Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| (in £ millions) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees | 6,663 | 7,683 | 3,076 | 7,827 | 6,611 | |||||||||||||||
Add: fixed charges | 865 | 850 | 883 | 842 | 895 | |||||||||||||||
Add: distributed income of income from equity investees | 46 | 25 | 18 | 17 | 12 | |||||||||||||||
Less: preference security dividend | — | — | — | — | — | |||||||||||||||
Less: non-controlling interest in pre-tax income (1)(2) | 6 | 4 | 12 | 4 | 6 | |||||||||||||||
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Total earnings | 7,568 | 8,554 | 3,965 | 8,682 | 7,512 | |||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | 808 | 799 | 831 | 783 | 843 | |||||||||||||||
Interest within rental expense (1/3 of rentals) | 57 | 51 | 52 | 59 | 52 | |||||||||||||||
Preference security dividend (2) | — | — | — | — | — | |||||||||||||||
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Total fixed charges | 865 | 850 | 883 | 842 | 895 | |||||||||||||||
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Ratio of Earnings to Fixed Charges | 8.7 | 10.1 | 4.5 | 10.3 | 8.4 | |||||||||||||||
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| (1) | Non-controlling interest, excluding those having fixed charges. |
| (2) | Grossed up at effective tax rate of 29.11%, 29.10%, 41.31%, 28.16% and 29.24% for the years ended December 31, 2012, 2011, 2010, 2009 and 2008 respectively. |
