Enel Americas (ENIA) F-4/ARegistration of securities (foreign) (amended)

Filed: 30 Jul 04, 12:00am

Exhibit 12

Ratio of Earnings to Fixed Charges


																For the six months
	Year ended December 31,															ended June 30,
	1999			2000			2001			2002			2003			2003			2004
	(millions of constant Ch$ as of december 31, 2003)
Chilean GAAP
Fixed Charges:
Financial Expenses		499,575			505,044			457,329			443,931			420,433			208,283			186,939
Capitalized interest cost		22,503			21,537			24,695			19,663			10,479			6,983			5,585

Fixed charges		522,078			526,582			482,024			463,594			430,912			215,266			192,524

Earnings:
Pretax income (loss) from continuing operations		7,958			244,405			173,724			(136,709	)		54,039			97,973			125,938
Fixed charges		522,078			526,582			482,024			463,594			430,912			215,266			192,524
Sub total		530,037			770,987			655,748			326,885			484,951			313,239			318,462
Less: interest capitalized during the period		(22,503	)		(21,537	)		(24,695	)		(19,663	)		(10,479	)		(6,983	)		(5,585	)
Less: undistributed earnings of equity method investees		(1,738	)		(77	)		10,806			(8,347	)		(17,517	)		(20,086	)		(16,095	)

Earnings		505,795			749,373			641,859			298,876			456,955			286,170			298,782


Ratio of earnings to fixed charges		0.97			1.42			1.33			0.64			1.06			1.33			1.54


																For the six months
	Year ended December 31,															ended June 30,
	1999			2000			2001			2002			2003			2003		2004
	(millions of constant Ch$ as of december 31, 2003)
US GAAP
Fixed Charges:
Financial Expenses		484,019			470,309			452,594			439,700			430,912			—		—
Capitalized interest cost		38,059			56,273			29,429			23,894			15,664			—		—

Fixed charges		522,078			526,582			482,024			463,594			446,576			—		—

Earnings:
Pretax income (loss) from continuing operations		(34,670	)		310,378			250,466			(323,976	)		51,018			—		—
Fixed charges		522,078			526,582			482,024			463,594			446,576			—		—
Sub total		487,408			836,960			732,489			139,618			497,594			—		—
Less: interest capitalized during the period		(38,059	)		(56,273	)		(29,429	)		(23,894	)		(15,664	)		—		—
Less: undistributed earnings of equity method investees		1,286			(235	)		11,221			(2,457	)		—			—		—

Earnings		450,635			780,451			714,281			113,267			481,930			—		—


Ratio of earnings to fixed charges		0.86			1.48			1.48			0.24			1.08			N/A		N/A

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