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Return on Investment, Financial Leverage, and DuPont Analysis The following tables provide information from the recent annual reports of HD Rinker, AG.

Balance Sheets ( millions)	2022	2021	2020	2019
Total assets	24,826	26,224	29,155	28,343
Total liabilities	23,880	19,895	19,955	20,390
Total shareholders equity	946	6,329	9,200	7,953

Income Statements ( millions) 52 Weeks Ended	2022	2021	2020
Sales revenue	41,455	38,450	34,530
Earnings before interest and income taxes	6,919	6,854	4,170
Interest expense	985	830	950
Earnings before income taxes	5,934	6,024	3,220
Income tax expense	1,510	1,785	810
Net earnings	4,424	4,239	2,410

• Part a
• Part b
• Part c

b. Calculate HD Rinkers return on assets (ROA) and return on nancial leverage (ROFL) for each year. Is nancial leverage working to the advantage of HD Rinkers shareholders? Use a statutory tax rate of 25% Note: Round your answers to the nearest million euros.

		Numerator ( millions)		Denominator ( millions)	=	Result
	2022 ROA	Answer		Answer	=
	2021 ROA	Answer		Answer	=
	2020 ROA	Answer		Answer	=

Note: Enter the percent rounded to two digits after the decimal.

		?	-	?	=	ROFL
	2022 ROFL	Answer	-	Answer	=
	2021 ROFL	Answer	-	Answer	=
	2020 ROFL	Answer	-	Answer	=

Return on Investment, Financial Leverage, and DuPont Analysis The following tables provide information from the recent annual reports of HD Rinker, AG.

Balance Sheets ( millions)	2022	2021	2020	2019
Total assets	24,826	26,224	29,155	28,343
Total liabilities	23,880	19,895	19,955	20,390
Total shareholders equity	946	6,329	9,200	7,953

Income Statements ( millions) 52 Weeks Ended	2022	2021	2020
Sales revenue	41,455	38,450	34,530
Earnings before interest and income taxes	6,919	6,854	4,170
Interest expense	985	830	950
Earnings before income taxes	5,934	6,024	3,220
Income tax expense	1,510	1,785	810
Net earnings	4,424	4,239	2,410

• Part a
• Part b
• Part c

b. Calculate HD Rinkers return on assets (ROA) and return on nancial leverage (ROFL) for each year. Is nancial leverage working to the advantage of HD Rinkers shareholders? Use a statutory tax rate of 25% Note: Round your answers to the nearest million euros.

		Numerator ( millions)		Denominator ( millions)	=	Result
	2022 ROA	Answer		Answer	=
	2021 ROA	Answer		Answer	=
	2020 ROA	Answer		Answer	=

Note: Enter the percent rounded to two digits after the decimal.

		?	-	?	=	ROFL
	2022 ROFL	Answer	-	Answer	=
	2021 ROFL	Answer	-	Answer	=
	2020 ROFL	Answer	-	Answer	=

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