EX-12.1 5 f87908exv12w1.txt EXHIBIT 12.1 Exhibit 12.1 SAFEWAY INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions)
Fiscal Year -------------------------------------------------------------------- 52 Weeks 52 Weeks 52 Weeks 52 Weeks 52 Weeks 2002 2001 2000 1999 1998 ------------ ------------ ------------ ------------ ------------ Income from continuing operations before income taxes and cumulative effect of accounting change $ 1,320.2 $ 2,122.7 $ 1,942.9 $ 1,670.5 $ 1,394.6 Add interest expense 368.6 366.1 363.6 261.1 230.7 Add interest on rental expense (a) 221.9 207.1 184.0 153.0 127.1 Add (less) equity in losses (earnings) of unconsolidated affiliates, net 0.2 (20.2) (31.2) (34.5) (28.5) (Less) add minority interest in subsidiary (5.5) - 1.1 5.9 5.1 ---------- ---------- ---------- ---------- ---------- Earnings $ 1,905.4 $ 2,675.7 $ 2,460.4 $ 2,056.0 $ 1,729.0 ========== ========== ========== ========== ========== Interest expense $ 368.6 $ 366.1 $ 363.6 $ 261.1 $ 230.7 Add capitalized interest 26.5 21.1 13.5 6.7 8.3 Add interest on rental expense (a) 221.9 207.1 184.0 153.0 127.1 ---------- ---------- ---------- ---------- ---------- Fixed charges $ 617.0 $ 594.3 $ 561.1 $ 420.8 $ 366.1 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges 3.1 4.5 4.4 4.9 4.7 ========== ========== ========== ========== ==========
(a) Based on a 10% discount factor on the estimated present value of future operating lease payments.