Headquartered in Calgary, Alberta, Husky Energy Inc. is a publicly traded, integrated energy company, with extensive conventional oil and natural gas assets, substantial heavy oil production and a range of midstream and downstream operations. Operating assets include refineries, upgrading facilities, and pipelines. Selected fiscal year balance sheet and income statement information for Husky Energy follow (Canadian \$ millions).

a. Compute the 2012 return on equity (ROE) and the 2012 return on net operating assets (RNOA).

b. Disaggregate RNOA into net operating profit margin (NOPM) and net operating asset turnover (NOAT).

c. Compute the percentage of RNOA to ROE, and compute Husky's nonoperating return for 2012.

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2012 Sales $22,435 2012 Net Income $2,022 2012 NOPAT $2,121 2012 Net Operating Assets $21,054 2011 Net Operating Assets $19,843 2012 Stockholders' Equity $19,161 2011 Stockholders' Equity $17,773