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Financial Highlights

Financial Highlights
Segmented Operating Results
For years ended December 31
(In millions of Canadian dollars,
except share information) 		2012 2011 2010 2009
(i)
 2008
(i)
Consolidated results
Sales 4,865 4,894 4,968 5,222 5,243
Adjusted operating earnings(ii) 280 259 215 196 128
Net earnings (loss)(iii) 115 82 29 52 (37
)
Return on net assets(iv) 10.8
%
 10.0
%
 8.6
%
 5.9
%
 3.4
%
Financial position
Net assets employed(v) 2,101 1,907 1,966 2,416 2,348
Shareholders’ equity 891 865 924 1,189 1,143
Net borrowings 1,171 984 902 1,016 1,023
Per share
Adjusted earnings(ii) 1.06 1.01 0.73 0.57 0.29
Net earnings (loss)(iii) 0.83 0.59 0.22 0.40 (0.29
)
Dividends 0.16 0.16 0.16 0.16 0.16
Book value 6.36 6.18 6.60 8.69 8.84
Number of shares (millions)
Weighted average 139.4 138.7 135.6 129.8 126.7
Outstanding at December 31 140.0 140.0 140.0 136.8 129.3

(i) 2008 and 2009 figures are in accordance with Canadian GAAP, effective on or before January 1, 2010.

(ii) Refer to pages 34–37 of Management’s Discussion & Analysis for definition.

(iii) Attributable to common shareholders.

(iv) Calculated by dividing tax-effected earnings, adjusted for items which are not considered representative of the underlying operations of the business, by average monthly net assets employed.

(v)Total assets, less cash, future tax assets and non-interest bearing liabilities.