EX-12.1 18 a2235066zex-12_1.htm EX-12.1

Exhibit 12.1

 

Statement of Computation of Ratio of Earnings to Fixed Charges (in millions, except ratios)

 

 

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

Earnings (loss) before taxes, minority interests in consolidated subsidiaries, and income or loss from equity investees

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before taxes

 

815.1

 

(216.9

)

(836.1

)

(2,163.0

)

(615.7

)

(318.0

)

Earnings (loss) before taxes from discontinued operations

 

 

 

(178.3

)

(177.9

)

(599.7

)

18.8

 

—

 

Add: (Income)/Loss from minority interests in consolidated subsidiaries

 

—

 

28.1

 

—

 

—

 

0.4

 

9.7

 

Add: (Income)/Loss from equity investees

 

(50.6

)

3.9

 

7.1

 

17.5

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Fixed charges

 

40.4

 

60.2

 

83.9

 

97.3

 

88.9

 

86.1

 

Amortization of capitalized interest*

 

1.4

 

2.1

 

3.1

 

3.1

 

2.8

 

2.7

 

Gain (loss) from equity investees

 

50.6

 

(3.9

)

(7.1

)

(17.5

)

—

 

—

 

Gain (loss) attributable to non-controlling interests

 

—

 

(28.1

)

—

 

—

 

(0.4

)

(9.7

)

Less: Capitalized interest

 

(30.3

)

(48.5

)

(27.8

)

(6.4

)

(6.5

)

(11.3

)

Total earnings (loss) available for fixed charges

 

826.6

 

(381.5

)

(954.8

)

(2,668.7

)

(511.6

)

(240.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

10.1

 

2.0

 

53.7

 

87.9

 

79.5

 

72.7

 

Amortiztion of deferred financing costs

 

—

 

9.6

 

2.3

 

3.0

 

2.9

 

2.1

 

Capitalized interest

 

30.3

 

48.5

 

27.8

 

6.4

 

6.5

 

11.3

 

Total fixed charges

 

40.4

 

60.2

 

83.9

 

97.3

 

88.9

 

86.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

20.44

 

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

 

(1) Due to our losses for the years ended December 31, 2013, December 31, 2014, December 31, 2015, December 31, 2016, and December 31, 2017, the ratio was negative for these periods.