Exhibit 12.1
Twenty-First Century Fox, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
For the three months ended September 30, | For the fiscal years ended June 30, | |||||||||||||||||||||||
2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income tax expense | $ | 1,076 | $ | 8,736 | $ | 4,463 | $ | 3,098 | $ | 2,762 | $ | (3,205 | ) | |||||||||||
Add: | ||||||||||||||||||||||||
Equity (earnings) losses from affiliates | (92 | ) | (655 | ) | (636 | ) | (352 | ) | (353 | ) | 377 | |||||||||||||
Dividends received from affiliates | 13 | 324 | 281 | 252 | 239 | 215 | ||||||||||||||||||
Fixed charges, excluding capitalized interest | 307 | 1,217 | 1,186 | 1,125 | 1,163 | 1,091 | ||||||||||||||||||
Amortization of capitalized interest | 11 | 42 | 37 | 44 | 62 | 34 | ||||||||||||||||||
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Total earnings (losses) available for fixed charges | $ | 1,315 | $ | 9,664 | $ | 5,331 | $ | 4,167 | $ | 3,873 | $ | (1,488 | ) | |||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest on debt and finance lease charges | $ | 272 | $ | 1,063 | $ | 1,032 | $ | 962 | $ | 999 | $ | 924 | ||||||||||||
Capitalized interest | — | 41 | 42 | 44 | 44 | 55 | ||||||||||||||||||
Perpetual preference dividends paid | — | — | ||||||||||||||||||||||
Interest element on rental expense | 35 | 154 | 154 | 163 | 164 | 167 | ||||||||||||||||||
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Total fixed charges | $ | 307 | $ | 1,258 | $ | 1,228 | $ | 1,169 | $ | 1,207 | $ | 1,146 | ||||||||||||
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Ratio of earnings to fixed charges | 4.3 | 7.7 | 4.3 | 3.6 | 3.2 | ** | ||||||||||||||||||
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** | Earnings did not cover fixed charges by $2.6 billion during the fiscal year ended June 30, 2009 due to the non-cash impairment charge of $5.8 billion ($4.4 billion, net of tax) consisting of a write-down of Twenty-First Century Fox, Inc.’s indefinite-lived intangible assets (primarily FCC licenses in the Television segment) of $4.2 billion and a write-down of $1.6 billion of goodwill. |