F-3ASR
BAIDU, INC. filed this Form F-3ASR on 06/26/2017
Entire Document
 
EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year ended December 31,     Three months
ended March
31,
 
     2012     2013     2014     2015     2016     2017  

Earnings:

            

Income before income taxes

     11,965,437       12,216,707       14,484,406       37,906,623       14,509,207       2,175,367  

Add-back of loss from equity method investments

     67,745       (24,673     19,943       (3,867     1,025,727       76,128  

Add-back of fixed charges

     206,355       553,605       794,746       1,465,306       1,816,076       505,420  

Less: interest capitalized

     —         —         (36,289     (5,774     (43,032     (10,979

Less: accretion of the redeemable equity interests of the consolidated subsidiaries

     (36,534     (68,761     (52,683     (329,180     (557,918     (162,435
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     12,203,003       12,676,878       15,210,123       39,033,108       16,750,060       2,583,501  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Interest expenses

     107,857       447,084       628,571       1,041,394       1,157,562       323,366  

Interest capitalized

     —         —         36,289       5,774       43,032       10,979  

Estimated interest portion of rental expenses

     26,663       37,760       77,203       88,958       57,564       8,640  

Accretion of the redeemable equity interests of the consolidated subsidiaries

     71,835       68,761       52,683       329,180       557,918       162,435  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     206,355       553,605       794,746       1,465,306       1,816,076       505,420  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     59.1       22.9       19.1       26.6       9.2       5.1