Exhibit 12
NTL Incorporated (formerly NTL Communications Corp.)
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
2002(1) | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest | $ | 826.5 | $ | 1,308.5 | $ | 981.4 | $ | 719.9 | $ | 356.6 | ||||||||||
Amortization of debt expense | 31.4 | 29.4 | 33.8 | 18.0 | 10.2 | |||||||||||||||
Interest portion of rental expense | 46.7 | 24.8 | 15.4 | 9.2 | 9.8 | |||||||||||||||
Fixed charges | 904.6 | 1,362.7 | 1,030.6 | 747.1 | 376.6 | |||||||||||||||
Preferred stock dividend requirement | — | — | — | 13.1 | 18.8 | |||||||||||||||
Combined fixed charges and preferred stock dividend requirement | $ | 904.6 | $ | 1,362.7 | $ | 1,030.6 | $ | 760.2 | $ | 395.4 | ||||||||||
Earnings: | ||||||||||||||||||||
(Loss)from operations | $ | (2,401.5 | ) | $ | (11,718.9 | ) | $ | (2,468.0 | ) | $ | (743.4 | ) | $ | (507.2 | ) | |||||
Fixed charges | 904.6 | 1,362.7 | 1,030.6 | 747.1 | 376.6 | |||||||||||||||
Less:Capitalized interest | (46.3 | ) | (67.7 | ) | (95.1 | ) | (41.8 | ) | (27.8 | ) | ||||||||||
$ | (1,543.2 | ) | $ | (10,423.9 | ) | $ | (1,532.5 | ) | $ | (38.1 | ) | $ | (158.4 | ) | ||||||
Ratio of Earnings to Fixed Charges(2) | — | — | — | — | — |
The ratio of earnings to fixed charges and combined fixed charges and preferred stock dividends is not meaningful for the periods that result in a deficit. |
(1) In accordance with SOP 90-7, the Company discontinued accruing interest on certain of its debt. For the year ended December 31, 2002, contractual interest was $1,425.4 million, which was $645.2 million in excess of reported interest expense.
(2) For the years ended December 31, 2002, 2001, 2000, 1999 and 1998, the deficit of earnings to fixed charges was $2,447.8 million, $11,786.6 million, $2,563.1 million $785.2 million and $535.0 million, respectively. For the years ended December 31, 1999, 1998 and 1997, the deficit of earnings to combined fixed charges and preferred stock dividends was $798.3 million, $553.8 million and $362.9 million, respectively.