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EXHIBIT 12.1
VIDEOTRON LTEE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLION, EXCEPT FOR RATIO OF EARNINGS TO FIXED CHARGES)
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<Caption>
FOUR MONTHS NINE MONTHS
YEAR ENDED ENDED ENDED
AUGUST 31, DECEMBER 31, YEAR ENDED DECEMBER 31, SEPTEMBER
----------- ------------- ------------------------------------------ -------------------
1999 1999 2000 2001 2002 2003 2003 2004
----------- ------------- -------- -------- --------- -------- -------- --------
CANADIAN GAAP
Fixed charges
Interest expenses, before
interest income.............. $ 55.8 $22.3 $ 65.8 $ 89.8 $ 81.0 $ 86.3 $ 52.9 $ 45.7
Amortization of capitalized
expenses related to
indebtedness................. 4.5 (1.0) 1.8 2.5 4.6 4.1 3.8 1.0
Interest capitalized to the
cost of fixed assets......... 2.5 0.6 2.9 0.7 0.0 0.0 0.0 0.0
------ ----- ------ ------ --------- ------ ------ ------
$ 62.8 $21.9 $ 70.5 $ 93.0 $ 85.6 $ 90.4 $ 56.7 $ 46.7
------ ----- ------ ------ --------- ------ ------ ------
Earnings
Income from continuing
operation before income taxes
and non controlling
interest..................... $ 56.9 $39.5 $(64.6) $(63.0) $ 14.3 $ 90.2 $ 81.1 $111.0
Fixed charges.................. 62.8 21.9 70.5 93.0 85.6 90.4 56.7 46.7
Interest capitalized to the
cost of fixed assets......... (2.5) (0.6) (2.9) (0.7) 0.0 0.0 0.0 0.0
Amortization of capitalized
interest..................... 0.3 0.1 0.6 0.7 0.7 0.7 0.5 0.5
------ ----- ------ ------ --------- ------ ------ ------
$117.5 $60.9 $ 3.6 $ 30.0 $ 100.6 $181.3 $138.3 $158.2
------ ----- ------ ------ --------- ------ ------ ------
Ratio of earnings to fixed
charges........................ 2.8 0.1 0.3 1.2 2.0 2.4 3.4
------ ----- ------ ------ --------- ------ ------ ------
US GAAP
Fixed charges
Interest expenses, before
interest income.............. $ 77.7 $ 84.1 $ 43.5 $ 34.3
Amortization of capitalized
expenses related to
indebtedness................. 4.6 4.1 3.8 1.0
Interest capitalized to the
cost of fixed assets......... 0.0 0.0 0.0 0.0
--------- ------ ------ ------
$ 82.3 $ 88.2 $ 47.3 $ 35.3
--------- ------ ------ ------
Earnings
Income from continuing
operation before income taxes
and non controling
interest..................... $(1,979.1) $ 82.8 $ 82.3 $113.0
Fixed charges.................. 82.3 88.2 47.3 35.3
Interest capitalized to the
cost of fixed assets......... 0.0 0.0 0.0 0.0
Amortization of capitalized
interest..................... 0.7 0.7 0.5 0.5
--------- ------ ------ ------
$(1,896.1) $171.7 $130.1 $148.8
--------- ------ ------ ------
Ratio of earnings to fixed
charges........................ --(1) 1.9 2.8 4.2
--------- ------ ------ ------
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(1) For the year ended December 31, 2002, pro forma earnings as calculated under
US GAAP, were inadequate to cover our fixed charges and the coverage
deficiency $1,978.5 million.