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Exhibit 12.1
HEXCEL CORPORATION
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(DOLLARS IN MILLIONS)
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<Caption>
FOR THE YEAR ENDED DECEMBER 31,
-----------------------------------------------
HISTORICAL
-----------------------------------------------
1996 1997 1998 1999 2000
--------- -------- -------- ------- -------
Income before Taxes, Equity Earnings,
and Extraordinary Loss $ (15.8) $ 50.7 $ 78.3 $ (5.0) $ 75.4
Interest Expense 21.6 25.8 38.7 73.9 68.3
Interest Portion of Rentals (1) 1.5 1.5 1.6 3.1 2.3
--------- -------- -------- ------- -------
EARNINGS BEFORE PROVISION FOR
TAXES AND FIXED CHARGES $ 7.3 $ 78.0 $ 118.6 $ 72.0 $146.0
========= ======== ======== ======= =======
Interest Expense $ 21.6 $ 25.8 $ 38.7 $ 73.9 $ 68.3
Interest Portion of Rentals (1) 1.5 1.5 1.6 3.1 2.3
--------- -------- -------- ------- -------
TOTAL FIXED CHARGES $ 23.1 $ 27.3 $ 40.3 $ 77.0 $ 70.6
========= ======== ======== ======= =======
RATIO OF EARNINGS TO FIXED CHARGES (2) N/A 2.9 2.9 N/A 2.1
========= ======== ======== ======= =======
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FOR THE TWELVE
MONTHS ENDED
FOR THE THREE MONTHS ENDED MARCH 31, MARCH 31,
-------------------------------------- ------------
SUPPLEMENTAL SUPPLEMENTAL
HISTORICAL PRO FORMA PRO FORMA PRO FORMA
--------------- --------- --------- ------------
2000 2001 2000 2001 2001
------ ------- ------ ------ -------
Income before Taxes, Equity Earnings,
and Extraordinary Loss $ 3.4 $ 6.3 $ 4.0 $ 5.7 $ 76.9
Interest Expense 18.4 16.3 16.7 16.9 68.3
Interest Portion of Rentals (1) 0.6 0.6 0.6 0.6 2.3
------ ------- ------- ------- --------
EARNINGS BEFORE PROVISION FOR
TAXES AND FIXED CHARGES $22.4 $ 23.2 $ 21.3 $ 23.2 $ 147.5
====== ======= ======= ======= ========
Interest Expense $18.4 $ 16.3 $ 16.7 $ 16.9 $ 68.3
Interest Portion of Rentals (1) 0.6 0.6 0.6 0.6 0.6
------ ------- ------- ------- --------
TOTAL FIXED CHARGES $19.0 $ 16.9 $ 17.3 $ 17.5 $ 68.9
====== ======= ======= ======= ========
RATIO OF EARNINGS TO FIXED CHARGES (2) 1.2 1.4 1.2 1.3 2.1
====== ======= ======= ======= ========
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(1) Calculated as one third of rentals, which is a reasonable approximation of
the interest factor.
(2) Earnings are inadequate to cover fixed charges for 1996 and 1999. The
deficiency in earnings for the years ended December 31, 1996 and December
31, 1999 is ($15.8) and ($5.0), respectively.