Exhibit 12.4
Vidéotron Ltée
Computation of ratio of Pro forma earning to fixed charges
(dollars in million, except for ratio of Pro forma earnings to fixed charges)
| | Year Ended December 31, 2002 | Nine Months Ended September 30, 2003 | ||||||
|---|---|---|---|---|---|---|---|---|
| CANADIAN GAAP | ||||||||
| Fixed charges | ||||||||
| Interest expense, before interest income | $ | 81.0 | $ | 52.9 | ||||
| Amortization of capitalized expenses related to indebtedness | 4.6 | 3.8 | ||||||
| Interest capitalized to the cost of fixed assets | 0.0 | 0.0 | ||||||
| Fixed charges before adjustment | $ | 85.6 | $ | 56.7 | ||||
| Interest reduction related to refinanced debt | (44.8 | ) | (29.2 | ) | ||||
| Interest increase related to new debt (October 8, 2003) | 55.7 | 39.3 | ||||||
| 10.9 | 10.1 | |||||||
| Pro forma fixed charges | $ | 96.5 | $ | 66.8 | ||||
| Pro forma earnings | ||||||||
| Income from continuing operation before income taxes and non controlling interest | 25.4 | 91.5 | ||||||
| Pro forma fixed charges | 96.5 | 66.8 | ||||||
| Interest capitalized to the cost of fixed assests | 0.0 | 0.0 | ||||||
| Amortization of capitalized interest | 0.7 | 0.7 | ||||||
| $ | 122.6 | $ | 159.0 | |||||
| Ratio of Pro forma earning to fixed charges | 1.3 | 2.4 | ||||||
US GAAP | ||||||||
| Fixed charges | ||||||||
| Interest expense, before interest income | $ | 77.5 | $ | 43.1 | ||||
| Amortization of capitalized expenses related to indebtedness | 4.6 | 3.8 | ||||||
| Interest capitalized to the cost of fixed assets | 0.0 | 0.0 | ||||||
| Fixed charges before adjustment | $ | 82.1 | $ | 46.9 | ||||
| Interest reduction related to refinanced debt | (44.8 | ) | (29.2 | ) | ||||
| Interest increase related to new debt (October 8, 2003) | 55.7 | 39.3 | ||||||
| $ | 10.9 | $ | 10.1 | |||||
| Pro forma fixed charges | $ | 93.0 | $ | 57.0 | ||||
| Pro forma earnings | ||||||||
| Income (loss) from continuing operation before income taxes and non controlling interest | $ | (1,984.5 | ) | $ | 80.3 | |||
| Pro forma fixed charges | 93.0 | 57.0 | ||||||
| Interest capitalized to the cost of fixed assests | 0.0 | 0.0 | ||||||
| Amortization of capitalized interest | 0.7 | 0.7 | ||||||
| $ | (1,890.8 | ) | $ | 137.9 | ||||
| Ratio of Pro forma earning to fixed charges | — | 2.4 | ||||||
For the year ended December 31, 2002, Pro forma earnings as calculated under US GAAP, were inadequate to cover our fixed charges and the coverage deficiency was $1,983.8 million.