Exhibit 7.1
RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets out our ratios of earnings to fixed charges for each of the five years ended 31 December 2017, 2016, 2015, 2014 and 2013 based on information derived from our consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards (“IFRS”).
Year ended 31 December | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Profit from operations before taxes and share of results of associates | 10,646 | 4,318 | 12,451 | 13,792 | 18,240 | |||||||||||||||
Add: Fixed charges (below) | 4,957 | 4,608 | 2,200 | 2,366 | 2,389 | |||||||||||||||
Less: Interest capitalized (below) | 22 | 12 | 28 | 39 | 38 | |||||||||||||||
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Total earnings | 15 581 | 8,914 | 14,623 | 16,119 | 20,591 | |||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense and similar charges | 4,292 | 4,080 | 1,805 | 1,969 | 2,005 | |||||||||||||||
Accretion expense | 541 | 468 | 289 | 266 | 261 | |||||||||||||||
Interest capitalized | 22 | 12 | 28 | 39 | 38 | |||||||||||||||
Estimated interest portion of rental expense | 102 | 48 | 78 | 92 | 85 | |||||||||||||||
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Total fixed charges | 4,957 | 4,608 | 2,200 | 2,366 | 2,389 | |||||||||||||||
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Ratio of earnings to fixed charges | 3.14 | 1.93 | 6.65 | 6.81 | 8.62 | |||||||||||||||
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The ratio of earnings to fixed charges represents the number of times fixed charges are covered by earnings. For purposes of computing this ratio, earnings consist of profit from operations before taxes and share of results of associates and joint ventures, plus fixed charges, minus interest capitalized during the period. Fixed charges consist of interest and accretion expense, interest on finance lease obligations, interest capitalized, plusone-third of rent expense on operating leases, estimated by us as representative of the interest factor attributable to such rent expense.
We did not have any preferred stock outstanding and did not pay or accrue any preferred stock dividends during the periods presented above.