Detailed below is the key financial data relating to XYZ Company Ltd ("XYZ" or "the Company) for the respective years. XYZ's principal activities involves the development, manufacturing, and sale of technological products for the consumer market. Ratio Return on Equity 2019 10.8% 2020 2021 -3.1% -1.4% Return on Assets 3.0% -0.8% -0.3% Cost of Sales to Sales 75.6% 78.5% 74.8% Research and Development Expenses to Sales 6.3% 6.9% 6.6% EBITDA to Sales* 10.2% 2.3% 5.6% Liabilities to Assets 72.4% 75.3% 76.9% Days Inventory * EBITDA is earnings before interest, tax, depreciation, and amortisation. 75 days 61 days 38 days