EXHIBIT 12
CVRD
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
AT DECEMBER 31, AT SEPTEMBER 30,
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1996 1997 1998 1999 2000 2000 2001
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Fixed charges
Capitalized interest costs 11 30 23 12 12 12 9
Financial Expenses 230 238 243 233 315 204 240
Guaranteed preferred stock dividend (representing 6% of outstanding
preferred capital stock) 40 36 40 33 31 32 32
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281 304 306 278 358 248 281
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Earnings
Pre-tax income before minorities and income (loss) from equity investees 441 629 692 670 731 660 588
Fixed Charges 281 304 306 278 358 248 281
Amortization of capitalized interest 18 18 18 18 18 18 18
Distributed income of equity investees 101 114 116 64 133 94 112
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Subtotal 841 1,065 1,332 1,030 1,240 1,020 999
Less capitalized interest costs (11) (30) (23) (12) (12) (12) (9)
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830 1,035 1,309 1,018 1,228 1,008 990
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Ratio of earnings to fixed charges .... 2.95x 3.40x 4.28x 3.66x 3.42x 4.06x 3.52x