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EXHIBIT 12
CABOT CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
Nine Months
Ended Years ended September 30
June 30 ------------------------------------------------
1994 1993 1992 1991 1990 1989
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Earnings:
Pre-tax income from continuing operations $93,030 $67,900 $116,599 $62,362 $63,983 $(25,480)
Distributed income of affiliated companies 3,942 5,988 5,766 4,688 3,607 1,704
Add fixed charges:
Interest on indebtedness 31,370 44,043 41,714 38,661 41,145 34,059
Portion of rents representative of
the interest factor 3,864 4,838 4,933 5,715 5,226 4,764
-------- -------- -------- -------- -------- --------
Income as adjusted $132,206 $122,769 $169,012 $111,426 $113,961 $ 15,047
Fixed charges:
Interest on indebtedness $31,370 $44,043 $41,714 $38,661 $41,145 $34,059
Capitalized interest -- -- 3,963 8,745 -- --
Portion of rents representative of
the interest factor 3,864 4,838 4,933 5,715 5,226 4,764
-------- -------- -------- -------- -------- --------
Total fixed charges $ 35,234 $ 48,881 $ 50,610 $ 53,121 $ 46,371 $ 38,823
-------- -------- -------- -------- -------- --------
Ratio of earnings to fixed charges 3.75 2.51 3.34 2.10 2.46 *
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<FN>
* Earnings in fiscal 1989 were inadequate to cover fixed charges by $23,776.
Operating profit for 1989 includes a $71,716 loss associated with the
Energy Group restructuring and aggregate charges of $18,933 related to the
reorganization of the Company's carbon black operations, streamlining of
the ceramic packaging business, and provisions for environmental issues.
Without these charges, the ratio of earnings to fixed charges would be
2.72 for 1989.