Question

EXHIBIT 2.9 CALLAWAY GOLF COMPANY Consolidated Statements of Operations (In thousands, except per share data) Year Ended December 31, 2016 2014 Net sales Cost of sales...... Gross proft Selling expenses...... General and administrative expenses Research and development expenses Total operating expenses Income from operations Interest income $ 871,192 486 181 385.011 235,556 71969 33318 340,343 44,168 2015 $843,794 486,161 357,633 228,910 68,567 33 212 330 690 26,943 388 (8.733) $886,945 529,019 357.926 234.231 61,652 31 285 327,178 30,748 438 (9.499) 621 Interest expenses Gain one of investments in golf-related ventures One income (expense.net Income before income taxes Income tax (benefit) provision Net Income Less: Net income attributable to non controlling interests Net income attributable to Callaway Golf Company Earnings per common share: (2368) 17.602 (1690) 58 393 (132561 190.954 (48) 21,639 1,465 20,063 5.495 14,568 16,008 $189.900 $ 1456 $ 16,008 Basic $0.18 $ 202 $1.98 $0.21 $ 0.20 $0.17 Duted Weighted average common shares outstanding Basic Diluted 83. 116 94,045 95.845 77.659 78,385 34,611

need question 1a and b please

Answer 1

1.a.	Callaway Golf Company	Sudzucker AG		Melia Hotels Intl.	Thai Airways Intl.		Tesco.Plc
	Dec.31,2016	2016/17		2016		2016	2017
Fig. in	Euro '000s	Euro mlns.		Euro '000s		Baht	Pd./St.Mlns.
Net sales/revenues	871192		6476	1801962		181446205576		55917
Less:COGS	486181	Cost of Materials	4323.2	Not available	Inv.&supplies	8150778440	Cost of sales	52899
Gross profit	385011		2152.8			173295427136		3018
Operating profit	44168		440.9	175746		-1417416905		1280
Gross profit margin=Gross profit/Net sales	44.19%		33.24%			95.51%		5.40%
Opg. profit margin=Opg. profit/Net sales	5.07%		6.81%	9.75%		-0.78%		2.29%
Except, for Melia Hotels Intl. for which cost of materials like beverages, food & other items, which can very well be considered as cost of goods sold/services provided to customers--not being available, G/P margin & opg. Margin , have been calculated , for all the others.

1.b.

Callaway Golf Company is an American golf equipment & golf accessories manufacturing company , with international presence.

Sudzucker AG is the largest sugar producer based in Germany.

Melia Hotels Intl. is a hotel chain operating from Spain.

Thai Airways Intl. is the official airline of Thailand operating from Bangkok

Tesco.Plc is a multinational groceries and general merchandise retailer operating from Great Britain.

That said, about the companies ,

it can be seen that they operate in different trades /business, in which case,

nature of expenses involved in cost of goods sold/ cost of sales, or even operating expenses--are bound to be widely different , among each one of them.

As for example,

Callaway might have its cost of goods sold might contain cost of raw materials such as specific quality wood , material for golf balls, etc. whereas, Sudzucker AG will have sugar cane as raw material & Tesco will have readymade items retailed.

So, the costs might totally vary & hence there might not be any utility/relevance in comparing their Gross profit margins.

Airlines will have heavy depreciation charge, while the same will be very low for Tesco whuch is in retail trade.

So, profitability of these companies must be compared only with similar companies (peers) operating in the same type of industry .