EX-12.1 3 a2155560zex-12_1.htm EX 12.1
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Exhibit 12.1

Cascades Inc.

Statement Re: Computation of Ratios

(dollars in millions)

		Year Ended December 31,
		2000		2001		2002		2003		2004
Earnings
Income from operations before taxes		$	97	$	148	$	205	$	64	$	20
Plus fixed charges			93		90		79		92		92
Plus amortization of capitalized interest			2		2		2		—		—

	Earnings	$	192	$	240	$	286	$	156	$	112

Fixed Charges:
Interest expense, including amortization of debt issue costs		$	86	$	83	$	69	$	80	$	76
Capitalized interests			2		—		1		—		1
Estimated interest factor of rental expense			5		7		9		12		15

	Fixed Charges	$	93	$	90	$	79	$	92	$	92
Ratio of Earnings to Fixed Charges(1)			2.06		2.67		3.62		1.70		1.22

(1): For purposes of calculating the ratio of earnings to fixed charges, "earnings" represents income from continuing operations before income taxes, plus fixed charges. "Fixed charges" consist of interest expense, including amortization of debt issuance costs and that portion of rental expense considered to be a reasonable approximation of interest.