EX-12.1 4 dex121.txt RATIO OF EARNINGS TO FIXED CHARGES OF THE NEWS CORP. LIMITED-A-GAAP Exhibit 12.1 The News Corporation Limited Computation of Ratio of Earnings to Fixed Charges (in accordance with A-GAAP)
FOR THE NINE MONTHS ENDED MARCH 31, FOR THE YEARS ENDED JUNE 30, ------------ --------------------------------------------------- 2003 2002 2001 2000 1999 1998 ------------ ------- ------- ------- ------- ------- (A$ in millions) EARNINGS: Pretax income from continuing operations (before minority interest and other items) 2,566 2,198 1,933 1,724 1,832 2,067 ADDBACK: Dividends received (distributed earnings) of less than 50% owned companies 32 24 11 53 120 106 Amortization of capitalized interest 46 67 55 51 53 54 Fixed charges (exclusive of capitalized interest) 837 1,369 1,479 1,432 1,522 1,390 ------------ ------- ------- ------- ------- ------- Subtotal Earnings 3,481 3,658 3,478 3,260 3,527 3,617 LESS: Undistributed earnings of less than 50% owned companies (183) (283) (344) (254) (67) (294) ------------ ------- ------- ------- ------- ------- Earnings available for Fixed Charges 3,298 3,375 3,134 3,006 3,460 3,323 ============ ======= ======= ======= ======= ======= FIXED CHARGES: Interest on debt 814 1,336 1,440 1,252 1,209 1,103 Finance lease charges 1 1 2 4 6 6 Capitalized interest 33 43 119 83 93 95 Interest expense of greater than or equal to 50% owned companies 3 7 9 52 184 167 Capitalization interest of greater than or equal to 50% owned companies - 1 - 8 - - Interest element of rental expense 20 25 29 123 123 114 ------------ ------- ------- ------- ------- ------- Total Fixed Charges 871 1,413 1,599 1,522 1,615 1,485 ============ ======= ======= ======= ======= ======= Ratio of Earnings to Fixed Charges 3.8 2.4 2.0 2.0 2.1 2.2 ============ ======= ======= ======= ======= =======