Nordhaul Truck Group is one of the world's largest commercial vehicle manufacturers (trucks and buses), with more than 100 000 employees. Its 2023 financial statements are below.

Decompose return on capital employed according to the DuPont relationship. (Opening balances, as in Q1.1: CE at 31 Dec 2022 = 47 418; EBIE = EBIT + interest income.)

Nordhaul Truck — Consolidated Statement of Income

EUR m	2023	2022
Revenue	55,890	50,945
Cost of sales	-43,968	-41,513
Gross profit	11,922	9,432
Selling expenses	-2,890	-2,928
General administrative expenses	-2,413	-1,957
Research and non-capitalized development costs	-1,757	-1,618
Other operating income	664	880
Other operating expense	-101	-177
Profit/loss on equity-method investments, net	-109	-226
Other financial income/expense, net	-132	90
EBIT	5,183	3,496
Interest income	384	198
Interest expense	-241	-245
Profit before income taxes	5,327	3,449
Income taxes	-1,355	-686
Net profit	3,971	2,763
thereof non-controlling interests	196	98
thereof shareholders	3,775	2,665

Nordhaul Truck — Consolidated Statement of Financial Position

EUR m, at 31 Dec	2023	2022
Intangible assets	2,876	2,779
Property, plant and equipment	7,979	7,993
Equipment on operating leases	4,530	4,433
Equity-method investments	1,051	1,073
Receivables from financial services	14,067	12,359
Marketable debt securities and similar	57	21
Other financial assets	823	828
Deferred tax assets	1,873	1,643
Long-term trade receivables	17	105
Other assets	385	364
Total non-current assets	33,658	31,598
Inventories	9,155	8,815
Trade receivables	5,245	4,577
Receivables from financial services	12,147	10,066
Cash and cash equivalents	7,067	5,944
Marketable debt securities and similar	1,751	1,124
Other financial assets	678	677
Other assets	1,511	1,168
Total current assets	37,554	32,371
Total assets	71,212	63,969
Share capital	823	823
Capital reserves	14,277	14,277
Retained earnings	8,501	5,847
Other reserves	-1,995	-895
Equity attributable to shareholders	21,605	20,052
Non-controlling interests	620	554
Total equity	22,224	20,606
Provisions for pensions and similar obligations	1,212	1,147
Provisions for other risks	2,784	2,743
Financing liabilities	17,125	13,328
Other financial liabilities	1,814	2,110
Deferred tax liabilities	40	65
Deferred income	984	1,000
Contract and refund liabilities	2,106	1,940
Other liabilities	107	53
Total non-current liabilities	26,171	22,386
Trade payables	5,059	5,317
Provisions for other risks	2,520	2,206
Financing liabilities	8,602	7,511
Other financial liabilities	2,870	2,716
Deferred income	522	655
Contract and refund liabilities	2,169	1,871
Other liabilities	1,076	701
Total current liabilities	22,817	20,977
Total equity and liabilities	71,212	63,969