EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands of US dollars, except ratios)
2000 1999 1998 1997 1996
Earnings
Pre Tax Income (loss)
before minority interest
and results of equity
investees 301,091 (94,217) 18,898 12,840 17,437
Interest expensed and
capitalised 96,574 91,891 67,652 45,945 26,207
Amortised capitalised
expenses
related to indebtedness 1,005 2,992 3,021 247 101
Distributed income of
equity investees 2,346 3,246 8,048 4,424 3,920
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401,016 3,912 97,619 63,456 47,665
Less: Interest
capitalised 400 3,163 8,332 - -
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Earnings available for
fixed charges 400,616 749 89,287 63,456 47,665
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Fixed Charges
Interest expensed and
capitalised 96,574 91,891 67,652 45,945 26,207
Amortised capitalised
expenses
related to indebtedness 1,005 2,992 3,021 247 101
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Fixed charges 97,579 94,883 70,673 46,192 26,308
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Ratio of earnings to fixed
charges 4.11 -- 1.26 1.37 1.81
Deficiency of earnings
available to cover -- 94,134 -- -- --
fixed charges
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