On Thursday 15 November 2018, Wesfarmers shareholders approved the demerger of Coles Group Limited (Coles) from Wesfarmers and Coles listed on the Australian Stock Exchange a few days later.

a) Using 2019 and 2020 Coles annual reports, fill the table below.

	2020	2019
Total assets
Total equity
Sales (Sales revenue)
Net income (Profit)
ROE
Net profit margin
Asset turnover
Equity multiplier

b) Compare and comment on Coless Equity multiplier in 2019 and 2020. What are the benefits and costs of having a high level of debt to equity ratio? (To gain the full marks for this question, you will need discuss two benefits and two costs)

c) Compare Coless ROE in 2019 and 2020. Use the DuPont Identity to understand the difference between the two years ROE.