O-I Glass Inactive 10-K2008 FY Annual report

Filed: 17 Feb 09, 12:00am

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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,
	2008			2007			2006
Earnings from continuing operations before income taxes and minority share owners’ interests	$	808.4		$	621.6		$	285.1
Less: Equity earnings	(50.8		)	(34.1		)	(23.4		)
Add: Total fixed charges deducted from earnings	260.5			362.7			361.3
Proportional share of pre-tax earnings of 50% owned associates	12.6			7.7			7.9
Dividends received from equity investees	24.5			21.7			43.5
Earnings available for payment of fixed charges	$	1,055.2		$	979.6		$	674.4

Fixed charges (including the Company’s proportional share of 50% owned associates):
Interest expense	$	245.1		$	340.0		$	343.3
Portion of operating lease rental deemed to be interest	7.5			14.1			12.3
Amortization of deferred financing costs and debt discount expense	7.9			8.6			5.7
Total fixed charges deducted from earnings	$	260.5		$	362.7		$	361.3

Ratio of earnings to fixed charges	4.1			2.7			1.9

OWENS-ILLINOIS GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions of dollars, except ratios)

	Years ended December 31,
	2005			2004
Earnings from continuing operations before income taxes and minority share owners’ interests	$	(72.1	)	$	395.8
Less: Equity earnings	(20.5		)	(26.1		)
Add: Total fixed charges deducted from earnings	336.5			342.0
Proportional share of pre-tax earnings of 50% owned associates	8.9			11.0
Dividends received from equity investees	11.0			12.8
Earnings available for payment of fixed charges	$	263.8		$	735.5
Fixed charges (including the Company’s proportional share of 50% owned associates):
Interest expense	$	318.7		$	323.0
Portion of operating lease rental deemed to be interest	11.1			13.0
Amortization of deferred financing costs and debt discount expense	6.7			6.0
Total fixed charges deducted from earnings	$	336.5		$	342.0

Deficiency of earnings available to cover fixed charges	$	72.7
Ratio of earnings to fixed charges				2.2

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