EX-12.1 43 y04808exv12w1.txt COMPUTATION OF RATIO OR EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (stated in thousands of U S dollars)
Year ended December 31, --------------------------------------------------------------------------- 1999 2000 2001 2002 2003 -------------- ------------- ------------- -------------- ------------- Consolidated income (loss) before income tax and minority interest $ -8,291 $ -5,783 $ 2,805 $ -13,571 $ -10,000 Investment in affiliates - 1,646 692 45 -3,140 Interest expense 14,459 16,061 17,113 16,178 (1) 15,622 Amortization of debt issue costs 605 585 585 585 585 -------------- ------------- ------------- -------------- ------------- Earnings 6,773 12,509 21,195 3,237 3,067 ============== ============= ============= ============== ============= Interest expense $ 14,459 $ 16,061 $ 17,113 $ 16,178 $ (1) 15,622 Amortization of debt issue costs 605 585 585 585 585 -------------- ------------- ------------- -------------- ------------- Fixed Charges 15,064 16,646 17,698 16,763 16,207 ============== ============= ============= ============== ============= Ratio of Earnings to Fixed Charges (2) - (2) - 1.2 (2) - (2) - ============== ============= ============= ============== ============= Dollar amount of the coverage deficiency $ 8,291 $ 4,137 $ - $ 13,526 $ 13,140 Nine Pro Forma Months Pro Forma for the Year ended Ended for the Nine Months Period December 31, September 30, September 30, ------------------ ----------------- -------------------------- 2003 2004 2004 ------------------ ----------------- -------------------------- (unaudited) (unaudited) (unaudited) Consolidated income (loss) before income tax and minority interest $ -12,695 $ 12,968 $ 10,948 Investment in subsidiaries 692 -233 -233 Interest expense 19,893 (1) 11,933 13,985 Amortization of debt issue costs 500 407 375 -------------- ----------------- ------------- Earnings 8,390 25,075 25,075 ============== ================= ============= Interest expense $ 19,893 $ (1) 11,933 $ 13,985 Amortization of debt issue costs 500 407 375 -------------- ----------------- ------------- Fixed Charges 20,393 12,340 14,360 ============== ================= ============= Ratio of Earnings to Fixed Charges (2) - 2.0 1.7 ============== ================= ============= Dollar amount of the coverage deficiency $ 12,003 $ - $ -
(1) The interest expense amounts presented in this exhibit do not include the financial gain on exthinguishment of debt amounting $ 1,782 for the year ended December 31, 2003 and $ 1,344 for the nine-months period ended September 30, 2004. (2) In these fiscal years the earnings are inadequate to cover fixed charges.