Company X details	YEAR 2020	YEAR 2019
No of Shares due	26,510,042 shares	26,510,042 shares
Share Price	$ 128.50	$ 131.25
Market Capitalization	$ 3,406,540,397	$ 3,479,443,013

	Company X
	YEAR 2020	YEAR 2019
	000	000
Total Current Asset	1,403,085	1,400,620
Total Current Liabilities	823,669	772,549
Opening Inventory	822,555	713,417
Closing Inventory	868,055	822,555
Net Income	21,860	207,260
Shareholders Equity	3,276,471	3,149,742
After Tax Interrest	70,628	92,158
Net Income	21,860	207,260
Total Capitalization	4,739,195	4,329,697
Revenue	2,879,205	3,236,426
Total Asset	5,562,864	5,102,246
Total Liabilities	2,286,393	1,952,504
COS	1,953,157	2,130,977
Long term Debt	1,462,724	1,179,955
Total Debt	2,286,393	1,952,504
Book Value of Equity	3,276,471	3,149,742
Operating Income	80,567	274,085
Sales	2,879,205	3,236,426
Book value of invested capital	26,510,042	26,510,042

RATIO FOR YEAR 2018	Company X
ROE	4.20%

From the figures above, please calculate the Return On Equity (ROE) for Company X for years 2019 and year 2020 and explain the changes in the ROE ratios for the period 2018 to 2020. Do not merely state that the figures are improving or deteriorating, but also explain what might have caused these changes.

NOTE: Please show all workings