EX-12.3 11 m06882orex12-3.txt EXHIBIT 12.3 EXHIBIT 12.3 ALCAN INC. COMPUTATION OF EARNINGS TO COMBINED FIXED AND PREFERRED STOCK DIVIDENDS CHARGES CANADIAN GAAP (IN MILLIONS OF US DOLLARS)
YEAR ---------------------------------------- 2001 2000 1999 1998 1997 ---------------------------------------- Consolidated net income (loss) before Extraordinary item 5 618 460 399 468 Less: Equity income of less than 50% owned companies 3 4 (1) (48) (33) Plus: Dividends received from less than 50% owned companies 2 1 1 5 6 Plus: Minority interest of subsidiaries that have fixed charges (13) (1) 14 (4) 4 ---------------------------------------- SUBTOTAL (9) 614 476 448 511 ---------------------------------------- FIXED CHARGES Amount representative of interest factor in Rentals 24 19 19 28 23 Amount representative of interest factor in rentals, 50% owned companies 0 0 0 0 0 Interest expense - net 254 78 76 92 101 Interest expense, 50% owned companies 0 0 0 0 0 Capitalized interest 30 81 41 15 2 Capitalized interest, 50% owned companies 0 0 0 0 0 TOTAL FIXED CHARGES 308 178 136 135 126 Less: Capitalized interest 30 81 41 15 2 FIXED CHARGES ADDED TO INCOME/(LOSS) 278 97 95 120 124 Plus: Amortization of capitalized interest 25 21 18 15 16 Income taxes 42 254 211 210 248 EARNINGS BEFORE FIXED CHARGES AND INCOME TAXES 336 986 800 793 899 ---------------------------------------- TOTAL FIXED CHARGES 308 178 136 135 126 ======================================== Preference dividends 8 10 9 10 10 ======================================== 1 minus tax rate of 40% 0.6 0.6 0.6 0.6 0.6 ======================================== PREFERENCE DIVIDENDS PRE TAX 13 17 15 17 17 ======================================== TOTAL 321 195 151 152 143 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.05 5.07 5.30 5.23 6.30 ========================================