EX-12.1 6 a05-5402_1ex12d1.htm EX-12.1

Exhibit 12.1

 

The AES Corporation and Subsidiaries

 

Statement Re: Calculation of Ratio of Earnings to Fixed Charges

(In millions, unaudited)

 

 

 

2000

 

2001

 

2002

 

2003

 

2004

 

Actual:

 

 

 

 

 

 

 

 

 

 

 

Computation of Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

1,219

 

$

814

 

(1,373

)

$

646

 

$

884

 

Adjustment for undistributed equity earnings, net of distributions

 

(375

)

(154

)

247

 

(51

)

(41

)

Depreciation of previously capitalized interest

 

7

 

9

 

12

 

16

 

17

 

Fixed charges

 

1,267

 

1,600

 

2,039

 

2,163

 

2,019

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(170

)

(211

)

(234

)

(115

)

(48

)

Preference security dividend of consolidated subsidiary

 

(4

)

(5

)

(4

)

(5

)

(4

)

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

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

1,944

 

$

2,053

 

$

687

 

$

2,654

 

$

2,827

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and amortization of issuance costs

 

$

1,039

 

$

1,324

 

$

1,741

 

$

1,983

 

$

1,907

 

Capitalized interest

 

170

 

211

 

234

 

115

 

48

 

Preference security dividend of consolidated subsidiary

 

4

 

5

 

4

 

5

 

4

 

Interest expense included in rental expense

 

54

 

60

 

60

 

60

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

1,267

 

$

1,600

 

$

2,039

 

$

2,163

 

$

2,019

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.53

x

1.28

x

.34

x

1.23

x

1.40

x