Exhibit (a)(12)
AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)
Nine
Months
Ended
Year Ended 30 September 30 June
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1995 1996 1997 1998 1999 2000
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Earnings:
Income before extraordinary item and
the cumulative effect of accounting
changes: $368.2 $416.4 $429.3 $546.8 $450.5 ($94.3)
Add (deduct):
Provision for income taxes 186.2 195.5 203.4 280.9 209.5 (115.7)
Fixed charges, excluding capitalized
interest 148.8 184.0 233.0 202.8 194.4 166.0
Capitalized interest amortized during
the period 9.1 9.4 8.3 7.4 6.1 5.4
Undistributed earnings of less-than-
fifty-percent-owned affiliates (25.4) (40.6) (31.1) (25.3) (44.5) (28.5)
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Earnings, as adjusted $686.9 $764.7 $842.9 $1,012.6 $816.0 ($67.1)
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Fixed Charges:
Interest on indebtedness, including
capital lease obligations $139.4 $171.7 $217.8 $186.7 $175.4 $150.1
Capitalized interest 18.5 20.0 20.9 18.4 24.7 16.2
Amortization of debt discount premium
and expense .2 1.5 1.8 1.9 1.3 1.9
Portion of rents under operating leases
representative of the interest factor 9.2 10.8 13.4 14.2 17.7 14.0
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Fixed charges $167.3 $204.0 $253.9 $221.2 $219.1 $182.2
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Ratio of Earnings to Fixed Charges (a): 4.1 3.7 3.3 4.6 3.7 --
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(a) The results of operations for the nine months ended 30 June 2000 are
inadequate to cover total fixed charges as defined. Excluding the after-tax
BOC transaction costs of $456.5 the pro forma ratio of earnings to fixed
charges would be 3.6 for the nine months ended 30 June 2000.