EX-12.1 3 a2156236zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1


Hexcel Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges

 
   For the Year Ended December 31,
 
   Historical
   Pro Forma
 
   2000
   2001
   2002
   2003
   2004
   2004
 
   (in millions)
Income (Loss) before Income Taxes and Equity in Earnings (Losses)   $ 75.0   $ (383.7 ) $ 7.7   $ 3.8   $ 38.9   $ 52.6

Interest Expense, Including Amortization of Debt Issuance Costs
 
 
68.7
 
 
64.8
 
 
62.8
 
 
53.6
 
 
47.7
 
 
34.0

Interest Portion of Rentals(1)
 
 
2.3
 
 
1.8
 
 
1.3
 
 
1.7
 
 
2.4
 
 
2.4
   
 
 
 
 
 

EARNINGS BEFORE PROVISION FOR TAXES AND FIXED CHARGES
 
$
146.0
 
$
(317.1
)
$
71.8
 
$
59.1
 
$
89.0
 
$
89.0
   
 
 
 
 
 

Interest Expense, Including Amortization of Debt Issuance Costs
 
$
68.7
 
$
64.8
 
$
62.8
 
$
53.6
 
$
47.7
 
$
34.0

Interest Portion of Rentals(1)
 
 
2.3
 
 
1.8
 
 
1.3
 
 
1.7
 
 
2.4
 
 
2.4
   
 
 
 
 
 
 
TOTAL FIXED CHARGES
 
$
71.0
 
$
66.6
 
$
64.1
 
$
55.3
 
$
50.1
 
$
36.4
   
 
 
 
 
 

RATIO OF EARNINGS TO FIXED CHARGES(2)
 
 
2.1
 
 
N/A
 
 
1.1
 
 
1.1
 
 
1.8
 
 
2.4
   
 
 
 
 
 
(1)
Calculated as one third of rentals, which is a reasonable approximation of the interest factor.

(2)
Earnings are inadequate to cover fixed charges for 2001. The deficiency in earnings for the year ended December 31, 2001 is $(383.7) million.



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Hexcel Corporation and Subsidiaries Computation of Ratio of Earnings to Fixed Charges