EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
CORN PRODUCTS INTERNATIONAL, INC.
Computation of Ratios of Earnings to Fixed Charges
(in millions, except ratios)
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
*Income before income taxes and minority interest | $ | 135.4 | $ | 121.4 | $ | 102.1 | $ | 121.9 | $ | 122.0 | ||||||||||
Fixed charges | 44.6 | 41.4 | 62.1 | 69.6 | 47.3 | |||||||||||||||
Capitalized interest | (2.0 | ) | (1.3 | ) | (2.0 | ) | (9.4 | ) | (6.3 | ) | ||||||||||
$ | 178.0 | $ | 161.5 | $ | 162.2 | $ | 182.1 | $ | 163.0 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.99 | 3.90 | 2.61 | 2.62 | 3.45 | |||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense on debt | $ | 42.2 | $ | 39.3 | $ | 60.5 | $ | 68.1 | $ | 45.8 | ||||||||||
Amortization of discount on debt | 1.1 | 0.9 | 0.2 | 0.2 | 0.0 | |||||||||||||||
Interest portion of rental expense on operating leases | 1.3 | 1.2 | 1.4 | 1.3 | 1.5 | |||||||||||||||
Total | $ | 44.6 | $ | 41.4 | $ | 62.1 | $ | 69.6 | $ | 47.3 | ||||||||||
Income before income taxes and minority interest | $ | 135.4 | $ | 117.1 | $ | 102.1 | $ | 101.9 | $ | 122.0 | ||||||||||
Add back: restructuring charges | 0.0 | 4.3 | 0.0 | 20.0 | 0.0 | |||||||||||||||
Adjusted income before income taxes and minority interest | $ | 135.4 | $ | 121.4 | $ | 102.1 | $ | 121.9 | $ | 122.0 | ||||||||||
* - Income before income taxes and minority excludes the effect of restructuring charges.
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