Exhibit 12
PHIBRO ANIMAL HEALTH CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
3 MONTHS ENDED
FISCAL YEARS ENDED JUNE 30, SEPTEMBER 30,
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2000 2001 2002 2003 2004 2003 2004
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Pre-tax income (loss) income from continuing
operations before loss from equity investments $ 1,934 $ (9,563) $(10,121) $ 7,960 $ 25,048 $ 2,392 $ 783
Interest capitalized net of amortization of
capitalized interest - - (263) (73) - - -
Fixed Charges:
Interest expensed and capitalized and
amortization of deferred debt issuance cost 14,520 17,919 18,347 17,561 20,724 4,234 5,837
Interest portion of rental expense 473 592 671 740 814 185 203
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Total fixed charges 14,993 18,511 19,018 18,301 21,538 4,419 6,040
Total earnings $ 16,927 $ 8,948 $ 8,634 $ 26,188 $ 46,586 $ 6,811 $ 6,823
Ratio of earnings to fixed charges 1.1 - - 1.4 2.2 1.5 1.1
Deficiency in earnings available to
cover fixed charges - (9,563) (10,384) - - - -