THE AES CORPORATION AND SUBSIDIARIES
Calculations of Ratio of Earnings to Fixed Charges
(in thousands, unaudited)
Three Months
Ended
Year Ended December 31, March 31,
1992 1993 1994 1995 1996 1997
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As defined:
Income from continuing operations before
income taxes ...................................... $ 65,161 $ 89,392 $ 141,807 $ 163,655 $ 185,284 $ 55,758
Adjustment for undistributed income .................. (2,509) (10,578) (12,039) (14,254) (35,677) (16,000)
Distributions from affiliates ........................ -- -- 6,116 17,499 15,781 --
Interest expense ..................................... 97,158 125,019 121,793 121,927 137,708 42,082
Depreciation of previously capitalized interest ...... 3,996 4,487 4,487 4,487 4,487 1,119
Net amortization of issuance costs ................... 2,775 2,558 3,500 4,630 5,818 2,004
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Earnings ............................................. $ 166,581 $ 210,878 $ 265,664 $ 297,944 $ 313,401 $ 84,963
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Interest expensed and capitalized amounts
(including construction related fixed charges) .... $ 118,178 $ 126,965 $ 123,945 $ 131,934 $ 164,708 $ 54,014
Net amortization of issuance costs (including
capitalized amounts) .............................. 3,120 2,558 3,500 4,630 5,818 2,004
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Fixed charges ........................................ $ 121,298 $ 129,523 $ 127,445 $ 136,564 $ 170,526 $ 56,018
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Ratio of earnings to fixed charges 1.37x 1.63x 2.08x 2.18x 1.84x 1.52x