Using the financial data for the sample of Industrials companies in the table below, calculate the average Financial Leverage.

QUESTION 3 Using the financial data for the sample of Industrials companies in the table below, calculate the average Financial Leverage. ASX Code Company Name Operating Revenue Reported NPAT After Abnormals Total Assets Total Equity Market Cap. TPS Threat Protect Australia Limited 19,741,000 -10,621,000 72,159,000 10,415,000 33,733,878 OLH Oldfields Holdings Limited 24,755,000 -228,000 12,313,000 4,384,000 8,217,619 CWY Cleanaway Waste Management Limited 2,249,400,000 123,200,000 4,193,200,000 2,582,800,000 3,979,750,784 JLG Johns Lyng Group Limited 335,085,000 15,879,000 134,828,000 45,285,000 608,956,725 MND Monadelphous Group Limited 1,477,269,000 52,113,000 684,986,000 394,681,000 1,546, 189,919 IVT Inventis Limited 11,798,019 -1,669,750 6,519,605 -3,073,784 4,684,329 AIR Astivita Limited 4,648,000 -583,000 10,095,000 9,072,000 1 3,884,130 AIA Auckland International Airport Limited 685,528,579 500,382,336 8,313,037,660 5,766,488,243 9,768,924,888 SRH Saferoads Holdings Limited 17,946,570 -41,586 15,375,095 7,341,514 6,370,000 EAX Energy Action Limited 24,801,100 -12,092,885 16,185,150 5,693,759 6,358,758 BPP Babylon Pump & Power Limited 11,509,158 -2,209,222 11,404,283 2,251,493 13,398,030 AWN Arowana International Limited 105,620,618 -12,144,785 134,663,443 66,058,053 17,398,787 QUB Qube Holdings Limited 1,621,000,000 195,700,000 4,747,600,000 2,813,400,000 5,495,325,494 Reece Limited 5,463,787,000 202,100,000 4,474,110,000 1,991,580,000 6,550,410,946 Rectifier Technologies Ltd 17,725,540 2,127,038 14,225,426 7,244,906 57,450,285 Environmental Clean Technologies Limited 207,472 -8,903,015 2,386,854 -2,021,846 8,692,979 Air New Zealand Limited 5,529,535,461 258,076,849 7,413,496,463 1,996,750,143 3,009,222,528 SRG Global Limited 486,391,000 9,419,000 430,638,000 252,728,000 162,715,691 QIP QANTM Intellectual Property Limited 112,170,000 11,206,000 107,043,000 70,581,000 172,300,687 LCM Logicamms Limited 35,030,000 181,000 59,070,000 25,261,000 37,182,527 ANG Austin Engineering Limited 235,206,000 -4,590,000 177,355,000 101,398,000 110,011,031 Croplogic Limited 2,190,539 -4,746,735 6,732,456 4,380,367 12,914,768 ECG Ecargo Holdings Limited 24,321,000 -24,363,911 30,670,899 8,392,691 25,840,500 PET Phoslock Environmental Technologies Limited 8,985,878 -668,840 27,483,316 23,996,741 463,293,189 TTI Traffic Technologies Ltd 48,321,000 1,263,000 45,465,000 21,160,000 6,268,921 MSI Multistack International Limited 713,477 -713,756 2,615,446 1,768,622 1,010,735 XTE XTEK Ltd 37,860,848 168,433 30,412,286 7,695,941 27,381,112 ACF Acrow Formwork and Construction Services Limited 68,858,910 4,948,715 75,299,710 47,623,052 70,023,861 REH *20 SRG