Page 133 - Suncor AR English
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The company’s financial measures, as set out in the following schedule, were unchanged from 2012. The company
believes that achieving its capital target helps to provide the company access to capital at a reasonable cost by
maintaining solid investment-grade credit ratings. The company operates in a fluctuating business environment and ratios
may periodically fall outside of management’s targets.
Capital
Measure Dec 31, Dec 31,
($ millions)
Target
2013
2012
(restated –
note 6)
Components of ratios
.......................................................................................................................................................................................................................................................
Short-term debt 798 775
.......................................................................................................................................................................................................................................................
Current portion of long-term debt 457 311
.......................................................................................................................................................................................................................................................
Long-term debt 10 203 9 938
Total debt 11 458 11 024
.......................................................................................................................................................................................................................................................
Less: Cash and cash equivalents 5 202
4 385
Net debt
6 256 6 639
Shareholders’ equity
41 180 39 215
Total capitalization (total debt plus shareholders’ equity) 52 638
50 239
Cash flow from operations(1)
9 412 9 733
Net debt to cash from operations
<2.0 times
0.7 0.7
Total debt to total debt plus shareholders’ equity
22% 22%
(1) Cash flow from operations is expressed before changes in non-cash working capital, and is a non-GAAP financial measure.
SUNCOR ENERGY INC. ANNUAL REPORT 2013 129
