1. **State the problem:** Calculate the Net Operating Assets (NOA) for the given years 2022, 2023, and 2024. 2. **Formula for NOA:** $$\text{NOA} = \text{Operating Assets} - \text{Operating Liabilities}$$ Where: - Operating Assets typically include non-current assets and current assets related to operations (exclude cash and financial assets). - Operating Liabilities include current and non-current liabilities related to operations (exclude borrowings and financial liabilities). 3. **Identify Operating Assets:** - Non-current assets: Total non-current assets - Current assets: Total current assets minus cash and bank balances and derivative financial assets 4. **Identify Operating Liabilities:** - Non-current liabilities: Total non-current liabilities minus borrowings - Current liabilities: Total current liabilities minus borrowings and derivative financial liabilities 5. **Calculate Operating Assets for each year:** - 2022: $$360,429 + (483,745 - 104,941 - 0) = 360,429 + 378,804 = 739,233$$ - 2023: $$543,378 + (403,498 - 66,152 - 595) = 543,378 + 336,751 = 880,129$$ - 2024: $$654,404 + (419,328 - 47,796 - 10,947) = 654,404 + 360,585 = 1,014,989$$ 6. **Calculate Operating Liabilities for each year:** - 2022: $$ (13,616 - 0) + (433,707 - 0 - 4,811) = 13,616 + 428,896 = 442,512$$ - 2023: $$ (4,369 - 0) + (505,262 - 0 - 2,395) = 4,369 + 502,867 = 507,236$$ - 2024: $$ (71,661 - 1,059) + (500,179 - 1,059 - 0) = 70,602 + 499,120 = 569,722$$ 7. **Calculate NOA for each year:** - 2022: $$739,233 - 442,512 = 296,721$$ - 2023: $$880,129 - 507,236 = 372,893$$ - 2024: $$1,014,989 - 569,722 = 445,267$$ **Final answer:** - NOA 2022 = 296,721 - NOA 2023 = 372,893 - NOA 2024 = 445,267