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Exhibit 12.1
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RATIO OF EARNINGS TO FIXED INTEREST CHARGES
FISCAL YEAR ENDED DECEMBER 31,
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1997 1998 1999 2000 2001
Consolidated pretax income from continuing operations 190,687 217,151 263,312 442,299 325,004
Share of distributed income of 50%-or-less-owned
affiliates net of equity pick-up (35,222) 71,916 (148,291) (191,860) (65,545)
Share of pretax loss of 50%-or-less-owned affiliate
with guaranteed debt net of equity pick-up - - (329) 102 217
Amortization of capitalised interest 447 593 758 875 904
Interest 131,325 151,957 120,470 120,370 108,621
Interest portion of rental expense 6,455 5,579 4,218 3,782 2,964
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Earnings 293,692 447,196 240,138 375,568 372,165
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Interest 131,325 151,957 120,470 120,370 108,621
Interest capitalized during the period 34 1,959 2,392 - 522
Interest portion of rental expense 6,455 5,579 4,218 3,782 2,964
Interest expense relating to guaranteed debt of
50%-or-less-owned affiliate - - - 321 304
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137,814 159,495 127,080 124,473 112,411
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Ratio of earnings to fixed charges 2.1 times 2.8 times 1.9 times 3.0 times 3.3 times
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PRO FORMA
TWELVE MONTHS
SIX MONTHS ENDED JUNE 30, ENDED JUNE 30,
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2001 2002 2002
Consolidated pretax income from continuing operations 175,256 148,252 60,919
Share of distributed income of 50%-or-less-owned
affiliates net of equity pick-up (27,503) (20,858) (11,467)
Share of pretax loss of 50%-or-less-owned affiliate
with guaranteed debt net of equity pick-up 114 80 183
Amortization of capitalised interest 219 228 913
Interest 57,165 48,539 299,942
Interest portion of rental expense 1,663 1,524 2,825
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Earnings 206,914 177,765 353,315
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Interest 57,165 48,539 299,942
Interest capitalized during the period - 261 784
Interest portion of rental expense 1,663 1,524 2,825
Interest expense relating to guaranteed debt of
50%-or-less-owned affiliate 123 80 261
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58,951 50,404 303,812
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Ratio of earnings to fixed charges 3.5 times 3.5 times 1.2 times
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