EX-12.1 7 dex121.txt COMPUTATION OF EARNINGS TO FIXED CHARGES THE NEWS CORPORATION LIMITED, A GAPP Exhibit 12.1 The News Corporation Limited Computation of Ratio of Earnings to Fixed Charges (in accordance with A-GAAP)
For the nine months ended March 31, For the years ended June 30, ------------ --------------------------------------------------------- 2003 2002 2001 2000 1999 1998 ------------ ---------- --------- -------- --------- -------- (A$ in millions) Earnings: Pretax income from continuing operations (before 2,566 2,198 1,933 1,724 1,832 2,067 minority interest and other items) Addback: Dividends received (distributed earnings) of less 32 24 11 53 120 106 than 50% owned companies Amortization of capitalized interest 46 67 55 51 53 54 Fixed charges (exclusive of capitalized interest) 837 1,369 1,479 1,432 1,522 1,390 ------------ ---------- --------- -------- --------- -------- Subtotal Earnings 3,481 3,658 3,478 3,260 3,527 3,617 Less: Undistributed earnings of less than 50% owned (183) (283) (344) (254) (67) (294) companies ------------ ---------- --------- -------- --------- -------- Earnings available for Fixed Charges 3,298 3,375 3,134 3,006 3,460 3,323 ============ ========== ========= ======== ========= ======== Fixed Charges: Interest on debt 814 1,336 1,440 1,252 1,209 1,103 Finance lease charges 1 1 2 4 6 6 Capitalized interest 33 43 119 83 93 95 Interest expense of greater than or equal to 50% 3 7 9 52 184 167 owned companies Capitalization interest of greater than or equal - 1 - 8 - - to 50% owned companie Interest element of rental expense 20 25 29 123 123 114 ------------ ---------- --------- -------- --------- -------- Total Fixed Charges 871 1,413 1,599 1,522 1,615 1,485 ============ ========== ========= ======== ========= ======== Ratio of Earnings to Fixed Charges 3.8 2.4 2.0 2.0 2.1 2.2 ============ ========== ========= ======== ========= ========