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 | |
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| Fixed charges before adjustment | | $ | 85.6 | | $ | 56.7 | |
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| Interest reduction related to refinanced debt | | | (44.8 | ) | | (29.2 | ) |
| Interest increase related to new debt (October 8, 2003) | | | 55.7 | | | 39.3 | |
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| |
| | | | 10.9 | | | 10.1 | |
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| Pro forma fixed charges | | $ | 96.5 | | $ | 66.8 | |
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| 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 | |
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| | | $ | 122.6 | | $ | 159.0 | |
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| Ratio of Pro forma earning to fixed charges | | | 1.3 | | | 2.4 | |
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US GAAP |
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| 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 | |
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| Fixed charges before adjustment | | $ | 82.1 | | $ | 46.9 | |
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| Interest reduction related to refinanced debt | | | (44.8 | ) | | (29.2 | ) |
| Interest increase related to new debt (October 8, 2003) | | | 55.7 | | | 39.3 | |
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| | | $ | 10.9 | | $ | 10.1 | |
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| Pro forma fixed charges | | $ | 93.0 | | $ | 57.0 | |
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| 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 | |
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| | | $ | (1,890.8 | ) | $ | 137.9 | |
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| Ratio of Pro forma earning to fixed charges | | | — | | | 2.4 | |
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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.
