Question
The following numbers were calculated from the financial statements for a firm for 2012 and 2011 2012 2011 Return on common equity (ROCE 15.2% 13.3%
The following numbers were calculated from the financial statements for a firm for 2012 and 2011
|
| 2012 | 2011 |
| Return on common equity (ROCE | 15.2% | 13.3% |
| Return on net operating assets (RNOA) | 11.28% | 12.75% |
| Sales (millions) | $16,754 | $11,035 |
| Average net operating assets (millions) | $ 6,981 | $ 4,414 |
| Average net financial obligations (millions) | $ 2,225 | $ 241 |
| Average common equity (millions) | $ 4,756 | $ 4,173 |
Explain to what extent the change in common equity from 2011 to 2012 is due to sales growth, net assets required to support sales, and borrowing
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Listed Volatility And Variance Derivatives
Authors: Yves Hilpisch
1st Edition
1119167914, 978-1119167914
