EX-12.1 2 a14-26204_1ex12d1.htm EX-12.1

Exhibit 12.1

 

SOUTHERN COPPER CORPORATION

COMPUTATION OF FINANCIAL RATIOS

(In millions except ratios)

 

EARNINGS TO FIXED
CHARGES

 

2014

 

2013

 

2012

 

2011

 

2010

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Earnings before tax

 

$

2,068.7

 

$

2,372.6

 

$

2,973.5

 

$

3,448.7

 

$

2,430.8

 

Equity earnings from affiliate

 

23.8

 

20.9

 

48.7

 

—

 

—

 

Capitalized interest

 

(126.7

)

(68.9

)

(29.4

)

(5.9

)

(7.4

)

Total earnings

 

1,965.8

 

2,324.6

 

2,992.8

 

3,442.8

 

2,423.4

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

265.3

 

265.6

 

201.8

 

192.3

 

167.9

 

(Gain) loss on debt prepayment

 

—

 

—

 

—

 

1.4

 

—

 

Total fixed charges

 

265.3

 

265.6

 

201.8

 

193.7

 

167.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning plus fixed charges

 

$

2,231.1

 

$

2,590.1

 

$

3,194.6

 

$

3,636.5

 

$

2,591.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings to fixed charges

 

8.4

 

9.8

 

15.8

 

18.8

 

15.4

 

 

NET DEBT TO NET
CAPITALIZATION

 

2014

 

2013

 

2012

 

2011

 

2010

 

Total debt

 

$

4,206.0

 

$

4,204.9

 

$

4,213.9

 

$

2,745.7

 

$

2,760.4

 

Cash and cash equivalents balance

 

(364.0

)

(1,672.7

)

(2,459.5

)

(848.1

)

(2,192.7

)

Net debt

 

3,842.0

 

2,532.2

 

1,754.4

 

1,897.6

 

567.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Net capitalization

 

 

 

 

 

 

 

 

 

 

 

Net debt

 

3,842.0

 

2,532.2

 

1,754.4

 

1,897.6

 

567.7

 

Equity

 

5,836.6

 

5,561.8

 

4,789.1

 

4,036.3

 

3,910.4

 

Net capitalization

 

$

9,678.6

 

$

8,094.0

 

$

6,543.5

 

$

5,933.9

 

$

4,478.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt/net capitalization (*)

 

39.7

%

31.3

%

26.8

%

32.0

%

12.7

%

 

(*) Represents net debt divided by net capitalization