EX-12 5 exhibit12-1.txt EXHIBIT 12.1 EXHIBIT 12.1
BOWATER INCORPORATED STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED IN MILLIONS, EXCEPT RATIO INFORMATION) SIX MONTHS ENDED TWELVE MONTHS ENDED JUNE 30, DECEMBER 31, ------------------------------------------------------------------------------------ 2003 2002 2002 2001 2000 1999 1998 ------------------------------------------------------------------------------------ EARNINGS: Income (loss) before income taxes, minority $ (115.2) $ (74.6) $ (250.8) $ 189.1 $ 239.2 $ 155.8 $ 15.6 interests and cumulative effect of accounting change Add: Fixed charges from below 93.5 92.3 182.7 164.4 153.6 145.9 110.5 Less: Capitalized interest 5.7 3.4 8.7 9.5 3.5 4.9 4.5 ------------------------------------------------------------------------------------ $ (27.4) $ 14.3 $ (76.8) $ 344.0 $ 389.3 $ 296.8 $ 121.6 ==================================================================================== FIXED CHARGES: Interest expense, net of interest capitalized 82.1 83.1 163.0 141.0 135.2 126.7 98.4 Capitalized interest 5.7 3.4 8.7 9.5 3.5 4.9 4.5 Estimate of interest within rental expense 1.7 1.5 2.8 2.7 2.1 3.9 3.1 Amortized premium and discounts related to 4.0 4.3 8.2 11.2 12.8 10.4 4.5 indebtedness ------------------------------------------------------------------------------------ $ 93.5 $ 92.3 $ 182.7 $ 164.4 $ 153.6 $ 145.9 $110.5 ==================================================================================== RATIO OF EARNINGS TO FIXED CHARGES -- -- -- 2.1x 2.5x 2.0x 1.1x ==================================================================================== DEFICIENCY OF EARNINGS TO FIXED CHARGES $ 120.9 $ 78.0 $ 259.5 -- -- -- -- ====================================================================================