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Profit Before Tax Add : Interest Expense Less : Interest Income Less : Non Operating Income A EBIT Tax Provision in Income Statement Add : Tax Shield on Interest expense Less : Tax on Interest Income Less : Tax on Non Operating Income B Tax on EBIT C NOPLAT A-B (Fixed Assets + Current Assets at the end of year) - (Fixed Assets + Current Assets at the beginning of year) C-D Total Assets - Non Operating FA Excess Cash and Marketable Securities (C/F) * 100 E + Post tax non operating Income (D/F) * 100

D Net Investment E Free Cash Flow

F Operating Invested Capital G ROIC H Cash Flow available to investors I Growth Rate