EXHIBIT 12(A)-1
TXU EUROPE LIMITED
(SUCCESSOR COMPANY)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(L MILLION, EXCEPT RATIOS)
PERIOD FROM PERIOD FROM
FORMATION FORMATION
THROUGH THROUGH
DECEMBER 31, MARCH 31,
1998 1999
-------------- ------------
EARNINGS:
Net income/(loss) 77 126
Add: Minority income 11 21
Income tax expense 67 106
Fixed charges (see 281 369
detail below)
Less: Interest capitalized (4) (5)
---------- ---------
Total earnings 432 617
---------- ---------
FIXED CHARGES:
Interest expense 269 356
Add: Interest capitalized 4 5
Rentals representative 8 8
of the interest factor ---------- ---------
Total fixed charges 281 369
---------- ---------
RATIO OF EARNINGS TO FIXED 1.5 1.7
CHARGES ========== =========
PERIOD FROM
FORMATION SIX MONTHS
THROUGH ENDED
JUNE 30, 1998 JUNE 30, 1999
-------------- -------------
EARNINGS:
Net income/(loss) 10 76
Add: Minority income 3 9
Income tax expense 9 56
Fixed charges (see 50 173
detail below)
Less: Interest capitalized (2) (5)
---------- ---------
Total earnings 70 309
---------- ---------
FIXED CHARGES:
Interest expense 44 166
Add: Interest capitalized 2 5
Rentals representative 4 2
of the interest factor ---------- ---------
Total fixed charges 50 173
---------- ---------
RATIO OF EARNINGS TO FIXED 1.4 1.8
CHARGES ========== =========