Refer to the income statements presented in Exhibits $2\mathrm{.}9,2\mathrm{.}10,2\mathrm{.}11,2\mathrm{.}12,$ and $2\mathrm{.}13$ for Callaway Golf Company, Sudzucker AG$,$ Melia Hotels International S$.$A$.,$ Thai Airways Limited, and Tesco PLC$.$ Required: a$.$ Calculate gross profit margin $($gross profit$/$revenues$)$ and operating profit margin $($operating profit$/$revenues$)$ for each of these companies for the most recent year presented. If a particular ratio cannot be calculated, explain why not. b$.$ Is it valid to compare the profit margins calculated in part $($a$)$ across these companies in assessing relative profitability? Why or why not? Please show all calculations and explain your answers. Thank you. EXHIBIT $2\mathrm{.}9$ CALLAWAY GOLF COMPANY Consolidated Statements of Operations $($In thousands, except per share data$)$ Year Ended Dece Total operating expenses $340,843330,690327,178$ Income from operations $44,16826,94330,748$ Interest income $621388438$ Inte Earnings per common share: Basic $ $2\mathrm{.}02$ $ $0\mathrm{.}18$ $ $0\mathrm{.}21$ Diluted $ $1\mathrm{.}98$ $ $0\mathrm{.}17$ $ $0\mathrm{.}20$ Weighted$-$average common shares outstanding EXHIBIT $2\mathrm{.}10$ S$$DZUCKER AG Statement of Comprehensive Income $1$ March $2016$ to $28$ February $2017$ million Notes $2016/172015/16$ Result from companies consolidated at equity $(13)35\mathrm{.}055\mathrm{.}0$ Result from operations $(14)440\mathrm{.}9276\mathrm{.}9$ Financial income $(15)50.$ EXHIBIT $2\mathrm{.}11$ MELIA HOTELS INTERNATIONAL S$.$A$.$ Consolidated Profit and Loss Account $($Thousands of $)$ Note $20162015$ Operating i Negative consolidation difference $7\mathrm{.}61,621$ EBIT$/$Operating profit $175,746163,948$ Exchange results $4,67610,409$ Bank financin EXHIBIT $2\mathrm{.}12$ THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES Excerpt from Statements of Comprehensive Total Revenues from Sales or Revenues from Services $178,312,499,436182,727,357,021$ Other Income Interest income $204,313,537$ Aircraft maintenance and overhaul costs $16,986,636,23510,310,630,041$ Depreciation and amortisation expenses $17,990,828,4451$ Profits $($losses$)$ before Income Tax Expense $(1,417,416,905)(14,116,303,267)$ Tax income $7\mathrm{.}27(1,464,238,106)(1,069,374,783)$ P EXHIBIT $2\mathrm{.}13$ TESCO PLC Excerpt from Group Income Statement $52$ weeks ended $25$ February $2017$ Continuing operations Note Before

Can your provide the NET profit Margin