EX-7 2 d358555dex7.htm UNAUDITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Unaudited Computation of Ratio of Earnings to Fixed Charges

Exhibit 7

UNAUDITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

 

     2012
£m		     2011
£m		     2010
£m		     2009
£m		     2008
£m		  

Financing costs per consolidated income statement

      1,932        429        1,512        2,419        2,014   

One third of rental expense

      615        629        553        466        387   

Interest capitalized

      25        138        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges(2)

      2,572        1,196        2,065        2,885        2,401   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit/(loss) before taxation from continuing operations

      9,549        9,498        8,674        4,189        9,001   

Share of profit in associates

      (4,963 )      (5,059 )      (4,742 )      (4,091 )      (2,876 ) 

Fixed charges

      2,572        1,196        2,065        2,885        2,401   

Dividends received from associates

      4,023        1,424        1,436        647        873   

Preference dividend requirements of a consolidated subsidiary

      (86 )      (89 )      (86 )      (82 )      (65 ) 

Interest capitalized

      (25 )      (138 )      —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

      11,070        6,832        7,347        3,548        9,334   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      4.3        5.7        3.6        1.2        3.9   

Deficiency between fixed charges and earnings

      —        —        —        —        —   

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 financings costs of subsidiaries and joint ventures.