|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT 12.1
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(In millions, unaudited)
<TABLE>
Three Months Six Months
Ended Ended
Year ended December 31, March 31, June 30,
----------------------------------------------------- ------------ ----------
1995 1996 1997 1998 1999 2000 2000
------ ----- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Actual:
Computation of Earnings:
Income from continuing operations
before income taxes $ 175 $ 207 $ 284 $ 546 $ 420 $ 270 $ 292
Adjustment for undistributed equity earnings,
net of distributions (5) (34) (78) (107) 72 116 169
Depreciation of previously capitalized
interest 4 4 4 6 6 2 4
Fixed charges 137 171 311 564 783 320 695
Less:
Capitalized interest (10) (27) (67) (79) (104) (36) (83)
Preference security dividend of
consolidated subsidiary - - - - (1) (1) (3)
Minority interest in pre-tax income of
subsidiary that has not incurred fixed
charges - - - - (1) (5) (21)
----- ----- ----- ----- ------- ----- -------
Earnings $ 301 $ 321 $ 454 $ 930 $ 1,175 $ 666 $ 1,052
===== ===== ===== ===== ======= ===== =======
Computation of Fixed Charges:
Interest expensed and amortization of
issuance costs $ 127 $ 144 $ 244 $ 485 $ 640 $ 268 $ 579
Capitalized interest 10 27 67 79 104 36 83
Preference security dividend of consolidated
subsidiary - - - - 1 1 3
Interest expense included in rental expense - - - - 38 15 30
----- ----- ----- ----- ------- ----- -------
Fixed Charges $ 137 $ 171 $ 311 $ 564 $ 783 $ 320 $ 695
===== ===== ===== ===== ======= ===== =======
Ratio of earnings to fixed charges 2.20x 1.88x 1.46x 1.65x 1.50x 2.08x 1.51x
</TABLE>
|
|