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EXHIBIT 12.3
FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(in thousands)
Nine Months Ended
Year Ended March 31, December 31,
1993 1994 1995 1996 1997 1996 1997
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Pre-tax income/(loss) $ (964) $ 2,805 $ 7,469 $(10,299) $13,647 $12,848 $21,965
Fixed charges:
Net interest expense 2,628 1,778 759 3,530 5,720 4,076 11,143
Rental expense (1/3) 376 379 723 1,022 943 767 1,094
Capitalized interest -- -- -- -- -- -- 728
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Total fixed charges 3,004 2,157 1,482 4,552 6,663 4,843 12,965
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Earnings before income taxes
and fixed charges 2,040 4,962 8,951 (5,747) 20,310 17,691 34,930
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Ratio of earnings to fixed
Charges 0.68 2.30 6.04 -- 3.05 3.65 2.69
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Note: Earnings were insufficient to cover fixed charges in the fiscal year ended
March 31, 1996 by $11.3 million.