EX-12 9 a2107776zex-12.htm EXHIBIT 12
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Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31
(millions except ratios)

  2002
  2001
  2000
  1999
  1998
 
Income before income taxes, equity in net income of associates and minority interest   $ 354   $ 79   $ 65   $ (104 ) $ (44 )
Add back fixed charges:                                
  Total fixed charges     86     101     109     108     46  
Dividends from associates     3     4     5     4     4  
Minority interest     (18 )   (11 )   (3 )   (8 )   (6 )
   
 
 
 
 
 
    Income as adjusted   $ 425   $ 173   $ 176   $   $  
   
 
 
 
 
 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense   $ 65   $ 82   $ 89   $ 89   $ 30  
  Portion of rents representative of interest factor     21     19     20     19     16  
   
 
 
 
 
 
    Total fixed charges   $ 86   $ 101   $ 109   $ 108   $ 46  
   
 
 
 
 
 
Ratio of earnings to fixed charges     4.9     1.7     1.6          
   
 
 
 
 
 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Years ended December 31,
(millions except ratios)

  2002
  2001
  2000
  1999
  1998
 
Income before income taxes, equity in net income of associates and minority interest   $ 354   $ 79   $ 65   $ (104 ) $ (44 )
Add back fixed charges:                                
  Total fixed charges     86     101     109     108     46  
Dividends from associates     3     4     5     4     4  
Minority interest     (18 )   (11 )   (3 )   (8 )   (6 )
   
 
 
 
 
 
      Income as adjusted   $ 425   $ 173   $ 176   $   $  
   
 
 
 
 
 

Fixed charges and preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense   $ 65   $ 82   $ 89   $ 89   $ 30  
  Portion of rents representative of interest factor     21     19     20     19     16  
   
 
 
 
 
 
    Total fixed charges     86     101     109     108     46  
  Preferred stock dividends         19     35     35     11  
   
 
 
 
 
 
    Total fixed charges and preferred stock dividends   $ 86   $ 120   $ 144   $ 143   $ 57  
   
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends     4.9     1.4     1.2          
   
 
 
 
 
 



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