In 2011, Stockland has a return on equity of 7.2%, whereas Mirvac's return is only 3.6%. Use the decomposed ROE framework to provide possible reasons for this differenced based on the data below:

	Stockland	Mirvac
NOPAT/Sales	27.3%	11.8%
Sales/Net assets	0.30	0.27
Effective after tax interest rate	0.4%	4.38%
Net financial leverage	0.70	0.60

ROE can be decomposed as follows: Net debt Equity ROE = [&] a: [1 _ W] * Net debt Net operatmg assets ROE = [NOPAT =s= Sales H1 W}: Net debt Sales Assets Net debt Equity