EX-12 6 aes12312013exhibit12.htm EXHIBIT AES 12.31.2013 Exhibit 12


Exhibit 12
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
Actual:
 
 
 
 
 
 
 
 
 
 
Computation of earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity in earnings of affiliates
 
$
1,048

 
$
230

 
$
2,260

 
$
1,799

 
2,115

Fixed charges
 
1,580

 
1,674

 
1,779

 
1,715

 
1,718

Amortization of capitalized interest
 
26

 
24

 
15

 
8

 
2

Distributed income of equity investees
 
2

 
5

 
25

 
14

 
68

Less:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(58
)
 
(87
)
 
(152
)
 
(145
)
 
(169
)
Preference security dividend of consolidated subsidiary
 
(6
)
 
(6
)
 
(4
)
 
(4
)
 
(4
)
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges
 
(40
)
 
(4
)
 
(2
)
 
(4
)
 
(9
)
Earnings
 
$
2,552

 
$
1,836

 
$
3,921

 
$
3,383

 
$
3,721

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense, debt premium and discount amortization
 
$
1,516

 
$
1,581

 
$
1,623

 
$
1,566

 
$
1,545

Capitalized interest
 
58

 
87

 
152

 
145

 
169

Preference security dividend of consolidated subsidiary
 
6

 
6

 
4

 
4

 
4

Fixed charges
 
$
1,580

 
$
1,674

 
$
1,779

 
$
1,715

 
$
1,718

Ratio of earnings to fixed charges
 
1.62

 
1.10

 
2.20

 
1.97

 
2.17