Wangner Itelpa I S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

	Annual 2010			Annual 2009			Annual 2008			Annual 2007			Annual 2006			Nine months 2011			Nine months 2010
Ratio of Earnings to Fixed Charges
Income before provision for Income Taxes		(9,863	)		(99,676	)		30,497			(152,557	)		44,395			15,469			(62,320	)
Fixed Charges		58,332			69,116			60,413			54,670			41,380			30,935			45,712
Amortization of Cap Interest		—			—			—			—			—			—			—
Distributed Income of equity Investees		—			—			—			—			—			—			—
Our Share of Pre-tax losses on equity investees		—			—			—			—			—			—			—
Capitalized interest		—			—			—			—			—			—			—
Preference dividend requirements of consolidated affiliates		—			—			—			—			—			—			—
Non-controlling Interests		—			—			—			—			—			—			—
		48,469			(30,560	)		90,910			(97,887	)		85,775			46,404			(16,608	)
Fixed charges and Preferred divid distributions:
Contractual interest expense		42,232			59,246			57,328			50,936			38,169			28,343			32,127
Contractual interest income		(1,117	)		(1,180	)		(1,826	)		(1,483	)		(1,876	)		(247	)		(837	)
Amortization of deferred fin costs		5,950			5,416			4,670			3,673			3,723			1,613			5,721
Swaps		9,730			3,818			(1,668	)		—			—			—			7,518
Estimate of the interest portion of rental expense		1,537			1,816			1,909			1,544			1,364			1,226			1,183
Capitalized interest		—			—			—			—			—			—			—
Preference dividend requirements of consolidated affiliates		—			—			—			—			—			—			—
Total Fixed Charges		58,332			69,116			60,413			54,670			41,380			30,935			45,712
Ratio of Earnings to Fixed Charges		0.83			(0.44	)		1.50			(1.79	)		2.07			1.50			(0.36	)
Dollar Value of deficiency, if applicable		(9,863	)		(99,676	)					(152,557	)								(62,320	)