Below you find the relevant financial data of 2 well known "Global Players" in their specific industries: - Roche: one of the leading pharmaceutical companies, - Nestle: one of the leading Food & Beverage companies. I a) Please calculate the Cash Conversion Cycles (in days, based on 365 days/year) for the year 2018 for both companies (rounded to one decimal) - the calculation should be comprehensible and transparent for the individual steps. (16 points) Roche (in mio CHF) Nestle (in mio CHF) Year 2018 2017 2018 2017 Sales 59.497 55.746 91.439 89.791 Cost of goods sold 17.269 18.179 46.070 44.923 Inventory 6.621 7.407 9.125 9.061 Acc Receivables 9.776 9.577 9.091 10.199 Acc Payables 3.526 3.454 13.045 12.899 b) Please interpret your results for the company Nestle from a). What is the main driver for the result? Where could you see some area for improvement and provide 2 examples how to generally improve the Cash Conversion Cycle for Nestle further. (9 points)