Ratio Based on IFRS
(Amounts in $ millions except ratios)
(Amounts in $ millions except ratios)
Exhibit 12
Years ended December 31, | ||||||||||||||||
2007 | 2006 | 2005 | 2004 | |||||||||||||
Earnings | ||||||||||||||||
Consolidated net income | $ | 11,850 | $ | 6,086 | $ | 3,795 | $ | 5,625 | ||||||||
Income allocable to minority interest in consolidated entities that incurred fixed charges | (1,482 | ) | (860 | ) | (494 | ) | (415 | ) | ||||||||
Consolidated provision for income taxes | 3,038 | 1,109 | 881 | 967 | ||||||||||||
Fixed charges less interest capitalized | 1,858 | 1,134 | 513 | 267 | ||||||||||||
Subtotal | 15,264 | 7,469 | 4,695 | 6,444 | ||||||||||||
Undistributed earnings of less-than-50% owned affiliates | (19 | ) | (127 | ) | (73 | ) | (165 | ) | ||||||||
Total earnings | 15,245 | 7,342 | 4,622 | 6,279 | ||||||||||||
Fixed charges | ||||||||||||||||
Interest expensed and capitalized | 1,839 | 1,124 | 503 | 259 | ||||||||||||
Interest portion of rental obligations | 19 | 10 | 10 | 8 | ||||||||||||
Total fixed charges | 1,858 | 1,134 | 513 | 267 | ||||||||||||
Ratio of Earnings to Fixed Charges | 8.2 | x | 6.5 | x | 9.0 | x | 23.5 | x | ||||||||