Calculation of equivalent ratios Gross profit margin Operating profit margin Return on capital employed (ROCE) Net asset turnover 20X6 per question 40.0% 23.6% 53.6% 2.27 times (i) 20X6 excluding Newt 37.5% 18.75% 40.0% 2.13 times (ii) 20X7 as reported 33.3% 10.3% 21.8% 2.12 times