EX-12.1 3 dex121.txt RATIO OF EARNINGS TO FIXED CHARGES OF TWE Exhibit 12.1 TIME WARNER ENTERTAINMENT COMPANY, L.P. RATIO OF EARNINGS TO FIXED CHARGES (in millions, except ratios)
Time Warner Entertainment Company, L.P. Years Ended December 31, -------------------------------------------------------------- 2001 2000 1999 1998 1997 Historical Historical Historical Historical Historical -------------------------------------------------------------- Earnings: Income (loss) before income taxes and cumulative effect of accounting change $ (905) $ 910 $ 2,909 $ 418 $ 722 Interest expense 575 656 561 566 490 Amortization of capitalized interest 4 4 5 14 48 Portion of rents representative of an interest factor 78 79 77 72 72 Preferred stock dividend requirements of majority-owned subsidiaries - - 5 20 19 Adjustment for partially owned subsidiaries and 50% owned companies 290 188 420 300 323 Undistributed (earnings) losses of less than 50% owned companies 22 3 10 34 (13) ------ ------- ------- ------- ------- Total earnings $ 64 $ 1,840 $ 3,987 $ 1,424 $ 1,661 ====== ======= ======= ======= ======= Fixed charges: Interest expense $ 575 $ 656 $ 561 $ 566 $ 490 Capitalized interest 4 5 5 4 33 Portion of rents representative of an interest factor 78 79 77 72 72 Preferred stock dividend requirements of majority-owned subsidiaries - - 5 20 19 Adjustment for partially owned subsidiaries and 50% owned companies 100 112 85 60 22 ------ ------- ------- ------- ------- Total fixed charges $ 757 $ 852 $ 733 $ 722 $ 636 ====== ======= ======= ======= ======= Ratio of earnings to fixed charges (deficiency in the coverage of fixed charges by earnings before fixed charges) $ (693) 2.2x 5.4x 2.0x 2.6x ====== ======= ======= ======= =======