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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)
Nine Months Ended
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November 27, November 22,
2004 2003
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(Dollars in thousands, except ratios)
Earnings:
Income before income taxes $ 237,803 $ 214,871
Add:
Interest on indebtedness 11,743 6,997
Equity income (loss), net of distributions 1,071 (263)
Minority losses 2,178 3,540
Portion of rents representative of the interest
factor 986 4,833
Amortization of capitalized interest 502 540
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Adjusted earnings $ 254,283 $ 230,518
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Fixed charges:
Interest on indebtedness 11,743 6,997
Portion of rents representative of the interest factor 986 4,833
Capitalized interest 650 1,376
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Total fixed charges $ 13,379 $ 13,206
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Ratio of earnings to fixed charges 19.01 17.46
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Fiscal Year Ended
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February 28, February 22, February 23, February 24, February 26,
2004 2003 2002 2001 2000
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(Dollars in thousands, except ratios)
Earnings:
Income before income taxes $ 290,794 $ 229,066 $ 109,720 $ 70,735 $ 155,977
Add:
Interest on indebtedness 10,919 11,267 22,876 27,165 29,032
Equity income (loss), net of distributions 1,672 316 (815) 1,343 (376)
Minority losses 4,502 578 160 2,039 4,528
Portion of rents representative of the interest
factor 1,315 6,444 6,444 7,160 7,160
Amortization of capitalized interest 610 1,176 1,821 1,927 2,210
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Adjusted earnings $ 309,812 $ 248,847 $ 140,206 $ 110,369 $ 198,531
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Fixed charges:
Interest on indebtedness 10,919 11,267 22,876 27,165 29,032
Portion of rents representative of the interest factor 1,315 6,444 6,444 7,160 7,160
Capitalized interest 1,658 174 1,250 1,077 -
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Total fixed charges $ 13,892 $ 17,885 $ 30,570 $ 35,402 $ 36,192
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Ratio of earnings to fixed charges 22.30 13.91 4.59 3.12 5.49
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