8- Below are a balance sheet and an income statement that have been reformulated according to the templates laid out in Chapter 8 of our textbook. Ignore income taxes. How much was paid out as net dividends during 2012? Net income - ACSE (Clean-surplus equation) = 1.9 Net Operating Assets Net Financial Obligations and Equity 2012 2011 2012 2011 Operating assets 205.3 189.9 Financial liabilities 120.4 120.4 Operating liabilities 40.6 34.2 Financial assets 45.7 42.0 NFO 74.7 78.4 CSE 90.0 77.3 NOA 164.7 155.7 164.7 155.7 9- What was the free cash flow for 2012? C-I OI-ANOA = 21.7-9.0 = 12.7 10-What was the return on net operating assets (RNOA) for 2012? RNOA QI / (NOAt + NOA-1) = 21.7/160.2 = 13.55% 11- What were the net borrowing costs (NBC) for 2012? NBC Net interest/ (NFOt+NFOt-1) = 7.1/76.55 = 9.27%