EX-12 10 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

|  | EXHIBIT 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

For the nine months ended September 30, 2004

(in millions, except ratio)

Nine months ended September 30 |  | 2004 |
Earnings: |  |  |  |
Income from continuing operations before taxes on income |  | $ | 1,740 |
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges |  |  | — |
Equity income |  |  | (110 | )
Fixed charges |  |  | 233 |
Distributed income of less than 50%-owned persons |  |  | 53 |
Amortization of capitalized interest |  |  | 19 |
Total earnings |  | $ | 1,935 |
Fixed Charges: |  |  |  |
Interest expense: |  |  |  |
Consolidated |  | $ | 200 |
Proportionate share of 50%-owned persons |  |  | 2 |
|  | $ | 202 |
Amount representative of the interest factor in rents: |  |  |  |
Consolidated |  | $ | 30 |
Proportionate share of 50%-owned persons |  |  | 1 |
|  | $ | 31 |
Fixed charges added to earnings |  | $ | 233 |
Interest capitalized: |  |  |  |
Consolidated |  | $ | 19 |
Proportionate share of 50%-owned persons |  |  | — |
|  | $ | 19 |
Preferred stock dividend requirements of majority-owned subsidiaries |  |  | — |
Total fixed charges |  | $ | 252 |
Ratio of earnings to fixed charges |  |  | 7.69 |

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