EX-12.1 2 d477038dex121.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,     Year Ended December 31,  
     2017     2016     2016     2015     2014     2013  
     (in thousands, except ratio)  

Earnings:

   

Pre-tax income (loss) from continuing operations

    $ (79,092 )    $ (249,239 )    $ (85,487 )    $ (227,097 )    $ (38,603 )    $ (33,227 ) 

Fixed charges

      263,863       154,653       222,215       110,486       222       192  

Amortization of capitalized interest

      —         —         —         —         —         —    

Interest capitalized

      (263,560 )      (154,404 )      (221,865 )      (84,476 )      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss) available for fixed charges

    $ (78,789 )    $ (248,990 )    $ (85,137 )    $ (201,087 )    $ (38,381 )    $ (33,035 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

             

Interest expense on indebtedness

    $ —       $ —       $ —       $ 25,680     $ —       $ —    

Interest capitalized

      263,560       154,404       221,865       84,476       —         —    

Interest expense on portion of rent

      303       249       350       330       222       192  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 263,863     $ 154,653     $ 222,215     $ 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, 2016, 2015, 2014 and 2013, earnings were not adequate to cover fixed charges by $307.4 million, $311.6 million, $38.6 million and $33.2 million, respectively. For the nine months ended September 30, 2017 and 2016, earnings were not adequate to cover fixed charges by $342.7 million and $403.6 million, respectively.