AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
Exhibit 12
SCHEDULE SETTING FORTH THE COMPUTATION OF RATIOS
OF CONSOLIDATED EARNINGS TO FIXED CHARGES
(Amounts in thousands, except ratios)
YEAR ENDED DECEMBER 31,
-------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Earnings:
(Loss) income from continuing operations
(including dividends from
less-than-50%-owned affiliates) before
income taxes, equity in earnings of affiliates
and others, cumulative effect on
prior years of change in
accounting principle, and minority
interests .................................... $(10,539) $ 9,524 $ 9,659 $ 4,784 $ 23,332
Fixed charges ............................... 14,286 13,169 17,149 21,387 18,863
-------- -------- -------- -------- --------
Earnings .................................. $ 3,747 $ 22,693 $ 26,808 $ 26,171 $ 42,195
======== ======== ======== ======== ========
Fixed Charges:
Interest .................................... $ 14,081 $ 12,921 $ 16,234 $ 20,176 $ 16,906
Amortization of debenture
expenses ................................... 205 248 915 1,211 1,957
-------- -------- -------- -------- --------
Fixed charges ............................... $ 14,286 $ 13,169 $ 17,149 $ 21,387 $ 18,863
======== ======== ======== ======== ========
Ratio of earnings to fixed charges ........... .26:1 1.72:1 1.56:1 1.22:1 2.24:1
======== ======== ======== ======== ========
E-115