, improving nutrition, enabling people to enjoy food and take care of their
homes, their clothes and themselves.
BALANCING PROFIT WITH RESPONSIBLE CORPORATE

BEHAVIOUR
In the late 19th century the businesses that would later become Unilever were among
the most philanthropic of their time. They set up projects to improve the lot of their
workers and created products with a positive social impact, making hygiene and
personal care commonplace and improving nutrition through adding vitamins to foods
that were already daily staples.
Today, Unilever still believes that success means acting with 'the highest standards of
corporate behavior towards their employees, consumers and the societies and world in
which they live'. Over the years they've launched or participated in an ever-growing
range of initiatives to source sustainable supplies of raw materials, protect
environments, support local communities and much more.
12

Through this timeline you'll see how their brand portfolio has evolved. At the
beginning of the 21st century, their Path to Growth strategy focused us on global
high-potential brands and their Vitality mission is taking us into a new phase of
development.
19th Century: Although Unilever wasn't formed until 1930, the companies that joined
forces to create the business they know today theyre already well-established before
the start of the 20th century.
1900s: Unilever's founding companies produced products made of oils and fats,
principally soap and margarine. At the beginning of the 20th century their expansion
nearly outstrips the supply of raw materials.
1910s: Tough economic conditions and the First World War make trading difficult for
everyone, so many businesses form trade associations to protect their shared interests.
1920s: With businesses expanding fast, companies set up negotiations intending to
stop others producing the same types of products. But instead they agree to merge and so Unilever is created.
1930s: Unilever's first decade is no easy ride: it starts with the Great Depression and
ends with the Second World War. But while the business rationalises operations, it
also continues to diversify.
1940s: Unilever's operations around the world begin to fragment, but the business
continues to expand further into the foods market and increase investment in research
and development.
1950s: Business booms as new technology and the European Economic Community
lead to rising standards of living, while new markets open up in emerging economies
around the globe.
1960s: As the world economy expands so does Unilever and it sets about developing
new products, entering new markets and running a highly ambitious acquisition
program.
13
1970s: Hard economic conditions and high inflation make the '70s a tough time for
everyone, but things are particularly difficult in the Fast Moving Consumer Goods
(FMCG) sector as the big retailers start to flex their muscles.
1980s: Unilever is now one of the world's biggest companies, but takes the decision to
focus its portfolio, and rationalize its businesses to focus on core products and brands.
1990s: The business expands into Central and Eastern Europe and further sharpens its
focus on few product categories, leading to the sale or withdrawal of two-thirds of its
brands.
21st Century: The decade starts with the launch of Path to Growth, a five-year
strategic plan, and in 2004 further sharpens its focus on the needs of 21st centuryconsumers with its Vitality mission.
14
VISION OF UNILEVER
We help people around the world meet everyday needs for nutrition; hygiene and
wellbeing, with brands that help people look good, feel good and get more out of
life.
Unilever is committed to supporting sustainability and providing our consumers

around the world with the products they need to look good, feel good and get more
out of life.
Our priorities & principles

Unilever is committed to supporting sustainability and providing our consumers
around the world with the products they need to look good, feel good and get more
out of life.
Five key priorities provide the foundation for our brands campaigns. Read some
examples of how different brands are upholding these principles.
A better future for children
Our oral care brands Signal and Close-Up encourage children to brush their teeth day
and night for optimal dental health. We also partner the FDI World Dental Federation,
supporting oral health programmes around the world
Brands such as Omo and Persil have helped parents believe the unconventional
philosophy that Dirt is Good. Children learn through play, and mud spatters and grass
stains can easily be removed with effective laundry products
Unilever also partners the World Food Programme and launched the Together for
Child Vitality initiative to bring our expertise in nutrition to children in some of the
worlds poorest countries.
A healthier future
Our Flora/Becel margarine brands have been scientifically proven to help reduce
cholesterol levels, and a new Flora/Becel Heart Age tool allows consumers to work
out whether their heart might be old beyond its years
Vaseline has launched the Vaseline Skin Care Foundation, providing research into
skin conditions and support for people affected by them
15
WHAT IS RATIO ANALYSIS?

