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2. Ratios EBITDA Margin SG&A Margin Net Profit Margin Sales Growth rate 2010 35% 7.2% 25.1% 15% 2011 37.5% 7.9% 20% 20% 2012 39.6% 8.4%

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2. Ratios EBITDA Margin SG&A Margin Net Profit Margin Sales Growth rate 2010 35% 7.2% 25.1% 15% 2011 37.5% 7.9% 20% 20% 2012 39.6% 8.4% 18.5% 25% Why is net profit margin declining-given that sales are growing

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