EX-12 5 a2130846zex-12.htm EXHIBIT 12
QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12

The AES Corporation and Subsidiaries

Statement Re: Calculation of Ratio of Earnings to Fixed Charges
(in millions, unaudited)

		1999			2000			2001			2002			2003
Actual:
Computation of Earnings:
Income from continuing operations before income taxes		$	489		$	1,063		$	690		$	(1,338	)	$	502	)
Adjustment for undistributed equity earnings, net of distributions			72			(375	)		(156	)		251			(7	)
Depreciation of previously capitalized interest			6			7			9			12			16
Fixed charges			801			1,279			1,596			2,059			2,162
Less:
	Capitalized interest		(100	)		(181	)		(207	)		(236	)		(115	)
	Preference security dividend of consolidated subsidiary		(2	)		(2	)		(2	)		(2	)		(2	)
	Minority interest in pre-tax income of subsidiary that has not incurred fixed charges		—			—			—			0

Earnings		$	1,266		$	1,791		$	1,930		$	746		$	2,556

Computation of Fixed Charges:
Interest expensed and amortization of issuance costs		$	661		$	1,042		$	1,327		$	1,761		$	1,986
Capitalized interest			100			181			207			236			115
Preference security dividend of consolidated subsidiary			2			2			2			2			2
Interest expense included in rental expense			38			54			60			60			60

Fixed Charges		$	801		$	1,279		$	1,596		$	2,059		$	2,163

Ratio of earnings to fixed charges			1.58x			1.40x			1.21x			.36x			1.18x