EX-12.3 5 m07126rgex12-3.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)
THREE YEAR MONTHS ENDED ---------------------------------------- MARCH 31, 2002 2001 2000 1999 1998 1997 -------------- ---------------------------------------- Consolidated net income (loss) before Extraordinary item 86 5 618 460 399 468 Less: Equity income of less than 50% owned companies 1 3 4 (1) (48) (33) Plus: Dividends received from less than 50% owned companies 0 2 1 1 5 6 Plus: Minority interest of subsidiaries that have fixed charges 0 (13) (1) 14 (4) 4 ------------------------------------------------------ SUBTOTAL 85 (9) 614 476 448 511 ------------------------------------------------------ FIXED CHARGES Amount representative of interest factor in Rentals 5 24 19 19 28 23 Amount representative of interest factor in rentals, 50% owned companies 0 0 0 0 0 0 Interest expense - net 50 254 78 76 92 101 Interest expense, 50% owned companies 0 0 0 0 0 0 Capitalized interest 0 30 81 41 15 2 Capitalized interest, 50% owned companies 0 0 0 0 0 0 TOTAL FIXED CHARGES 55 308 178 136 135 126 Less: Capitalized interest 0 30 81 41 15 2 FIXED CHARGES ADDED TO INCOME/(LOSS) 55 278 97 95 120 124 Plus: Amortization of capitalized interest 6 25 21 18 15 16 Income taxes 78 42 254 211 210 248 EARNINGS BEFORE FIXED CHARGES AND INCOME TAXES 224 336 986 800 793 899 ------------------------------------------------------ TOTAL FIXED CHARGES 55 308 178 136 135 126 ====================================================== Preference dividends 1 8 10 9 10 10 ====================================================== 1 minus tax rate of 40% 0.6 0.6 0.6 0.6 0.6 0.6 ====================================================== PREFERENCE DIVIDENDS PRE TAX 2 13 17 15 17 17 ====================================================== TOTAL 57 321 195 151 152 143 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 3.93 1.05 5.07 5.30 5.23 6.30 ======================================================