Exhibit 12.1
News Corporation
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
For the six 2005 | Fiscal Year Ended June 30, | |||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||
Income from continuing operations before income tax expense and minority interest in subsidiaries | $ | 1,979 | $ | 3,561 | $ | 2,755 | $ | 1,643 | $ | (7,234 | ) | $ | 335 | |||||||||
Add: | ||||||||||||||||||||||
Equity (earnings) losses from affiliates | (346 | ) | (355 | ) | (170 | ) | 344 | 7,782 | 923 | |||||||||||||
Dividends received from affiliates | 82 | 138 | 81 | 21 | 14 | 5 | ||||||||||||||||
Fixed Charges (excluding capitalized interest and perpetual preference dividends) | 440 | 845 | 797 | 747 | 832 | 837 | ||||||||||||||||
Amortization of capitalized interest | 23 | 48 | 40 | 35 | 35 | 30 | ||||||||||||||||
Total earnings available for fixed charges | $ | 2,178 | $ | 4,237 | $ | 3,503 | $ | 2,790 | $ | 1,429 | $ | 2,130 | ||||||||||
Fixed charges: | ||||||||||||||||||||||
Interest on debt and finance lease charges | $ | 385 | $ | 737 | $ | 684 | $ | 674 | $ | 767 | $ | 780 | ||||||||||
Capitalized interest | 13 | 31 | 42 | 26 | 22 | 63 | ||||||||||||||||
Perpetual preference dividends paid | — | 10 | 27 | 27 | 27 | 28 | ||||||||||||||||
Interest element on rental expense | 55 | 108 | 113 | 73 | 65 | 57 | ||||||||||||||||
Total fixed charges | $ | 453 | $ | 886 | $ | 866 | $ | 800 | $ | 881 | $ | 928 | ||||||||||
Ratio of earnings to fixed charges | 4.8 | 4.8 | 4.0 | 3.5 | 1.6 | 2.3 | ||||||||||||||||