Exhibit 12.1
CanWest Media Inc.
Fixed Charge Ratio
in thousands of Canadian dollars
year ended August 31, 2000 | year ended August 31, 2001 | year ended August 31, 2002 | year ended August 31, 2003 | year ended August 31, 2004 | 6 months ended February 29, 2004 | 6 months ended February 28, 2005 | |||||||||||||||
revised | revised | revised | revised | revised | revised | ||||||||||||||||
Net income | 176,373 | 51,458 | 33,395 | 115,407 | (219,258 | ) | (331,667 | ) | 59,016 | ||||||||||||
eliminate: | |||||||||||||||||||||
income taxes | 77,385 | (34,012 | ) | 64,787 | (46,336 | ) | 37,760 | 27,546 | 36,497 | ||||||||||||
financing expenses | 61,685 | 359,438 | 382,534 | 384,794 | 351,306 | 177,522 | 139,729 | ||||||||||||||
interest component of rent expense | 4,214 | 10,961 | 16,298 | 17,668 | 18,273 | 8,985 | 9,137 | ||||||||||||||
interest in earnings of equity accounted affiliates | (3,570 | ) | 13,551 | 1,523 | 1,332 | (2,731 | ) | 349 | (1,047 | ) | |||||||||||
minority interests | 54,762 | 40,406 | (18,583 | ) | 80,637 | 80,349 | 45,599 | 56,375 | |||||||||||||
Income before taxes and fixed charges | 370,849 | 441,807 | 479,954 | 553,502 | 265,699 | (71,666 | ) | 299,707 | |||||||||||||
Fixed Charges | |||||||||||||||||||||
Financing expense including amortization | 61,685 | 359,438 | 382,534 | 384,794 | 351,306 | 177,522 | 139,729 | ||||||||||||||
Interest component of rent expense 1/3 | 4,214 | 10,961 | 16,298 | 17,668 | 18,273 | 8,985 | 9,137 | ||||||||||||||
Total Fixed Charges | 65,889 | 370,399 | 398,832 | 402,462 | 369,579 | 186,507 | 148,866 | ||||||||||||||
Ratio of earnings to fixed charges | 5.6 | 1.2 | 1.2 | 1.4 | 0.7 | (0.4 | ) | 2.0 |