Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended | |||
June 28, | March 29, | December 28, | |
2003 | 2003 | 2002 | |
Net income for the period | 79,129 | 71,341 | 39,363 |
Add: Provision for income taxes | 43,538 | 39,404 | 21,695 |
Add: Minority interest | (19) | 319 | 80 |
Fixed charges | 79,562 | 80,374 | 90,770 |
Less: Capitalized interest | (903) | (732) | (888) |
Income before taxes on income and fixed charges | 201,307 | 190,706 | 151,020 |
Fixed Charges: | |||
Interest | 69,145 | 69,736 | 80,041 |
Capitalized interest | 903 | 732 | 888 |
Rentals at computed interest factor (1) | 8,561 | 8,832 | 8,543 |
Amortization of debt discount expense | 953 | 1,074 | 1,298 |
Total fixed charges | 79,562 | 80,374 | 90,770 |
Ratio of earnings to fixed charges | 2.53 | 2.37 | 1.66 |
Fiscal Years Ending | |||||
2002 | 2001 | 2000 | 1999 | 1998 | |
Net income for the period | 382,727 | 87,859 | 151,221 | 230,048 | 25,099 |
Add: Provision for income taxes | 210,237 | 58,362 | 83,520 | 129,355 | 45,937 |
Add: Minority interest | (97) | 18,750 | (182) | 11,526 | - |
Fixed charges | 359,493 | 175,457 | 142,613 | 159,072 | 167,613 |
Less: Capitalized interest | (9,264) | (3,249) | (1,746) | (5,226) | (1,766) |
Income before taxes on income and fixed charges | 943,096 | 337,179 | 375,426 | 524,775 | 236,883 |
Fixed Charges: | |||||
Interest | 304,854 | 143,718 | 115,261 | 128,035 | 147,771 |
Capitalized interest | 9,264 | 3,249 | 1,746 | 5,226 | 1,766 |
Rentals at computed interest factor (1) | 37,504 | 25,343 | 22,052 | 21,398 | 15,598 |
Amortization of debt discount expense | 7,871 | 3,147 | 3,554 | 4,413 | 2,478 |
Total fixed charges | 359,493 | 175,457 | 142,613 | 159,072 | 167,613 |
Ratio of earnings to fixed charges | 2.62 | 1.92 | 2.63 | 3.30 | 1.41 |
(1) Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.
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