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Exhibit 12.01
SCANA CORPORATION
CALCULATION OF RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2004
(Dollars in Millions)
CALCULATION OF BOND RATIO:
Net earnings(1) | $ | 711.1 | |||||||
Divide by annualized interest charges on: | |||||||||
Bonds authenticated under SCE&G's First and Refunding Mortgage Bond Indenture | $ | 11.8 | |||||||
Other indebtedness(1) | 112.5 | ||||||||
Total annualized interest charges | 124.3 | ||||||||
Bond Ratio | 5.72 |
- (1)
- As defined under SCE&G's First and Refunding Mortgage Bond Indenture, dated January 1, 1945 (Old Mortgage).
CALCULATION OF NEW BOND RATIO:
Net earnings(2) | $ | 691.9 | |||||||
Divide by annualized interest charges on: | |||||||||
Bonds authenticated under SCE&G's First Mortgage Bond Indenture | $ | 111.0 | |||||||
Other indebtedness(2) | 13.3 | ||||||||
Total annualized interest charges | 124.3 | ||||||||
New Bond Ratio | 5.57 |
- (2)
- As defined under SCE&G's Collateral Trust Mortgage Indenture, dated April 1, 1993 (New Mortgage).
CALCULATION OF PREFERRED STOCK RATIO:
Net earnings(3) | $ | 225.2 | |||||||
Divide by annualized interest charges on: | |||||||||
Bonds outstanding under SCE&G's mortgage bond indentures | $ | 124.3 | |||||||
Preferred dividend requirements | 7.3 | ||||||||
Total annualized interest charges | 131.6 | ||||||||
Preferred Stock Ratio | 1.71 |
- (3)
- As defined under SCE&G's Restated Articles of Incorporation.
SCANA CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Five Years Ended December 31, 2004
(Dollars in Millions)
| Years Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||
Fixed Charges as defined: | ||||||||||||||||||
Interest on long-term debt | $ | 206.9 | $ | 206.1 | $ | 206.1 | $ | 227.5 | $ | 226.1 | ||||||||
Amortization of debt premium, discount and expense (net) | 5.4 | 4.9 | 5.1 | 6.4 | 4.4 | |||||||||||||
Interest component on rentals | 3.9 | 3.6 | 3.4 | 1.8 | 1.2 | |||||||||||||
Preference security dividend requirement | 11.9 | 13.6 | 15.7 | 15.7 | 15.8 | |||||||||||||
Total Fixed Charges (A) | $ | 228.1 | $ | 228.2 | $ | 230.3 | $ | 251.4 | $ | 247.5 | ||||||||
Earnings as defined: | ||||||||||||||||||
Pretax income (loss) from continuing operations | $ | 387.1 | $ | 426.2 | $ | (94.3 | ) | $ | 855.4 | $ | 373.7 | |||||||
Total fixed charges above | 228.1 | 228.2 | 230.3 | 251.4 | 247.5 | |||||||||||||
Pretax equity earnings of investees | (5.4 | ) | (5.2 | ) | (5.8 | ) | (3.7 | ) | 0.6 | |||||||||
Cash distributions from equity investees | 7.4 | 7.7 | 7.8 | 11.2 | 5.9 | |||||||||||||
Preference security dividend requirements from above | (11.9 | ) | (13.6 | ) | (15.7 | ) | (15.7 | ) | (15.8 | ) | ||||||||
Total Earnings (B) | $ | 605.3 | $ | 643.3 | $ | 122.3 | $ | 1,098.6 | $ | 611.9 | ||||||||
Ratio of Earnings to Fixed Charges (B/A) | 2.65 | 2.82 | .53 | 4.37 | 2.47 | |||||||||||||
For 2002, an additional $106.8 million in income before income taxes would be needed to obtain a ratio of 1.0. See Note 1G to the consolidated financial statements.
SCANA CORPORATION CALCULATION OF RATIOS FOR THE YEAR ENDED DECEMBER 31, 2004 (Dollars in Millions)