EX-12.1 6 d614713dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

Sabine Pass Liquefaction, LLC

Computation of Ratio of Earnings to Fixed Charges

 

     Nine Months
Ended
September 30,
2013		     Year Ended December 31,     Period from
June 24, 2010
(Date of
Inception)
Through
December 31,		  
       2012     2011     2010  
     (in thousands, except ratio)  

Earnings:

   

Pre-tax income (loss) from continuing operations

    $ (142,790 )    $ (85,157 )    $ (36,511 )    $ (9,869 ) 

Fixed charges

      132,476        35,474        14        —     

Amortization of capitalized interest

      —          —          —          —     

Interest capitalized

      (120,017 )      (35,114 )      —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss) available for fixed charges

    $ (130,331 )    $ (84,797 )    $ (36,497 )    $ (9,869 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

         

Interest expense on indebtedness

    $ 12,239      $ 139      $ —        $ —     

Interest capitalized

      120,017        35,114        —          —     

Interest expense on portion of rent

      220        221        14        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 132,476      $ 35,474      $ 14      $ —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (1)

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

 

For purposes of computing these ratios:

 

(1) Earnings means pre-tax income from continuing operations before fixed charges and amortization of capitalized interest less capitalized interest. Fixed charges means the sum of interest expensed and capitalized plus the portion of rental expense which we believe represents an interest factor. For the years ended December 31, 2012 and 2011, and for the period from June 24, 2010 (date of inception) through December 31, 2010, earnings were not adequate to cover fixed charges by $120.3 million, $36.5 million and $9.9 million, respectively. For the nine months ended September 30, 2013, earnings were not adequate to cover fixed charges by $262.8 million.