EX-12.1 8 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES OF NEWS CORPORATION Ratio of Earnings to Fixed Charges of News Corporation

Exhibit 12.1

 

     Six months
ended
December 31,
2004


    Fiscal Year Ended June 30, (1)

       2004

    2003

   2002

    2001

   2000

EARNINGS:

                                            

Income (loss) from continuing operations before income taxes, minority interests and cumulative effect of accounting change

   $ 1,598     $ 2,755     $ 1,643    $ (7,234 )   $ 335    $ 285

ADDBACK:

                                            

Equity (earnings) losses from affiliates

     (63 )     (170 )     344      7,782       923      55

Dividends received from affiliates

     52       81       21      14       5      42

Amortization of capitalized interest

     26       40       35      35       30      32

Fixed charges (exclusive of capitalized interest and perpetual preference dividend

     392       797       747      832       837      848
    


 


 

  


 

  

Earnings available for Fixed Charges

   $ 2,005     $ 3,503     $ 2,790    $ 1,429     $ 2,130    $ 1,262
    


 


 

  


 

  

FIXED CHARGES:

                                            

Interest on debt and Finance lease charges

   $ 344     $ 684     $ 674    $ 767     $ 780    $ 789

Capitalized interest

     18       42       26      22       63      53

Perpetual preference dividends paid

     10       27       27      27       28      28

Interest element on rental expense

     48       113       73      65       57      59
    


 


 

  


 

  

Total Fixed Charges

   $ 420     $ 866     $ 800    $ 881     $ 928    $ 929
    


 


 

  


 

  

RATIO OF EARNINGS TO FIXED CHARGES

     4.8       4.0       3.5      1.6       2.3      1.4
    


 


 

  


 

  

 

(1) The prior years' ratio of earnings to fixed charges for June 30, 2000 through June 30, 2004 have been conformed to the six months ended December 31, 2004 presentation.