EX-12.1 4 f93710exv12w1.txt EXHIBIT 12.1 EXHIBIT 12.1 SAFEWAY INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS) (UNAUDITED)
36 Weeks Fiscal Year --------------------- --------------------------------------------------------- Sept. 6, Sept. 7, 2003 2002 2002 2001 2000 1999 1998 --------- --------- --------- --------- --------- --------- --------- Income from continuing operations before taxes and cumulative effect of accounting change $ 972.3 $ 1,452.4 $ 1,320.2 $ 2,122.7 $ 1,942.9 $ 1,670.5 $ 1,394.6 Add interest expense 275.0 248.3 368.6 366.1 363.6 261.1 230.7 Add interest on rental expense (a) 153.6 143.4 221.9 207.1 184.0 153.0 127.1 Add (less) equity in losses (earnings) of unconsolidated affiliates, net 1.3 (9.9) 0.2 (20.2) (31.2) (34.5) (28.5) (Less) add minority interest in subsidiary (7.2) (2.4) (5.5) -- 1.1 5.9 5.1 --------- --------- --------- --------- --------- --------- --------- Earnings $ 1,395.0 $ 1,831.8 $ 1,905.4 $ 2,675.7 $ 2,460.4 $ 2,056.0 $ 1,729.0 ========= ========= ========= ========= ========= ========= ========= Interest expense $ 275.0 $ 248.3 $ 368.6 $ 366.1 $ 363.6 $ 261.1 $ 230.7 Add capitalized interest 14.8 18.2 26.5 21.1 13.5 6.7 8.3 Add interest on rental expense (a) 153.6 143.4 221.9 207.1 184.0 153.0 127.1 --------- --------- --------- --------- --------- --------- --------- Fixed charges $ 443.4 $ 409.9 $ 617.0 $ 594.3 $ 561.1 $ 420.8 $ 366.1 ========= ========= ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 3.15 4.47 3.09 4.50 4.38 4.89 4.72 ========= ========= ========= ========= ========= ========= =========
(a) Based on a 10% discount factor on the estimated present value of future operating lease payments.