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NTL INCORPORATED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002(1) | 2001 | 2000 | 1999 | |||||||||||
| Reorganized Company | Predecessor Company | Predecessor Company | Predecessor Company | Predecessor Company | |||||||||||
| (in millions) | |||||||||||||||
Fixed charges: | ||||||||||||||||
Interest | $ | 673.6 | $ | 826.5 | $ | 1,308.5 | $ | 981.4 | $ | 719.9 | ||||||
Amortization of debt expense | 78.3 | 31.4 | 29.4 | 33.8 | 18.0 | |||||||||||
Interest portion of rental expense | 28.0 | 46.7 | 24.8 | 15.4 | 9.2 | |||||||||||
Fixed charges | 779.9 | 904.6 | 1,362.7 | 1,030.6 | 747.1 | |||||||||||
Preferred stock dividend requirement | — | — | — | — | 13.1 | |||||||||||
Combined fixed charges and preferred stock dividend requirement | $ | 779.9 | $ | 904.6 | $ | 1,362.7 | $ | 1,030.6 | $ | 760.2 | ||||||
Earnings: | ||||||||||||||||
(Loss) from operations | $ | (954.1 | ) | $ | (2,401.5 | ) | $ | (11,718.9 | ) | $ | (2,468.0 | ) | $ | (743.4 | ) | |
Fixed charges | 779.9 | 904.6 | 1,362.7 | 1,030.6 | 747.1 | |||||||||||
Less: capitalized interest | (5.5 | ) | (46.3 | ) | (67.7 | ) | (95.1 | ) | (41.8 | ) | ||||||
$ | (179.7 | ) | $ | (1,543.2 | ) | $ | (10,423.9 | ) | $ | (1,532.5 | ) | $ | (38.1 | ) | ||
Ratio of Earnings to Fixed Charges(2) | ||||||||||||||||
Deficiency | (959.6 | ) | (2,447.8 | ) | (11,786.6 | ) | (2,563.1 | ) | (798.3 | ) |
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, 2003, 2002, 2001, 2000 and 1999, the deficit of earnings to fixed charges was $959.6 million, $2,447.8 million, $11,786.6 million, $2,563.1 million and $785.2 million, respectively. For the year ended December 31, 1999, the deficit of earnings to combined fixed charges and preferred stock dividends was $798.3 million.
NTL INCORPORATED AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES