EX-12 6 aes12312013exhibit12.htm EXHIBIT
Exhibit 12
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)

|  | 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Actual: |  |  |  |  |  |  |  |  |  |
Computation of earnings: |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and equity in earnings of affiliates |  | $ | 1,048 |  |  | $ | 230 |  |  | $ | 2,260 |  |  | $ | 1,799 |  |  | 2,115 |
Fixed charges |  | 1,580 |  |  | 1,674 |  |  | 1,779 |  |  | 1,715 |  |  | 1,718 |
Amortization of capitalized interest |  | 26 |  |  | 24 |  |  | 15 |  |  | 8 |  |  | 2 |
Distributed income of equity investees |  | 2 |  |  | 5 |  |  | 25 |  |  | 14 |  |  | 68 |
Less: |  |  |  |  |  |  |  |  |  |
Capitalized interest |  | (58 | ) |  | (87 | ) |  | (152 | ) |  | (145 | ) |  | (169 | )
Preference security dividend of consolidated subsidiary |  | (6 | ) |  | (6 | ) |  | (4 | ) |  | (4 | ) |  | (4 | )
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges |  | (40 | ) |  | (4 | ) |  | (2 | ) |  | (4 | ) |  | (9 | )
Earnings |  | $ | 2,552 |  |  | $ | 1,836 |  |  | $ | 3,921 |  |  | $ | 3,383 |  |  | $ | 3,721 |
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expense, debt premium and discount amortization |  | $ | 1,516 |  |  | $ | 1,581 |  |  | $ | 1,623 |  |  | $ | 1,566 |  |  | $ | 1,545 |
Capitalized interest |  | 58 |  |  | 87 |  |  | 152 |  |  | 145 |  |  | 169 |
Preference security dividend of consolidated subsidiary |  | 6 |  |  | 6 |  |  | 4 |  |  | 4 |  |  | 4 |
Fixed charges |  | $ | 1,580 |  |  | $ | 1,674 |  |  | $ | 1,779 |  |  | $ | 1,715 |  |  | $ | 1,718 |
Ratio of earnings to fixed charges |  | 1.62 |  |  | 1.10 |  |  | 2.20 |  |  | 1.97 |  |  | 2.17 |