Exhibit 12
AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)
Nine
Months
Ended
Year Ended 30 September 30 June
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1998 1999 2000 2001 2002 2003
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EARNINGS: $ 546.8 $ 450.5 $ 124.2 $ 465.6 $ 525.4 $ 268.9
Income from continuing operations
Add (deduct):
Provision for income taxes 280.9 209.5 (7.5) 196.2 247.5 105.1
Fixed charges, excluding capitalized
interest 202.8 194.4 232.6 226.5 150.3 113.0
Capitalized interest amortized during
the period 7.4 6.1 6.6 7.1 7.2 5.1
Undistributed earnings of less-than-
fifty-percent-owned affiliates (25.3) (44.5) (32.1) (34.3) (42.8) 3.5
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Earnings, as adjusted $1,012.6 $ 816.0 $ 323.8 $ 861.1 $ 887.6 $ 495.6
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FIXED CHARGES:
Interest on indebtedness, including capital lease
obligations $ 186.7 $ 175.4 $ 210.3 $ 201.6 $ 126.4 $ 95.4
Capitalized interest 18.4 24.7 19.7 8.8 11.7 4.6
Amortization of debt discount premium
and expense 1.9 1.3 3.1 5.6 2.2 1.7
Portion of rents under operating leases
representative of the interest factor 14.2 17.7 19.3 19.3 21.7 15.9
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Fixed charges $ 221.2 $ 219.1 $ 252.4 $ 235.3 $ 162.0 $ 117.6
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RATIO OF EARNINGS TO FIXED CHARGES: 4.6 3.7 1.3 3.7 5.5 4.2
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