How does projected ROE for 2015 compare to 2012? 2. To better understand projected ROE for 2015, calculate the three levers of ROE for 2012 to 2015 in the rows below ROE. Recall that the three levers are profit margin, asset turnover and leverage (assets/equity).Q12: What is primarily responsible for the projected fall in ROE in 2015 compared to 2012?Q13: Why is leverage projected to increase so much for 2015, given that the increase in previous years has been relatively moderate?

13.4/1 53 Total shareholders' equity $121.813 $151.902 $174.626 $217.578 $220.877 54 55 Total liabilities and shareholders' equity $190.615 $260.142 $306.488 $383.017 $503.072 56 57 ROE 3.6% 2.9% 2.6% 2.6% 58 PM 8.7% 6.4% 6.0% 4.8% 59 TAT 0.24 0.25 0.24 0.23 60 EM 1.69 1.79 1.81 2.28 61 62 11) 63 64 65 12) 66 67 68 (14) 69 70 71