EX-7 10 u08762exv7.htm EXHIBIT 7 EXHIBIT 7
Exhibit 7
UNAUDITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
                                         
    2010     2009     2008     2007     2006  
    £m     £m     £m     £m     £m  
Financing costs per consolidated income statement
     1,512       2,419       2,014       1,612       1,120  
One third of rental expense
     553       466       387       340       323  
 
                              
 
Fixed charges(2)
     2,065       2,885       2,401       1,952       1,443  
 
                              
 
                                        
Profit/(loss) before taxation from continuing operations
     8,674       4,189       9,001       (2,383 )     (14,853 )
Share of profit in associates
     (4,742 )     (4,091 )     (2,876 )     (2,728 )     (2,428 )
Fixed charges
     2,065       2,885       2,401       1,952       1,443  
Dividends received from associates
     1,436       647       873       791       835  
Preference dividend requirements of a consolidated subsidiary
     (86 )     (82 )     (65 )     (69 )     (74 )
 
                              
 
Earnings
     7,347       3,548       9,334       (2,437 )     (15,077 )
 
                              
 
Ratio of earnings to fixed charges
     3.6       1.2       3.9       —       —  
 
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.