Exhibit 12.1
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(In millions, unaudited)
|
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| ||||||||||||
|
| (restated) |
| (restated) |
| (restated) |
| (restated) |
|
|
|
|
| ||||||||||||
Actual: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Computation of Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income from continuing operations before income taxes |
| $ | (1,619 | ) | $ | 500 |
| $ | 537 |
| $ | 885 |
| $ | 469 |
| $ | 1,083 |
| ||||||
Adjustment for undistributed equity earnings, net of distributions |
| 248 |
| (54 | ) | (34 | ) | (39 | ) | (53 | ) | (42 | ) | ||||||||||||
Depreciation of previously capitalized interest |
| 12 |
| 16 |
| 17 |
| 18 |
| 18 |
| 14 |
| ||||||||||||
Fixed charges |
| 1,955 |
| 2,052 |
| 1,915 |
| 1,916 |
| 1,874 |
| 1,364 |
| ||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Capitalized interest |
| (233 | ) | (110 | ) | (36 | ) | (28 | ) | (49 | ) | (37 | ) | ||||||||||||
Preference security dividend of consolidated subsidiary |
| (4 | ) | (5 | ) | (6 | ) | (5 | ) | (5 | ) | (3 | ) | ||||||||||||
Minority interest in pre-tax income of subsidiary that has not incurred fixed charges |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||||||
Earnings |
| $ | 359 |
| $ | 2,399 |
| $ | 2,393 |
| $ | 2,747 |
| $ | 2,254 |
| $ | 2,379 |
| ||||||
Computation of Fixed Charges: |
| 37 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Interest expensed and amortization of issuance costs |
| $ | 1,658 |
| $ | 1,878 |
| $ | 1,813 |
| $ | 1,823 |
| $ | 1,760 |
| $ | 1,279 |
| ||||||
Capitalized interest |
| 233 |
| 110 |
| 36 |
| 28 |
| 49 |
| 37 |
| ||||||||||||
Preference security dividend of consolidated subsidiary |
| 4 |
| 5 |
| 6 |
| 5 |
| 5 |
| 3 |
| ||||||||||||
Interest expense included in rental expense |
| 60 |
| 60 |
| 60 |
| 60 |
| 60 |
| 45 |
| ||||||||||||
Fixed Charges |
| $ | 1,955 |
| $ | 2,053 |
| $ | 1,915 |
| $ | 1,916 |
| $ | 1,874 |
| $ | 1,364 |
| ||||||
Ratio of earnings to fixed charges |
| 0.18 |
| 1.17 |
| 1.25 |
| 1.43 |
| 1.20 |
| 1.74 |
| ||||||||||||