EX-12 2 aes12312014exhibit12.htm EXHIBIT 12 AES 12.31.2014 EX-12


Exhibit 12
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
Actual:
 
 
 
 
 
 
 
 
 
 
Computation of earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity in earnings of affiliates
 
$
1,576

 
$
1,048

 
$
230

 
$
2,260

 
$
1,799

Fixed charges
 
1,565

 
1,580

 
1,674

 
1,779

 
1,715

Amortization of capitalized interest
 
21

 
20

 
18

 
9

 
2

Distributed income of equity investees
 
28

 
2

 
5

 
25

 
14

Less:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(75
)
 
(58
)
 
(87
)
 
(152
)
 
(145
)
Preference security dividend of consolidated subsidiary
 
(5
)
 
(6
)
 
(6
)
 
(4
)
 
(4
)
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges
 
(26
)
 
(40
)
 
(4
)
 
(2
)
 
(4
)
Earnings
 
$
3,084

 
$
2,546

 
$
1,830

 
$
3,915

 
$
3,377

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense, debt premium and discount amortization
 
$
1,485

 
$
1,516

 
$
1,581

 
$
1,623

 
$
1,566

Capitalized interest
 
75

 
58

 
87

 
152

 
145

Preference security dividend of consolidated subsidiary
 
5

 
6

 
6

 
4

 
4

Fixed charges
 
$
1,565

 
$
1,580

 
$
1,674

 
$
1,779

 
$
1,715

Ratio of earnings to fixed charges
 
1.97

 
1.61

 
1.09

 
2.20

 
1.97