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 nine month
period ending September 30, 2004 and pro-forma figures for the nine months
ending September 30, 2004 and year ending December 31, 2003
Nine
months Year
ending ending
09/30/04 12/31/03 12/31/02 12/31/01 12/31/00 12/31/99
-------- -------- -------- -------- -------- --------
Earnings
Pre-tax income (loss) from continuing operations
before minority interests before cumulative
effect of change in accounting principle 551,972 443,130 7,150 330,551 305,951 (91,150)
add back:
Share in results from associated companies (5,933) (33,533) 10,711 (22,317) (12,817) (3,067)
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Pre-tax income from continuing subsidiaries 546,039 409,597 17,861 308,234 293,134 (94,217)
add:
Fixed charges 167,088 102,390 93,334 105,720 107,481 102,464
Amortisation of capitalised interest 83 587 566 3,580 139 76
Distributed income from equity method investees 2,880 -- -- -- -- 2,346
Share of pre-tax losses of equity investees for
which charges arising from guarantees are
included in fixed charges -- -- -- -- --
subtract:
Interest capitalised -- (290) (1,902) (1,815) (400) (3,163)
Preference dividends of consolidated subsidiaries -- -- -- -- --
Minority interest in pre-tax income of
subsidiaries that have not incurred fixed charges -- -- -- -- --
-------------------------------------------------------------------------
716,090 512,284 109,859 415,719 400,354 7,506
=========================================================================
Fixed Charges
Interest expensed 155,979 75,097 71,311 89,952 95,631 88,728
Interest capitalised -- 290 1,902 1,815 400 3,163
Amortisation of debt premiums, discounts and
expenses*** -- -- -- -- -- --
Interest included in rental expense 11,109 27,003 20,121 13,953 11,450 10,573
Preference dividends of consolidated subsidiaries -- -- -- -- -- --
-------------------------------------------------------------------------
167,088 102,390 93,334 105,720 107,481 102,464
=========================================================================
Ratio of earnings to fixed charges 4.29 5.00 1.18 3.93 3.72 0.07
Deficiency of earnings available to cover
fixed charges 94,958
*** shown as zero as this item is already included within interest expense
02089.0009 #537755