Exhibit 12.2
The News Corporation Limited
Computation of Ratio of Earnings to Fixed Charges
(in accordance with US-GAAP)
For the six
months ended
December 31, For the years ended June 30,
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2002 2002 2001 2000 1999 1998
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(A$ in millions)
Earnings:
Pretax income from continuing operations (before minority interest) 1,000 (13,620) (184) 1,668 1,957 842
Addback:
Dividends received (distributed earnings) of less than 50% owned
companies 13 24 11 53 120 106
Amortization of capitalized interest 33 67 55 51 53 54
Fixed charges (exclusive of capitalized interest) 570 1,369 1,479 1,439 1,530 1,398
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Subtotal Earnings 1,616 (12,160) 1,361 3,211 3,660 2,400
Less:
Undistributed earnings of less than 50% owned companies (113) (49) (117) (167) (67) (172)
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Earnings available for Fixed Charges 1,503 (12,209) 1,244 3,044 3,593 2,228
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Fixed Charges:
Interest on debt 555 1,336 1,440 1,259 1,217 1,110
Finance lease charges 1 1 2 4 6 6
Capitalized interest 21 43 119 83 93 95
Interest expense of greater than or equal to 50% owned companies 2 7 9 52 184 167
Capitalized interest of greater than or equal to 50% owned companies - 1 - 8 - -
Interest element of rental expense 12 25 29 123 123 114
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Total Fixed Charges 591 1,413 1,599 1,529 1,623 1,492
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Ratio of Earnings to Fixed Charges 2.5 - - 2.0 2.2 1.5
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