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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
CALCULATED USING AUSTRALIAN GAAP FINANCIAL DATA
Fiscal Year Ended Six Months Ended
June 30, December 31,
------------------------------------------------------------ --------------------
1999 2000 2001 2002 2003 2002 2003
------- ------- ------- ------- ------- ------- -------
(A$ million, except for ratios)
Net profit (loss) from continuing
operations before extraordinary items,
income taxes and minority interests $ 55.9 $ 81.3 $ 81.8 $ 101.9 $ 127.8 $ 54.6 $ 111.0
Share of net profit of associates (10.5) (11.6) (12.4) (10.1) (11.1) (5.3) (6.4)
Dividends received from associates 5.3 7.8 8.6 15.3 12.7 4.5 4.2
------- ------- ------- ------- ------- ------- -------
$ 50.7 $ 77.5 $ 78.0 $ 107.1 $ 129.4 $ 53.8 $ 108.8
------- ------- ------- ------- ------- ------- -------
Fixed charges:
Borrowing costs $ 111.9 $ 90.9 $ 95.8 $ 72.9 $ 174.8 $ 63.6 $ 144.7
Estimated interest in rental
Payments 2.9 2.1 2.2 1.7 4.0 1.0 3.5
------- ------- ------- ------- ------- ------- -------
Total fixed charges $ 114.8 $ 93.0 $ 98.0 $ 74.6 $ 178.8 $ 64.6 $ 148.2
------- ------- ------- ------- ------- ------- -------
Earnings available for fixed charges $ 165.5 $ 170.5 $ 176.0 $ 181.7 $ 308.2 $ 118.4 $ 257.0
Ratio of earnings to fixed charges 1.44x 1.83x 1.80x 2.44x 1.72x 1.83x 1.73x
For purposes of determining the ratio of earnings to fixed charges, and
the deficiency, if any, earnings are defined as net profit from continuing
operations before related income tax expenses, extraordinary items, minority
interests, and income or losses from equity accounted associates, plus
distributed income from equity accounted associates and fixed charges. Fixed
charges consist of borrowing costs expensed and capitalized, amortized premiums,
discounts and capitalized expenses related to indebtedness and a portion of
lease rental expenses, which is the portion deemed to be representative of the
interest factor.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
CALCULATED USING U.S. GAAP FINANCIAL DATA
Fiscal Year Ended Six Months Ended
June 30, December 31,
--------------------
2001 2002 2003 2002 2003
------- ------- ------- ------- -------
(A$ million, except for ratios)
Net profit (loss) from continuing
operations before extraordinary items,
income taxes and minority interests $ 66.8 $ 16.3 $ 203.7 $ 66.1 $ 153.5
Share of net profit of associates (12.9) (7.9) (6.9) (2.6) (3.3)
Dividends received from associates 8.6 15.3 12.7 4.5 4.2
------- ------- ------- ------- -------
$ 62.5 $ 23.7 $ 209.5 $ 68.0 $ 154.4
------- ------- ------- ------- -------
Fixed charges:
Borrowing costs $ 107.5 $ 76.6 $ 181.9 $ 70.5 $ 141.6
Estimated interest in rental
Payments 2.2 1.7 4.0 1.0 3.5
------- ------- ------- ------- -------
Total fixed charges $ 109.7 $ 78.3 $ 185.9
------- ------- ------- $ 71.5 $ 145.1
------- -------
Earnings available for fixed charges $ 172.2 $ 102.0 $ 395.4 $ 139.5 $ 299.5
Ratio of earnings to fixed charges 1.57x 1.30x 2.13x 1.95x 2.06x
For purposes of determining the ratio of earnings to fixed charges, and
the deficiency, if any, earnings are defined as net profit from continuing
operations before related income tax expenses, extraordinary items, minority
interests, and income or losses from equity accounted associates, plus
distributed income from equity accounted associates and fixed charges. Fixed
charges consist of borrowing costs expensed and capitalized, amortized premiums,
discounts and capitalized expenses related to indebtedness, changes in the fair
value of derivative financial instruments and a portion of lease rental
expenses, which is the portion deemed to be representative of the interest
factor.