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Nortel Networks 10-Q 2008

Documents found in this filing:

  1. 10-Q
  2. Ex-10.1
  3. Ex-12
  4. Ex-31.1
  5. Ex-31.2
  6. Ex-32
  7. Ex-32
EX-12

EXHIBIT 12

NORTEL NETWORKS CORPORATION

Computation of Ratio of Earnings to Fixed Charges and Dividends

 

(millions of U.S. Dollars)

   Three months
ended
September 30,
2008
    Nine months
ended
September 30,
2008
    Years ended December 31,  
       2007    2006    2005
As restated
    2004
As restated
    2003
As restated
 

Earnings (loss) from operations before minority interest, equity in net earnings of associated companies and income taxes

   (1,263 )   (1,286 )   270    141    (2,656 )   (283 )   116  

Add:

                

Fixed charges

   110     324     547    447    311     290     320  

Amortization of capitalized interest

   —       —       —      —      —       —       (2 )

Pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges

   —       —       —      —      —       —       —    

Distributed income from equity investees

   —       —       —      —      —       —       —    

Subtract:

                

Interest capitalized

   —       —       5    —      —       —       —    

Preference security dividend requirements of consolidated subsidiaries

   6     18     38    33    25     20     23  

Minority interest in pre-tax income of subsidiaries without fixed charges

   21     154     115    59    39     33     48  
                                        

Income (loss) as adjusted

   (1,180 )   (1,135 )   659    496    (2,409 )   (46 )   363  
                                        

Fixed charges:

                

Interest expense

                

– Long-term debt

   78     225     352    272    209     192     178  

– Other

   3     12     29    68    10     10     28  

1/3 of rental expense on operating leases deemed to be representative of interest expense

   20     57     109    66    58     60     87  

Preference security dividend requirements of consolidated subsidiaries

   6     18     38    33    25     20     23  

Amortized premiums, discounts and capitalized expenses related to indebtedness

   3     11     19    8    9     8     4  
                                        

Fixed charges

   110     324     547    447    311     290     320  
                                        

Nortel Networks Corporation preference security dividend

   —       —       —      —      —       —       —    
                                        

Combined fixed charges and preference security dividend requirements

   110     324     547    447    311     290     320  
                                        

Ratio of earnings to fixed charges

   *     *     1.2    1.1    *     *     1.1  
                                        

Ratio of earnings to combined fixed charges and preference security dividend requirements

   **     **     1.2    1.1    **     **     1.1  
                                        

 

* The earnings of Nortel Networks Corporation were inadequate to cover fixed charges for the three and nine months ended September 30, 2008 by $1,290 and $1,459, respectively, and for the years ended December 31, 2005 and 2004, by $2,720 and $336, respectively.

 

** The earnings of Nortel Networks Corporation were inadequate to cover combined fixed charges and preference security dividend requirements for the three and nine months ended September 30, 2008 by $1,290 and $1,459, respectively, and for the years ended December 31, 2005 and 2004, by $2,720 and $336, respectively.
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