EXHIBIT 12.1
AGCO CORPORATION
Statement RE: Computation of Ratio of Earnings to Combined Fixed Charges
(in millions, except ratio data)
Years Ended December 31,
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1999 2000 2001 2002 2003
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Fixed Charges Computation:
Interest expense $69.1 $56.6 $ 65.5 $ 63.6 $ 65.3
Interest Component of rent expense (a) 4.8 5.8 5.7 7.4 7.7
Proportionate share of fixed charges of 50% -
owned affiliates 2.5 1.4 1.5 1.2 0.6
Amortization of debt cost 2.3 3.7 6.6 3.1 5.4
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Total fixed charges $78.7 $67.5 $ 79.3 $ 75.3 $ 79.0
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Earnings Computation:
Income (loss) before income taxes, equity
in net earnings of affiliates and
cumulative effect of a change in accounting
principle plus dividends received from affiliates $(19.3) $(4.2) $ 29.4 $ 36.9 $114.8
Fixed charges 78.7 67.5 79.3 75.3 79.0
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Total fixed charges $59.4 $63.3 $108.7 $112.2 $193.8
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Ratio of earnings to combined fixed charges (b) (b) 1.4:1 1.5:1 2.5:1
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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 $19.3 million and $4.2 million for the years ended December
31, 1999 and 2000, respectively.