EX-12.1 4 jun2101_x1201.txt Exhibit 12.1 The AES Corporation and Subsidiaries Statement Re: Calculation of Ratio of Earnings to Fixed Charges (In millions, unaudited) Three Months Ended Year ended December 31, March 31, 1996 1997 1998 1999 2000 2001 Actual: Computation of Earnings: Income from continuing operations before income taxes $ 321 $ 380 $ 676 $ 549 $ 1,178 $ 195 Adjustment for undistributed equity earnings, net of distributions (34) (78) (107) 72 375 50 Depreciation of previously capitalized interest 4 4 6 6 8 2 Fixed charges 225 375 630 848 1616 494 Less: Capitalized interest (27) (67) (79) (104) (207) (58) Preference security dividend of consolidated subsidiary (5) (2) (4) (6) (8) (2) Minority interest in pre-tax income of subsidiary that has not incurred fixed charges - - - (2) (31) (10) ------------ ------------ ------------ ------------ ------------ ------------- Earnings $ 484 $ 612 $ 1,122 $ 1,363 $ 2,931 $ 671 ============ ============ ============ ============ ============ ============= Computation of Fixed Charges: Interest expensed and amortization of issuance costs $ 193 $ 306 $ 547 $ 700 $ 1,347 $ 419 Capitalized interest 27 67 79 104 207 58 Preference security dividend of consolidated subsidiary 5 2 4 6 8 2 Interest expense included in rental expense - - - 38 54 15 ------------ ------------ ------------ ------------ ------------ ------------- Fixed Charges $ 225 $ 375 $ 630 $ 848 $ 1,616 $ 494 ============ ============ ============ ============ ============ ============= Ratio of earnings to fixed charges 2.15x 1.63x 1.78x 1.61x 1.81x 1.36x