EX-12.1 14 k74415exv12w1.txt STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12.1
Visteon Corporation and Subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- (in millions) For the Years Ended December 31, ----------------------------------------------------------------------- 2002 2001 2000 1999 1998 ----------- ----------- ----------- ----------- ----------- Earnings Income/(loss) before income taxes, minority interest and $ (117) $ (169) $ 439 $ 1,172 $ 1,116 change in accounting Earnings of non-consolidated affiliates (44) (24) (56) (47) (26) Cash dividends received from non-consolidated affiliates 16 12 17 24 17 Fixed charges 139 174 215 173 103 Capitalized interest, net of amortization 1 (2) (3) (1) 1 ----------- ----------- ----------- ----------- ----------- Earnings $ (5) $ (9) $ 612 $ 1,321 $ 1,211 =========== =========== =========== =========== =========== Fixed Charges Interest and related charges on debt $ 109 $ 139 $ 176 $ 149 $ 86 Portion of rental expense deemed to be interest 30 35 39 24 17 ----------- ----------- ----------- ----------- ----------- Fixed charges $ 139 $ 174 $ 215 $ 173 $ 103 =========== =========== =========== =========== =========== Ratios Ratio of earnings to fixed charges* N/A N/A 2.8 7.6 11.8
---------- * For the year ended December 31, 2002 and 2001 fixed charges exceeded earnings by $144 million and $183 million, respectively, resulting in a ratio of less than one.