EX-12.1 4 d322026dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

Cheniere Corpus Christi Holdings, LLC

Computation of Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,  
     2016     2015     2014     2013  
     (in thousands, except ratio)  

Earnings:

   

Pre-tax income (loss) from continuing operations

    $ (85,487 )    $ (227,097 )    $ (38,603 )    $ (33,227 ) 

Fixed charges

      222,215       110,486       222       192  

Amortization of capitalized interest

      —         —         —         —    

Interest capitalized

      (221,865 )      (84,476 )      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss) available for fixed charges

    $ (85,137 )    $ (201,087 )    $ (38,381 )    $ (33,035 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

         

Interest expense on indebtedness

    $ —       $ 25,680     $ —       $ —    

Interest capitalized

      221,865       84,476       —         —    

Interest expense on portion of rent

      350       330       222       192  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 222,215     $ 110,486     $ 222     $ 192  
  

 

 

    

 

 

    

 

 

    

 

 

  

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, 2016, 2015, 2014 and 2013, earnings were not adequate to cover fixed charges by $307.4 million, $311.6 million, $38.6 million and $33.2 million, respectively.