EX-7.1 4 d157331dex71.htm EX-7.1 EX-7.1

Exhibit 7.1

RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets out our ratios of earnings to fixed charges for each of the five years ended 31 December 2015, 2014, 2013, 2012 and 2011 based on information derived from our consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards (“IFRS”).

 

     Year ended 31 December  
     2015      2014      2013      2012(1)      2011(1)  

Earnings:

              

Profit from operations before taxes and share of results of associates

     12,451         13,792         18,240         10,380         9,062   

Add: Fixed charges (below)

     2,200         2,366         2,389         2,361         3,702   

Less: Interest capitalized (below)

     28         39         38         57         110   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total earnings

     14,623         16,119         20,591         12,684         12,654   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges:

              

Interest expense and similar charges

     1,805         1,969         2,005         2,008         3,216   

Accretion expense

     289         266         261         209         286   

Interest capitalized

     28         39         38         57         110   

Estimated interest portion of rental expense

     78         92         85         87         90   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

     2,200         2,366         2,389         2,361         3,702   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

     6.65         6.81         8.62         5.37         3.42   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Notes:

 

(1) 2011 and 2012 as reported, adjusted to reflect the changes on the segment reporting.

The ratio of earnings to fixed charges represents the number of times fixed charges are covered by earnings. For purposes of computing this ratio, earnings consist of profit from operations before taxes and share of results of associates, plus fixed charges, minus interest capitalized during the period. Fixed charges consist of interest and accretion expense, interest on finance lease obligations, interest capitalized, plus one-third of rent expense on operating leases, estimated by us as representative of the interest factor attributable to such rent expense.

We did not have any preferred stock outstanding and did not pay or accrue any preferred stock dividends during the periods presented above.