EX-12.0 6 aes12312015ex-12.htm EXHIBIT 12.0
Exhibit 12
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)

| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Actual: |  |  |  |  |  |  |  |  |
Computation of earnings: |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and equity in earnings of affiliates | $ | 1,122 |  |  | $ | 1,576 |  |  | $ | 1,048 |  |  | $ | 230 |  |  | $ | 2,260 |
Fixed charges | 1,559 |  |  | 1,584 |  |  | 1,595 |  |  | 1,693 |  |  | 1,799 |
Amortization of capitalized interest | 19 |  |  | 21 |  |  | 20 |  |  | 18 |  |  | 9 |
Distributed income of equity investees | 16 |  |  | 28 |  |  | 2 |  |  | 5 |  |  | 25 |
Less: |  |  |  |  |  |  |  |  |
Capitalized interest | (97 | ) |  | (75 | ) |  | (58 | ) |  | (87 | ) |  | (152 | )
Preference security dividend of consolidated subsidiary | (10 | ) |  | (5 | ) |  | (6 | ) |  | (6 | ) |  | (4 | )
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges | (28 | ) |  | (26 | ) |  | (40 | ) |  | (4 | ) |  | (2 | )
Earnings | $ | 2,581 |  |  | $ | 3,103 |  |  | $ | 2,561 |  |  | $ | 1,849 |  |  | $ | 3,935 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense, debt premium and discount amortization | $ | 1,430 |  |  | $ | 1,485 |  |  | $ | 1,516 |  |  | $ | 1,581 |  |  | $ | 1,623 |
Capitalized interest | 97 |  |  | 75 |  |  | 58 |  |  | 87 |  |  | 152 |
Preference security dividend of consolidated subsidiary | 10 |  |  | 5 |  |  | 6 |  |  | 6 |  |  | 4 |
Interest portion of rental expense (1) | 22 |  |  | 19 |  |  | 15 |  |  | 19 |  |  | 20 |
Fixed charges | $ | 1,559 |  |  | $ | 1,584 |  |  | $ | 1,595 |  |  | $ | 1,693 |  |  | $ | 1,799 |
Ratio of earnings to fixed charges | 1.66 |  |  | 1.96 |  |  | 1.61 |  |  | 1.09 |  |  | 2.19 |

(1) Calculated as one-third of rental expense, which is deemed to be representative of the interest factor in rental expense.