EX-12.1 12 k82535exv12w1.txt 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, ------------------------------------------------------------ 2003 2002 2001 2000 1999 -------- -------- -------- -------- -------- Earnings Income/(loss) before income taxes, minority interest and $(1,150) $ (117) $ (169) $ 439 $ 1,172 change in accounting Earnings of non-consolidated affiliates (55) (44) (24) (56) (47) Cash dividends received from non-consolidated affiliates 35 16 12 17 24 Fixed charges 126 139 174 215 173 Capitalized interest, net of amortization 3 1 (2) (3) (1) ------- ------- ------- ------- ------- Earnings $(1,041) $ (5) $ (9) $ 612 $ 1,321 ======= ======= ======= ======= ======= Fixed Charges Interest and related charges on debt $ 97 $ 109 $ 139 $ 176 $ 149 Portion of rental expense deemed to be interest 29 30 35 39 24 ------- ------- ------- ------- ------- Fixed charges $ 126 $ 139 $ 174 $ 215 $ 173 ======= ======= ======= ======= ======= Ratios Ratio of earnings to fixed charges* N/A N/A N/A 2.8 7.6
---------- * For the years ended December 31, 2003, 2002 and 2001, fixed charges exceeded earnings by $1,167 million, $144 million and $183 million, respectively, resulting in a ratio of less than one.