Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Under IFRS
|
| Nine Months |
| Year ended December 31, |
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|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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|
| (unaudited) |
| (audited) |
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| (in NOK millions) |
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Earnings |
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Pre-tax income from continuing operations |
| 1,113.2 |
| 3,457.4 |
| 830.3 |
| 579.4 |
| 4,666.0 |
| 1,766.3 |
|
Earning of equity-accounted investees |
| (94.2 | ) | (221.8 | ) | (83.6 | ) | 15.0 |
| (194.9 | ) | (83.9 | ) |
Fixed charges |
| 402.9 |
| 651.5 |
| 382.8 |
| 405.8 |
| 380.2 |
| 424.7 |
|
Distributed income from equity-accounted investees |
| 71.6 |
| 20.3 |
| 31.8 |
| 59.5 |
| 48.5 |
| 22.4 |
|
Capitalized interest |
| (3.8 | ) | (11.3 | ) | — |
| — |
| — |
| — |
|
Earnings |
| 1,489.6 |
| 3,896.1 |
| 1,161.3 |
| 1,059.7 |
| 4,899.8 |
| 2,129.5 |
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Fixed charges |
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Interest expensed |
| 296.2 |
| 510.2 |
| 307.0 |
| 333.6 |
| 309.8 |
| 404.3 |
|
Capitalized interest |
| 3.8 |
| 11.3 |
| — |
| — |
| — |
| — |
|
Amortization of premiums, discounts and issue costs related to indebtedness |
| 102.9 |
| 130.1 |
| 75.8 |
| 72.2 |
| 70.5 |
| 20.4 |
|
Fixed charges |
| 402.9 |
| 651.5 |
| 382.8 |
| 405.8 |
| 380.2 |
| 424.7 |
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Ratio of earnings to fixed charges |
| 3.70 |
| 5.98 |
| 3.03 |
| 2.61 |
| 12.89 |
| 5.01 |
|