EXHIBIT 12.1
THE AES CORPORATION AND SUBSIDIARIES
STATEMENT RE: CALCULATIONS OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, unaudited)
Three Months
Year Ended December 31, Ended
--------------------------------------- March 31,
1994 1995 1996 1997 1998 1999
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Actual:
COMPUTATION OF EARNINGS:
Income from continuing operations
before income taxes............... $ 151 $ 175 $ 207 $ 284 $ 546 $ (1)
Adjustment for undistributed equity
earnings, net of distributions......... (12) (5) (34) (78) (107) 109
Interest expense....................... 122 122 138 228 460 125
Depreciation of previously capitalized
interest.......................... 4 4 4 4 6 2
Net amortization of issuance costs..... 4 5 6 16 25 8
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Earnings $ 269 $ 301 $ 321 $ 454 $ 930 $ 243
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COMPUTATION OF FIXED CHARGES:
Interest expensed and capitalized
amounts (including construction
related fixed charges)............ $ 124 $ 132 $ 165 $ 295 $ 539 $ 143
Net amortization of issuance costs
(including capitalized amounts)... 4 5 6 16 25 8
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Fixed charges.......................... $ 128 $ 137 $ 171 $ 311 $ 564 $ 151
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Ratio of earnings to fixed charges 2.10x 2.20x 1.88x 1.46x 1.65x 1.61x