Page 26 - Suncor AR English

FINANCIAL INFORMATION

3. FINANCIAL INFORMATION
• In 2013, the company recorded an after-tax gain of

$130 million relating to the sale of the company’s
conventional natural gas business.
Net Earnings
Suncor’s net earnings for 2013 were $3.911 billion, • In 2012, the company recorded an after-tax impairment

compared to $2.740 billion in 2012. Net earnings were charge of $1.487 billion against the Voyageur upgrader
affected by the same factors that influenced operating project.

earnings, which are described in this section of the MD&A. • In 2012, the company recorded an after-tax impairment
Items affecting net earnings in 2013, compared with
(net of reversals) for assets in Syria of $517 million, in
2012, included:
addition to after-tax charges of $172 million, including

• The after-tax unrealized foreign exchange loss on the impairments against assets in North America Onshore
revaluation of U.S. dollar denominated debt was and East Coast Canada, and a provision in North

$521 million in 2013, compared with a gain of
America Onshore for estimated future commitments
$157 million in 2012.
relating to unutilized pipeline capacity.

• In 2013, the company recorded after-tax impairment • In 2012, the Province of Ontario approved a budget

charges of $563 million in the Exploration and that froze the general corporate income tax rate at
Production segment against its assets in Syria, Libya 11.5%, instead of the planned reduction to 10% by

and North America Onshore. Concurrent with the 2014. As a result, the company adjusted its deferred
impairment of its Syrian assets, the company income tax balances, leading to a charge to net
recognized after-tax risk mitigation proceeds of
earnings of $88 million.
$223 million, previously recorded as a long-term
provision.

• In 2013, the company recorded an after-tax charge of

$58 million as a result of not proceeding with the
Voyageur upgrader project.

22 SUNCOR ENERGY INC. ANNUAL REPORT 2013