EX-12 7 dex12.htm STATEMENT EXPLAINING THE CALCULATION OF THE RATIO OF EARNINGS TO FIXED CHARGES Statement explaining the calculation of the ratio of earnings to fixed charges

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