The CEO of Everest Ltd. stated the following in the company's 2021 annual report: "Everest continues to make good use of shareholders' funds through new investments. Shareholders' faith in the company was rewarded by improved performance as indicated by an increase in return on common equity". In response to the managing director's comments, you set about analysing the growth of the company and produce the following table: Return on common equity (ROCE) Return on net operating assets (RNOA) Net borrowing cost (NBC) Sales ($ millions) Operating income after tax ($ millions) Average net operating assets ($ millions) Average net financial obligations ($ millions) Average common shareholders' equity ($ millions) 2021 15.47% 12.86% 3.50% 530 153 1,190 260 930 2020 14.89% 13.87% 3.00% 430 129 930 80 850 Required: (a) Decompose the change in ROCE into components due to financing activities and operating activities. (4 marks) (b) Decompose the change in RNOA into components due to profit margin and asset turnover. (6 marks) (c) Decompose the change in common shareholders' equity into components due to sales growth, the change in net assets required to support sales, and changes in borrowing. (6 marks)