EX-7 9 u06917exv7.htm EXHIBIT 7 EXHIBIT 7
Exhibit 7
UNAUDITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
                                         
    2009     2008     2007     2006     2005  
    £m     £m     £m     £m     £m  
Financing costs per Consolidated Income Statement
     2,419       2,014       1,612       1,120       880  
One third of rental expense
     466       387       340       323       303  
 
                              
 
                                        
Fixed charges(2)
     2,885       2,401       1,952       1,443       1,183  
 
                              
 
                                        
Profit/(loss) before taxation from continuing operations
     4,189       9,001       (2,383 )     (14,853 )     7,285  
Share of profit in associated undertakings
     (4,091 )     (2,876 )     (2,728 )     (2,428 )     (1,980 )
Fixed charges
     2,885       2,401       1,952       1,443       1,183  
Dividends received from associated undertakings
     647       873       791       835       1,896  
Preference dividend requirements of a consolidated subsidiary
     (82 )     (65 )     (69 )     (74 )     (71 )
 
                              
 
                                        
Earnings
     3,548       9,334       (2,437 )     (15,077 )     8,313  
 
                              
 
Ratio of earnings to fixed charges
     1.2       3.9       —       —       7.0  
 
Deficiency between fixed charges and earnings
     —       —       (4,389 )     (16,520 )     —  
 
Notes:
 
1.   All of the financial information presented in this exhibit is unaudited.
 
2.   Fixed charges include (1) interest expensed (2) amortised premiums, discounts and capitalised expenses related to indebtedness, (3) an estimate of the interest within rental expense, and (4) preference security dividend requirements of a consolidated subsidiary. These include the financings costs of subsidiaries and joint ventures.