EXHIBIT 12.2
JEFFERSON SMURFIT CORPORATION (U.S.)
CALCULATION OF HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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1997 1996 1995 1994 1993
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(DOLLAR AMOUNTS IN MILLIONS)
Income (loss) before income taxes, extraordinary item and cumulative
effect of accounting changes........................................ $ 12 $194 $403 $ 28 $(258)
Add (deduct):
Minority interest share of income (loss)......................... (1) (3)
Interest expense(a).............................................. 190 194 234 269 254
Interest component of rental expense............................. 15 13 12 11 12
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Earnings available for fixed charges.................................. $217 $401 $651 $307 $ 5
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Fixed charges:
Interest expense(a).............................................. $190 $194 $234 $269 $ 254
Capitalized interest............................................. 5 3 4 4 3
Interest component of rental expense............................. 15 13 12 11 12
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Total fixed charges......................................... $210 $210 $250 $284 $ 269
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Ratio of earnings to fixed charges.................................... 1.03 1.91 2.60 1.08 (b)
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(a) For the years ended December 31, 1997, 1996, 1995, 1994 and 1993, interest
expense includes amortization of deferred debt issuance costs of $11
million, $13 million, $14 million, $10 million and $8 million,
respectively.
(b) For the year ended December 31, 1993, earnings were inadequate to cover
fixed charges by $264 million.