EXHIBIT 12
NAKORNTHAI STRIP MILL PUBLIC COMPANY LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
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1994 1995 1996 1997
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BAHT BAHT BAHT BAHT
Thai GAAP:
Net loss........................................................... -- -- -- (1,294,542)
Add fixed charges, excluding amounts capitalized................... -- -- -- --
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Adjusted loss...................................................... -- -- -- (1,294,542)
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Fixed Charges:
Interest capitalized............................................... -- 2,409 86,094 1,085,790
Interest portion of rentals capitalized(1)......................... -- -- 58 108
Interest portion of rentals expensed(1)............................ -- -- -- --
Amortization of debt issuance costs................................ -- -- -- --
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Total fixed charges.............................................. -- 2,409 86,152 1,085,898
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Deficiency of earnings to fixed charges.............................. -- 2,409 86,152 2,380,440
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U.S. GAAP:
Net earnings (loss)................................................ 35,985 (166,494) (8,762,598)
Add fixed charges, excluding amounts capitalized................... -- 7,256 7,306
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Adjusted earnings (loss)........................................... 35,985 (159,238) (8,755,292)
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Fixed charges:
Interest capitalized............................................... 2,409 86,094 1,085,790
Interest portion of rentals capitalized(1)......................... -- -- --
Interest portion of rentals expensed(1)............................ -- 58 108
Amortization of debt issuance costs................................ -- 7,198 7,198
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Total fixed charges.............................................. 2,409 93,350 1,093,096
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Ratio of earnings to fixed charges................................... 14.9 -- --
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Deficiency of earnings to fixed charges.............................. -- 252,588 9,848,388
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(1) Management of the Company believes approximately one-third of rental and
lease expense is representative to the interest component of rent expense.