EX-12.1 2 a07-21078_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)

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

 

 

(restated)

 

(restated)

 

(restated)

 

(restated)

 

 

 

Actual:

 

 

 

 

 

 

 

 

 

 

 

Computation of Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

(1,845

)

$

183

 

$

172

 

$

1,402

 

$

135

 

Adjustment for undistributed equity earnings, net of distributions

 

248

 

(54

)

(34

)

(39

)

(53

)

Depreciation of previously capitalized interest

 

12

 

16

 

17

 

18

 

18

 

Fixed charges

 

1,955

 

2,052

 

1,915

 

1,916

 

1,874

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(233

)

(110

)

(36

)

(28

)

(49

)

Preference security dividend of consolidated subsidiary

 

(4

)

(5

)

(6

)

(5

)

(5

)

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

 

—

 

—

 

—

 

—

 

—

 

Earnings

 

$

133

 

$

2,082

 

$

2,028

 

$

2,264

 

$

1,920

 

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and amortization of issuance costs

 

$

1,658

 

$

1,878

 

$

1,813

 

$

1,823

 

$

1,760

 

Capitalized interest

 

233

 

110

 

36

 

28

 

49

 

Preference security dividend of consolidated subsidiary

 

4

 

5

 

6

 

5

 

5

 

Interest expense included in rental expense

 

60

 

60

 

60

 

60

 

60

 

Fixed Charges

 

$

1,955

 

$

2,053

 

$

1,915

 

$

1,916

 

$

1,874

 

Ratio of earnings to fixed charges

 

0.07

 

1.01

 

1.06

 

1.18

 

1.02