EX-12 9 ex121.htm EXHIBIT 12.1 Exhibit 12.1




Exhibit 12.1


EXHIBIT 12.1

 

SEMPRA ENERGY

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

 

AND PREFERRED STOCK DIVIDENDS

 

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

Fixed charges and preferred stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 $                       332

 

 $                       342

 

 $                       413

 

 $                      379

 

 $                      353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of annual rentals

 

 

                              4

 

                              5

 

                              6

 

                             6

 

                             3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends of subsidiaries (1)

 

 

                            12

 

                            10

 

                            15

 

                           14

 

                           13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total fixed charges

 

 

                          348

 

                          357

 

                          434

 

                         399

 

                         369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends for purpose of ratio

 

 

                              -

 

                              -

 

                              -

 

                             -

 

                             -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred dividends for purpose of ratio                        

 

 

 $                       348

 

 $                       357

 

 $                       434

 

 $                      399

 

 $                      369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

 

 $                     1,105

 

 $                       947

 

 $                     1,732

 

 $                    1,649

 

 $                    1,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

  Total fixed charges (from above)

 

 

                          348

 

                          357

 

                          434

 

                         399

 

                         369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Distributed income of equity investees

 

 

                            59

 

                            73

 

                          431

 

                           19

 

                         133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

  Interest capitalized

 

 

                              8

 

                            28

 

                            58

 

                         100

 

                         100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Equity in income (loss) of unconsolidated subsidiaries and joint ventures

 

 

                            36

 

                            66

 

                          156

 

                           90

 

                         483

 

  

 

 

 

 

 

 

 

 

 

 

 

 

  Minority interest in income of consolidated subsidiaries

 

 

                            -   

 

                            -   

 

                              7

 

                           31

 

                           69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings for purpose of ratio

 

 

 $                     1,468

 

 $                     1,283

 

 $                     2,376

 

 $                    1,846

 

 $                    1,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

                         4.22

 

                         3.59

 

                         5.47

 

                        4.63

 

                        3.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

                         4.22

 

                         3.59

 

                         5.47

 

                        4.63

 

                        3.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  In computing this ratio, “Preferred dividends of subsidiaries” represents the before-tax earnings necessary to pay such dividends, computed at the effective tax rates for the applicable periods.