Which of the following statements relating to financial statement analysis is NOT true?

	1.	ROCE is a levered measure of profitability
	2.	The operating spread measures the return that the firm is earning on its investment in assets above its financing costs
	3.	For forecasting purposes, profitability ratios should be based on the reported accounting amounts to ensure that the figures are reliable
	4.	To determine the asset turnover ratio (ATO) implied by the forecasted turnover ratios for each of the individual item on the Balance Sheet, these forecasted turnover ratios must be inverted