EX-12.1 2 a2234122zex-12_1.htm EX-12.1
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Exhibit 12.1

SOUTHERN COPPER CORPORATION
COMPUTATION OF FINANCIAL RATIOS
(In millions except ratios)

EARNINGS TO FIXED CHARGES
  2017   2016   2015   2014   2013  

Earnings:

                                

Earnings before tax

   $ 2,302.7   $ 1,256.0   $ 1,189.2   $ 2,068.6   $ 2,372.6  

Equity earnings from affiliate

     23.1     23.9     16.8     23.9     20.9  

Capitalized interest

     (51.4 )   (69.6 )   (123.2 )   (126.7 )   (68.9 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings

     2,274.4     1,210.3     1,082.8     1,965.8     2,324.6  

Fixed charges:

                                

Interest expense

     357.4     360.3     334.0     265.3     265.5  

(Gain) loss on debt prepayment

     —     —     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     357.4     360.3     334.0     265.3     265.5  

Earning plus fixed charges

   $ 2,631.8   $ 1,570.6   $ 1,416.8   $ 2,231.1   $ 2,590.1  

Earnings to fixed charges

     7.4     4.4     4.2     8.4     9.8  

 

NET DEBT TO NET CAPITALIZATION
  2017   2016   2015   2014   2013  

Total debt

   $ 5,957.1   $ 5,954.2   $ 5,951.5   $ 4,180.9   $ 4,178.9  

Cash and cash equivalents

     (1,004.8 )   (546.0 )   (274.5 )   (364.0 )   (1,672.7 )

Short-term investments

     (50.5 )   (51.3 )   (603.5 )   (338.6 )   (208.3 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net debt

     4,901.8     5,356.8     5,073.5     3,478.3     2,297.9  

Net capitalization

                                

Net debt

     4,901.8     5,356.8     5,073.5     3,478.3     2,297.9  

Equity

     6,149.4     5,870.9     5,299.2     5,836.6     5,561.8  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net capitalization

     11,051.2     11,227.7   $ 10,372.7   $ 9,653.5   $ 8,068.0  

Net debt/net capitalization(*)

    44.4 %   47.7 %   48.9 %   37.3 %   29.2 %
(*)
Represents net debt divided by net capitalization



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SOUTHERN COPPER CORPORATION COMPUTATION OF FINANCIAL RATIOS (In millions except ratios)