=+Total Equity and Liabilities 15,900 193872 22,686 22,368 During the years ended 31 December 1992, 1993, 1994 and 1995, €3,600m, €3,900m,

€2,400m and €1,500m was debited to equity in respect of dividends paid.

Requirement You are required to prepare a report for the board of Directors of your company interpreting the financial statements of Holly plc from 1992 to 1995 including an analysis of its profitability and financial position.