EX-12 5 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Alcoa and subsidiaries

EXHIBIT 12

 

 

Computation of Ratio of Earnings to Fixed Charges

For the six months ended June 30, 2003

(in millions, except ratio)

 

 

Six months ended June 30

    2003
  

Earnings:

         

Income from continuing operations before taxes on income

    $ 771  

Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges

      —    

Equity income

      (84 )

Fixed charges

      187  

Distributed income of less than 50%-owned persons

      6  

Amortization of capitalized interest

      9  
    

Total earnings

    $ 889  
    

Fixed Charges:

         

Interest expense:

         

Consolidated

    $ 169  

Proportionate share of 50%-owned persons

      2  
    
       171  
    

Amount representative of the interest factor in rents:

         

Consolidated

      15  

Proportionate share of 50%-owned persons

      1  
    
       16  
    

Fixed charges added to earnings

      187  
    

Interest capitalized:

         

Consolidated

      9  

Proportionate share of 50%-owned persons

      —    
    
       9  
    

Preferred stock dividend requirements of majority-owned subsidiaries

      —    
    

Total fixed charges

    $ 196  
    

Ratio of earnings to fixed charges

      4.5  
    

 

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