Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table contains the consolidated ratios of earnings to fixed charges of Petrobras for the three-month periods ended March 31, 2018 and 2017, and the years ended December 31, 2017, 2016, 2015, 2014 and 2013, calculated using values derived from our financial statements prepared in accordance with IFRS.
| Three-month period ended March 31, | Year ended December 31, | |||||||||||||||||||||||||||
| 2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
| (U.S.$ million) | (U.S.$ million) | |||||||||||||||||||||||||||
Net income (loss) before income taxes | 3,415 | 2,268 | 1,997 | (3,665) | (9,748) | (8,824) | 13,410 | |||||||||||||||||||||
Share of results in equity-accounted investments | (158) | (195) | (673) | 218 | 177 | (218) | (507) | |||||||||||||||||||||
Dividend income on equity-accounted investments | 221 | 64 | 452 | 473 | 259 | 387 | 146 | |||||||||||||||||||||
Add fixed charges as adjusted (set forth below) | 2.765 | 3.006 | 10,797 | 11,071 | 10,157 | 10,285 | 9,331 | |||||||||||||||||||||
Adjustment of capitalized borrowing costs | (376) | (355) | (1,392) | (1,729) | (1,773) | (3,600) | (3,921) | |||||||||||||||||||||
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Earnings | 5,867 | 4,788 | 11,181 | 6,368 | (928) | (1,970) | 18,459 | |||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||
Debt interest and charges | 2,016 | 2,112 | 7,388 | 7,764 | 6,858 | 6,734 | 5,491 | |||||||||||||||||||||
Rental interest expense(1) | 749 | 894 | 3,409 | 3,307 | 3,299 | 3,551 | 3,840 | |||||||||||||||||||||
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Fixed charges | 2,765 | 3,006 | 10,797 | 11,071 | 10,157 | 10,285 | 9,331 | |||||||||||||||||||||
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Ratio (earnings divided by fixed charges)(2) | 2.12 | 1.59 | 1.04 | 0.58 | (0.09) | (0.19) | 1.98 | |||||||||||||||||||||
| (1) | One third of operating lease expenses. |
| (2) | This calculation indicates a less thanone-to-one coverage for the years ended December 31, 2016, 2015 and 2014. Earnings available for fixed charges were inadequate to cover total fixed charges for these years. The deficient amounts for the ratio were U.S.$4,703 million, U.S.$11,085 million and U.S.$12,255 million for 2016, 2015 and 2014, respectively. |
