Requirements: Calculate Kering's economic profitability and return on equity in 2009. You will take a corporate tax rate of 30%. You will treat provisions, deferred taxes, other assets, and other liabilities as items in the BFR. Specify if there is leverage or club effect.

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Consolidated income statement Kering

In million	2009
Sales	15 306
Cost of sales	(5 481)
Gross margin	9 825
Commercial expenses	(5 364)
Administrative burdens	(1 289)
Profit from recurring operations	3 172
Other operating income and expenses	(120)
Operating result	3 052
Cost of financial debt	(173)
Other financial income and charges	120
Financial result	(53)
Taxes on profits	(847)
Share in the results of equity companies	8
Net income	2 160

Consolidated balance sheet Kering as at 31 December

In million	2009
ACTIVE
Brands and other intangible assets, net	8 227
Acquisition deviations, net	4 537
Tangible capital assets, net	5 173
Equity investments	126
Financial investments	504
Other non-current assets	658
Deferred taxes	395
Fixed assets	19 620
Stocks and outstandings	4 383
Trade receivables and linked accounts	1 461
Income taxes	512
Other current assets	1 587
Cash and cash equivalents	1 222
Current assets	9 165
TOTAL ASSETS	28 785

In million	2009
LIABILITIES AND EQUITY
Capital	147
Premiums	1 736
Self-held LVMH shares	(1 019)
Revaluation reserves	917
Other reservations	7 062
Conversion deviations	(119)
Net income	1 879
Equity group share	10 603
Minority interests	991
Equity	11 594
Long-term financial debt	3 235
Provisions for more than one year	983
Deferred taxes	2 862
Other non-current liabilities	3 755
Non-current liabilities	10 835
Short-term financial debt	2 100
Suppliers and related accounts	1 899
Income taxes	692
Provisions less than one year old	255
Other current liabilities	1 410
Current liabilities	6 356
TOTAL LIABILITIES AND EQUITY	28 785