Please choose the right answer with the conclusion (or balance sheet).

(Return on Capital Employed) Using the above information for Acorn Services Inc., the return on capital employed a. Has improved from 40.3% to 56.4% b. Has worsened from 56.4% to 40.3% c. Has improved from 46.3% to 57.6% d. Has worsened from 57.6% to 40.3%

Acorn Services Inc. Statement of Comprehensive Income for the Year Ended March 31 (in $thousands) 2012 2011 $227,778 $227,138 Revenue Operating profit 38,507 54,094 Profit on ordinary activities before taxation 38,205 54,616 Acorn Services Inc. Statement of Financial Position for the Year Ended March 31 (in $thousands) 2011 2012 Non-current assets Property, plant and equipment $77,934 $88,720 Current assets Accounts receivable 134,860 107,612 Cash at bank 4,205 90 134,950 111,817 Total assets 223,670 189,751 Non-current liabilities Long-term loans 2,088 12,264 Current liabilities 94,301 Accounts payable 127,799 Total liabilities 129,887 106,565 83,186 Net assets 93,783 Shareholders' equity $93,783 $83,186