BT Group is one of the largest telecommunications services companies in the world, headquartered in London, United Kingdom. Balance sheets and income statements for BT Group follow.Required

a. Compute net operating profit after tax (NOPAT) for 2012. Assume that the company's marginal tax rate is 36%.

b. Compute net operating assets (NOA) for 2012 and 2011.

c. Compute and disaggregate RNOA into net operating profit margin (NOPM) and net operating asset

d. Compute net nonoperating obligations (NNO) for 2012 and 2011. Confirm the relation: \(\mathrm{NOA}=\) \(\mathrm{NNO}+\) Total equity.

e. Compute return on equity (ROE) for 2012.
\(f\). What is the nonoperating return component of ROE for 2012 ?
g. Comment on the difference between ROE and RNOA. What inference can we draw from this comparison?

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Year Ended 31 March Revenue..... Other operating income. Operating costs Operating profit Finance expense Finance income Net finance expense.. Share of post tax profit of associates and joint ventures. Profit on disposal of interest in associate Profit before taxation... Taxation .. Profit for the year. BT GROUP Income Statement Attributable to: Equity shareholders of the parent Noncontrolling interests.. 2012 m 18,897 368 (16,346) 2,919 (2,784) 2,300 (484) 10 0 2,445 (442) 2,003 2,002 1 2011 m 20,076 373 (17,871) 2,578 (3,203) 2,279 (924) 21 42 1,717 (213) 1,504 1,502 2 IN