Exhibit 99.1 AES CHINA GENERATING CO. LTD. STATEMENT RE: COMPUTATION OF FIXED CHARGE COVERAGE RATIO (in thousands, except ratio amounts) Six months ended May 31, 1997 1996 ----------------------------------------------- Adjusted Cash Flow (A) Cash Inflow: (i) Dividend, distribution, payment of interest and scheduled repayment of loan received by the Company and its Wholly Owned Subsidiaries from the Project Companies $ 2,297 $ 447 (ii) 50% of the combined interest income of the Company, and its Wholly Owned Subsidiaries from cash, cash equivalents and investments in marketable securities 2,166 1,741 --------------------- ---------------------- 4,463 2,188 --------------------- ---------------------- (B) Cash Outflow: (i) Selling, general and administrative expenses of the Company and its Wholly Owned Subsidiaries 1,443 993 (ii) Company Designated Costs 854 4,862 --------------------- ---------------------- 2,297 5,855 --------------------- ---------------------- $ 2,166 $ (3,667) ===================== ====================== Adjusted Interest Expenses $ 8,563 $ -- ===================== ====================== Fixed Charge Coverage Ratio 0.25: 1.0 -- ===================== ======================