EXHIBIT 12(B)-1
EASTERN GROUP PLC AND SUBSIDIARIES
(PREDECESSOR COMPANY)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(US GAAP BASIS)
(L MILLION, EXCEPT RATIOS)
PERIOD PERIOD
FROM FROM
APRIL 1, JANUARY
1998 1, 1998
YEAR ENDED YEAR ENDED THROUGH THROUGH
MARCH 31, MARCH 31, MAY 18, MAY 18,
1997 1998 1998 1998
---------- ---------- ----------- ----------
EARNINGS:
Net income/(loss) (90) (38) (21) 16
Add: Minority income 1 0 0 0
Income tax expense 304 189 (5) 35
Fixed charges (see
detail below) 140 204 28 79
Less: Interest
capitalized (11) 0 0 0
------- ------- ------- -------
Total earnings 344 355 2 130
------- ------- ------- -------
FIXED CHARGES:
Interest expense 128 202 28 76
Add: Interest
capitalized 11 0 0 0
Rentals
representative
of the interest
factor 1 2 0 3
------- ------- ------- -------
Total fixed charges 140 204 28 79
------- ------- ------- -------
RATIO OF EARNINGS TO 2.5 1.7 0.1(a) 1.6
FIXED CHARGES ======= ======= ======= =======
(a) For the period from April 1, 1998 through May 18, 1998, fixed
charges exceeded earnings by L26 million.