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EXHIBIT 12
MOORE CORPORATION LIMITED
RATIO OF EARNINGS TO FIXED CHARGES
CANADIAN GAAP
JUNE JUNE
2003 2002 2002 2001 2000 1999 1998
-------- ------- -------- -------- ------- ------- --------
FIXED CHARGES
Interest expensed 33,876 5,927 12,145 26,653 25,561 24,184 19,054
Capitalized interest -- -- -- -- -- -- --
Amortization of expenses related to
indebtedness
Estimate of interest expense within rental
expense 9,053 8,844 17,379 18,833 23,299 21,115 19,028
Debt settlement costs -- -- 16,746 10,396 -- -- --
-------- ------- -------- -------- ------- ------- --------
Total Fixed Charges 42,929 14,771 46,270 55,882 48,860 45,299 38,082
======== ======= ======== ======== ======= ======= ========
EARNINGS
Add:
Pretax earnings from operations before
minority interest 5,189 38,513 77,352 (388,420) (81,592) 128,610 (642,918)
Fixed charges 42,929 14,771 46,270 55,882 48,860 45,299 38,082
Distributed income from equity
investments -- -- -- -- -- -- --
-------- ------- -------- -------- ------- ------- --------
Subtotal 48,118 53,284 123,622 (332,538) (32,732) 173,909 (604,836)
-------- ------- -------- -------- ------- ------- --------
Less:
Capitalized interest -- -- -- -- -- -- --
Minority interest in pre-tax income -- -- -- -- -- -- --
-------- ------- -------- -------- ------- ------- --------
Subtotal -- -- -- -- -- -- --
-------- ------- -------- -------- ------- ------- --------
EARNINGS 48,118 53,284 123,622 (332,538) (32,732) 173,909 (604,836)
======== ======= ======== ======== ======= ======= ========
Earnings to Fixed Charges Ratio 1.12 3.61 2.67 -- -- 3.84 --
Deficiency (388,420) (81,592) (642,918)
MOORE CORPORATION LIMITED
RATIO OF EARNINGS TO FIXED CHARGES
U.S. GAAP
JUNE JUNE
2003 2002 2002 2001 2000
-------- ------- ------- -------- -------
FIXED CHARGES
Interest expensed 33,876 5,927 12,145 26,395 25,561
Amortization of expenses related to
indebtedness
Estimate of interest expense within rental
expense 9,053 8,844 17,379 18,833 23,299
Debt settlement costs -- -- 16,746 10,396
-------- ------- ------- -------- -------
Total Fixed Charges 42,929 14,771 46,270 55,624 48,860
======== ======= ======= ======== =======
EARNINGS
Add:
Earnings from operations before income
taxes and minority interest 19,898 47,588 94,598 (218,332) (46,796)
Fixed charges 42,929 14,771 46,270 55,624 48,860
Distributed income from equity
investments -- -- -- -- --
-------- ------- ------- -------- -------
Subtotal 62,827 62,359 140,868 (162,708) 2,064
-------- ------- ------- -------- -------
Less:
Capitalized interest -- -- -- -- --
Minority interest in pre-tax income -- -- -- -- --
-------- ------- ------- -------- -------
Subtotal -- -- -- -- --
-------- ------- ------- -------- -------
EARNINGS 62,827 62,359 140,868 (162,708) 2,064
======== ======= ======= ======== =======
Earnings to Fixed Charges Ratio 1.46 4.22 3.04 -- 0.04
Deficiency (218,332) (46,796)