Exhibit 12
PIFCo
RATIO OF EARNINGS TO FIXED CHARGES
In Thousands of U.S. Dollars | |||||||||
For the Year Ended December 31, | For The Year Ended December 31, | ||||||||
2001 | 2000 | 1999 | 1998 | ||||||
Income (loss) before income taxes and minority interest | (20,331 | ) | 26,329 | 20,393 | 1,008 | ||||
Add fixed charges as adjusted (from below) | 187,020 | 219,637 | 142,232 | 62,359 | |||||
Earnings | 166,689 | 245,966 | 162,625 | 63,367 | |||||
Fixed charges: | |||||||||
Interest expense: | |||||||||
Interest on Indebtedness | 178,979 | 219,637 | 142,232 | 62,359 | |||||
Dividends declared | |||||||||
Capitalized | |||||||||
Amortization of debt costs | 8,041 | ||||||||
Interest portion of rental expense | |||||||||
Fixed charges before adjustments | 187,020 | 219,637 | 142,232 | 62,359 | |||||
Less capitalized interest | |||||||||
Fixed charges as adjusted | 187,020 | 219,637 | 142,232 | 62,359 | |||||
Ratio (earnings divided by fixed charges before adjustments) | 0.89 | 1.29 | 1.14 | 1.02 |
PIFCO
Ratio of earnings to fixed charges
For the Six-Month Period Ended June 30, | |||
2002 | |||
Income (loss) before income taxes and minority interest | (49,749 | ) | |
Add fixed charges as adjusted (from below) | 126,999 | ||
Earnings | 77,250 | ||
Fixed charges: | |||
Interest expense: | |||
Interest on Indebtedness | 120,069 | ||
Dividends declared | |||
Capitalized | 677 | ||
Amortization of debt costs | 6,930 | ||
Interest portion of rental expense | |||
Fixed charges before adjustments | 127,676 | ||
Less capitalized interest | -677 | ||
Fixed charges as adjusted | 126,999 | ||
Ratio (earnigns divided by fixed charges before adjustments) | 0.61 | ||
Memória de Cálculo: | |||
Despesas de juros + Desp Amort (Conforme DRE) | 133,142 | ||
Despesas – Outras | (13,073 | ) | |
120,069 | |||
Despesas Amortizadas: | |||
PIFCO – Outras | |||
PIFCO – Quadro demonstrativo | |||
PIFCO – Seguro Notes | |||
PFL | |||
6,930 | |||
Outras Despesas | 6,143 | ||
Total de despesas | 126,999 |