CBE Question 12 (20 points) The following are summary income statement and balance sheet numbers for a firm (in millions of dollars). The firm has a required return for operations of 9%. 2003 2004 2005 2002 1,906 133 2,147 1,997 150 60 210 9 201 Sales Core operating expenses Core operating income Unusual operating income 1.773 1,985 1,846 2,064 1,919 145 139 139 131 (45) 133 7 126 100 Net financial expense Comprehensive income 92 Net operating assets Net financial obligations Common equity 945 150 795 983 155 828 1,022 175 847 1,063 120 943 (a) Prepare a table on the next page giving the following for 2003- 2005. Use beginning-of period balance sheet numbers in denominators. Return on common equity (ROCE) " Return on net operating assets (RNOA) Core return on net operating assets (Core RNOA) Free cash flow . Net payments to common shareholders . Net payments to net debt holders -Asset turnover . Core profit margin . Growth rate for net operating assets