EX-12.1 3 a06-2378_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

Exhibit 12.1

 

The AES Corporation and Subsidiaries

 

Statement Re: Calculation of Ratio of Earnings to Fixed Charges

(In millions, unaudited)

 

 

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual:

 

 

 

 

 

 

 

 

 

 

 

Computation of Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

697

 

$

(1,678

)

$

644

 

$

822

 

$

1,458

 

Adjustment for undistributed equity earnings, net of distributions

 

(154

)

247

 

(51

)

(41

)

(44

)

Depreciation of previously capitalized interest

 

9

 

12

 

16

 

17

 

18

 

Fixed charges

 

1,657

 

2,087

 

2,160

 

2,042

 

2,007

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(211

)

(234

)

(115

)

(48

)

(50

)

Preference security dividend of consolidated subsidiary

 

(5

)

(4

)

(5

)

(6

)

(5

)

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

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

1,993

 

$

430

 

$

2,649

 

$

2,786

 

$

3,384

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and amortization of issuance costs

 

$

1,381

 

$

1,789

 

$

1,980

 

$

1,928

 

$

1,892

 

Capitalized interest

 

211

 

234

 

115

 

48

 

50

 

Preference security dividend of consolidated subsidiary

 

5

 

4

 

5

 

6

 

5

 

Interest expense included in rental expense

 

60

 

60

 

60

 

60

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

$

1,657

 

$

2,087

 

$

2,160

 

$

2,042

 

$

2,007

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.20

x

0.21

x

1.23

x

1.36

x

1.69

x