EXHIBIT 12.1
THE AES CORPORATION AND SUBSIDIARIES
STATEMENT RE: CALCULATIONS OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, unaudited)
Nine Months
Ended
Year Ended December 31, September 30,
1992 1993 1994 1995 1996 1997
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Actual:
COMPUTATION OF EARNINGS:
Income from continuing operations $ 65 $ 89 $ 142 $ 164 $ 185 $ 182
before income taxes
Adjustment for undistributed equity
earnings, net of distributions (3) (11) (6) 3 (20) (39)
Interest expense 97 125 122 122 138 148
Depreciation of previously capitalized
interest 4 4 4 4 4 4
Net amortization of issuance costs 3 3 4 5 6 6
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Earnings $ 166 $ 210 $ 266 $ 298 $ 313 $ 301
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COMPUTATION OF FIXED CHARGES:
Interest expensed and capitalized
amounts (including construction
related fixed charges) $ 118 $ 127 $ 124 $ 132 $ 165 $ 202
Net amortization of issuance costs
(including capitalized amounts) 3 3 4 5 6 6
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Fixed charges $ 121 $ 130 $ 128 $ 137 $ 171 $ 208
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Ratio of earnings to fixed charges 1.37x 1.62x 2.08x 2.18x 1.83x 1.45x