EX-12.1 18 y87389a1exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 

Exhibit 12

NTL Incorporated (formerly NTL Communications Corp.)
Computation of Ratio of Earnings to Fixed Charges

                                                 
            Year Ended December 31,
    Three Months Ended  
    March 31, 2003 2002(1)   2001   2000   1999   1998
   
 
 
 
 
 
Fixed charges:
                                       
Interest and amortization of debt expense
  $ 180.0 $ 857.9     $ 1,337.9     $ 1,015.2     $ 737.9     $ 366.8  
Interest portion of rental expense
    7.0       46.7       24.8       15.4       9.2       9.8  
 
 
 
     
     
     
     
 
Fixed charges
    187.0       904.6       1,362.7       1,030.6       747.1       376.6  
Preferred stock dividend requirement
                            13.1       18.8  
 
   
     
     
     
     
     
 
Combined fixed charges and
preferred stock dividend requirement
    $187.0     $ 904.6     $ 1,362.7     $ 1,030.6     $ 760.2     $ 395.4  
 
   
     
     
     
     
     
 
Earnings:
                                               
(Loss) from operations
  $ (238.2 ) $ (2,401.5 )   $ (11,718.9 )   $ (2,468.0 )   $ (743.4 )   $ (507.2 )
Fixed charges
    187.0       904.6       1,362.7       1,030.6       747.1       376.6  
Less: Capitalized interest
    (3.5 )     (46.3 )     (67.7 )     (95.1 )     (41.8 )     (27.8 )
 
   
     
     
     
     
     
 
 
  $ (54.7 )   $ (1,543.2 )   $ (10,423.9 )   $ (1,532.5 )   $ (38.1 )   $ (158.4 )
 
   
     
     
     
     
     
 
Ratio of Earnings to Fixed Charges(2)
                                   

The ratio of earnings to fixed charges and combined fixed charges and preferred stock dividends is not meaningful for the periods that result in a deficit.

(1)  In accordance with SOP 90-7, the Company discontinued accruing interest on certain of its debt. For the year ended December 31, 2002, contractual interest was $1,425.4 million, which was $645.2 million in excess of reported interest expense.

(2)  For the three months ended March 31, 2003 and for the years ended December 31, 2002, 2001, 2000, 1999 and 1998, the deficit of earnings to fixed charges was $241.7 million, $2,447.8 million, $11,786.6 million, $2,563.1 million, $785.2 million and $535.0 million, respectively. For the years ended December 31, 1999, 1998 and 1997, the deficit of earnings to combined fixed charges and preferred stock dividends was $798.3 million, $553.8 million and $362.9 million, respectively.