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he following tables provide information from the recent annual reports of HD Rinker, AG.

Balance sheets	2016	2015	2014	2013
Total assets	6,994	7,337	8,059	7,858
Total liabilities	6,413	5,417	5,432	5,540
Total shareholders' equity	581	1,920	2,627	2,318

Income statements 52 weeks ended	2016	2015	2014
Sales revenue	11,363	10,612	9,631
Earnings before interest and taxes	1,570	1,556	984
Interest expense	257	219	248
Earnings before income taxes	1,313	1,337	736
Income tax expense	388	457	213
Net earnings	925	880	523

a. Calculate HD Rinker's return on equity (ROE) for fiscal years 2016, 2015, and 2014. Round answers to one decimal place (i.e., 0.2568 = 25.7%). Do not round until your final answer.

2016	Answer
2015	Answer
2014	Answer

b. Calculate HD Rinker's return on assets (ROA) and return on financial leverage (ROFL) for each year.

Assume a statutory tax rate of 35%.

Round answers to one decimal place (i.e., 0.2568 = 25.7%). Do not round until your final answer.

	ROA	ROFL
2016	Answer	Answer
2015	Answer	Answer
2014	Answer	Answer

c. Use the DuPont formulation in the Business Insight on page 230 to analyze the variations in HD Rinker's ROE over this period. Calculate net profit margin, asset turnover, and financial leverage. Do not round until your final answer. Round answers to one decimal place (i.e., 0.2568 = 25.7%).

	NPM	AT	FL
2016	Answer	Answer	Answer
2015	Answer	Answer	Answer
2014	Answer	Answer	Answer

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