EX-12.1 2 a2235187zex-12_1.htm EX-12.1

Exhibit 12.1

 

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

 

 

 

2013

 

2014

 

2015

 

2016

 

2017

 

March 31,
2017(2)

 

March 31,
2018

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before taxes

 

(216.9

)

(836.1

)

(2,163.0

)

(615.7

)

(318.0

)

(18.2

)

(131.9

)

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

 

(1.0

)

0.5

 

Add: (Income)/Loss from equity investees

 

3.9

 

7.1

 

17.5

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add: Fixed charges

 

60.2

 

83.9

 

97.3

 

88.9

 

86.1

 

22.6

 

38.0

 

Amortization of capitalized interest*

 

2.1

 

3.1

 

3.1

 

2.8

 

2.7

 

0.7

 

0.4

 

Gain (loss) from equity investees

 

(3.9

)

(7.1

)

(17.5

)

—

 

—

 

—

 

—

 

Gain (loss) attributable to non-controlling interests

 

(28.1

)

—

 

—

 

(0.4

)

(9.7

)

1.0

 

(0.5

)

Less: Capitalized interest

 

(48.5

)

(27.8

)

(6.4

)

(6.5

)

(11.3

)

(4.5

)

(4.1

)

Total earnings (loss) available for fixed charges

 

(381.5

)

(954.8

)

(2,668.7

)

(511.6

)

(240.5

)

0.6

 

(97.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2.0

 

53.7

 

87.9

 

79.5

 

72.7

 

17.6

 

33.2

 

Amortiztion of deferred financing costs

 

9.6

 

2.3

 

3.0

 

2.9

 

2.1

 

0.5

 

0.7

 

Capitalized interest

 

48.5

 

27.8

 

6.4

 

6.5

 

11.3

 

4.5

 

4.1

 

Total fixed charges

 

60.2

 

83.9

 

97.3

 

88.9

 

86.1

 

22.6

 

38.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

0.03

 

—

(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 and the three month period ended March 31, 2018, the ratio was negative for these periods.

 

(2) Gives effect to the retroactive adoption of IFRS 9.