=2/Calculate the leverage effect for each year. What are your conclusions?

Millions of € 1 2 3 4 5 Shareholders’ equity Long- and medium-term debt Financial expense before tax Net income 100 123 11 14 115 180 18.5 16 320 540 29

(20)

300 640 63

(60)

240 680 83

(40)

Tax rate 35% 35% 35% 35% 35%