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Exhibit 12
OWENS-ILLINOIS GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of dollars, except ratios)
| | Years ended December 31, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2004 | 2003 | 2002 | |||||||||||
| Earnings from continuing operations before income taxes, minority share owners' interests and cumulative effect of accounting change | $ | 362.9 | $ | 12.0 | $ | 412.5 | ||||||||
| Less: Equity earnings | (27.8 | ) | (27.1 | ) | (27.0 | ) | ||||||||
| Add: Total fixed charges deducted from earnings | 489.1 | 440.6 | 384.9 | |||||||||||
| Proportional share of pre-tax earnings of 50% owned associates | 11.0 | 8.1 | 13.3 | |||||||||||
| Dividends received from equity investees | 12.8 | 31.1 | 29.2 | |||||||||||
| Earnings available for payment of fixed charges | $ | 848.0 | $ | 464.7 | $ | 812.9 | ||||||||
| Fixed charges (including the Company's proportional share of 50% owned associates): | ||||||||||||||
| Interest expense | $ | 460.0 | $ | 415.4 | $ | 356.1 | ||||||||
| Portion of operating lease rental deemed to be interest | 14.2 | 10.8 | 12.7 | |||||||||||
| Amortization of deferred financing costs and debt discount expense | 14.9 | 14.4 | 16.1 | |||||||||||
| Total fixed charges deducted from earnings | $ | 489.1 | $ | 440.6 | $ | 384.9 | ||||||||
Ratio of earnings to fixed charges | 1.7 | 1.0 | 2.1 | |||||||||||
OWENS-ILLINOIS GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of dollars, except ratios)
| | Years ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2001 | 2000 | |||||||||
| Earnings from continuing operations before income taxes, minority share owners' interests and cumulative effect of accounting change | $ | 650.9 | $ | 128.2 | |||||||
| Less: Equity earnings | (18.8 | ) | (19.8 | ) | |||||||
| Add: Total fixed charges deducted from earnings | 374.6 | 407.7 | |||||||||
| Proportional share of pre-tax earnings of 50% owned associates | 10.4 | 11.0 | |||||||||
| Dividends received from equity investees | 18.2 | 14.5 | |||||||||
| Earnings available for payment of fixed charges | $ | 1,035.3 | $ | 541.6 | |||||||
Fixed charges (including the Company's proportional share of 50% owned associates): | |||||||||||
| Interest expense | $ | 345.3 | $ | 387.0 | |||||||
| Portion of operating lease rental deemed to be interest | 14.3 | 12.5 | |||||||||
| Amortization of deferred financing costs and debt discount expense | 15.0 | 8.2 | |||||||||
| Total fixed charges deducted from earnings | $ | 374.6 | $ | 407.7 | |||||||
Ratio of earnings to fixed charges | 2.8 | 1.3 | |||||||||
2
OWENS-ILLINOIS GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of dollars, except ratios)
OWENS-ILLINOIS GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of dollars, except ratios)