Exhibit 12
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Under IFRS
| Year ended March 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
(in £ millions) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income before taxes | 2,739 | 1,959 | 1,303 | 716 | 3,082 | |||||||||||||||
Add: Dividends received from associates and joint ventures | 4 | 7 | 3 | 6 | 2 | |||||||||||||||
Less: Minority interest | -1 | -2 | -1 | -2 | -1 | |||||||||||||||
Less: (Income)/loss from associates and joint ventures | -10 | -21 | -54 | -75 | 11 | |||||||||||||||
Add: Fixed charges | 827 | 1,013 | 1,053 | 1,149 | 1,090 | |||||||||||||||
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| 3,559 | 2,956 | 2,304 | 1,794 | 4,184 | ||||||||||||||||
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Fixed charges | ||||||||||||||||||||
Interest Payable | 2,784 | 3,204 | 3,114 | 3,315 | 2,977 | |||||||||||||||
Less: Interest on pension liabilities | -2,092 | -2,323 | -2,211 | -2,308 | -2,028 | |||||||||||||||
Add: One third of rental expense | 135 | 132 | 150 | 142 | 141 | |||||||||||||||
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| 827 | 1,013 | 1,053 | 1,149 | 1,090 | ||||||||||||||||
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Ratio of earnings to fixed charges | 4.3 | 2.9 | 2.2 | 1.6 | 3.8 | |||||||||||||||