Calculate the disaggregation of RNOA (Return of Net Operating Assets) for margin and turnover (pages 4-25 to 28 of the textbook) in 2021. Provide all the calculations of the components of RNOA. Provide comments on the trade-off between margin and turnover for the company. Do you find reasonable the spot SBD occupies in the graphic depicted in Exhibit 4.8 (textbook page 4-27)? Why?

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NOA: To calculate the adjusted assets, you should exclude only Cash and Cash Equivalents and LT Assets Held for Sale from total assets. Per detail in page 112, SBD does not have material short term (or LT) financial speculative investments, nor it does not have material derivative instruments (assets), so do not exclude them from NOA. You might wonder about a caption called Other (Long Term) Assets. Please consider this caption also as operating.

NOA: To calculate the adjusted liabilities, you should exclude only the financing liabilities (current and LT) and LT Liabilities Held for Sale. Similar to assets, derivative instruments (liabilities) are immaterial (and compensate somehow derivative assets). Please consider also Other (LT) Liabilities as operating liabilities.

NOPAT: Assume a 20% statutory income tax rate

NOPAT: The only items that generate a fiscal shield are interest income and interest expense.