Ratio analysis involves the calculation and comparison of ratios which are derived
from the information given in the company's financial statements. The historical
trends of these ratios can be used to make inferences about a company's financial
condition, its operations and its investment attractiveness and whether the company
has improved or deteriorated in the past few years. Financial ratio analysis groups the
ratios into categories that tell us about the different sides of a company's financial
state. Some of those categories are described below:
1. Liquidity Ratios:
Liquidity ratios tell us about the companys short term debt paying ability, or the
companys short term financial situation or the companys short term solvency.
2. Efficiency/Turnover Ratios:
Efficiency Ratios are used in order to determine that how quickly and efficiently
certain assets are converted in to cash.
3. Leverage Ratios:
The Leverage Ratios measure the long term solvency and ability of the company to
pay to its long term creditors.
4. Profitability Ratios:
16

Profitability ratios measure the operating efficiency and ability of a company to pay
an adequate return to its Shareholders/Stockholders. Management and Shareholders
are interested in profitability ratios, profitability ratios can be computed on the basis
of sales or investment.
Directors Review
The directors present the 2014 Annual Report together with audited financial
statements of the Company for the year ended December 31, 2014.Sales grew by
8.5% in a challenging economic and operational environment, with significant
commodity deflation headwind. Growth was broad-based and volume led. In the case
of Tea, commodity deflation and the resulting price reductions offset the strong
volume growth. The improvement in gross margin through higher volume, cost
efficiencies and better mix, was offset by restructuring charges. The business
continued to invest strategically behind key brands and increased spend by177 bps to
12.1% of Sales. Profit after tax grew by 3%.
Sales: sales increased by 8.54% to 65705 Millions

G.P: gross profit increase by 8.19% to 26424 Millions
EBIT: Earning before profit is increased by 1.28 % to 9019 millions
17
Net Earning : is increased by 3.02% to 6302 Millions
Financial Position Of UNILEVER PAKISTAN LIMITED
18
19
Operating and Financial Trends

Of
20
STATEMENT OF FINANCIAL POSITION (SOFP)

21
ASSET OF Unilever Pakistan Limited as at

December 31, 2014
22
EQUITY AND LIABILITIES

OF
Unilever Pakistan Limited
as at December 31, 2014
23
24
Profit And Loss Account of Unilever Pakistan Limited

As at December 31, 2014
25

CASH FLOW STATEMENT
As at December 31, 2014
26
Cont..
27
RATIO ANALYSIS
COMPARISON OF CURRENT YEAR WITH PREVIOUS YEAR:
LIQUIDITY RATIOS
Current Ratio:
Current Ratio = Current Assets/Current Liabilities
Current Ratio for 2014 = 17,021,156/ 23,874,046 = 0.71 times or. 0.71:1.00
Current Ratio for 2013 = 12,086,992/ 18,033,609 = 0.67 times or. 0.67:1.00
Interpretation:
In 2013, to pay off Current liabilities of Rs. 1 the company has Current
Assets of Rs. 0.71, which means that the company is not capable of paying its
current liabilities, when they fall due.
In 2014, to pay off Current liabilities of Rs. 1 the company has Current
Assets of Rs. 0.67 which means that the company is not capable of paying its
current liabilities when they fall due.
The companys current ratio was down in 2013 and it is still not
capable to pay off its current liabilities when they fall due. Although the
companys current ratio got better in 2014 but in both years the company is not
in a good position to pay off its current liabilities.
Current Ratio
Times
2014
0.71
2013
0.67
2012
0.82
2011
0.79
2010
0.83
28
Quick or Acid Test Ratio:

