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