At the end of 2013, Resodemia announced a program to improve profitability and create shareholder value. Their 2014- 2015 income statements are as shown below. How did they do? Implications for their future? (high-level thoughts) (Millions of $s) Year ending 12/31 2015 2014 2013 Sales Cost of Goods Sold Gross Profit $3,355 $2,465 $890 $3,370 $2,380 $990 $3,250 $2,345 $905 R&D SG&A Total Expenses $165 $550 $715 $250 $600 $850 $325 $650 $975 Operating Profit $175 $140 ($70) Interest $25 $30 $35 Income Before Tax $150 $110 ($105) Taxes $45 $35 $25 Net Income $105 $75 ($130) At the end of 2013, Resodemia announced a program to improve profitability and create shareholder value. Their 2014- 2015 income statements are as shown below. How did they do? Implications for their future? (high-level thoughts) (Millions of $s) Year ending 12/31 2015 2014 2013 Sales Cost of Goods Sold Gross Profit $3,355 $2,465 $890 $3,370 $2,380 $990 $3,250 $2,345 $905 R&D SG&A Total Expenses $165 $550 $715 $250 $600 $850 $325 $650 $975 Operating Profit $175 $140 ($70) Interest $25 $30 $35 Income Before Tax $150 $110 ($105) Taxes $45 $35 $25 Net Income $105 $75 ($130)