Acid test Ratio = Quick Assets/Current Liabilities
Acid Test Ratio for 2014 = 12,008,898/23,874,046 = 0.50 times or. 0.50:1.00
Acid Test Ratio for 2013 = 5,410,082/18,033,609 = 0.30 times or. 0.30:1.00
Interpretation:
In 2014, to pay off Current Liabilities of Rs. 1, the company has Quick
Assets of Rs. 0.50, which means that the company is not capable of paying its
current liabilities with its Quick Assets, when they fall due.
In 2013, to pay off Current Liabilities of Rs. 1, the company has Quick
Assets of Rs. 0.30 which means that the company is not capable of paying its
current liabilities with its Quick Assets when they fall due.
The companys Quick ratio improved in 2014 compared to 2013, but it
is still not capable to pay off its current liabilities when they fall due. In both
years the company is not in a good position to pay off its current liabilities.
Quick Ratio
Times
2014
0.50
2013
0.30
2012
0.30
2011
0.30
2010
0.40
29
PROFITABILITY RATIOS:
Gross Profit Margin:
Gross Profit Margin = 100 x Gross Profit/Net Sales
Gross Profit Margin for 2014 = 100 x 26,424,000/65,705,000 = 40%

Gross Profit Margin for 2013 = 100 x 24,422,000/60,535,000 = 40%
Interpretation:
In 2014, if the company makes net sales of Rs. 100, then the company
will earn a Gross Profit of Rs 40.
will earn a Gross Profit of Rs. 40.
In terms of gross profitability the company is in same position in 2014,
as it is earning same Gross Profit.
G.P Margin
%
2014
40%
2013
40%
2012
36%
2011
35%
2010
33%
30
Net Profit Margin:

Net Profit Margin = 100 x Net Income After tax/Net Sales
Net Profit Margin for 2014 = 100 x 6,302,000/65,705,000= 10%

Net Profit Margin for 2013 = 100 x 6,117,000/60,535,000 = 10%
Interpretation:
will earn a Net Profit of Rs. 10.
will earn a Net Profit of Rs. 10.
In terms of net profitability the company is in same position in 2014, as
it earning same Net Profit.
N.P Margin
%
2014
10%
2013
10%
2012
9%
2011
8%
2010
7%
31
Earnings before Interest and Tax (EBIT) Margin:

EBIT Margin = 100 x EBIT/Net Sales
EBIT Margin for 2014 = 100 x 9949065/65,705,000 = 15%

EBIT Margin for 2013 = 100 x 9315571/60,535,000 = 16%
Interpretation:
In 2014, if the company makes net sales of Rs. 100, then the
companys earnings before interest and tax will be Rs. 15.
In 2013, if the company makes net sales of Rs. 100, companys
earnings before interest and tax will be Rs. 16.
The company was in a slightly better position in 2013, as its earnings
before interest and tax are higher in 2013.
EBIT
%
2014
15%
2013
16%
2012
15%
2011
13%
2010
12%
32
Return on Equity:
Return on Equity = 100 x Net income after tax/Common Shareholders Equity
Return on Equity for 2014 = 100 x 6,302,000/3,206,000 = 196%

Return on Equity for 2013 = 100 x 6,117,000/3,058,000 = 200%
Interpretation:
In 2014, if the companys shareholders makes an investment of
Rs.100 than the companys earnings after income tax will be of Rs.196.
In 2013, if the companys shareholders makes an investment of
Rs.100 than the companys earnings after income tax will be of Rs.200.
The company was in a better in 2013 because it was getting some good
return on its investment compared to only as small return in 2014.
Return On Equity
%
2014
196%
2013
200%
2012
104%
2011
101%
2010
92%
33
Equity Ratio:
Equity Ratio = Shareholders Equity/Total Assets
Equity Ratio for 2014 = 3,206,000/27,856,186 = 0.12 times or 12%

Equity Ratio for 2013 = 3,058,000/22,003,808 = 0.14 times or 14%
Interpretation:
In 2014, the Equity Ratio of 0.12 times indicates that the Shareholders
or the Stockholders have a holding of 12% in the business.
In 2013, the Equity Ratio of 0.14 times indicates that the creditors have
a holding of 14% in the business.
The company was better in 2013 as the Shareholders had less holding
or claims in the business.
EFFICIENCY RATIOS
Inventory Turnover (Times and Days):
34

