EX-12.1 3 a07-5412_1ex12d1.htm EX-12.1

Exhibit 12.1

Statement Regarding Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividends

 

 

 

Year Ended December 31,

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

(US$ in millions except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (1)

 

 

 

 

 

 

 

 

 

 

 

Pretax income before minority interest

 

522

 

488

 

891

 

707

 

476

 

plus:

Fixed Charges

 

345

 

293

 

260

 

258

 

211

 

 

Amortization of capitalized interest

 

10

 

8

 

7

 

7

 

6

 

 

Distributed income of equity investees

 

1

 

2

 

—

 

—

 

—

 

less:

Capitalized interest

 

(14

)

(12

)

(6

)

(8

)

(6

)

 

Preferred stock dividends

 

(4

)

—

 

(5

)

(6

)

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

860

 

779

 

1,147

 

958

 

682

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges (1)

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

14

 

12

 

6

 

8

 

6

 

Expensed interest

 

280

 

231

 

214

 

215

 

176

 

plus:

Amortized premiums, discounts and capitalized debt expenditures

 

6

 

12

 

8

 

8

 

6

 

 

Estimate of interest within rental expense

 

41

 

38

 

27

 

21

 

18

 

 

Preferred stock dividends

 

4

 

—

 

5

 

6

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

345

 

293

 

260

 

258

 

211

 

Ratio of Earnings/Fixed Charges

 

2.49

 

2.66

 

4.41

 

3.71

 

3.23

 

(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 the registrant and consolidated subsidiaries.