Respondent formed this view following a detailed analysis of the total cost base incurred by applicant in acquiring the PGMs and other raw materials, including the manufacturing and distribution costs of the catalysts. Respondent also took into account the role played by applicant in purchasing and manufacturing the catalysts, the assets and the risks involved, which risks applicant had accounted for in its financial statement. Using the Transactional Net Margin Method (TNMM)5 with a Full Cost Mark-Up (FCMU),6 respondent conducted a benchmarking study using external companies it considered comparable to applicant’s business circumstances. Following that comparability study, respondent noted that that the FCMU of 1%, declared by applicant in its 2011 financials, fell between the minimum and lower quartile of the range of comparable companies