EX-12.1 8 a06-6603_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

Exhibit 12.1

 

Statement Regarding Computation of Ratios of Earnings to Fixed Charges

 

 

 

Year Ended December 31,

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

(US$ in millions except ratios)

 

Earnings (1)

 

 

 

 

 

 

 

 

 

 

 

Pretax income before minority interests

 

519

 

904

 

723

 

481

 

264

 

plus:

Fixed charges

 

293

 

260

 

258

 

211

 

265

 

 

Amortization of capitalized interest

 

8

 

7

 

7

 

6

 

5

 

 

Distributed income of equity investees

 

2

 

—

 

—

 

—

 

—

 

less:

Capitalized interest

 

(12

)

(6

)

(8

)

(6

)

(15

)

 

Preferred stock dividends

 

—

 

(5

)

(6

)

(5

)

(10

)

Earnings:

 

810

 

1,160

 

974

 

687

 

509

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges (1)

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

12

 

6

 

8

 

6

 

15

 

Expensed interest

 

231

 

214

 

215

 

176

 

223

 

plus:

Amortized premiums, discounts and capitalized debt expenditures

 

12

 

8

 

8

 

6

 

1

 

 

Estimate of interest within rental expense

 

38

 

27

 

21

 

18

 

16

 

 

Preferred stock dividends

 

—

 

5

 

6

 

5

 

10

 

Fixed charges:

 

293

 

260

 

258

 

211

 

265

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings/Fixed Charges

 

2.76

 

4.46

 

3.78

 

3.26

 

1.92

 

 

(1)               For the purpose of determining the Ratio of Earnings to Fixed Charges, earnings are defined as pretax income before minority interests in consolidated subsidiaries plus fixed charges and amortization of capitalized interest less capitalized interest and preferred stock dividend requirements. Fixed charges consist of interest expense (capitalized and expensed), amortization of deferred debt issuance costs, portion of rental expense that is representative of the interest factor and preferred stock dividend requirements of consolidated subsidiaries.