EX-12.1 3 a2194497zex-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)

 

 

 

Year ended December 31,

 

Six months ended
June 30,

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

2009

 

Actual:

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes and equity in earnings of affiliates

 

$

722

 

$

1,144

 

$

914

 

$

1,521

 

$

2,751

 

$

1,255

 

Adjustment for undistributed equity earnings, net of distributions

 

(49

)

(34

)

19

 

21

 

183

 

89

 

Depreciation of previously capitalized interest

 

17

 

18

 

18

 

18

 

35

 

19

 

Fixed charges

 

1,913

 

1,920

 

1,881

 

1,919

 

2,055

 

906

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(36

)

(28

)

(50

)

(86

)

(176

)

(115

)

Preference security dividend of consolidated subsidiary

 

(6

)

(5

)

(5

)

(6

)

(4

)

(2

)

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

 

(187

)

(315

)

(460

)

(431

)

(794

)

(705

)

Earnings

 

$

2,374

 

$

2,700

 

$

2,317

 

$

2,956

 

$

4,050

 

$

1,447

 

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and amortization of issuance costs

 

$

1,811

 

$

1,827

 

$

1,766

 

$

1,785

 

$

1,841

 

$

772

 

Capitalized interest

 

36

 

28

 

50

 

86

 

176

 

115

 

Preference security dividend of consolidated subsidiary

 

6

 

5

 

5

 

6

 

4

 

2

 

Interest expense included in rental expense

 

60

 

60

 

60

 

42

 

34

 

17

 

Fixed Charges

 

$

1,913

 

$

1,920

 

$

1,881

 

$

1,919

 

$

2,055

 

$

906

 

Ratio of earnings to fixed charges

 

1.24

 

1.41

 

1.23

 

1.54

 

1.97

 

1.60