EXHIBIT 12.1
FOSTER WHEELER LTD.
STATEMENT OF COMPUTATION OF CONSOLIDATED RATIO OF
EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES
($000'S)
UNAUDITED
(RESTATED)
3 months
2002
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EARNINGS:
Net loss $(25,210)
Taxes on income 5,884
Total fixed charges 24,268
Capitalized interest (238)
Capitalized interest amortized 555
Equity loss/(earnings) of non-consolidated
associated companies accounted for
by the equity method, net of dividends 6,076
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$(11,335)
FIXED CHARGES:
Interest expense (includes dividend on
preferred security of $4,012) $ 20,916
Capitalized interest 238
Imputed interest on non-capitalized lease payment* 3,114
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$ 24,268
Ratio of Earnings to Fixed Charges -**
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* The percent of rent included in the calculation is a reasonable approximation
of the interest factor. ** Earnings are inadequate to cover fixed charges. The
coverage deficiency is $12,933.
The Company's condensed consolidated balance sheets as of March 29, 2002 and
December 28, 2001 and the condensed consolidated statements of earnings and
comprehensive income and the condensed consolidated statements of cash flows for
the three month periods ended March 29, 2002 and March 30, 2001, have been
revised to account for the assets, liabilities and results of operations
associated with one of its postemployment benefit plans in accordance with SFAS
112, "Employers' Accounting for Postemployment Benefits".
Note: There were no preferred shares outstanding during the period indicated
and, therefore, the consolidated ratio of earnings to fixed charges and combined
fixed charges and preferred share dividend requirements would have been the same
as the consolidated ratio of earnings to fixed charges and combined fixed
charges for the period indicated.