EX-12.0 6 aes12312015ex-12.htm EXHIBIT 12.0 Exhibit


Exhibit 12
The AES Corporation and Subsidiaries
Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)
 
 
2015
 
2014
 
2013
 
2012
 
2011
Actual:
 
 
 
 
 
 
 
 
 
Computation of earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity in earnings of affiliates
$
1,122

 
$
1,576

 
$
1,048

 
$
230

 
$
2,260

Fixed charges
1,559

 
1,584

 
1,595

 
1,693

 
1,799

Amortization of capitalized interest
19

 
21

 
20

 
18

 
9

Distributed income of equity investees
16

 
28

 
2

 
5

 
25

Less:
 
 
 
 
 
 
 
 
 
Capitalized interest
(97
)
 
(75
)
 
(58
)
 
(87
)
 
(152
)
Preference security dividend of consolidated subsidiary
(10
)
 
(5
)
 
(6
)
 
(6
)
 
(4
)
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges
(28
)
 
(26
)
 
(40
)
 
(4
)
 
(2
)
Earnings
$
2,581

 
$
3,103

 
$
2,561

 
$
1,849

 
$
3,935

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense, debt premium and discount amortization
$
1,430

 
$
1,485

 
$
1,516

 
$
1,581

 
$
1,623

Capitalized interest
97

 
75

 
58

 
87

 
152

Preference security dividend of consolidated subsidiary
10

 
5

 
6

 
6

 
4

Interest portion of rental expense (1)
22

 
19

 
15

 
19

 
20

Fixed charges
$
1,559

 
$
1,584

 
$
1,595

 
$
1,693

 
$
1,799

Ratio of earnings to fixed charges
1.66

 
1.96

 
1.61

 
1.09

 
2.19

(1) Calculated as one-third of rental expense, which is deemed to be representative of the interest factor in rental expense.