EX-7.1 3 d462340dex71.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 2017, 2016, 2015, 2014 and 2013 based on information derived from our consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards (“IFRS”).

 

     Year ended 31 December  
     2017      2016      2015      2014      2013  

Earnings:

              

Profit from operations before taxes and share of results of associates

     10,646        4,318        12,451        13,792        18,240  

Add: Fixed charges (below)

     4,957        4,608        2,200        2,366        2,389  

Less: Interest capitalized (below)

     22        12        28        39        38  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total earnings

     15 581        8,914        14,623        16,119        20,591  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges:

              

Interest expense and similar charges

     4,292        4,080        1,805        1,969        2,005  

Accretion expense

     541        468        289        266        261  

Interest capitalized

     22        12        28        39        38  

Estimated interest portion of rental expense

     102        48        78        92        85  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

     4,957        4,608        2,200        2,366        2,389  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

     3.14        1.93        6.65        6.81        8.62  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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.