The following information is from reformulated statement of common stockholders equity and US GAAP income statement (in millions):

1. Net dividends 2. ROCE 3. RNOA 4. ROCE=PMATO+NFA CSE (RNFARNOA)

\begin{tabular}{|l|l|l|} \hline & 2012 & 2011 \\ \hline Operating assets & $2,700 & $2,000 \\ \hline Short-term debt securities & 1,000 & 800 \\ \hline Operating liabilities & (300) & (100) \\ \hline Book Value (CSE) & $3,400 & $2,700 \\ \hline & & \\ \hline Sales & 2,100 & \\ \hline Operating expenses & (1,677) & \\ \hline Interest revenue & 90 & \\ \hline Tax expense (tax rate =34%) & (174) & \\ \hline Earnings (net) & $339 & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & 2012 & 2011 \\ \hline Operating assets & $2,700 & $2,000 \\ \hline Short-term debt securities & 1,000 & 800 \\ \hline Operating liabilities & (300) & (100) \\ \hline Book Value (CSE) & $3,400 & $2,700 \\ \hline & & \\ \hline Sales & 2,100 & \\ \hline Operating expenses & (1,677) & \\ \hline Interest revenue & 90 & \\ \hline Tax expense (tax rate =34%) & (174) & \\ \hline Earnings (net) & $339 & \\ \hline \end{tabular}