Exhibit 12
AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
SCHEDULE SETTING FORTH THE COMPUTATION OF RATIOS
OF CONSOLIDATED EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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1995 1994 1993 1992 1991
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Earnings:
Income (including dividends from
less-than-50%-owned affiliates)
before income taxes, equity in
earnings of affiliates and
others, cumulative effect on
prior years of change in
accounting principle, extra-
ordinary income and minority
interests....................... $ 2,059,000 $ 11,307,000 $ 4,746,000 $ 24,260,000 $ 2,396,000
Fixed charges..................... 16,538,000 20,024,000 23,575,000 20,303,000 28,196,000
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Earnings........................ $ 18,597,000 $ 31,331,000 $ 28,321,000 $ 44,563,000 $ 30,592,000
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Fixed Charges:
Interest.......................... $ 16,290,000 $ 19,109,000 $ 22,364,000 $ 18,346,000 $ 26,006,000
Amortization of debenture
expenses......................... 248,000 915,000 1,211,000 1,957,000 2,190,000
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Fixed charges..................... $ 16,538,000 $ 20,024,000 $ 23,575,000 $ 20,303,000 $ 28,196,000
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Ratio of earnings to fixed charges 1.12:1 1.56:1 1.20:1 2.19:1 1.08:1
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E-30