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Question 12 (20 poin The following are summary income statement and balance sheet numbers for a firm (in millions of dollars). The firm has a

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Question 12 (20 poin 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% 2002 2003 2004 2005 2,064 1,919 145 45 100 8 92 2,147 1,997 150 60 210 9 201 Sales Core operating expenses Core operating income Unusual operating income 1,906 1,773 133 1,985 1,846 139 Net financial expense Comprehensive income 133 7 139 8 131 983 155 828 1,063 175120 943 1,022 Net operating assets Net financial obligations Common equity 945 150 795 847 (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

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