EXHIBIT 12
AVERY DENNISON CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
1990
-------------------
1989 ACTUAL AS ADJUSTED 1991 1992 1993
------ ------ ----------- ------ ------ ------
Earnings:
Income before income
taxes.................... $180.6 $15.6 $114.6 $104.8 $130.2 $132.2
Add:Fixed charges*........ 52.6 61.9 61.9 59.8 60.0 60.4
Amortization of
capitalized interest.. 0.6 0.7 0.7 0.8 0.9 1.0
Less:Capitalized interest. (2.0) (3.3) (3.3) (5.1) (2.6) (2.3)
------ ----- ------ ------ ------ ------
$231.8 $74.9 $173.9 $160.3 $188.5 $191.3
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*Fixed Charges
Interest expense.......... $ 35.1 $40.0 $ 40.0 $ 37.5 $ 42.3 $ 43.2
Capitalized interest...... 2.0 3.3 3.3 5.1 2.6 2.3
Amortization of debt
issuance costs........... 0.1 0.1 0.1 0.2 0.3 0.3
Interest portion of
leases................... 15.4 18.5 18.5 17.0 14.8 14.6
------ ----- ------ ------ ------ ------
$ 52.6 $61.9 $ 61.9 $ 59.8 $ 60.0 $ 60.4
====== ===== ====== ====== ====== ======
Ratio of Earnings to Fixed
Charges.................. 4.4 1.2 2.8 2.7 3.1 3.2
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NOTE: During 1990, the Company incurred merger expenses and restructuring
charges of $13.8 million and $85.2 million, respectively, in connection
with the merger of Avery and Dennison. The "As adjusted" amount shown
above for 1990 has been calculated excluding the effect of these items.