EX-7.1 5 d259136dex71.htm EX-7.1 EX-7.1

Exhibit 7.1

RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets out our ratios of earnings to fixed charges for each of the five years ended 31 December 2016, 2015, 2014, 2013 and 2012 based on information derived from our consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards (“IFRS”).

 

     Year ended 31 December  
     2016      2015      2014      2013      2012  

Earnings:

              

Profit from operations before taxes and share of results of associates

     4,318        12,451        13,792        18,240        10,380  

Add: Fixed charges (below)

     4,608        2,200        2,366        2,389        2,361  

Less: Interest capitalized (below)

     12        28        39        38        57  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total earnings

     8,914        14,623        16,119        20,591        12,684  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges:

              

Interest expense and similar charges

     4,080        1,805        1,969        2,005        2,008  

Accretion expense

     468        289        266        261        209  

Interest capitalized

     12        28        39        38        57  

Estimated interest portion of rental expense

     48        78        92        85        87  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

     4,608        2,200        2,366        2,389        2,361  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

     1.93        6.65        6.81        8.62        5.37  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The ratio of earnings to fixed charges represents the number of times fixed charges are covered by earnings. For purposes of computing this ratio, earnings consist of profit from operations before taxes and share of results of associates and joint ventures, plus fixed charges, minus interest capitalized during the period. Fixed charges consist of interest and accretion expense, interest on finance lease obligations, interest capitalized, plus one-third of rent expense on operating leases, estimated by us as representative of the interest factor attributable to such rent expense.

We did not have any preferred stock outstanding and did not pay or accrue any preferred stock dividends during the periods presented above.