EX-7 4 d528606dex7.htm EX-7 EX-7

Exhibit 7

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

 

     2013     2012     2011     2010     2009  
     £m     £m     £m     £m     £m  

Financing costs per consolidated income statement

      1,788        1,932        429        1,512        2,419   

One third of rental expense

      607        615        629        553        466   

Interest capitalized

      8        25        138        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges(2)

      2,403        2,572        1,196        2,065        2,885   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit/(loss) before taxation from continuing operations

      3,255        9,549        9,498        8,674        4,189   

Share of profit in associates

      (6,477 )      (4,963 )      (5,059 )      (4,742 )      (4,091 ) 

Fixed charges

      2,403        2,572        1,196        2,065        2,885   

Dividends received from associates

      4,827        4,023        1,424        1,436        647   

Preference dividend requirements of a consolidated subsidiary

      (88 )      (86 )      (89 )      (86 )      (82 ) 

Interest capitalized

      (8 )      (25 )      (138 )      —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

      3,912        11,070        6,832        7,347        3,548   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.6        4.3        5.7        3.6        1.2   

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.