The following information has been taken from the reformulated financial statements of VLF Co. for the period 2014-2016. Income statement information ( millions) Net operating profit after tax (NOPAT) Interest expense Tax effect of interest expense 2014 2015 2016 95 110 120 -10 -5 -5 2 1 1 Net income 87 106 116 Balance sheet information ( millions) 2014 2015 2016 Operating assets 550 650 740 Financial assets 40 60 50 Operating liabilities 120 130 145 Financial liabilities 180 120 110 Balance sheet information is based on end-of-year figures. The corporation tax rate for VLF Co. was 20% throughout the period.