EX-99.4 5 d44377dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

 

                                                                                                        
     Six Months
Ended June 30,		     Years Ended December 31,  

(Amounts in millions of dollars)

    2015     2014     2014      2013     2012      2011     2010  

Net income(a)(b)

      5,521        6,564        4,244         11,228        13,648         17,400        14,740   

Income tax expenses(a)(b)

      2,573        6,499        8,614         14,767        16,747         19,614        13,583   

Non-controlling interests

      (113 )      125        6         293        188         424        313   

Equity in income of affiliates (in excess of)/ less than dividends received

      (289 )      (114 )      29         (775 )      272         (149 )      (623 ) 

Interest expensed

      385        361        536         656        649         862        551   

Estimate of the interest within rental expense

      203        184        406         357        334         299        268   

Amortization of capitalized interest

      76        74        160         135        205         280        317   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total(a)(b)

      8,356        13,693        13,995         26,661        32,043         38,730        29,149   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Interest expensed

      385        361        536         656        649         862        551   

Capitalized interest

      162        166        341         349        333         245        156   

Estimate of the interest within rental expense

      203        184        406         357        334         299        268   

Preference security dividend requirements of consolidated subsidiaries

      —        —        —         —        —         —        —   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Fixed charges

      750        711        1,283         1,362        1,316         1,406        975   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges(a)(b)

      11.14        19.26        10.91         19.57        24.35         27.55        29.90   
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

  (a) Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014.
  (b) Figures for 2012, 2011 and 2010 have been restated pursuant to the retrospective application of the revised accounting standard IAS 19 from January 1, 2013.

As noted in Exhibit 99.1 to this Form 6-K, during the second quarter of 2015, the Group revised the classification in the statement of income of certain taxes related to its participation in the ADCO concession, effective since January 1, 2015. These taxes are now accounted for as operating taxes and therefore reclassified for $498 million from “Income taxes” to “Purchases, net of inventory variation” in the first quarter of 2015. This reclassification affects the adjusted operating income from business segments and the effective income tax rate for the Group but has no impact on net income. As a result of this reclassification, the Group’s ratio of earnings to fixed charges for the three months ended March 31, 2015 was 9.64 instead of the previously reported figure of 10.91.