Inventory Turnover = Cost of Goods Sold/Average Inventory
Inventory Turnover for 2014 = 39,281,000/4,673,783 = 8 times

Inventory Turnover for 2013 = 36,114,000/4335309
=8.5 times
Interpretation:
In 2014, the inventory will turnover is 8 times in a year.
In 2013, the inventory will turnover was 8 times in a year.
The company is better in 2014 as compared to 2013 because the
inventory turns over more times in 2014.
Inventory Period = 360 days/ Inventory Turnover (times)

Inventory Period for 2014 = 360/8 = 46 days
Inventory Period for 2013 = 360/78.5 = 43 days
Interpretation:
In 2014, after every 46 days the inventory will turnover.
In 2013, after every 43 days the inventory will turnover
The company is slightly better in 2014 as it takes fewer days for the
inventory to turnover or fewer days are required to sell the inventory in 2014.
Inventory Turnover
Days
2014
46
2013
43
2012
59
2011
49
2010
46
Debtor Turnover (Times and Days):

35
Debtor turnover= Credit Sales or Net Sales/Average Accounts Receivables
Debtor Turnover for 2014 = 65,704,906/972,405 = 68 times

Debtor Turnover for 2013 = 60,535,320/855,771 =71 times
Interpretation:
In 2014, 68 times receivable is collected from the customers or debtors
in a year.
In 2013, 71 times receivable was collected from the customers or
debtors in a year.
The company is slightly better in 2013 as compared to 2014 because
receivable was collected more times in 2013.
Days Sales Outstanding = 360 days/ Receivable Turnover (times)

Days Sales Outstanding for 2014 = 360/68 =5 days
Days Sales Outstanding for 2013 = 360/71 =5 days
Interpretation:
In 2014, after every 5 days the receivable is collected from the
customers or debtors.
The companys DSO same in 2014. As compare to 2013

Debtor Turnover
Days
2014
5
2013
5
2012
6
2011
5
2010
4
Creditor Turnover (Times and Days):

36

Creditors turnover= Credit purchases or Net purchases/Average Accounts
payable
Creditors Turnover for 2014 = 39,364,604/23,286,354 =1.7 times

Creditors Turnover for 2013 = 35,348,870/17,079,170 =2.1 times
Interpretation:
In 2014, 1.7 times receivable is collected from the customers or
debtors in a year.
In 2013, 2.1 times receivable was collected from the customers or
debtors in a year.
The company was slightly better in 2013 as compared to 2014 because
receivable is collected more times in 2013.
Days Sales Outstanding = 360 days/ Receivable Turnover (times)

Days Sales Outstanding for 2014 = 360/1.7 = 212 days
Days Sales Outstanding for 2013 = 360/2.1 = 172 days
Interpretation:
The company is better in 2014 as it takes fewer days to collect
receivables from the debtors or customers.

Inventory turnover
Days
2014
212
2013
171
2012
108
2011
98
2010
75
37
Cash Cycle:
Cash Cycle = Inventory Turnover (days) + Accounts Receivable Turnover (days)Account payable (days)
Cash Cycle for 2014 = 46+5-212=(161) days

Cash Cycle for 2013 = 43+5-171= (123) days
Interpretation:
In 2014, the Cash Cycle will complete in -161 days.
In 2013, the Cash cycle will complete in -129 days
The company is slightly better in 2014 as it takes fewer days for the
Cash Cycle to complete.
CCC
Days
2014
(161)
2013
(123)
2012
43
2011
44
2010
34
Total Assets Turnover (times)

Total Assets Turnover = Net Sales/ Average Total Assets
Total Asset Turnover for 2014 = 65704906/27856186= 236 Times

Total Asset Turnover for 2013 = 60535320/22003808 = 276 Times
Interpretation:
In 2014, the total assets turnover is 236 times in one year
In 2012, the total assets turnover was 276 times in one year
The company was better in 2013 as the total assets turned over more
times in that year than they did in 2014.

