Exhibit 12.1
News Corporation
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
For the nine months ended March 31, 2009 | Fiscal years ended June 30, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
(Loss) income from continuing operations before income tax expense and minority interest in subsidiaries | $ | (5,563 | ) | $ | 7,321 | $ | 5,306 | $ | 4,405 | $ | 3,561 | $ | 2,755 | |||||||||||
Add: | ||||||||||||||||||||||||
Equity losses (earnings) from affiliates | 369 | (327 | ) | (1,019 | ) | (888 | ) | (355 | ) | (170 | ) | |||||||||||||
Dividends received from affiliates | 157 | 342 | 252 | 178 | 138 | 81 | ||||||||||||||||||
Fixed Charges, excluding capitalized interest | 892 | 1,081 | 1,016 | 910 | 845 | 797 | ||||||||||||||||||
Amortization of capitalized interest | 35 | 33 | 34 | 44 | 48 | 40 | ||||||||||||||||||
Total (losses) earnings available for fixed charges | $ | (4,110 | ) | $ | 8,450 | $ | 5,589 | $ | 4,649 | $ | 4,237 | $ | 3,503 | |||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest on debt and finance lease charges | $ | 690 | $ | 882 | $ | 843 | $ | 792 | $ | 737 | $ | 684 | ||||||||||||
Capitalized interest | 45 | 44 | 24 | 28 | 31 | 42 | ||||||||||||||||||
Perpetual preference dividends paid | — | — | — | — | 10 | 27 | ||||||||||||||||||
Interest element on rental expense | 202 | 199 | 173 | 118 | 108 | 113 | ||||||||||||||||||
Total fixed charges | $ | 937 | $ | 1,125 | $ | 1,040 | $ | 938 | $ | 886 | $ | 866 | ||||||||||||
Ratio of earnings to fixed charges | ** | 7.5 | 5.4 | 5.0 | 4.8 | 4.0 | ||||||||||||||||||
** | Earnings do not cover fixed charges by $5.0 billion during the nine months ended March 31, 2009 due to a non-cash impairment charge of $8.4 billion ($6.7 billion net of tax). (See Note 7 to the Unaudited Consolidated Financial Statements of News Corporation contained in its Quarterly Report on Form 10-Q, for the period ended March 31, 2009, filed May 7, 2009.) |