EX-12 6 d389461dex12.htm EX-12 EX-12

Exhibit 12

STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

IFRS

 

     Year ended December 31,  
     2016     2015     2014     2013     2012  
     (U.S.$ millions)  

Earnings:

           

Income from continuing operations before taxes on income

      6,343       (726 )      9,552       3,505       (2,431 ) 

Minority interests in pre-tax income of subsidiaries that have not incurred fixed charges

      (43 )      897       (298 )      2,803       (78 ) 

Less: equity accounted units earnings

      (321 )      (361 )      (1,214 )      (482 )      470  

Fixed charges added to earnings

      1,205       851       808       695       426  

Distributed income from equity investees

      253       210       298       600       522  

Amortization of capitalized interest

      250       249       144       137       262  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

      7,687       1,120       9,290       7,258       (829 ) 

Fixed charges:

           

Interest expensed

      1,112       750       649       507       293  

Amount representative of the interest factor in rents

      93       101       159       188       133  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges added to earnings

      1,205       851       808       695       426  

Interest capitalized

      111       254       470       727       766  

Loss on early redemption

      (324 )      —       —       —       —  

Total fixed charges

      992       1,105       1,278       1,422       1,192  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      7.75       1.01       7.27       5.10       n/a (1) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Notes:

 

(1) The ratio of earnings to fixed charges is below 1.0 for the year ended December 31, 2012 and additional earnings of U.S.$2,021 million would have been necessary to bring the ratio to 1.0. This was primarily the result of a loss from charges for the impairment of goodwill and other assets.

 

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