EX-12.1 2 a15-23381_1ex12d1.htm EX-12.1

Exhibit 12.1

 

SOUTHERN COPPER CORPORATION

COMPUTATION OF FINANCIAL RATIOS

(In millions except ratios)

 

EARNINGS TO FIXED CHARGES

 

2015

 

2014

 

2013

 

2012

 

2011

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Earnings before tax

 

$

1,189.3

 

$

2,068.7

 

$

2,372.6

 

$

2,973.5

 

$

3,448.7

 

Equity earnings from affiliate

 

16.7

 

23.8

 

20.9

 

48.7

 

—

 

Capitalized interest

 

(123.2

)

(126.7

)

(68.9

)

(29.3

)

(5.9

)

Total earnings

 

1,082.8

 

1,965.8

 

2,324.6

 

2,992.9

 

3,442.8

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

334.0

 

265.3

 

265.5

 

201.8

 

192.3

 

(Gain) loss on debt prepayment

 

—

 

—

 

—

 

—

 

      1.4

 

Total fixed charges

 

334.0

 

265.3

 

265.5

 

201.8

 

193.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning plus fixed charges

 

$

1,416.8

 

$

2,231.1

 

$

2,590.1

 

$

3,194.7

 

$

3,636.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings to fixed charges

 

4.2

 

8.4

 

9.8

 

15.8

 

18.8

 

 

NET DEBT TO NET
CAPITALIZATION

 

2015

 

2014

 

2013

 

2012

 

2011

 

Total debt

 

$

5,951.5

 

$

4,180.9

 

$

4,178.9

 

$

4,188.0

 

$

2,726.9

 

Cash and cash equivalents

 

(274.5

)

(364.0

)

(1,672.7

)

(2,459.5

)

(848.1

)

Short-term investments

 

(603.5

)

(338.6

)

(208.3

)

(134.3

)

(522.0

)

Net debt

 

5,073.5

 

3,478.3

 

2,297.9

 

1,594.2

 

1,356.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Net capitalization

 

 

 

 

 

 

 

 

 

 

 

Net debt

 

5,073.5

 

3,478.3

 

2,297.9

 

1,594.2

 

1,356.8

 

Equity

 

5,299.2

 

5,836.6

 

5,561.8

 

4,789.1

 

4,036.3

 

Net capitalization

 

$

10,976.2

 

$

9,653.5

 

$

8,068.0

 

$

6,517.6

 

$

5,915.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt/net capitalization (*)

 

48.9

%

37.3

%

29.2

%

25.0

%

25.2

%

 

(*) Represents net debt divided by net capitalization