Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the 12 month periods ending December 31, 2003, 2002 and
2001 and for the six month period ending June 30, 2004 and pro-forma figures for the six months ending June 30, 2004 and year
ending December 31, 2003
Six months Six months
ending Year ending ending Year ending
06/30/04 12/31/03 06/30/04 12/31/03 12/31/02 12/31/01
(Pro-forma) (Pro-forma)
Earnings
Net income (loss) from continuing operations
before cumulative effect of change in
accounting principle 359,777 388,215 383,620 443,127 7,172 330,107
add back:
Share in results from associated companies (4,346) (33,533) (4,346) (33,533) 10,711 (22,317)
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Pre-tax income from continuing subsidiaries 355,431 354,682 379,274 409,594 17,883 307,790
add:
Fixed charges 111,954 102,390 111,954 102,390 93,334 105,720
Amortisation of capitalised interest 55 587 55 587 566 620
Distributed income from equity method investees 1,400 1,400 - - -
Share of pre-tax losses of equity investees for
which charg-s arising from guarantees are
included in fix-d charges - - - - - -
subtract:
Interest capitalised - (290) - (290) (1,902) (1,815)
Preference dividends of consolidated subsidiaries - - - - - -
Minority interest in pre-tax income of subsidiaries
that have not incurred fixed charges. - - - - - -
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468,840 457,369 492,683 512,281 109,881 412,315
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Fixed Charges
Interest expensed 104,869 75,097 104,869 75,097 71,311 89,952
Interest capitalised - 290 - 290 1,902 1,815
Amortisation of debt premiums, discounts and
expenses*** - - - - - -
Interest included in rental expense 7,085 27,003 7,085 27,003 20,121 13,953
Preference dividends of consolidated subsidiaries - - - - - -
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111,954 102,390 111,954 102,390 93,334 105,720
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Ratio of earnings to fixed charges 4.19 4.47 4.40 5.00 1.18 3.90
*** shown as zero as this item is already included within interest expense
Charterhire expense 21,255 81,009 21,255 81,009 60,364 41,858
Capitalised interest
Front Page - 290 290 392 290
Front Stratus - - 333 290
Front Falcon - - 675 113
Front Hawk - - 362 114
Front Eagle - - 47 114
Front Serenade - - 93 290
Front Melody - - 302
Front Symphony - - 302
Front Sun - -
Front Sky - -
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- 290 - 290 1,902 1,815
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Amortisation of capitalised interest
Front Page (19) (39) (19) (39) (10)
Front Stratus (12) (25) (12) (25) (10)
Front Falcon (16) (32) (16) (32)
Front Hawk - (476) (476)
Front Eagle - - (161)
Front Serenade (8) (15) (8) (15) (13)
Front Melody - - (302)
Front Symphony - - (302)
Front Sun - - (185) (8)
Front Sky - - (187) (8)
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(55) (587) (55) (587) (566) (620)
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