Exhibit 12.3
Coso Power Developers (Navy II Partnership)
Ratio of Earnings to Fixed Charges
Ratio of EBITDA before cumulative effect of accounting change to Fixed Charges
Ratio of EBITDA before cumulative effect of accounting change less
Capital Expenditures to Fixed Charges
(dollars in thousands)
Year Ended December 31,
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1994 1995 1996 1997 1998
Net income $51,934 $58,394 $68,240 $66,702 $70,457
Cumulative effect of accounting change - - - - 1,664
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Income before cumulative effect of
accounting change 51,934 58,394 68,240 66,702 72,121
Fixed charges 14,736 13,868 12,149 10,532 8,122
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Earnings plus fixed charges $66,670 $72,262 $80,389 $77,234 $80,243
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Fixed charges (Interest expense which
includes amortization of debt issuance costs $14,736 $13,868 $12,149 $10,532 $ 8,122
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Ratio of earnings to fixed charges 4.5x 5.2x 6.6x 7.3x 9.9x
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Net income $51,934 $58,394 $68,240 $66,702 $70,457
Interest expense 14,736 13,868 12,149 10,532 8,122
Depreciation and amortization 11,800 12,848 13,054 13,354 13,744
Cumulative effect of accounting change - - - - 1,664
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EBITDA before cumulative effect of
accounting change $78,470 $85,110 $93,443 $90,588 $93,987
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EBITDA before cumulative effect of accounting
change $78,470 $85,110 9$3,443 $90,588 $93,987
Capital expenditures 18,894 6,367 4,333 7,992 6,939
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EBITDA before cumulative effect of
accounting change less capital expenditures $59,576 $78,743 $89,110 $82,596 $87,048
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Ratio of EBITDA before cumulative effect of
accounting change to fixed charges 5.3x 6.1x 7.7x 8.6x 11.6x
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Ratio of EBITDA before cumulative effect of
accounting change less capital expenditures
to fixed charges 4.0x 5.7x 7.3x 7.8x 10.7x
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Three Months Ended March 31, 1999
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Two Months One Month
Three Months Ended Ended
Ended February March 31,
March 31, 1998 1999 1999 Total
Net income $14,104 $9,366 $1,947 $11,313
Cumulative effect of accounting change - - - -
--------------------------------------------------
Income before cumulative effect of
accounting change 14,104 9,366 1,947 11,313
Fixed charges 2,235 953 1,792 2,745
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Earnings plus fixed charges $16,339 $10,319 $3,739 $14,058
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Fixed charges (Interest expense which
includes amortization of debt issuance costs $ 2,235 $ 953 $1,792 $ 2,745
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Ratio of earnings to fixed charges 7.3x 10.8x 2.1x 5.1x
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Net income $ 14,104 $ 9,366 $ ,947 $11,313
Interest expense 2,235 953 1,792 2,745
Depreciation and amortization 3,493 2,339 1,188 3,527
Cumulative effect of accounting change - - - -
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EBITDA before cumulative effect of
accounting change $19,832 $12,658 $4,927 $17,585
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EBITDA before cumulative effect of accounting change $19,832 $12,658 $4,927 $17,585
Capital expenditures 808 1,126 191 1,317
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EBITDA before cumulative effect of accounting change
less capital expenditures $19,024 $11,532 $4,736 $16,268
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Ratio of EBITDA before cumulative effect of accounting
change to fixed charges 8.9x 13.3x 2.7x 6.4x
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Ratio of EBITDA before cumulative effect of accounting
change less capital expenditures to fixed charges 8.5x 12.1x 2.6x 5.9x
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