Computation of Ratio of Earnings to Fixed Charges
POST 2017 | ||||||||||||||||||||||||
2018 HY | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Profit before tax | 3,969 | 29,527 | 6,245 | 5,855 | 4,848 | 5,799 | ||||||||||||||||||
Excess / (shortfall) of dividends over earnings of affiliates accounted for by the equity method | (231) | (23,306) | (1,265) | (643) | (204) | (229) | ||||||||||||||||||
Add: Fixed charges (below) | 787 | 1,239 | 604 | 608 | 516 | 572 | ||||||||||||||||||
Subtract: non-controlling interests | 86 | 171 | 191 | 232 | 278 | 295 | ||||||||||||||||||
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Total earnings before fixed charges | 4,439 | 7,289 | 5,393 | 5,588 | 4,882 | 5,847 | ||||||||||||||||||
Fixedcharges | ||||||||||||||||||||||||
Finance costs(1) | 763 | 1,197 | 580 | 584 | 484 | 532 | ||||||||||||||||||
Estimated interest portion of rental expense | 24 | 42 | 24 | 24 | 32 | 40 | ||||||||||||||||||
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787 | 1,239 | 604 | 608 | 516 | 572 | |||||||||||||||||||
Ratio | 5.6 | 5.9 | 8.9 | 9.2 | 9.5 | 10.2 |
(1) | Includes interest payable, facility fees and excludes loss on bond redemption. |