Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(U.S. dollars in millions, except ratio amounts)
In accordance with IFRS
Year Ended 31 December | ||||||||||||||||||||
Fixed charges: | 2011(1) | 2012(1) | 2013(1) | 2014(1) | 2015 | |||||||||||||||
Interest expensed | 141 | 173 | 249 | 252 | 224 | |||||||||||||||
Interest capitalised | 3 | 12 | 5 | 1 | — | |||||||||||||||
Amortised premiums, discounts and capitalised expenses related to indebtedness | 28 | 30 | 20 | 1 | 1 | |||||||||||||||
Estimate of interest within rental expense | 3 | 4 | 3 | 2 | 1 | |||||||||||||||
Total fixed charges | 175 | 219 | 277 | 256 | 226 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations before income or loss from equity investees, tax and noncontrolling interests | 2,072 | 1,090 | (2,030 | ) | 195 | 169 | ||||||||||||||
Fixed charges from above | 175 | 219 | 277 | 256 | 226 | |||||||||||||||
Amortisation of capitalised interest | 6 | 6 | 7 | 9 | 9 | |||||||||||||||
Distributed income of equity investees | 111 | 72 | 18 | — | 57 | |||||||||||||||
2,364 | 1,387 | (1,728 | ) | 460 | 461 | |||||||||||||||
Less: | ||||||||||||||||||||
Interest capitalised from above | (3 | ) | (12 | ) | (5 | ) | (1 | ) | — | |||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (14 | ) | (16 | ) | — | (17 | ) | (17 | ) | |||||||||||
Total earnings | 2,347 | 1,359 | (1,733 | ) | 442 | 444 | ||||||||||||||
Ratio of earnings to fixed charges (unaudited) | 13.4 | 6.2 | * | 1.7 | 2.0 |
(1) Restated for the discontinued operations arising in 2015 in connection with the sale of the Cripple Creek & Victor mine.
* Earnings for the year ended 31 December 2013 were inadequate to cover fixed charges by $2,010 million.