EX-12 3 k76770exv12.htm CALCULATION OF RATIO OF EARNINGS exv12
 

EXHIBIT 12

FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(in millions)

                                                                   
      First Quarter     For the Years Ended December 31,  
             
           
 
              2003     2002             2002     2001     2000     1999  
             
   
           
   
   
   
 
              (Unaudited)                                          
Earnings
                                                               
 
Income before income taxes
         $ 726.7     $ 396.5             $ 1,969.7     $ 1,495.9     $ 2,503.6     $ 2,089.9  
 
Less equity in net income/(loss) of affiliated companies
             3.1       1.9               13.0       4.9       (22.0 )     (24.9 )
 
Fixed charges
             1,525.9       1,883.7               6,966.4       8,959.4       8,941.8       7,167.5  
 
        
   
         
   
   
   
 
 
Earnings before fixed charges
           $ 2,249.5     $ 2,278.3             $ 8,923.1     $ 10,450.4     $ 11,467.4     $ 9,282.3  
 
        
   
         
   
   
   
 
Fixed Charges
                                                               
 
Interest expense
         $ 1,519.3     $ 1,874.4             $ 6,928.7     $ 8,922.4     $ 8,911.5     $ 7,142.8  
 
Interest portion of rental expense
             6.6       9.3               37.7       37.0       30.3       24.7  
 
        
   
         
   
   
   
 
 
Total fixed charges
           $ 1,525.9     $ 1,883.7             $ 6,966.4     $ 8,959.4     $ 8,941.8     $ 7,167.5  
 
        
   
         
   
   
   
 
 
Ratio of earnings to fixed charges
             1.47       1.21               1.28       1.17       1.28       1.30  

For purposes of the Ford Credit ratio, earnings consist of the sum of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries, less unremitted income/ (loss) of affiliated companies, plus fixed charges. Fixed charges consist of interest on borrowed funds, amortization of debt discount, premium, and issuance expense, and one-third of all rental expense (the proportion deemed representative of the interest factor).

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