EXHIBIT 12.1 - STATEMENT REGARDING COMPUTATION OF FINANCIAL RATIOS
(in millions, except share and per share data)
2002 2001 2000 1999 1998
1. NET INCOME AS A PERCENT
TO SALES
A Net Income $ 52.1 $ 5.6 $ 18.3 $ 42.6 $ 70.4
B Net Sales $ 451.5 $ 420.9 $ 422.4 $ 516.8 $ 465.0
A % of B 11.5% 1.3% 4.3% 8.2% 15.1%
2. EFFECTIVE INCOME TAX
RATE
C Income Taxes $ 23.0 $ 19.8 $ 17.4 $ 32.7 $ 41.5
D Income before Income $ 74.0 $ 36.7 $ 35.7 $ 75.3 $ 111.9
Taxes
C % of D 31.0% 54.0% 48.8% 43.4% 37.1%
3. EBITDA PER SHARE
Net cash provided by
operating activities $ 100.0 $ 90.0 $ 134.0 $ 108.7 $ 238.3
Changes in operating assets
and liabilities:
Accounts receivable and
prepaid expenses (39.7) 33.3 (51.9) 14.2 (53.6)
Inventories (3.5) (4.3) (4.7) (31.6) 5.7
Account payable and accrued
expenses 13.0 (15.3) 7.2 6.1 (35.7)
Deferred income received - - (38.6) - -
Other non-current assets and
liabilities 21.5 6.9 39.1 12.9 21.0
Taxation:
Changes in income taxes and
other current liabilities (0.6) (0.4) 20.6 14.0 (45.0)
Deferred income taxes (1.6) 0.8 (5.2) (14.5) (1.5)
Taxation charge 23.0 19.8 17.4 32.7 41.5
Tax on extraordinary item - (5.8) - - -
Interest:
Interest income (0.7) (2.1) (2.1) (3.9) (2.7)
Interest expense 13.1 19.6 22.8 25.9 25.2
Finance cost amortization (2.2) - - - -
Other:
Minority interest share of
profits 3.0 4.2 3.6 1.9 -
Loss on disposal of equipment (5.7) (1.1) (2.0) 1.2 0.9
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EBITDA (E) $ 119.6 $ 145.6 $ 140.2 $ 167.6 $ 194.1
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F Basic shares outstanding 11,817 11,764 12,581 13,827 14,514
G Diluted shares outstanding 12,557 12,501 13,000 13,979 14,514
E/F Basic EBITDA per share $ 10.12 $ 12.38 $ 11.14 $ 12.12 $ 13.37
E/G Diluted EBITDA per share $ 9.52 $ 11.65 $ 10.78 $ 11.99 $ 13.37
Shares in thousands, EBITDA per share in dollars.
2002 2001 2000 1999 1998
4. CURRENT RATIO
H Current Assets $ 171.8 $ 238.3 $ 188.5 $ 255.8 $ 240.9
I Current Liabilities $ 187.6 $ 235.3 $ 131.3 $ 206.8 $ 205.2
H : I 0.9 1.0 1.4 1.2 1.2
5. EARNINGS PER SHARE
J Net income $ 52.1 $ 5.6 $ 18.3 $ 42.6 $ 70.4
K Basic shares outstanding 11,817 11,764 12,581 13,827 14,514
L Diluted shares outstanding 12,557 12,501 13,000 13,979 14,514
J/K Basic earnings per share $ 4.41 $ 0.47 $ 1.46 $ 3.08 $ 4.85
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J/L Diluted earnings per share $ 4.15 $ 0.44 $ 1.41 $ 3.05 $ 4.85
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Shares in thousands, earnings per share in dollars.
6. WORKING CAPITAL
M Current Assets $ 171.8 $ 238.3 $ 188.5 $ 255.8 $ 240.9
N Current Liabilities 187.6 235.3 131.3 206.8 205.2
O Current Portion of Long-
Term Loan 56.8 65.1 30.0 80.0 71.0
M-N+O Working Capital $ 41.0 $ 68.1 $ 87.2 $ 129.0 $ 106.7