EX-12 5 l93742exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratio data)
YEAR ENDED DECEMBER 31, ------------------------------------------------------- 1997 1998 1999 2000 2001 --- ----- ----- ---- ---- Income (loss) before minority interest and equity 310 505 486 293 (322) in earnings of affiliates Income taxes 294 315 251 171 (161) Remitted Equity of affiliates 13 16 16 -- 36 --- ----- ----- ---- ---- 617 836 753 464 (447) --- ----- ----- ---- ---- Fixed Charges: Interest expense 251 280 279 323 309 Appropriate portion (1/3) of rentals 39 40 37 39 38 --- ----- ----- ---- ---- 290 320 316 362 347 --- ----- ----- ---- ---- Earnings before income taxes, fixed charges and including equity of affiliates . 907 1,156 1,069 826 (100) === ===== ===== ==== ==== Ratio of earnings to fixed charges 3.1x 3.6x 3.4x 2.3x A
THREE MONTHS ENDED MARCH 31 ------------------ 2001 2002 ---- ---- Income (loss) before minority interest and equity in earning of affiliates................. (34) (21) Income taxes.................................... (24) 4 Remitted Equity of affiliates................... 33 -- --- -- (25) (17) Fixed Charges: Interest expense................................ 85 68 Appropriate portion (1/3) of rentals............ 7 9 -- -- 92 77 Earnings before income taxes, fixed charges and including equity of affiliates........... 67 60 Ratio of earnings to fixed charges.............. B C A For the year ended December 31, 2001, earnings were insufficient to cover fixed charges by $447 million. B For the three months ended March 31, 2001, earnings were insufficient to cover fixed charges by $25 million. C For the three months ended March 31, 2002, earnings were insufficient to cover fixed charges by $17 million.