EX-7 11 u11248exv7.htm EX-7 exv7
Exhibit 7
UNAUDITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
                                         
    2011     2010     2009     2008     2007  
    £m     £m     £m     £m     £m  
Financing costs per consolidated income statement
     429       1,512       2,419       2,014       1,612  
One third of rental expense
     629       553       466       387       340  
Interest capitalized
     138       —       —       —       —  
 
                              
Fixed charges(2)
     1,196       2,065       2,885       2,401       1,952  
 
                              
Profit/(loss) before taxation from continuing operations
     9,498       8,674       4,189       9,001       (2,383 )
Share of profit in associates
     (5,059 )     (4,742 )     (4,091 )     (2,876 )     (2,728 )
Fixed charges
     1,196       2,065       2,885       2,401       1,952  
Dividends received from associates
     1,424       1,436       647       873       791  
Preference dividend requirements of a consolidated subsidiary
     (89 )     (86 )     (82 )     (65 )     (69 )
Interest capitalized
     (138 )     —       —       —       —  
 
                              
Earnings
     6,832       7,347       3,548       9,334       (2,437 )
 
                              
Ratio of earnings to fixed charges
     5.7       3.6       1.2       3.9       —  
Deficiency between fixed charges and earnings
     —       —       —       —       (4,389 )
 
Notes:
 
1.   All of the financial information presented in this exhibit is unaudited.
 
2.   Fixed charges include (1) interest expensed (2) interest capitalized (3) amortised premiums, discounts and capitalised expenses related to indebtedness, (4) an estimate of the interest within rental expense, and (5) preference security dividend requirements of a consolidated subsidiary. These include the financing costs of subsidiaries and joint ventures.