EX-12 2 aes12312014exhibit12.htm EXHIBIT 12
Exhibit 12
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)

|  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010
Actual: |  |  |  |  |  |  |  |  |  |
Computation of earnings: |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and equity in earnings of affiliates |  | $ | 1,576 |  |  | $ | 1,048 |  |  | $ | 230 |  |  | $ | 2,260 |  |  | $ | 1,799 |
Fixed charges |  | 1,565 |  |  | 1,580 |  |  | 1,674 |  |  | 1,779 |  |  | 1,715 |
Amortization of capitalized interest |  | 21 |  |  | 20 |  |  | 18 |  |  | 9 |  |  | 2 |
Distributed income of equity investees |  | 28 |  |  | 2 |  |  | 5 |  |  | 25 |  |  | 14 |
Less: |  |  |  |  |  |  |  |  |  |
Capitalized interest |  | (75 | ) |  | (58 | ) |  | (87 | ) |  | (152 | ) |  | (145 | )
Preference security dividend of consolidated subsidiary |  | (5 | ) |  | (6 | ) |  | (6 | ) |  | (4 | ) |  | (4 | )
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges |  | (26 | ) |  | (40 | ) |  | (4 | ) |  | (2 | ) |  | (4 | )
Earnings |  | $ | 3,084 |  |  | $ | 2,546 |  |  | $ | 1,830 |  |  | $ | 3,915 |  |  | $ | 3,377 |
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expense, debt premium and discount amortization |  | $ | 1,485 |  |  | $ | 1,516 |  |  | $ | 1,581 |  |  | $ | 1,623 |  |  | $ | 1,566 |
Capitalized interest |  | 75 |  |  | 58 |  |  | 87 |  |  | 152 |  |  | 145 |
Preference security dividend of consolidated subsidiary |  | 5 |  |  | 6 |  |  | 6 |  |  | 4 |  |  | 4 |
Fixed charges |  | $ | 1,565 |  |  | $ | 1,580 |  |  | $ | 1,674 |  |  | $ | 1,779 |  |  | $ | 1,715 |
Ratio of earnings to fixed charges |  | 1.97 |  |  | 1.61 |  |  | 1.09 |  |  | 2.20 |  |  | 1.97 |