Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges (in millions, except ratios)
| | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | March 31,
2017(2) | | March 31,
2018 | |
Earnings (loss) before taxes, minority interests in consolidated subsidiaries, and income or loss from equity investees | | | | | | | | | | | | | | | |
Earnings (loss) before taxes | | (216.9 | ) | (836.1 | ) | (2,163.0 | ) | (615.7 | ) | (318.0 | ) | (18.2 | ) | (131.9 | ) |
Earnings (loss) before taxes from discontinued operations | | (178.3 | ) | (177.9 | ) | (599.7 | ) | 18.8 | | — | | — | | — | |
Add: (Income)/Loss from minority interests in consolidated subsidiaries | | 28.1 | | — | | — | | 0.4 | | 9.7 | | (1.0 | ) | 0.5 | |
Add: (Income)/Loss from equity investees | | 3.9 | | 7.1 | | 17.5 | | — | | — | | — | | — | |
| | | | | | | | | | | | | | | |
Add: Fixed charges | | 60.2 | | 83.9 | | 97.3 | | 88.9 | | 86.1 | | 22.6 | | 38.0 | |
Amortization of capitalized interest* | | 2.1 | | 3.1 | | 3.1 | | 2.8 | | 2.7 | | 0.7 | | 0.4 | |
Gain (loss) from equity investees | | (3.9 | ) | (7.1 | ) | (17.5 | ) | — | | — | | — | | — | |
Gain (loss) attributable to non-controlling interests | | (28.1 | ) | — | | — | | (0.4 | ) | (9.7 | ) | 1.0 | | (0.5 | ) |
Less: Capitalized interest | | (48.5 | ) | (27.8 | ) | (6.4 | ) | (6.5 | ) | (11.3 | ) | (4.5 | ) | (4.1 | ) |
Total earnings (loss) available for fixed charges | | (381.5 | ) | (954.8 | ) | (2,668.7 | ) | (511.6 | ) | (240.5 | ) | 0.6 | | (97.6 | ) |
| | | | | | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | | | | | |
Interest expense | | 2.0 | | 53.7 | | 87.9 | | 79.5 | | 72.7 | | 17.6 | | 33.2 | |
Amortiztion of deferred financing costs | | 9.6 | | 2.3 | | 3.0 | | 2.9 | | 2.1 | | 0.5 | | 0.7 | |
Capitalized interest | | 48.5 | | 27.8 | | 6.4 | | 6.5 | | 11.3 | | 4.5 | | 4.1 | |
Total fixed charges | | 60.2 | | 83.9 | | 97.3 | | 88.9 | | 86.1 | | 22.6 | | 38.0 | |
| | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | — | (1) | — | (1) | — | (1) | — | (1) | — | (1) | 0.03 | | — | (1) |
(1) Due to our losses for the years ended December 31, 2013, December 31, 2014, December 31, 2015, December 31, 2016, and December 31, 2017 and the three month period ended March 31, 2018, the ratio was negative for these periods.
(2) Gives effect to the retroactive adoption of IFRS 9.
