E12.2. Analyzing a Change in Return on Common Equity (Easy) The following numbers were calculated from the financial statements for a firm for 2009 and 2008: 2009 2006 Return on common equity (ROCE) 15.2% 13.3% Return on net operating assets (NOA) 11.28% 12.75% Net borrowing cost (NBC) 2.9% 3.2% Average net financial obligations (millions) $ 2,225 $ 241 Average common equity (millions) $ 4,756 $ 4,173 Explain how much of the change in ROCE from 2008 to 2009 is due to operating activities and how much is due to financing activities. Box 12.9 will help you.