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S$$dzucker AG$,$ Meli$$ Hotels International S$.$A$.,$ Thai Airways Limited, and Tesco PLC$,$ respectively. EXHIBIT $2\mathrm{.}9$

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CALLAWAY GOLF COMPANY

Consolidated Statements of OperationsEXHIBIT $2\mathrm{.}11$

$\backslash$table$[[\backslash$table$[[$MELI$$ HOTELS INTERNATIONAL S$.$A$.],[$Consolidated Income Statement$]]],[($Thousand $),$Note,$2020,2019],[$Operating income,,$528,398,1,789,537],[$Results from assets sale,,$-,11,211],[$Total operating income and results from assets sale,$8\mathrm{.}1,528,398,1,800,748],[$Supplies$,8\mathrm{.}2,(58,871),(199,035)],[$Staff costs,$8\mathrm{.}3,(282,106),(523,918)],[$Other expenses,$8\mathrm{.}4,(338,288),(579,301)],[$Total operating expenses,,$(679,265),(1,302,254)],[$EBITDAR$,,(150,867),498,494],[$Leases$,18\mathrm{.}2,(664),(20,584)],[$EBITDA$,7\mathrm{.}1,(151,531),477,910],[$Depreciation and impairment,$8\mathrm{.}5,(111,452),(122,329)],[$Depreciation and impairment Right of use,$8\mathrm{.}5,(225,905,(137,713)],[$Bargain purchase,$8\mathrm{.}6,,4,926],[$EBIT$,,(557,348),222,794],[$Exchange differences,,$(65),(12,753)],[$Borrowings$,,(33,328),(33,069)],[$Financial expense leases,,$(32,507),(41,381)],[$Other financial income,,$(8,074),14,417],[$Net financial income,$8\mathrm{.}7,(74,564),(72,786)],[$Profit$/($Loss$)$ from companies carried by the equity method,$13,(31,859),6,304],[$NET INCOME BEFORE TAX,,$(663,771),156,312],[$Income tax,$20\mathrm{.}6,51,050,(34,633)],[$CONSOLIDATED NET INCOME,,$(612,721),121,679],[$A$)$ Attributed to the parent company,$9,(595,928),112,898],[$B$)$ Attributed to minority interests,$16\mathrm{.}6,(16,792),8,781],[$BASIC EARNINGS PER SHARE IN EUROS,$9,(2\mathrm{.}78),0\mathrm{.}50],[$DILUTED EARNINGS PER SHARE IN EUROS,$9,(2\mathrm{.}78),0\mathrm{.}50]]$

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?

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