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Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS (UNAUDITED)
(in millions)
| Predecessor | Successor | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Celanese | | | | ||||||||||||||||||||||||||||
| Year Ended December 31, | | Three Months Ended March 31, 2004 | Six Months Ended September 30, 2004 | | Pro Forma Nine Months Ended September 30, 2004 | ||||||||||||||||||||||||||
| Nine Months Ended September 30, 2003 | Pro Forma Year Ended December 31, 2003 | ||||||||||||||||||||||||||||||
| 1999 | 2000 | 2001 | 2002 | 2003 | |||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||
Pre-tax earnings (loss) from continuing operations excluding minority interest expense | $ | (647 | ) | $ | 185 | $ | (419 | ) | $ | 184 | $ | 203 | $ | 206 | $ | 80 | $ | (135 | ) | $ | 203 | $ | (55 | ) | ||||||||
Change in interest expense | (189 | ) | 50 | |||||||||||||||||||||||||||||
Pro forma pre-tax earnings (loss) from continuing operations | 14 | (5 | ) | |||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
(Income) loss from equity investees, net | (7 | ) | (18 | ) | (12 | ) | (21 | ) | (35 | ) | (29 | ) | (12 | ) | (35 | ) | (35 | ) | (47 | ) | ||||||||||||
Plus: | ||||||||||||||||||||||||||||||||
Income distributions from equity investments | 7 | 12 | 19 | 61 | 23 | 21 | 15 | 20 | 23 | 35 | ||||||||||||||||||||||
Amortization of capitalized interest | 8 | 9 | 9 | 10 | 14 | 10 | 2 | 4 | 14 | 6 | ||||||||||||||||||||||
Combined Fixed charges | 150 | 103 | 104 | 89 | 85 | 65 | 16 | 244 | 287 | 220 | ||||||||||||||||||||||
Total "earnings" as defined before combined fixed charges | $ | (489 | ) | $ | 291 | $ | (299 | ) | $ | 323 | $ | 290 | $ | 273 | $ | 101 | $ | 98 | $ | 303 | $ | 209 | ||||||||||
Combined fixed charges: | ||||||||||||||||||||||||||||||||
Interest expense | $ | 115 | $ | 68 | $ | 72 | $ | 55 | $ | 49 | $ | 36 | $ | 6 | $ | 228 | $ | 238 | $ | 184 | ||||||||||||
Capitalized interest | 14 | 12 | 4 | 6 | 3 | 5 | 3 | 2 | 3 | 5 | ||||||||||||||||||||||
Estimated interest portion of rent expense(1) | 21 | 23 | 28 | 28 | 33 | 24 | 7 | 14 | 33 | 21 | ||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | — | — | 13 | 10 | ||||||||||||||||||||||
Total combined fixed charges | $ | 150 | $ | 103 | $ | 104 | $ | 89 | $ | 85 | $ | 65 | $ | 16 | $ | 244 | $ | 287 | $ | 220 | ||||||||||||
Ratio of earnings to combined fixed charges(2) | — | 2.8 | x | — | 3.6 | x | 3.4 | x | 4.2 | x | 6.2 | x | — | 1.1 | x | — |
- (1)
- The estimated interest portion of rental expense is based on the amount of rental expense including discontinued operations for 1999 and 2000 and excluding discontinued operations for subsequent periods.
- (2)
- Earnings were insufficient to cover combined fixed charges by $639 million for the year ended December 31, 1999, $403 million for the year ended December 31, 2001, $146 million for the six months ended September 30, 2004 and $11 million for the pro forma nine months ended September 30, 2004.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (UNAUDITED) (in millions)