EXHIBIT 12.1
AGCO CORPORATION
Statement RE: Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio data)
Three Months
Ended
Years Ended December 31, March 31,
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1999 2000 2001 2002 2003 2003 2004
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FIXED CHARGES COMPUTATION:
Interest expense $ 69.1 $ 56.6 $ 65.5 $ 63.6 $ 65.3 $ 16.5 $ 23.2
Interest component of rent expense (a) 4.8 5.8 5.7 7.4 7.7 1.9 2.5
Proportionate share of fixed charges of 50%
- owned affiliates 2.5 1.4 1.5 1.2 0.6 0.3 --
Amortization of debt costs 2.3 3.7 6.6 3.1 5.4 0.8 2.9
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Total fixed charges $ 78.7 $ 67.5 $ 79.3 $ 75.3 $ 79.0 $ 19.5 $ 28.6
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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 $ (19.2) $ (4.2) $ 29.4 $ 36.9 $ 114.8 $ 18.8 $ 38.7
Fixed charges 78.7 67.5 79.3 75.3 79.0 19.5 28.6
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Total earnings $ 59.5 $ 63.3 $ 108.7 $ 112.2 $ 193.8 $ 38.3 $ 67.3
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Ratio of earnings to fixed
charges (b) (b) 1.4:1 1.5:1 2.5:1 2.0:1 2.4:1
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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 $19.2 million and $4.2 million for the years ended December 31, 1999
and 2000, respectively.