Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES CALCULATION
Our ratios of earnings to fixed charges for the years ended December 31, 2015 and 2016, using financial information prepared in accordance with IFRS, as issued by the IASB, were:
For the Year Ended December 31, | ||||||||
Period | 2015 | 2016 | ||||||
(in millions of Ch$) | ||||||||
Earnings: | ||||||||
Income before income taxes | 123,029 | 10,905 | ||||||
Distributed earnings from associated companies | — | — | ||||||
Fixed charges | 278,692 | 870,028 | ||||||
Total earnings | 401,721 | 880,933 | ||||||
Fixed charges | ||||||||
Interest expenses | 278,692 | 870,028 | ||||||
Interest capitalized | — | — | ||||||
Total fixed charges | 278,692 | 870,028 | ||||||
Ratio of earnings to fixed charges | 1.44 | 1.01 |