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EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(stated in thousands of U S dollars)
Year ended December 31,
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1999 2000 2001 2002 2003
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Consolidated income (loss) before
income tax and minority interest $ -8,291 $ -5,783 $ 2,805 $ -13,571 $ -10,000
Investment in affiliates - 1,646 692 45 -3,140
Interest expense 14,459 16,061 17,113 16,178 (1) 15,622
Amortization of debt issue costs 605 585 585 585 585
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Earnings 6,773 12,509 21,195 3,237 3,067
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Interest expense $ 14,459 $ 16,061 $ 17,113 $ 16,178 $ (1) 15,622
Amortization of debt issue costs 605 585 585 585 585
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Fixed Charges 15,064 16,646 17,698 16,763 16,207
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Ratio of Earnings to Fixed Charges (2) - (2) - 1.2 (2) - (2) -
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Dollar amount of the coverage deficiency $ 8,291 $ 4,137 $ - $ 13,526 $ 13,140
Nine
Pro Forma Months Pro Forma
for the Year ended Ended for the Nine Months Period
December 31, September 30, September 30,
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2003 2004 2004
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(unaudited) (unaudited) (unaudited)
Consolidated income (loss) before
income tax and minority interest $ -12,695 $ 12,968 $ 10,948
Investment in subsidiaries 692 -233 -233
Interest expense 19,893 (1) 11,933 13,985
Amortization of debt issue costs 500 407 375
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Earnings 8,390 25,075 25,075
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Interest expense $ 19,893 $ (1) 11,933 $ 13,985
Amortization of debt issue costs 500 407 375
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Fixed Charges 20,393 12,340 14,360
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Ratio of Earnings to Fixed Charges (2) - 2.0 1.7
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Dollar amount of the coverage deficiency $ 12,003 $ - $ -
(1) The interest expense amounts presented in this exhibit do not include the
financial gain on exthinguishment of debt amounting $ 1,782 for the year
ended December 31, 2003 and $ 1,344 for the nine-months period ended
September 30, 2004.
(2) In these fiscal years the earnings are inadequate to cover fixed charges.