EX-12 2 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

The AES Corporation and Subsidiaries

Statement Re: Calculation of Ratio of Earnings to Fixed Charges

(In millions, unaudited)

 

     2009     2008     2007     2006     2005  

Actual:

           

Computation of Earnings:

           

Income from continuing operations before income taxes and equity in earnings of affiliates

    $ 2,343     $ 2,697     $ 1,457     $ 866     $ 1,067  

Fixed charges

      1,769        2,055        1,919        1,881        1,920   

Amortization of capitalized interest

      37       34       17       17       17  

Distributed income of equity investees

      68       183       21       19       (34 ) 

Less:

           

Capitalized interest

      (187 )      (176 )      (86 )      (50 )      (28 ) 

Preference security dividend of consolidated subsidiary

      (4 )      (4 )      (6 )      (5 )      (5 ) 

Noncontrolling interests

      (1,503 )      (1,128 )      (403 )      (447 )      (297 ) 
                                        

Earnings

    $ 2,523      $ 3,661      $ 2,919      $ 2,281      $ 2,640   
                                        

Fixed Charges:

           

Interest expense, debt premium and discount amortization

    $ 1,545      $ 1,841      $ 1,785     $ 1,766     $ 1,827   

Capitalized interest

      187       176       86       50       28  

Interest expense included in rental expense

      33        34       42       60       60  

Preference security dividend of consolidated subsidiary

      4       4       6       5       5  
                                        

Fixed Charges

    $ 1,769      $ 2,055      $ 1,919      $ 1,881      $ 1,920   
                                        

Ratio of earnings to fixed charges

      1.43       1.78        1.52        1.21        1.38