38

Asset Turnover
Times
2014
236
2013
278
2012
324
2011
327
2010
331
LEVERAGE RATIOS
Debt Ratio = Total Liabilities/Total Assets
Debt Ratio for 2014 = 24,649,648/27,856,186 =0.88 Times

Debt Ratio for 2013 =18945838/22003808 =0.86 Times
Interpretation:
In 2014, the Debt Ratio of 0.88 times indicates that the creditors have a
holding of 88% in the business.
In 2013, the Debt Ratio of 0.86 times indicates that the creditors have a
holding of 86% in the business.
The company is slightly better in 2014 as the Debtors have less holding
in the business. The holding of Debtor is almost same in both years.
39
40
CONCLUSION
According to the above analysis of Unilever Pakistan Limited, the company is in a
good position as far as its profitability is concerned, over the past years the company
has seen a same in its Gross Profit, Net Profit, with the companys Margins in the
current year being the highest.
However Unilever Pakistan Limited is in a good position. The companys efficiency
has seen some improvement in the turnover for the inventory and decrease in the
account receivable turnover and it only takes a few days collect the money from
customers, however given the companys current liquidity position the company is not
still converting the assets into cash quick enough to pay off its current liabilities. This
is good for a company that they are working on creditors money. They return their
money in 213 days in 2014.And unilever pakistans EPS is Rs.474 in 2014.
Conclusively, Unilever Pakistan Limited is operating effectively and efficiently on
overall basis and generating enough profit to keep its operations running in the most
effective way possible and keeping its standard of being one of the largest and most
stable multinational organizations.
41

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FINANCIAL ANALYSIS

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Annual Report 2014

What is ratio Analysis

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

UNILEVER PAKISTAN LIMITED

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

INTRODUCTION TO UNILEVER PAKISTAN LTD.

Make a positive difference to the lives of low income consumers

Create new opportunities for growth

Improve the overall quality of life in Pakistan, by promoting education, nutrition,

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

VIEW OUR BRANDS

BALANCING PROFIT WITH RESPONSIBLE CORPORATE

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Unilever is committed to supporting sustainability and providing our consumers

Our priorities & principles

A better future for children

WHAT IS RATIO ANALYSIS?

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Sales: sales increased by 8.54% to 65705 Millions

Net Earning : is increased by 3.02% to 6302 Millions

Financial Position Of UNILEVER PAKISTAN LIMITED

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Operating and Financial Trends

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

STATEMENT OF FINANCIAL POSITION (SOFP)

ASSET OF Unilever Pakistan Limited as at

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

EQUITY AND LIABILITIES

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Profit And Loss Account of Unilever Pakistan Limited

UNILEVER PAKISTAN LIMITED

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Quick or Acid Test Ratio:

The companys Quick ratio improved in 2014 compared to 2013, but it

Gross Profit Margin for 2014 = 100 x 26,424,000/65,705,000 = 40%

will earn a Gross Profit of Rs 40.

will earn a Gross Profit of Rs. 40.

In terms of gross profitability the company is in same position in 2014,

as it is earning same Gross Profit.

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Net Profit Margin:

Net Profit Margin for 2014 = 100 x 6,302,000/65,705,000= 10%

will earn a Net Profit of Rs. 10.

will earn a Net Profit of Rs. 10.

In terms of net profitability the company is in same position in 2014, as

it earning same Net Profit.

Earnings before Interest and Tax (EBIT) Margin:

EBIT Margin for 2014 = 100 x 9949065/65,705,000 = 15%

companys earnings before interest and tax will be Rs. 15.

In 2013, if the company makes net sales of Rs. 100, companys

earnings before interest and tax will be Rs. 16.

The company was in a slightly better position in 2013, as its earnings

before interest and tax are higher in 2013.

FINANCIAL ANALYSIS OF UNILEVER PAKISTAN (2014)

Return on Equity for 2014 = 100 x 6,302,000/3,206,000 = 196%

In 2014, if the companys shareholders makes an investment of

In 2013, if the companys shareholders makes an investment of

return on its investment compared to only as small return in 2014.