EXHIBIT 12.1
NMHG HOLDING CO. AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIOS
(dollars in millions)
Three Months
Ended
Year Ended December 31, March 31,
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1997 1998 1999 2000 2001 2001 2002
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Earnings (loss) as defined:
Income (loss) from operations before
taxes $ 52.6 $ 118.9 $ 42.3 $ 39.3 $ (66.8) $ 15.8 $ 2.2
Plus: fixed charges 17.5 17.2 22.6 28.0 34.1 7.7 8.9
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Earnings (loss) $ 70.1 $ 136.1 $ 64.9 $ 67.3 $ (32.7) $ 23.5 $ 11.1
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Fixed Charges as defined:
Interest expense, including
amortization of debt issue costs
$ 14.6 $ 14.1 $ 19.1 $ 21.3 $ 24.0 $ 5.2 $ 5.5
Estimated interest factor on rental
expense 2.9 3.1 3.5 6.7 10.1 2.5 3.4
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Fixed Charges $ 17.5 $ 17.2 $ 22.6 $ 28.0 $ 34.1 $ 7.7 $ 8.9
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Ratio of Earnings to Fixed Charges (1)
4.0 7.9 2.9 2.4 --- 3.1 1.2
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(1) The ratio of earnings to fixed charges is determined by dividing income
(loss) before income taxes, minority interest and cumulative effect of
accounting changes, adjusted for equity in earnings and distributions
received from equity investees, interest expense, debt expense amortization,
capitalized interest and the portion of rental expense deemed representative
of an interest factor by the sum of interest expense, debt expense
amortization, capitalized interest and the portion of rental expense deemed
representative of an interest factor. For the year ended December 31, 2001,
earnings were insufficient to cover fixed charges by $66.8 million.