EXHIBIT 12.1
SUN MEDIA CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
CANADIAN GAAP
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Year ended December 31,
1998 1999 2000 2001 2002
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Fixed charges
Interest expense, before interest income N/A $64,582 $53,697 $42,289 $33,300
Amortization of capitalized expenses related
to indebtedness N/A 1,021 732 1,184 1,352
Interest capitalized to the cost of fixed assets N/A - 51 397 -
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- $65,603 $54,480 $43,870 $34,652
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Earnings
Income from continuing operations before
income taxes and non-controlling interest N/A $76,171 $105,571 $189,057 $363,006
Fixed charges N/A 65,603 54,480 43,870 34,652
Interest capitalized to the cost of fixed assets N/A - (51) (397) -
Amortization of capitalized interest N/A - - 30 30
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- $141,774 $160,000 $232,560 $397,688
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Ratio of earnings to fixed charges N/A 2.16 2.94 5.30 11.48
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US GAAP
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Year ended December 31,
1998 1999 2000 2001 2002
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Fixed charges
Interest expense, before interest income N/A $64,582 $53,697 $134,962 $230,779
Amortization of capitalized expenses related
to indebtedness N/A 1,021 732 2,997 (341)
Interest capitalized to the cost of fixed assets N/A - 51 397 -
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- $65,603 $54,480 $138,356 $230,438
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Earnings
Income from continuing operations before
income taxes and non-controlling interest N/A $73,208 $99,039 $ 93,712 $166,265
Fixed charges N/A 65,603 54,480 138,356 230,438
Interest capitalized to the cost of fixed assets N/A - (51) (397) -
Amortization of capitalized interest N/A - - 30 30
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- $138,811 $153,468 $231,701 $396,733
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Ratio of earnings to fixed charges N/A 2.12 2.82 1.67 1.72
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SUN MEDIA CORPORATION
COMPUTATION OF PRO FORMA EARNINGS TO FIXED CHARGES
CANADIAN GAAP
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Year ended December 31, 2002
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Fixed charges
Interest expense, before interest income $ 37,224
Amortization of capitalized expenses related to indebtedness 1,487
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$ 38,711
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Earnings
Income from continuing operations before
income taxes and non-controlling interest $358,947
Fixed charges 38,711
Amortization of capitalized interest 30
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$397,688
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Proforma ratio of earnings to fixed charges 10.27
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US GAAP
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Year ended December 31, 2002
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Fixed charges
Interest expense, before interest income $234,703
Amortization of capitalized expenses related to indebtedness (206)
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$234,497
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Earnings
Income from continuing operations before
income taxes and non-controlling interest $162,206
Fixed charges 234,497
Amortization of capitalized interest 30
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$396,733
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Proforma ratio of earnings to fixed charges 1.69
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