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7th grade Good
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Calculation of Ratio of Earnings to Fixed Charges (times)
The ratio of earnings to fixed charges is determined using the following applicable factors:
Earnings available for fixed charges are calculated, first, by determining the sum of: (a) net profit before taxation and the Unilever Group’s share of net profit/(loss) of joint ventures and associates; (b) dividend income receivable from joint ventures and associates; and (c) fixed charges, as defined below.
Fixed charges are calculated as the sum of: (a) finance costs (both expensed and capitalized); and (b) one-third of lease costs (e.g., that portion of rental expense that is representative of the interest factor).
Earnings to Fixed Charges | € million 2014 | € million 2013 | € million 2012 | € million 2011 | € million 2010 | |||||||||||||||
Earnings | ||||||||||||||||||||
Net profit | 5,515 | 5,263 | 4,836 | 4,491 | 4,465 | |||||||||||||||
Add: Taxation | 2,131 | 1,851 | 1,697 | 1,575 | 1,486 | |||||||||||||||
(Less)/Add: Share of net profit/(loss) of joint ventures and associates | (98 | ) | (113 | ) | (105 | ) | (113 | ) | (111 | ) | ||||||||||
Add: Dividend income receivable from joint ventures and associates | 131 | 110 | 119 | 111 | 141 | |||||||||||||||
Add: Fixed charges | 678 | 663 | 712 | 691 | 634 | |||||||||||||||
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8357 | 7,774 | 7,259 | 6,755 | 6,615 | ||||||||||||||||
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Fixed charges | ||||||||||||||||||||
Finance costs | 500 | 500 | 526 | 540 | 480 | |||||||||||||||
Add: One-third of lease costs | 178 | 163 | 186 | 151 | 154 | |||||||||||||||
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678 | 663 | 712 | 691 | 634 | ||||||||||||||||
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Ratio of earnings to fixed charges (times) | 12.3 | 11.7 | 10.2 | 9.8 | 10.4 |