1
EXHIBIT 12.1
VENTURE HOLDINGS TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED JUNE 30,
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1996 1995 1994 1993 1992 1997 1996
------- ------- ------- ------- ------- ------- -------
Net earnings from continuing operations $ 1,999 $ 4,142 $ 7,445 $14,188 $ 5,044 $13,299 $ 5,864
Add back:
Taxes on income 1,002 577 3,405 1,178 0 1,885 666
Fixed charges 21,899 16,704 16,049 13,204 11,860 16,179 8,524
Amortization of previously capitalized interest 285 285 285 285 285 148 148
Deduct:
Capitalized interest 108 0 0 0 0 0 0
------- ------- ------- ------- ------- ------- -------
Earnings available for fixed charges $25,077 $21,708 $27,184 $28,855 $17,189 $31,511 $15,202
Fixed charges of Venture Holdings Trust:
Interest expense 19,248 15,032 14,345 11,158 10,390 14,208 7,409
Capitalized interest 108 0 0 0 0 0 0
Amortization of debt expense and debt discount 885 556 466 895 469 905 286
Interest portion of rent expense 1,658 1,116 1,238 1,151 1,001 1,066 829
------- ------- ------- ------- ------- ------- -------
$21,899 $16,704 $16,049 $13,204 $11,860 $16,179 $ 8,524
Ratio of earnings to fixed charges 1.15 1.30 1.69 2.19 1.45 1.95 1.78
TWELVE MONTHS ENDED
JUNE 30,
-------------------
1997
----
Net earnings from continuing operations 9,434
Add back:
Taxes on income 2,221
Fixed charges 29,554
Amortization of previously capitalized interest 285
Deduct:
Capitalized interest 108
-------
Earnings available for fixed charges 41,386
Fixed charges of Venture Holdings Trust:
Interest expense 26,047
Capitalized interest 108
Amortization of debt expense and debt discount 1,504
Interest portion of rent expense 1,895
-------
29,554
Ratio of earnings to fixed charges 1.40
PROFORMA INFORMATION
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SIX TWELVE MONTHS
MONTHS ENDED ENDED
YEAR ENDED DECEMBER 31, JUNE 30, JUNE 30,
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1996 1997 1997
---- ---- ----
Net earnings from continuing operations (7,297) 12,969 5,487
Add back:
Taxes on income 666 1,786 1,479
Fixed charges 31,531 16,608 32,103
Amortization of previously capitalized interest 285 148 285
Deduct:
Capitalized interest 108 0 108
------- ------- -------
Earnings available for fixed charges 25,077 31,511 39,246
Fixed charges of Venture Holdings Trust:
Interest expense 28,154 14,245 28,489
Capitalized interest 108 0 108
Amortization of debt expense and debt discount 1,611 1,297 1,611
Interest portion of rent expense 1,658 1,066 1,895
------- ------- -------
31,531 16,608 32,103
Ratio of earnings to fixed charges 0.79 1.90 1.22
Earnings are inadequate to cover fixed charges on a pro forma basis for
the year ended December 31, 1996 in the amount of approximately $6.5 million.
This is primarily due to the increase in fixed charges as if they had occurred
at the beginning of the year without any increase in earnings. Earnings are
adequate to cover the fixed charges on a pro forma basis for the six months
ended June 30, 1997 and the twelve months ended June 30, 1997.