EX-12.1 6 g88324exv12w1.txt EX-12.1 COMPUTAION OF RATIO OF EARNINGS Exhibit 12.1 AGCO CORPORATION Statement RE: Computation of Ratio of Earnings to Combined Fixed Charges (in millions, except ratio data)
Years Ended December 31, ---------------------------------------------------------------- 1999 2000 2001 2002 2003 ---------- --------- ---------- --------- ---------- Fixed Charges Computation: Interest expense $ 69.1 $ 56.6 $ 65.5 $ 63.6 $ 65.3 Interest Component of rent expense (a) 4.8 5.8 5.7 7.4 7.7 Proportionate share of fixed charges of 50% - owned affiliates 2.5 1.4 1.5 1.2 0.6 Amortization of debt cost 2.3 3.7 6.6 3.1 5.4 ---------- --------- ---------- --------- ---------- Total fixed charges $ 78.7 $ 67.5 $ 79.3 $ 75.3 $ 79.0 ========== ========= ========== ========= ========== Earnings Computation: Income (loss) before income taxes, equity in net earnings of affiliates and cumulative effect of a change in accounting principle plus dividends received from affiliates $ (19.3) $ (4.2) $ 29.4 $ 36.9 $ 114.8 Fixed charges 78.7 67.5 79.3 75.3 79.0 ---------- --------- ---------- --------- ---------- Total fixed charges $ 59.4 $ 63.3 $ 108.7 $ 112.2 $ 193.8 ========== ========= ========== ========= ========== Ratio of earnings to combined fixed charges (b) (b) 1.4:1 1.5:1 2.5:1 ========== ========= ========== ========= ==========
---------- (a) The interest factor was calculated to be one-third of rental expenses and is considered to be a representative interest factor. (b) The dollar amount of the deficiency, based on a one-to-one coverage ratio, was $19.3 million and $4.2 million for the years ended December 31, 1999 and 2000, respectively.