sustainable growth rate

问题如下：

Based on Exhibit 4, the country with the highest sustainable sales growth is:

选项：

A.

Norvolt.

B.

Abuelio.

C.

Borliand.

解释：

B is correct.

Although Borliand shows the highest growth in Norvolt euro terms, this result is partially because of currency fluctuations, which cannot be controlled. Abuelio had the highest change in sales resulting from price and volume at 13% (excluding foreign currency exchange). This growth is more sustainable than net sales growth, which includes currency fluctuations, because Triofind’s management has more control over growth in sales resulting from greater volume or higher prices.

考点：sustainable sales growth

解析：net sales growth包含价格、销售量的改变，也包括汇率的改变。虽然B的net sales growth最高，但是有相当一部分是由于汇率变化带来的，而汇率变化是不可控的。A的价量增长带来的增长率是13%（大于N），价量增加带来的增长我们认为是可持续的，因为对企业来说更可控。