Exhibit 12.1
The AES Corporation and Subsidiaries
Statement Re: Calculation of
Ratio of Earnings to Fixed Charges
(In millions, unaudited)
|
|
|
2003 |
|
2004 |
|
2005 |
|
2006 |
|
2007 |
|
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|
Actual: |
|
(Restated) |
|
(Restated) |
|
(Restated) |
|
(Restated) |
|
|
|
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|
Computation of Earnings: |
|
|
|
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|
Income from continuing operations before income taxes and minority interest |
|
$ |
522 |
|
$ |
737 |
|
$ |
1,157 |
|
$ |
1,001 |
|
$ |
1,614 |
|
|
Adjustment for undistributed equity earnings, net of distributions |
|
(64 |
) |
(49 |
) |
(34 |
) |
(54 |
) |
(55 |
) |
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|
Depreciation of previously capitalized interest |
|
16 |
|
17 |
|
18 |
|
18 |
|
18 |
|
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|
Fixed charges |
|
2,053 |
|
1,914 |
|
1,918 |
|
1,881 |
|
1,919 |
|
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|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Capitalized interest |
|
(110 |
) |
(36 |
) |
(28 |
) |
(50 |
) |
(86 |
) |
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|
Preference security dividend of consolidated subsidiary |
|
(5 |
) |
(6 |
) |
(5 |
) |
(5 |
) |
(6 |
) |
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|
Minority interest in pre-tax income of subsidiary that has not |
|
(123 |
) |
(191 |
) |
(319 |
) |
(463 |
) |
(434 |
) |
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|
Earnings |
|
$ |
2,289 |
|
$ |
2,386 |
|
$ |
2,707 |
|
$ |
2,328 |
|
$ |
2,970 |
|
|
Computation of Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
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|
Interest expensed and amortization of issuance costs |
|
$ |
1,878 |
|
$ |
1,812 |
|
$ |
1,825 |
|
$ |
1,766 |
|
$ |
1,785 |
|
|
Capitalized interest |
|
110 |
|
36 |
|
28 |
|
50 |
|
86 |
|
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|
Preference security dividend of consolidated subsidiary |
|
5 |
|
6 |
|
5 |
|
5 |
|
6 |
|
|||||
|
Interest expense included in rental expense |
|
60 |
|
60 |
|
60 |
|
60 |
|
42 |
|
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|
Fixed Charges |
|
$ |
2,053 |
|
$ |
1,914 |
|
$ |
1,918 |
|
$ |
1,881 |
|
$ |
1,919 |
|
|
Ratio of earnings to fixed charges |
|
1.11 |
|
1.25 |
|
1.41 |
|
1.24 |
|
1.55 |
|
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