The data in Exhibit A appears in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

The company's total assets at year-end FY09 were GBP 3,500 million

52. Which of the following choices best describes reasonable conclusions an analyst might make about the company's efficiency?

a. Comparing FY14 with FY10, the company's efficiency improved due to asset growth faster than revenue growth.

b. Comparing FY14 with FY10, the company's efficiency deteriorated, as indicated by a total asset turnover ratio of 1.11 in FY10 compared with 0.87 in FY14.

c. Comparing FY14 with FY10, the company's efficiency deteriorated, as indicated by its current ratio.

53. Which of the following choices best describes reasonable conclusions an analyst might make about the company's solvency

a. Comparing FY14 with FY10, the company's solvency deteriorated as indicated by an increase in its debt-to-assets ratio from 0.42 in FY10 to 0.49 in FY14.

b. Comparing FY14 with FY10, the company's solvency improved as indicated by an interest coverage of 10.6 in FY10 compared to 8.4 in FY14.

c. Comparing FY14 with FY10, the company's solvency improved, as indicated by the growth in its profits to GBP 645 million.

54. Which of the following choices best describes reasonable conclusions an analyst might make about the company's liquidity?

a. Comparing FY14 with FY10, the company's liquidity improved due to growth in other current assets greater than growth in current liabilities.

b. Comparing FY14 with FY10, the company's liquidity improved, as indicated by an increase in its debt-to-assets ratio from 0.42 in FY10 to 0.49 in FY14.

c. Comparing FY14 with FY10, the company's liquidity improved, as indicated by an increase in its current ratio from 0.46 in FY10 to 0.53 in FY14.

55. Which of the following choices best describes reasonable conclusions an analyst might make about the company's profitability?

a. Comparing FY14 with FY10, the company's profitability deteriorated, as indicated by the growth in income tax rate from FY10 to FY14.

b. Comparing FY14 with FY10, the company's profitability deteriorated, as indicated by a decrease in its net profit margin from 18.9 percent in FY10 to 9.2 percent in FY14.

c. Comparing FY14 with FY10, the company's profitability improved, as indicated by an increase in its debt-to-assets ratio from 0.42 in FY10 to 0.49 in FY14.