Exhibit 12
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
IFRS
| Year ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| (U.S.$ millions) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before taxes on income | 6,343 | (726 | ) | 9,552 | 3,505 | (2,431 | ) | |||||||||||||
Minority interests inpre-tax income of subsidiaries that have not incurred fixed charges | (43 | ) | 897 | (298 | ) | 2,803 | (78 | ) | ||||||||||||
Less: equity accounted units earnings | (321 | ) | (361 | ) | (1,214 | ) | (482 | ) | 470 | |||||||||||
Fixed charges added to earnings | 1,205 | 851 | 808 | 695 | 426 | |||||||||||||||
Distributed income from equity investees | 253 | 210 | 298 | 600 | 522 | |||||||||||||||
Amortization of capitalized interest | 250 | 249 | 144 | 137 | 262 | |||||||||||||||
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Total earnings | 7,687 | 1,120 | 9,290 | 7,258 | (829 | ) | ||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed | 1,112 | 750 | 649 | 507 | 293 | |||||||||||||||
Amount representative of the interest factor in rents | 93 | 101 | 159 | 188 | 133 | |||||||||||||||
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Total fixed charges added to earnings | 1,205 | 851 | 808 | 695 | 426 | |||||||||||||||
Interest capitalized | 111 | 254 | 470 | 727 | 766 | |||||||||||||||
Loss on early redemption | (324 | ) | — | — | — | — | ||||||||||||||
Total fixed charges | 992 | 1,105 | 1,278 | 1,422 | 1,192 | |||||||||||||||
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Ratio of earnings to fixed charges | 7.75 | 1.01 | 7.27 | 5.10 | n/a | (1) | ||||||||||||||
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Notes:
| (1) | The ratio of earnings to fixed charges is below 1.0 for the year ended December 31, 2012 and additional earnings of U.S.$2,021 million would have been necessary to bring the ratio to 1.0. This was primarily the result of a loss from charges for the impairment of goodwill and other assets. |
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