EXHIBIT 12.1
Visteon Corporation and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
For the Years Ended December 31,
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2003 2002 2001 2000 1999
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Earnings
Income/(loss) before income taxes, minority interest and
change in accounting................................ $ (1,191) $ (133) $ (175) $ 424 $ 1,172
Earnings of non-consolidated affiliates ................. (55) (44) (24) (56) (47)
Cash dividends received from non-consolidated affiliates 35 16 12 17 24
Fixed charges ........................................... 126 139 174 215 173
Capitalized interest, net of amortization ............... 3 1 (2) (3) (1)
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Earnings ........................................... $ (1,082) $ (21) $ (15) $ 597 $ 1,321
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Fixed Charges
Interest and related charges on debt .................... $ 97 $ 109 $ 139 $ 176 $ 149
Portion of rental expense deemed to be interest ......... 29 30 35 39 24
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Fixed charges ...................................... $ 126 $ 139 $ 174 $ 215 $ 173
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Ratios
Ratio of earnings to fixed charges* ..................... N/A N/A N/A 2.8 7.6
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* For the years ended December 31, 2003, 2002 and 2001, fixed charges exceeded
earnings by $1,208 million, $160 million and $189 million, respectively,
resulting in a ratio of less than one.