EX-12.1 28 d322026dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

Cheniere Corpus Christi Holdings, LLC

Computation of Ratio of Earnings to Fixed Charges

 

     Nine months
Ended
September 30,		     Nine months
Ended
September 30,		                    
         Year Ended December 31,  
     2016     2015     2015             2014                   2013          
                       (in thousands, except ratio)  

Earnings:

           

Pre-tax income (loss) from continuing operations

    $ (249,239 )    $ (235,487 )    $ (227,097 )    $ (38,603 )    $ (33,227 ) 

Fixed charges

      154,653        65,688        110,486        222        192   

Amortization of capitalized interest

      —          —          —          —          —     

Interest capitalized

      (154,404 )      (46,501 )      (84,476 )      —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss) available for fixed charges

    $ (248,990 )    $ (216,300 )    $ (201,087 )    $ (38,381 )    $ (33,035 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

           

Interest expense on indebtedness

    $ —        $ 18,954      $ 25,680      $ —        $ —     

Interest capitalized

      154,404        46,501        84,476        —          —     

Interest expense on portion of rent

      249        233        330        222        192   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 154,653      $ 65,688      $ 110,486      $ 222      $ 192   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(1)

      —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

For purposes of computing these ratios:

 

(1) Earnings means pre-tax income from continuing operations before fixed charges and amortization of capitalized interest less capitalized interest. Fixed charges means the sum of interest expensed and capitalized plus the portion of rental expense which we believe represents an interest factor. For the years ended December 31, 2015, 2014 and 2013, earnings were not adequate to cover fixed charges by $311.6 million, $38.6 million and $33.2 million, respectively. For the nine months ended September 30, 2016 and 2015, earnings were not adequate to cover fixed charges by $403.6 million and $282.0 million, respectively.