EX-12.1 8 a2147420zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 VIDEOTRON LTEE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLION, EXCEPT FOR RATIO OF EARNINGS TO FIXED CHARGES)
FOUR MONTHS NINE MONTHS YEAR ENDED ENDED ENDED AUGUST 31, DECEMBER 31, YEAR ENDED DECEMBER 31, SEPTEMBER ----------- ------------- ------------------------------------------ ------------------- 1999 1999 2000 2001 2002 2003 2003 2004 ----------- ------------- -------- -------- --------- -------- -------- -------- CANADIAN GAAP Fixed charges Interest expenses, before interest income.............. $ 55.8 $22.3 $ 65.8 $ 89.8 $ 81.0 $ 86.3 $ 52.9 $ 45.7 Amortization of capitalized expenses related to indebtedness................. 4.5 (1.0) 1.8 2.5 4.6 4.1 3.8 1.0 Interest capitalized to the cost of fixed assets......... 2.5 0.6 2.9 0.7 0.0 0.0 0.0 0.0 ------ ----- ------ ------ --------- ------ ------ ------ $ 62.8 $21.9 $ 70.5 $ 93.0 $ 85.6 $ 90.4 $ 56.7 $ 46.7 ------ ----- ------ ------ --------- ------ ------ ------ Earnings Income from continuing operation before income taxes and non controlling interest..................... $ 56.9 $39.5 $(64.6) $(63.0) $ 14.3 $ 90.2 $ 81.1 $111.0 Fixed charges.................. 62.8 21.9 70.5 93.0 85.6 90.4 56.7 46.7 Interest capitalized to the cost of fixed assets......... (2.5) (0.6) (2.9) (0.7) 0.0 0.0 0.0 0.0 Amortization of capitalized interest..................... 0.3 0.1 0.6 0.7 0.7 0.7 0.5 0.5 ------ ----- ------ ------ --------- ------ ------ ------ $117.5 $60.9 $ 3.6 $ 30.0 $ 100.6 $181.3 $138.3 $158.2 ------ ----- ------ ------ --------- ------ ------ ------ Ratio of earnings to fixed charges........................ 2.8 0.1 0.3 1.2 2.0 2.4 3.4 ------ ----- ------ ------ --------- ------ ------ ------ US GAAP Fixed charges Interest expenses, before interest income.............. $ 77.7 $ 84.1 $ 43.5 $ 34.3 Amortization of capitalized expenses related to indebtedness................. 4.6 4.1 3.8 1.0 Interest capitalized to the cost of fixed assets......... 0.0 0.0 0.0 0.0 --------- ------ ------ ------ $ 82.3 $ 88.2 $ 47.3 $ 35.3 --------- ------ ------ ------ Earnings Income from continuing operation before income taxes and non controling interest..................... $(1,979.1) $ 82.8 $ 82.3 $113.0 Fixed charges.................. 82.3 88.2 47.3 35.3 Interest capitalized to the cost of fixed assets......... 0.0 0.0 0.0 0.0 Amortization of capitalized interest..................... 0.7 0.7 0.5 0.5 --------- ------ ------ ------ $(1,896.1) $171.7 $130.1 $148.8 --------- ------ ------ ------ Ratio of earnings to fixed charges........................ --(1) 1.9 2.8 4.2 --------- ------ ------ ------
(1) For the year ended December 31, 2002, pro forma earnings as calculated under US GAAP, were inadequate to cover our fixed charges and the coverage deficiency $1,978.5 million.