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- F-10 Registration of securities (Canada)
- 3.1 EX-3.1
- 3.2 EX-3.2
- 3.3 EX-3.3
- 3.4 EX-3.4
- 3.5 EX-3.5
- 3.6 EX-3.6
- 4.1 EX-4.1
- 4.2 EX-4.2
- 4.3 EX-4.3
- 4.4 EX-4.4
- 4.5 EX-4.5
- 4.6 EX-4.6
- 4.7 EX-4.7
- 4.8 EX-4.8
- 4.9 EX-4.9
- 4.13 EX-4.13
- 5.1 EX-5.1
- 5.2 EX-5.2
- 5.3 EX-5.3
- 5.4 EX-5.4
- 5.5 EX-5.5
- 5.6 EX-5.6
- 8.1 EX-8.1
- 12.1 EX-12.1
- 23.1 EX-23.1
- 23.2 EX-23.2
- 23.9 EX-23.9
- 23.10 EX-23.10
- 23.11 EX-23.11
- 23.12 EX-23.12
- 23.13 EX-23.13
- 23.14 EX-23.14
- 23.15 EX-23.15
- 23.16 EX-23.16
- 23.17 EX-23.17
- 23.18 EX-23.18
- 23.19 EX-23.19
- 23.20 EX-23.20
- 23.21 EX-23.21
- 23.22 EX-23.22
- 23.23 EX-23.23
- 23.24 EX-23.24
- 23.25 EX-23.25
- 23.26 EX-23.26
- 23.27 EX-23.27
- 23.28 EX-23.28
- 23.29 EX-23.29
- 23.30 EX-23.30
- 23.31 EX-23.31
- 23.32 EX-23.32
- 23.33 EX-23.33
- 23.34 EX-23.34
- 23.35 EX-23.35
- 23.36 EX-23.36
- 23.37 EX-23.37
- 23.38 EX-23.38
- 23.39 EX-23.39
- 23.40 EX-23.40
- 23.41 EX-23.41
- 23.42 EX-23.42
- 23.43 EX-23.43
- 23.44 EX-23.44
- 23.45 EX-23.45
- 23.46 EX-23.46
- 23.47 EX-23.47
- 23.48 EX-23.48
- 23.49 EX-23.49
- 23.50 EX-23.50
- 23.51 EX-23.51
- 23.52 EX-23.52
- 23.53 EX-23.53
- 23.54 EX-23.54
- 23.55 EX-23.55
- 23.56 EX-23.56
- 23.57 EX-23.57
- 25.1 EX-25.1
- 99.1 EX-99.1
- 99.2 EX-99.2
Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
|
| Year Ended December 31 |
|
|
|
|
|
|
| Six months ended June 30 |
| ||||
|
| 2009(1) |
| 2010(2) |
| 2011(2) |
| 2012(2) |
| 2013(2) |
| 2013(2) |
| 2014(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before taxes, minority interests in consolidated subsidiaries, and income or loss from equity investees |
| 317,257 |
| 551,541 |
| 779,165 |
| 764,486 |
| (442,342 | ) | 204,179 |
| (48,479 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Fixed charges |
| 35,197 |
| 30,051 |
| 40,159 |
| 40,433 |
| 52,614 |
| 23,822 |
| 31,664 |
|
Amortization of capitalized interest |
| — |
| — |
| 193 |
| 1,414 |
| 2,086 |
| 1,043 |
| 1,263 |
|
Gain (loss) from equity investees |
| 31,073 |
| 49,264 |
| 39,019 |
| 50,642 |
| (3,905 | ) | (1,901 | ) | 1,424 |
|
(Loss) attributable to non-controlling interests |
| — |
| — |
| — |
| — |
| (28,104 | ) | — |
| — |
|
Less: Capitalized interest |
| (19,413 | ) | (4,067 | ) | (19,711 | ) | (30,328 | ) | (48,531 | ) | (21,468 | ) | (18,505 | ) |
Total earnings (loss) available for fixed charges |
| 364,114 |
| 626,789 |
| 838,825 |
| 826,648 |
| (468,183 | ) | 205,675 |
| (32,632 | ) |
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, including amortization of deferred financing costs |
| 15,784 |
| 25,984 |
| 20,448 |
| 10,105 |
| 4,083 |
| 2,354 |
| 13,159 |
|
Capitalized interest |
| 19,413 |
| 4,067 |
| 19,711 |
| 30,328 |
| 48,531 |
| 21,468 |
| 18,505 |
|
Total Fixed Charges |
| 35,197 |
| 30,051 |
| 40,159 |
| 40,433 |
| 52,614 |
| 23,822 |
| 31,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 10.35 |
| 20.86 |
| 20.89 |
| 20.44 |
| — | (3) | 8.63 |
| — | (3) |
(1) Information presented for the year 2009 has been derived from the financial statements of Yamana prepared in accordance with Canadian GAAP, applicable as at that period ended.
(2) Information presented for the years 2010 to 2014 has been derived from the financial statements of Yamana prepared in accordance with IFRS.
(3) Due to our loss for the year ended December 31, 2013 and 6 months ended June 30, 2014, the ratio was negative for these periods. In order to achieve a ratio of 1:1 as at December 31, 2013 or at June 30, 2014, Yamana would need additional earnings of $520.8 million or $64.3 million, respectively.