EX-12 10 d472985dex12.htm EX-12 EX-12

Exhibit 12

The AES Corporation and Subsidiaries

Statement Re: Calculation of Ratio of Earnings to Fixed Charges

(in millions, unaudited)

 

     2012     2011     2010     2009     2008  

Actual:

           

Computation of earnings:

           

Income from continuing operations before income

           

taxes and equity in earnings of affiliates

    $ 314     $ 2,211     $ 1,890     $ 2,193     $ 2,446  

Fixed charges

      1,699       1,805       1,758       1,732       2,018  

Amortization of capitalized interest

      45       27       18       12       10  

Distributed income of equity investees

      5       25       14       68       183  

Less:

           

Capitalized interest

      (111 )      (176 )      (188 )      (183 )      (172 ) 

Preference security dividend of consolidated subsidiary

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

Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges

      (4 )      (8 )      (4 )      (9 )      —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

    $ 1,942     $ 3,879     $ 3,483     $ 3,809     $ 4,481  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense, debt premium and discount

           

amortization

    $ 1,582     $ 1,624     $ 1,565     $ 1,545     $ 1,842  

Capitalized interest

      111       176       188       183       172  

Preference security dividend of consolidated subsidiary

      6       5       5       4       4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

    $ 1,699     $ 1,805     $ 1,758     $ 1,732     $ 2,018  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.14       2.15       1.98       2.20       2.22