The following tables provide information from the recent annual reports of HD Rinker, AG. 

a. Calculate HD Rinker's return on equity (ROE) for fiscal years 2019, 2018, and 2017.

b. Calculate HD Rinker's return on assets (ROA) and return on financial leverage (ROFL) for each year. Is financial leverage working to the advantage of HD Rinker's shareholders? Use an incremental tax rate of 25%

c. Use the DuPont formulation in the Business Insight on page 230 to analyze the variations in HD Rinker's ROE over this period. How does this analysis differ from your answers to a and b above?

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Balance sheets (€ millions) 2019 2018 2017 2016 Total assets €6,108 €6,451 €7,173 €6,972 Total liabilities. 5,970 4,974 4,989 5,097 Total shareholders' equity. 138 1,477 2,184 1,875 Income statements (€ millions) 52 weeks ended 2019 2018 2017 Sales revenue..... Earnings before interest and income taxes Interest expense... €10,364 1,473 246 €9,613 1,459 €8,632 887 208 237 Earnings before income taxes . Income tax expense. 1,227 1,251 650 377 446 202 Net earnings. 850 € 805 € 448