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EXHIBIT 12.1
GTECH HOLDINGS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Unaudited)
Six Months Ended
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August 23, August 24,
2003 2002
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(Dollars in thousands, except ratios)
Earnings:
Income before income taxes $ 142,067 $ 108,466
Add:
Interest on indebtedness 4,011 5,643
Equity income (loss), net of distributions (289) 653
Minority losses 1,578 1,141
Portion of rents representative of the interest
factor 3,222 3,222
Amortization of capitalized interest 384 624
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Adjusted earnings $ 150,973 $ 119,749
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Fixed charges:
Interest on indebtedness 4,011 5,643
Portion of rents representative of the interest factor 3,222 3,222
Capitalized interest 1,080 -
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Total fixed charges $ 8,313 $ 8,865
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Ratio of earnings to fixed charges 18.16 13.51
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Fiscal Year Ended
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February 22, February 23, February 24, February 26, February 27,
2003 2002 2001 2000 1999
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(Dollars in thousands, except ratios)
Earnings:
Income before income taxes $ 229,066 $ 109,720 $ 70,735 $ 155,977 $ 150,954
Add:
Interest on indebtedness 11,267 22,876 27,165 29,032 27,405
Equity income (loss), net of distributions 316 (815) 1,343 (376) (3,117)
Minority losses 578 160 2,039 4,528 484
Portion of rents representative of the interest
factor 6,444 6,444 7,160 7,160 7,160
Amortization of capitalized interest 1,176 1,821 1,927 2,210 1,985
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Adjusted earnings $ 248,847 $ 140,206 $ 110,369 $ 198,531 $ 184,871
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Fixed charges:
Interest on indebtedness 11,267 22,876 27,165 29,032 27,405
Portion of rents representative of the interest factor 6,444 6,444 7,160 7,160 7,160
Capitalized interest 174 1,250 1,077 - 1,983
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Total fixed charges $ 17,885 $ 30,570 $ 35,402 $ 36,192 $ 36,548
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Ratio of earnings to fixed charges 13.91 4.59 3.12 5.49 5.06
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