EX-12.1 5 ex12-1.htm
Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(U.S. dollars in millions, except ratio amounts)

In accordance with IFRS
             
   
Year Ended 31 December
        
Fixed charges:
  
2011(1)
    
2012(1)
    
2013(1)
    
2014(1)
    
2015
  
Interest expensed
    
141
      
173
      
249
      
252
      
224
  
Interest capitalised
    
3
      
12
      
5
      
1
      
—
  
Amortised premiums, discounts and capitalised expenses related to indebtedness
    
28
      
30
      
20
      
1
      
1
  
Estimate of interest within rental expense
    
3
      
4
      
3
      
2
      
1
  
Total fixed charges
    
175
      
219
      
277
      
256
      
226
  
 
Earnings:
                                        
Pre-tax income (loss) from continuing operations before income or loss from equity investees, tax and noncontrolling interests
    
2,072
      
1,090
      
(2,030
)
    
195
      
169
  
Fixed charges from above
    
175
      
219
      
277
      
256
      
226
  
Amortisation of capitalised interest
    
6
      
6
      
7
      
9
      
9
  
Distributed income of equity investees
    
111
      
72
      
18
      
—
      
57
  
     
2,364
      
1,387
      
(1,728
)
    
460
      
461
  
Less:
                                        
Interest capitalised from above
    
(3
)
    
(12
)
    
(5
)
    
(1
)
    
—
  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
    
(14
)
    
(16
)
    
—
      
(17
)
    
(17
)
Total earnings
    
2,347
      
1,359
      
(1,733
)
    
442
      
444
  
                                         
Ratio of earnings to fixed charges (unaudited)
    
13.4
      
6.2
      
*
      
1.7
      
2.0
  

(1) Restated for the discontinued operations arising in 2015 in connection with the sale of the Cripple Creek & Victor mine.
* Earnings for the year ended 31 December 2013 were inadequate to cover fixed charges by $2,010 million.