Challenger Ltd
		2019 $m	2018 $m	2017 $m	2016 $m	2015 $m
Total Net income		821	822	766	721	663
Total equity		3,622.80	3,485.80	2,901.30	2,684.00	2,638.60
Profit before tax		548.3	547.3	505	467.4	434.6
Profit after tax		396.1	406.1	384.9	361.7	334
Profit attributable to equity holders		307.8	322.5	397.6	327.7	299
Total assests		27,457.50	25,300.50	23,026.70	21,256.60	18,531.60
Total liabilities		23,834.70	21,814.70	20,109.70	18,572.60	15,893.00
Total equity		3,622.80	3,485.80	2,901.30	2,684.00	2,638.60

Clinuvel Pharmaceuticals Ltd
		2019 $	2018 $	2017 $	2016 $	2015 $
Total Net income		18,134,160	13,224,185	7,114,286	-3,153,718	-10,414,376
Profit before tax		18,114,827	12,942,406	7,114,286	-3,153,718	-10,414,376
Profit after tax		18,134,160	13,224,185	7,114,286	-3,153,718	-10,414,376
Profit attributable to equity holders
Total assests		62,345,372	42,904,617	28,606,964	20,029,437	13,600,153
Total liabilities		5,165,519	3,488,629	3,162,939	1,245,016	1,748,521
Total equity		57,179,853	39,415,988	25,444,025	18,784,421	11,851,632

1) Over the latest 5 year period based on the companies financial statements, which of the two companies has displayed higher profitability? Justify this using Return on Equity (ROE) and Return on Assets (ROA) values. (2) Which company has a more stable capital structure based the calculated debt ratios? (3) Which of the two companies would you invest in if you were only basing your decision on the calculated investment ratios. (4) Discuss four critical success factors for each of the companies that are important in the quest of the financial managers to maximise shareholder value.