EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
CanWest Media Inc.
Fixed Charge Ratio in
thousands of Canadian Dollars
Year ended August 31, 6 months ended
------------------------------------------------------- February 28,
1998 1999 2000 2001 2002 2003
-------- -------- -------- -------- ------- ------------
NET INCOME 195,898 130,325 176,273 97,682 97,910 116,768
Eliminate:
income taxes 56,007 40,679 41,757 (27,280) 47,610 27,965
financing expenses 37,955 42,580 59,813 268,843 255,006 127,135
interest component of rent expense 1,257 1,390 1,598 3,705 5,779 2,890
interest in earnings of equity accounted
affiliates (74,060) (68,749) (74,480) (38,076) 13,338 (35,882)
Add:
Dividends from equity accounted affiliates 76,166 60,001 76,729 72,146 60,984 30,212
-------- -------- -------- -------- ------- --------
INCOME BEFORE TAXES AND FIXED CHARGES 293,223 206,226 281,690 377,020 480,627 269,088
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FIXED CHARGES
Financing expense including amortization 37,955 42,580 59,813 250,943 255,006 127,135
Preferred Dividend 76,140 106,084 57,158
Interest component of rent expense 1/3 1,257 1,390 1,598 3,705 5,779 2,890
-------- -------- -------- -------- ------- --------
TOTAL FIXED CHARGES 39,212 43,970 61,411 330,788 366,869 187,183
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RATIO OF EARNINGS TO FIXED CHARGES 7.5 4.7 4.6 1.1 1.3 1.4