MediaOne Group, Inc.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Dollars in Millions)
Quarter Ended
9/30/1999 9/30/1998
- - --------- ---------
Income from continuing operations
before income taxes $ 275 $ (244)
Interest expense (net of amounts
capitalized) 114 86
Interest factor on rentals (1/3) 1 3
Equity losses in unconsolidated
ventures (less than 50% owned) 6 38
Minority interest expense 50 11
--------- ---------
Earnings $ 446 $ (106)
========= =========
Interest expense $ 117 $ 96
Interest factor on rentals (1/3) 1 3
Minority interest expense 50 11
Preferred stock dividends (pre-tax
equivalent) 23 20
--------- ---------
Fixed charges $ 191 $ 130
========= =========
Ratio of earnings to combined fixed
charges and preferred stock dividends 2.34 A - B
--------- ---------
A) Earnings for the quarter ended September 30, 1999 include gains on sales
of investments of $581. Without these gains, earnings would be
insufficient to cover fixed charges by $326.
B) Earnings for the quarter ended September 30, 1998 were insufficient to
cover fixed charges by $236.
50
MediaOne Group, Inc.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(Dollars in Millions)
Year-to-Date
9/30/1999 9/30/1998
--------- ---------
Income from continuing operations
before income taxes $ 794 $ 3,144
Interest expense (net of amounts
capitalized) 313 379
Interest factor on rentals (1/3) 3 6
Equity losses in unconsolidated
ventures (less than 50% owned) 147 176
Minority interest expense 168 53
--------- ---------
Earnings $ 1,425 $ 3,758
========= =========
Interest expense $ 324 $ 414
Interest factor on rentals (1/3) 3 6
Minority interest expense 168 53
Preferred stock dividends (pre-tax
equivalent) 69 69
--------- ---------
Fixed charges $ 564 $ 542
========= =========
Ratio of earnings to combined fixed
charges and preferred stock dividends 2.53 A 6.93 B
- - --------- ---------
A) Earnings for the period ended September 30, 1999 include a $2,482 gain
from the exchange of Airtouch shares for Vodafone shares, as well as
gains on sales of other investments of $805, partially offset by merger
costs of $1,537. Without the net gain of $1,750, earnings would be
insufficient to cover fixed charges by $889.
B) Earnings for the period ended September 30, 1998 include a $3,869 gain
from the sale of domestic wireless operations. Without the gain, earnings
would be insufficient to cover fixed charges by $653.
51
MediaOne Group, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Quarter Ended
9/30/1999 9/30/1998
--------- ---------
Income from continuing operations
before income taxes $ 275 $ (244)
Interest expense (net of amounts
capitalized) 114 86
Interest factor on rentals (1/3) 1 3
Equity losses in unconsolidated
ventures (less than 50% owned) 6 38
Minority interest expense 50 11
--------- ---------
Earnings $ 446 $ (106)
========= =========
Interest expense $ 117 $ 96
Interest factor on rentals (1/3) 1 3
Minority interest expense 50 11
--------- ---------
Fixed charges $ 168 $ 110
========= =========
Ratio of earnings to fixed charges 2.65 A - B
-------- ---------
A) Earnings for the quarter ended September 30, 1999 include gains on
sales of investments of $581. Without these gains, earnings would be
insufficient to cover fixed charges by $303.
B) Earnings for the quarter ended September 30, 1998 were insufficient to
cover fixed charges by $216.
52
MediaOne Group, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Year-to-Date
9/30/1999 9/30/1998
--------- ---------
Income from continuing operations
before income taxes $ 794 $ 3,144
Interest expense (net of amounts
capitalized) 313 379
Interest factor on rentals (1/3) 3 6
Equity losses in unconsolidated
ventures (less than 50% owned) 147 176
Minority interest expense 168 53
--------- ---------
Earnings $ 1,425 $ 3,758
========= =========
Interest expense $ 324 $ 414
Interest factor on rentals (1/3) 3 6
Minority interest expense 168 53
--------- ---------
Fixed charges $ 495 $ 473
========= =========
Ratio of earnings to fixed charges 2.88 A 7.95 B
--------- ---------
A) Earnings for the period ended September 30, 1999 include a $2,482 gain
from the exchange of Airtouch shares for Vodafone shares, as well as
gains on sales of other investments of $805, partially offset by merger
costs of $1,537. Without the net gain of $1,750, earnings would be
insufficient to cover fixed charges by $820.
B) Earnings for the period ended September 30, 1998 include a $3,869 gain
from the sale of domestic wireless operations. Without the gain, earnings
would be insufficient to cover fixed charges by $584.
53