EX-7.1 22 exhibit712016.htm EXHIBIT 7.1 Exhibit


Exhibit 7.1 - Computation of Ratio of Earnings to Fixed Charges

(In $ million)
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations
 
272

 
(294
)
 
(475
)
 
(270
)
 
(424
)
Distributed income of equity investees
 
—

 
—

 
1

 
1

 
—

Fixed charges
 
915

 
1,074

 
1,358

 
1,413

 
1,526

Less:
 
 
 
 
 
 
 
 
 
 
Share of profit of associates and joint ventures, net of income tax
 
3

 
2

 
2

 
1

 
1

Non-controlling interests
 
(2
)
 
(2
)
 
(2
)
 
(2
)
 
(1
)
Interest capitalized
 
(3
)
 
(5
)
 
(6
)
 
(6
)
 
(4
)
Total Earnings
 
1,185

 
775

 
878

 
1,137

 
1,098

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense and capitalized
 
851

 
1,002

 
1,268

 
1,326

 
1,429

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
28

 
33

 
44

 
41

 
54

Fair value adjustment of acquired notes
 
(2
)
 
(2
)
 
(2
)
 
(2
)
 
(2
)
Estimate of interest in rental expense
 
38

 
41

 
48

 
48

 
45

Total Fixed Charges
 
915

 
1,074

 
1,358

 
1,413

 
1,526

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.3x

 
—

 
—

 
—

 
—

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

 
299

 
480

 
276

 
428