Page 79 - Suncor AR English

The company presents two ROCE calculations – one including and one excluding the impacts on capital employed of

major projects in progress. Major projects in progress includes accumulated capital expenditures and capitalized interest
for significant projects still under construction or in the process of being commissioned, and acquired assets that are still

being evaluated. Management uses ROCE excluding the impacts of major projects in progress on capital employed to
assess performance of operating assets.

Year ended December 31
($ millions, except as noted) 2013 2012 2011 2010 2009

Adjustments to net earnings
.......................................................................................................................................................................................................................................................
Net earnings 3911 2740 4304 3829 1146
.......................................................................................................................................................................................................................................................
Add after-tax amounts for:
.......................................................................................................................................................................................................................................................
Unrealized foreign exchange loss (gain) on U.S. dollar
denominated debt 521 (157) 161 (372) (858)
.......................................................................................................................................................................................................................................................
Net interest expense 228 42 83 327 349

A 4 660 2 625 4 548 3 784 637

Capital employed – beginning of twelve-month period
.......................................................................................................................................................................................................................................................
Net debt 6639 6976 11254 13516 7226
.......................................................................................................................................................................................................................................................
Shareholders’ equity 39 215 38 592 35 192 32 485 14 523

D 45 854 45 568 46 446 46 001 21 749

Capital employed – end of twelve-month period
.......................................................................................................................................................................................................................................................
Net debt 6256 6639 6976 11254 13377
.......................................................................................................................................................................................................................................................
Shareholders’ equity
41 180
39 215 38 600 35 192 34 111

47 436 45 854 45 576 46 446 47 488

Average capital employed
B 46 981 45 353
44 956
46 075
35 128
ROCE – including major projects in progress (%)
A/B 9.9
5.8
10.1
8.2
1.8

Average capitalized costs related to major

projects in progress
C 6 502 8 729 12 106 12 890 10 655

ROCE – excluding major projects in progress (%)
A/(B-C) 11.5
7.2
13.8
11.4
2.6

SUNCOR ENERGY INC. ANNUAL REPORT 2013 75