Exhibit 12.1
News Corporation
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
For the six months ended December 31, | Fiscal years ended June 30, | ||||||||||||||||||||||
2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income from continuing operations before income tax expense and minority interest in subsidiaries | $ | 2,568 | $ | 5,306 | $ | 4,405 | $ | 3,561 | $ | 2,755 | $ | 1,643 | |||||||||||
Add: | |||||||||||||||||||||||
Equity (earnings) losses from affiliates | (196 | ) | (1,019 | ) | (888 | ) | (355 | ) | (170 | ) | 344 | ||||||||||||
Dividends received from affiliates | 158 | 252 | 178 | 138 | 81 | 21 | |||||||||||||||||
Fixed Charges (excluding capitalized interest) | 546 | 1,016 | 910 | 845 | 797 | 747 | |||||||||||||||||
Amortization of capitalized interest | 17 | 34 | 44 | 48 | 40 | 35 | |||||||||||||||||
Total earnings available for fixed charges | $ | 3,093 | $ | 5,589 | $ | 4,649 | $ | 4,237 | $ | 3,503 | $ | 2,790 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest on debt and finance lease charges | $ | 458 | $ | 843 | $ | 792 | $ | 737 | $ | 684 | $ | 674 | |||||||||||
Capitalized interest | 18 | 24 | 28 | 31 | 42 | 26 | |||||||||||||||||
Perpetual preference dividends paid | — | — | — | 10 | 27 | 27 | |||||||||||||||||
Interest element on rental expense | 88 | 173 | 118 | 108 | 113 | 73 | |||||||||||||||||
Total fixed charges | $ | 564 | $ | 1,040 | $ | 938 | $ | 886 | $ | 866 | $ | 800 | |||||||||||
Ratio of earnings to fixed charges | 5.5 | 5.4 | 5.0 | 4.8 | 4.0 | 3.5 | |||||||||||||||||