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EXHIBIT 12.1
AGCO CORPORATION AND SUBSIDIARIES
Statement Re: Computation of Ratio of Earnings to Combined Fixed Charges
(in millions, except ratio data)
Six Months Ended
June 30, Year Ended December 31,
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2001 2000 2000 1999 1998 1997 1996
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(Unaudited)
FIXED CHARGES COMPUTATION:
Interest expense .............................. $ 32.3 $ 27.7 $ 56.6 $ 69.1 $ 79.7 $ 69.1 $ 45.2
Interest component of rent expense(a) ......... 2.7 2.8 5.8 4.8 5.3 5.6 5.4
Proportionate share of fixed charges of 50%-
owned affiliates ............................ 0.6 0.5 1.4 2.5 2.8 1.8 2.0
Amortization of debt cost ..................... 3.7 2.2 3.7 2.3 1.7 1.6 1.4
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Total fixed charges ..................... $ 39.3 $ 33.2 $ 67.5 $ 78.7 $ 89.5 $ 78.1 $ 54.0
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EARNINGS COMPUTATION:
Income (loss) before income taxes, equity
in net earnings of affiliates and
extraordinary loss plus dividends received
from affiliates............................... $(10.0) $(20.0) $ (4.2) $(19.3) $ 84.8 $245.7 $171.6
Fixed charges .................................. 39.3 33.2 67.5 78.7 89.5 78.1 54.0
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Total earnings as adjusted .............. $ 29.3 $ 13.2 $ 63.3 $ 59.4 $174.3 $323.8 $225.6
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Ratio of earnings to combined fixed
charges............................... -(b) -(b) -(b) -(b) 1.9:1 4.2:1 4.2:1
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(a) The interest factor was calculated to be one-third of rental expenses
and is considered to be a representative interest factor.
(b) The dollar amount of the deficiency, based on a one-to-one coverage
ratio, was $10.0 million and $20.0 million for the six months ended
June 30, 2001 and June 30, 2000, respectively, and $4.2 million and
$19.3 million for the twelve months ended December 31, 2000 and 1999,
respectively.