EX-12.1 9 a2183492zex-12_1.htm EXHIBIT 12.1

 

Exhibit 12.1

 

The AES Corporation and Subsidiaries

 

Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(In millions, unaudited)

 

 

 

2003

 

2004

 

2005

 

2006

 

2007

 

Actual:

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

 

 

Computation of Earnings:

 

 

 

Income from continuing operations before income taxes and minority interest

 

$

522

 

$

737

 

$

1,157

 

$

1,001

 

$

1,614

 

Adjustment for undistributed equity earnings, net of distributions

 

(64

)

(49

)

(34

)

(54

)

(55

)

Depreciation of previously capitalized interest

 

16

 

17

 

18

 

18

 

18

 

Fixed charges

 

2,053

 

1,914

 

1,918

 

1,881

 

1,919

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(110

)

(36

)

(28

)

(50

)

(86

)

Preference security dividend of consolidated subsidiary

 

(5

)

(6

)

(5

)

(5

)

(6

)

Minority interest in pre-tax income of subsidiary that has not
incurred fixed charges

 

(123

)

(191

)

(319

)

(463

)

(434

)

Earnings

 

$

2,289

 

$

2,386

 

$

2,707

 

$

2,328

 

$

2,970

 

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and amortization of issuance costs

 

$

1,878

 

$

1,812

 

$

1,825

 

$

1,766

 

$

1,785

 

Capitalized interest

 

110

 

36

 

28

 

50

 

86

 

Preference security dividend of consolidated subsidiary

 

5

 

6

 

5

 

5

 

6

 

Interest expense included in rental expense

 

60

 

60

 

60

 

60

 

42

 

Fixed Charges

 

$

2,053

 

$

1,914

 

$

1,918

 

$

1,881

 

$

1,919

 

Ratio of earnings to fixed charges

 

1.11

 

1.25

 

1.41

 

1.24

 

1.55