Vodafone is based in the United Kingdom. Selected data from Vodafones 2012 annual report follows (pounds in millions).

		2012		2011		2010
Revenues		$46,417		$45,884		$44,472
Gross profit %		32.04%		32.84%		33.80%
Operating profit		11,187		5,596		9,480
Net cash flow less capital expenditures		8,459		9,173		9,145
Net earnings		7,003		7,870		8,618

In its 2012 annual reports, Vodafone states, " Our leading performance is based on 3 core strengths. The successful implementation of our strategy to generate liquidity or free cash flow from non-conrolled interest.'

(a) Compute the percentage change in sales, operating profit, net cash flow less capital expenditures, and net earnings from year to year for the years presented.

(b) Evaluate Vodafone's performance. Which trend seems most favorable? Which trend seems least favorable? What are the implications of these trends for vodafone's strategy? Explain.