EXHIBIT 12
COMPUTATION OF RATIO OF EARNING TO FIXED CHARGES
US GAAP Year ended December 31, | CHILE GAAP Six Month ended June 30, | |||||||||||
2001 | 2002 | 2003 | 2004 | June 2004 | June 2005 | |||||||
(thousands of US dollars) | ||||||||||||
Earnings | ||||||||||||
Pre-Tax earnings | 192.649 | 336.638 | 494.239 | 725.908 | 328.230 | 306.095 | ||||||
Interest expense | 62.362 | 61.692 | 46.629 | 78.109 | 55.662 | 73.974 | ||||||
Income from equity investment | 1.463 | 2.558 | 6.001 | 6.473 | 2.098 | 3.529 | ||||||
Total earnings | 256.474 | 400.888 | 546.869 | 810.490 | 385.990 | 383.598 | ||||||
Fixed charges | ||||||||||||
Interest expense | 62.362 | 61.692 | 46.629 | 78.109 | 55.662 | 73.974 | ||||||
Capitalized interest | 46.053 | 53.987 | 69.778 | 60.779 | 12.378 | 6.768 | ||||||
Bond discount and issue costs amortization | 3.613 | 3.568 | 2.707 | 2.924 | 1.533 | 1.620 | ||||||
Total fixed charges | 112.028 | 119.247 | 119.114 | 141.812 | 69.573 | 82.362 | ||||||
Ratio of earnings to fixed charges | 2.3 | 3.4 | 4.6 | 5.7 | 5.5 | 4.7 |