EX-12 9 d290041dex12.htm EXHIBIT 12 EXHIBIT 12

Exhibit 12

The AES Corporation and Subsidiaries

Statement Re: Calculation of Ratio of Earnings to Fixed Charges

(in millions, unaudited)

 

     2011     2010     2009     2008     2007  

Actual:

          

Computation of earnings:

          

Income from continuing operations before income taxes and equity in earnings of affiliates

   $ 2,179     $ 1,865     $ 2,268     $ 2,497     $ 1,019  

Fixed charges

     1,804       1,758       1,732       2,017       1,876  

Amortization of capitalized interest

     31       22       16       14       14  

Distributed income of equity investees

     25       14       68       183       21  

Less:

          

Capitalized interest

     (176 )      (188 )      (183 )      (172 )      (84 ) 

Preference security dividend of consolidated subsidiary

     (5 )      (5 )      (4 )      (4 )      (6 ) 

Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges(1)

      (8 )      (4 )      (9 )      —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

   $ 3,850     $ 3,462     $ 3,888     $ 4,535     $ 2,840  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

          

Interest expense, debt premium and discount amortization

   $ 1,623     $ 1,565     $ 1,545     $ 1,841     $ 1,786  

Capitalized interest

     176       188       183       172       84  

Preference security dividend of consolidated subsidiary

     5       5       4       4       6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

   $ 1,804     $ 1,758     $ 1,732     $ 2,017     $ 1,876  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     2.13       1.97       2.24       2.25       1.51  

 

(1) 

Amounts for prior periods have been restated to exclude from the computation of earnings only noncontrolling interests in pretax income of those subsidiaries that did not incur fixed charges.