Exhibit 12.1
News Corporation
Computation of Ratio of Earnings to Fixed Charges
For the years ended June 30, | |||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||
(in US$ millions) | |||||||||||||||||
EARNINGS: | |||||||||||||||||
Pretax income from continuing operations (before minority interest) | $ | 2,755 | $ | 1,643 | $ | (7,234 | ) | $ | 335 | $ | 285 | ||||||
ADDBACK: | |||||||||||||||||
Dividends received from affiliates | 81 | 21 | 14 | 5 | 42 | ||||||||||||
Amortization of capitalized interest | 40 | 35 | 35 | 30 | 32 | ||||||||||||
Fixed charges | 866 | 800 | 881 | 928 | 929 | ||||||||||||
Subtotal earnings | 3,742 | 2,499 | (6,304 | ) | 1,298 | 1,288 | |||||||||||
LESS: | |||||||||||||||||
Equity (earnings) losses from affiliates | (170 | ) | 344 | 7,782 | 923 | 55 | |||||||||||
Earnings available for Fixed Charges | $ | 3,572 | $ | 2,843 | $ | 1,478 | $ | 2,221 | $ | 1,343 | |||||||
FIXED CHARGES: | |||||||||||||||||
Interest on debt | $ | 681 | $ | 673 | $ | 766 | $ | 779 | $ | 786 | |||||||
Finance lease charges | 3 | 1 | 1 | 1 | 3 | ||||||||||||
Capitalized interest | 42 | 26 | 22 | 63 | 53 | ||||||||||||
Perpetual preference dividends paid | 27 | 27 | 27 | 28 | 28 | ||||||||||||
Interest element on rental expense | 113 | 73 | 65 | 57 | 59 | ||||||||||||
Total Fixed Charges | $ | 866 | $ | 800 | $ | 881 | $ | 928 | $ | 929 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.12 | 3.55 | 1.68 | 2.39 | 1.45 |