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EXHIBIT 12.1
ROGERS CABLE INC.
COMPUTATION OF DEFICIENCY OF EARNINGS AVAILABLE TO COVER FIXED CHARGES
CANADIAN GAAP
Year ended December 31, Nine months ended September 30,
1999 2000 2001 2002 2003 2003 2004
--------- --------- --------- --------- --------- --------- ----------
(in thousands of Canadian dollars)
Fixed charges
Interest expense $ 292,993 $ 192,025 $ 174,626 $ 213,332 $ 240,670 $ 180,612 $ 181,863
Amortization of deferred
financing costs 4,978 4,357 6,009 8,464 5,464 3,884 4,210
Interest expense included
in rent expense 18,092 19,301 21,415 23,230 23,767 17,825 18,199
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$ 316,063 $ 215,683 $ 202,050 $ 245,026 $ 269,901 $ 202,321 $ 204,272
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Earnings
Pre tax loss $ (80,511) $ (47,867) $(141,391) $(205,217) $ (47,302) $ (49,798) $ (72,768)
Fixed charges 316,063 215,683 202,050 245,026 269,901 202,321 204,272
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$ 235,552 $ 167,816 $ 60,659 $ 39,809 $ 222,599 $ 152,523 $ 131,504
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Deficiency of earnings available
to cover fixed charges $ 80,511 $ 47,867 $ 141,391 $ 205,217 $ 47,302 $ 49,798 $ 72,768
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US GAAP
Year ended December 31, Nine months ended September 30,
1999 2000 2001 2002 2003 2003 2004
--------- --------- --------- --------- --------- --------- ----------
(in thousands of Canadian dollars)
Fixed charges
Interest expense $ 292,993 $ 188,201 $ 172,297 $ 206,616 $ 236,161 $ 177,425 $ 178,862
Capitalized interest -- 3,824 2,329 6,716 4,509 3,187 3,001
Amortization of deferred
financing costs 4,978 4,357 6,009 8,464 5,464 3,884 4,210
Interest expense in
rent expense 18,092 19,301 21,415 23,230 23,767 17,825 18,199
--------- --------- --------- --------- --------- --------- ---------
$ 316,063 $ 215,683 $ 202,050 $ 245,026 $ 269,901 $ 202,321 $ 204,272
========= ========= ========= ========= ========= ========= =========
Earnings
Pre tax loss $(107,314) $ (5,253) $(106,136) $(150,999) $(154,387) $(135,549) $ (41,197)
Fixed charges 316,063 215,683 202,050 245,026 269,901 202,321 204,272
Amortization of capitalized
interest -- -- 498 1,449 1,265 906 1,444
Capitalized interest -- (3,824) (2,329) (6,716) (4,509) (3,187) (3,001)
--------- --------- --------- --------- --------- --------- ---------
$ 208,749 $ 206,606 $ 94,083 $ 88,760 $ 112,270 $ 64,491 $ 161,518
========= ========= ========= ========= ========= ========= =========
Deficiency of earnings available
to cover fixed charges $ 107,314 $ 9,077 $ 107,967 $ 156,266 $ 157,631 $ 137,830 $ 42,754
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