Two companies based on US GAAP and IFRS respectively. Calculate the following ratios for the two companies, making appropriate adjustments where necessary to aid comparability:

(i) Gross profit (Gross profit / Revenue)

(ii) EBIT % (EBIT / Revenue)

(iii) Net income % (Net income / Revenue)

Agri Products Ltd. MaxiAgri PLC NZ$ US$ Revenue COGS Operating expenses EBIT Interest costs Profit before tax Tax expense Net profit Income from discontinued operations (net of tax) Gain on sale of discontinued operations (net of tax) Net income 10,056,000 (5,164,821) (2,256,142) 2,635,037 (207,560) 2,427,477 (679,694) 1,747,783 0 0 1,747,783 250,492,220 (150,694,512) (32,656,661) 67,141,047 (5,164,200) 61,976,847 (17,353,517) 44,623,330 10,356,120 21,651,110 76,630,560 Net income as % Revenue 17.4% 30.6% R&D costs (included within operating expenses) R&D costs as % revenue (60,000) 0.6% (7,500,000) 3.0%