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EXHIBIT 12.1
VIDEOTRON LTEE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS, EXCEPT FOR RATIO OF EARNINGS TO FIXED CHARGES)
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SIX MONTHS
ENDED
YEAR ENDED DECEMBER 31, JUNE 30,
----------------------------------------------------- -------------------
2000 2001 2002 2003 2004 2004 2005
-------- -------- --------- -------- -------- -------- --------
CANADIAN GAAP
Fixed charges
Interest expenses, before interest
income............................... $ 65.8 $ 89.8 $ 81.0 $ 86.3 $ 64.1 $30.2 $ 30.3
Amortization of capitalized expenses
related to indebtedness.............. 1.8 2.5 4.6 4.1 1.4 0.7 1.0
Interest capitalized to the cost of
fixed assets......................... 2.9 0.7 0.0 0.0 0.0 0.0 0.0
------ ------ --------- ------ ------ ----- ------
$ 70.5 $ 93.0 $ 85.6 $ 90.4 $ 65.5 $30.9 $ 31.3
------ ------ --------- ------ ------ ----- ------
Earnings
Income from continuing operation before
income taxes and non controlling
interest............................. $(64.6) $(63.0) $ 14.3 $ 90.2 $144.0 $64.2 $ 91.9
Fixed charges.......................... 70.5 93.0 85.6 90.4 65.5 30.9 31.3
Interest capitalized to the cost of
fixed assets......................... (2.9) (0.7) 0.0 0.0 0.0 0.0 0.0
Amortization of capitalized interest... 0.6 0.7 0.7 0.7 0.0 0.0 0.0
------ ------ --------- ------ ------ ----- ------
$ 3.6 $ 30.0 $ 100.6 $181.3 $209.6 $95.1 $123.3
------ ------ --------- ------ ------ ----- ------
Ratio of earnings to fixed charges....... 0.1 0.3 1.2 2.0 3.2 3.1 3.9
------ ------ --------- ------ ------ ----- ------
US GAAP
Fixed charges
Interest expenses, before interest
income............................... $ 77.7 $ 84.1 $ 51.6 $23.6 $ 25.0
Amortization of capitalized expenses
related to indebtedness.............. 4.6 4.1 1.4 0.6 0.9
Interest capitalized to the cost of fixed
assets................................. 0.0 0.0 0.0 0.0 0.0
--------- ------ ------ ----- ------
$ 82.3 $ 88.2 $ 53.0 $24.2 $ 25.9
--------- ------ ------ ----- ------
Earnings
Income from continuing operation before
income taxes and non controlling
interest............................. $(1,979.1) $ 82.8 $142.6 $64.7 $ 91.0
Fixed charges.......................... 82.3 88.2 53.0 24.2 25.9
Interest capitalized to the cost of
fixed assets......................... 0.0 0.0 0.0 0.0 0.0
Amortization of capitalized interest... 0.7 0.7 0.0 0.0 0.0
--------- ------ ------ ----- ------
$(1,896.1) $171.7 $195.6 $88.9 $117.0
--------- ------ ------ ----- ------
Ratio of earnings to fixed charges....... -- 1.9 3.7 3.7 4.5
--------- ------ ------ ----- ------
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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 amounted to $1,978.5 million.