A reformulation of Chipotles (CMG) financial statements provided the following results: (in millions)

2018 2019

Sales $4,655 $5,987

Comprehensive income 212 320

NOPAT 108 239

(in millions) Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019

Net operating assets (NOA) $3,035 $3,424 $3,490

Net financial liabilities (NFL) 2,221 2,125 1,657

Shareholders Equity 1,234 1,459 1,453

Calculate for 2018 and 2019:

a. Operating profit margin percentage (PM)

b. Operating Asset turnover (ATO)

c. Return on net operating assets (RNOA)

d. Financial leverage (LEV)

e. Spread (RNOA RNFL)

f. Return on Equity (ROE)

g. Conduct a change in RNOA analysis to identify the drivers for the changes in RNOA from 2018 to 2019