which have reduced returns to capital. Figure 28: EM vs DM net margins (%) — Materials MSCI EM - Materials Net Margin (%) 10 15 20 25 0 5 MSCI DM - Materials Figure 29: EM vs DM net margins (%) — Energy MSCI EM - Energy EFTA01466432 Net Margin (%) 10 12 14 16 18 0 2 4 6 8 MSCI DM - Energy