EX-12 7 y92114exv12.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit 12 AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Unaudited)
Year Ended 30 September ---------------------------------------------------- 1999 2000 2001 2002 2003 -------- -------- -------- -------- -------- EARNINGS: Income from continuing operations $ 450.5 $ 124.2 $ 465.6 $ 525.4 $ 400.2 Add (deduct): Provision for income taxes 209.5 (7.5) 196.2 247.5 154.0 Fixed charges, excluding capitalized interest 194.4 232.6 226.5 150.3 150.6 Capitalized interest amortized during the period 6.1 6.6 7.1 7.2 6.5 Undistributed earnings of less-than-fifty-percent-owned affiliates (44.5) (32.1) (34.3) (42.8) (2.6) -------- -------- -------- -------- -------- Earnings, as adjusted $ 816.0 $ 323.8 $ 861.1 $ 887.6 $ 708.7 ======== ======== ======== ======== ======== FIXED CHARGES: Interest on indebtedness, including capital lease obligations $ 175.4 $ 210.3 $ 201.6 $ 126.4 $ 126.9 Capitalized interest 24.7 19.7 8.8 11.7 6.2 Amortization of debt discount premium and expense 1.3 3.1 5.6 2.2 2.1 Portion of rents under operating leases representative of the interest factor 17.7 19.3 19.3 21.7 21.6 -------- -------- -------- -------- -------- Fixed charges $ 219.1 $ 252.4 $ 235.3 $ 162.0 $ 156.8 ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES: 3.7 1.3 3.7 5.5 4.5 ======== ======== ======== ======== ========