XVII-Based only on the available data below,

	2018	2019
TA turnover	1.5x	1.1x
NPM	8.5%	6.9%
ROE	12.11%	10.92%

According to Dupont analysis, ROE is lower in 2019 than in 2018 due to:

A-Inefficient use of assets, lower profit margin, and lower leverage

B-Inefficient use of assets and lower profit margin

C-Inefficient use of assets and lower leverage

D-Lower profit margin and lower leverage