Exhibit 12.1
BRITISH AMERICAN TOBACCO P.L.C.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Pounds in Millions)
(Unaudited)
in £ millions (unaudited) | Pro Forma | For the Years Ended December 31, | ||||||||||
2016 | 2015 | |||||||||||
Earnings before fixed charges: | ||||||||||||
Profit before taxation | 11,118 | 6,245 | 5,855 | |||||||||
Excess/(shortfall) of dividends over earnings of affiliates accounted for by the equity method | (1,242 | ) | (1,242 | ) | (643 | ) | ||||||
Add: Fixed charges (below) | 1,617 | 604 | 608 | |||||||||
Subtract: Non-controlling interests | (191 | ) | (191 | ) | (232 | ) | ||||||
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Total earnings before fixed charges | 11,302 | 5,416 | 5,588 | |||||||||
Fixed charges: | ||||||||||||
Finance costs, excluding loss on bond redemption | 1,587 | 580 | 584 | |||||||||
Estimated interest portion of rental expense | 30 | 24 | 24 | |||||||||
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Total fixed charges | 1,617 | 604 | 608 | |||||||||
Ratio of earnings to fixed charges | 7.0 | 9.0 | 9.2 | |||||||||
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