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EXHIBIT 12.1
HAYES WHEELS INTERNATIONAL, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(Millions of dollars except ratios)
Pro Forma
Year Year Year Year Year Year Quarter Quarter
Ended Ended Ended Ended Ended Ended Ended Ended
Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Jan. 31, Apr. 30, Apr. 30,
1993 1994 1995 1996 1997 1997 1996 1997
-------- -------- -------- -------- -------- ---------- ---------- ---------
Earnings:
Earnings (loss) before
taxes on income and
minority interest.... $ 7.8 $42.2 $49.9 $46.2 ($102.0) ($122.6) $9.9 $8.8
Interest expense:
Bank borrowings and
long-term debt....... 33.8 13.6 13.4 15.0 48.5 73.6 3.6 18.4
Rentals (1)............ 0.5 1.0 2.0 2.6 4.6 6.8 0.8 1.3
------ ----- ----- ----- ------ ------ ----- -----
34.3 14.6 15.4 17.6 53.1 80.4 4.4 19.7
Earnings before interest
expense, taxes on
income and minority
interest............... $42.1 $56.8 $65.3 $63.8 ($48.9) ($42.2) $14.3 $28.5
===== ===== ===== ===== ====== ====== ===== =====
Fixed charges:
Bank borrowings and
long-term debt....... $33.8 $13.6 $13.4 $15.0 $48.5 $73.6 $3.6 $18.4
Rentals (1)............ 0.5 1.0 2.0 2.6 4.6 6.8 0.8 1.3
----- ----- ----- ----- ------ ------ ----- -----
Total fixed charges.. $34.3 $14.6 $15.4 $17.6 $53.1 $80.4 $4.4 $19.7
===== ===== ===== ===== ====== ====== ===== =====
Ratio of earnings to
fixed charges.......... 1.23 3.89 4.24 3.63 (0.92) (0.52) 3.25 1.35
===== ===== ===== ===== ====== ====== ===== =====
Coverage deficiency on
fixed charges.......... N/A N/A N/A N/A 102.0 122.6 N/A N/A
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(1) Estimated interest component of rent expense.