it ask about what is the impact if remove the investment in associate. in the answer, it use extended DuPont formula to calculate the ROE, for financial leverage, what is the footnote for c, I can not find it? Thanks what asset value they used to calcualte financial leverage? I thought it was the average asset after removing the investment in associate, but could not match their number. thanks.
Take a look at this thread, same question you have. http://www.analystforum.com/phorums/read.php?12,1147161,1147436#msg-1147436 And no footnote c… I didn’t see it either.