Profitability ratios:

CFR

OCFR

PMR

ROAR

GPMR

1. From low to average expenditure structure

Growth stage

3.1883

−6.1941

−3.1883

0.0000

−5.2661

3.1298

−6.1374

−3.1298

0.0000

−4.9161

Break-even stage

0.0000

−5.6667

−3.1883

0.0000

−5.2500

0.0000

−5.6667

−3.1298

0.0000

−4.9211

0.0000

−5.6667

−3.0782

0.0000

−4.6548

Profitability stage

−3.1298

−5.2698

−3.1298

0.0000

−4.9259

−3.0782

−5.3015

−3.0782

0.0000

−4.6708

2. From average to high expenditure structure

Growth stage

4.6011

−12.4888

−4.6011

0.0000

−9.3563

4.5439

−12.2841

−4.5439

0.0000

−8.3672

Break-even stage

0.0000

−10.7647

−4.6011

0.0000

−9.4423

0.0000

−10.7647

−4.5439

0.0000

−8.4937

0.0000

−10.7647

−4.4928

0.0000

−7.7800

Profitability stage

−4.5439

−9.6261

−4.5439

0.0000

−8.6183

−4.4928

−9.7165

−4.4928

0.0000

−7.9185