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EXHIBIT 12.3
ROGERS CABLE INC.
COMPUTATION OF FINANCIAL RATIOS
Year Ended December 31,
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1998 1999 2000 2001 2002
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(dollars in thousands)
AMOUNTS UNDER CANADIAN GAAP
Operating income before interest,
income taxes, depreciation,
amortization, and other items (A) $ 377,962 $ 388,049 $ 431,833 $ 488,024 $ 531,735
Interest expense (B) $ 300,547 $ 292,993 $ 192,025 $ 174,626 $ 213,332
Senior debt (C) $1,757,432 $1,156,518 $1,455,446 $1,452,175 $2,181,649
Total debt (excluding inter-company
deeply subordinated debt) (D) $2,311,745 $1,870,349 $1,619,710 $2,102,743 $2,557,555
Total debt to operating income
before interest, income taxes, depreciation,
amortization, and other items (D) / (A) 6.12 4.82 3.75 4.31 4.81
Senior debt to operating income
before interest, income taxes, depreciation,
amortization, and other items (C) / (A) 4.65 2.98 3.37 2.98 4.10
Operating income before interest, income
taxes, depreciation, amortization,
and other items to total interest expense (1) (A) / (B) 1.59 1.62 2.25 2.79 2.49
Three months ended (2)
March 31,
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2002 2003
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AMOUNTS UNDER CANADIAN GAAP
Operating income before interest,
income taxes, depreciation,
amortization, and other items $ 123,726 $ 148,728
Interest expense $ 43,403 $ 58,536
Senior debt $2,146,123 $2,266,448
Total debt (excluding inter-company
deeply subordinated debt) $2,311,098 $2,580,831
Total debt to operating income
before interest, income taxes, depreciation,
amortization, and other items 4.67 4.34
Senior debt to operating income
before interest, income taxes, depreciation,
amortization, and other items 4.34 3.81
Operating income before interest, income
taxes, depreciation, amortization,
and other items to total interest expense (1) 2.85 2.54
Footnote references:
(1) For purposes of this ratio, interest expense excludes interest expense on
inter-company deeply subordinated debt. Interest expense for inter-company
deeply subordinated debt amounted to $62,326 and $53,558 for the years
ended December 31, 1998 and 1999, respectively.
(2) For purposes of calculating these financial ratios at March 31, 2002 and
2003, operating income before interest, income taxes, depreciation,
amortization, and other items has been annualized for the three months
ended March 31, 2002 and 2003.