EX-12 4 a2042927zex-12.txt EX 12 EXHIBIT 12 The AES Corporation And Subsidiaries Statement of Computation of Ratio of Earnings to Fixed Charges (In millions, unaudited)
------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 1999 2000 Actual: COMPUTATION OF EARNINGS: Income from continuing operations Before income taxes $207 $284 $546 $420 $1,019 Adjustment for undistributed equity Earnings, net of distributions (34) (78) (107) 72 375 Depreciation of previously capitalized interest 4 4 6 6 8 Fixed Charges 171 311 564 783 1,560 Less: Capitalized interest (27) (67) (79) (104) (207) Preference security dividends of consolidated subsidiary - - - (1) (3) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges - - - (2) (31) ---------------------------------------------------------- Earnings $321 $454 $930 $1,174 $2,721 ---------------------------------------------------------- COMPUTATION OF FIXED CHARGES: Interest expense and amortization of issuance costs $144 $244 $485 $640 $1,296 Capitalized Interest 27 67 79 104 207 Preference security dividends of consolidated - - - 1 3 subsidiary Estimate of interest expense within rental expense - - - 38 54 ---------------------------------------------------------- ---------------------------------------------------------- Fixed Charges $171 $311 $564 $783 $1,560 ---------------------------------------------------------- ---------------------------------------------------------- Ratio of earnings to fixed charges 1.88x 1.46x 1.65x 1.50x 1.74x -------------------------------------------------------------------------------------------------------------------