EX-7.1 22 exhibit712015.htm EXHIBIT 7.1 Exhibit


Exhibit 7.1 - Computation of Ratio of Earnings to Fixed Charges

(In $ million)
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations
 
(294
)
 
(475
)
 
(270
)
 
(424
)
 
(790
)
Distributed income of equity investees
 
—

 
1

 
1

 
—

 
4

Fixed charges
 
1,074

 
1,358

 
1,413

 
1,526

 
1,256

Less:
 
 
 
 
 
 
 
 
 
 
Share of profit of associates and joint ventures, net of income tax
 
2

 
2

 
1

 
1

 
(2
)
Non-controlling interests
 
(2
)
 
(2
)
 
(2
)
 
(1
)
 
(2
)
Interest capitalized
 
(5
)
 
(6
)
 
(6
)
 
(4
)
 
(4
)
Total Earnings
 
775

 
878

 
1,137

 
1,098

 
462

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense and capitalized
 
1,002

 
1,268

 
1,326

 
1,429

 
1,197

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
33

 
44

 
41

 
54

 
37

Fair value adjustment of acquired notes
 
(2
)
 
(2
)
 
(2
)
 
(2
)
 
(14
)
Estimate of interest in rental expense
 
41

 
48

 
48

 
45

 
36

Total Fixed Charges
 
1,074

 
1,358

 
1,413

 
1,526

 
1,256

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Additional Pre-tax Earnings to Achieve 1:1 Ratio
 
299

 
480

 
276

 
428

 
794