Exhibit 12.1
News Corporation
Computation of Ratio of Earnings to Fixed Charges
(in Millions, Except Ratio Amounts)
(Unaudited)
Fiscal years ended June 30, | |||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income from continuing operations before income tax expense and minority interest in subsidiaries | $ | 4,405 | $ | 3,561 | $ | 2,755 | $ | 1,643 | $ | (7,234 | ) | ||||||||
Add: | |||||||||||||||||||
Equity (earnings) losses from affiliates | (888 | ) | (355 | ) | (170 | ) | 344 | 7,782 | |||||||||||
Dividends received from affiliates | 178 | 138 | 81 | 21 | 14 | ||||||||||||||
Fixed Charges (excluding capitalized interest and perpetual preference dividends) | 910 | 845 | 797 | 747 | 832 | ||||||||||||||
Amortization of capitalized interest | 44 | 48 | 40 | 35 | 35 | ||||||||||||||
Total earnings available for fixed charges | $ | 4,649 | $ | 4,237 | $ | 3,503 | $ | 2,790 | $ | 1,429 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest on debt and finance lease charges | $ | 792 | $ | 737 | $ | 684 | $ | 674 | $ | 767 | |||||||||
Capitalized interest | 28 | 31 | 42 | 26 | 22 | ||||||||||||||
Perpetual preference dividends paid | — | 10 | 27 | 27 | 27 | ||||||||||||||
Interest element on rental expense | 118 | 108 | 113 | 73 | 65 | ||||||||||||||
Total fixed charges | $ | 938 | $ | 886 | $ | 866 | $ | 800 | $ | 881 | |||||||||
Ratio of earnings to fixed charges | 5.0 | 4.8 | 4.0 | 3.5 | 1.6 | ||||||||||||||