Compare the spread between actual and sustainable growth for 1998 with the spread for 2001 only, what is the main reason for the change in spread?Compare the components of the sustainable growth rate for the two years to see how each has contributed to the decrease/increase in sustainable growth.

Halleys ($ in millions)

1996

1997

1998

1999

2000

2001

Sales

$128.40

$171.60

$208.20

$241.60

$ 288.40

Net income

8.00

8.30

0.40

6.10

12.80

Total assets

64.70

84.30

86.40

96.70

118.80

Equity

30.80

49.10

58.50

60.00

66.10

79.40

Dividends

-

-

-

-

-