EX-12.1 38 g96021exv12w1.txt EX-12.1 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 NOVELIS, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN MILLIONS OF US$)
YEARS ENDED DECEMBER 31, THREE MONTHS ------------------------------------------------------------- ENDED 2004 2003 2002 2001 2000 March 31, 2005 -------------------------------------------------------------------------------- EARNINGS BEFORE FIXED CHARGES Net income (loss) from continuing operations before cumulative effect of accounting change and extraordinary items $ 55 $ 157 $ 75 $(137) $ 82 $ 29 Less: Equity income of less than 50% owned companies (6) (6) (8) (5) (6) (2) Plus: Dividends received from less than 50% owned companies 2 -- -- -- -- -- Plus: Minority interest of subsidiaries that have fixed charges 10 3 (8) (17) (10) 6 ----- ----- ----- ----- ----- ----- EARNINGS BEFORE FIXED CHARGES $ 61 $ 154 $ 59 $(159) $ 66 $ 33 ----- ----- ----- ----- ----- ----- FIXED CHARGES Amount representative of interest factor in rentals $ 6 $ 5 $ 5 $ 5 $ 5 $ 1 Interest expense - net 74 40 42 64 62 44 Interest expense, 50% owned companies 2 1 5 7 7 -- Capitalized interest 1 1 1 -- 1 -- ----- ----- ----- ----- ----- ----- TOTAL FIXED CHARGES $ 83 $ 47 $ 53 $ 76 $ 75 $ 45 ----- ----- ----- ----- ----- ----- Less: Capitalized interest (1) (1) (1) -- (1) -- ----- ----- ----- ----- ----- ----- FIXED CHARGES ADDED TO INCOME/(LOSS) $ 82 $ 46 $ 52 $ 76 $ 74 $ 45 ----- ----- ----- ----- ----- ----- Plus: Amortization of capitalized interest 6 8 7 9 8 2 Income taxes 166 50 77 6 60 29 ----- ----- ----- ----- ----- ----- EARNINGS BEFORE FIXED CHARGES AND INCOME TAXES $ 315 $ 258 $ 195 $ (68) $ 208 $ 109 ----- ----- ----- ----- ----- ----- RATIO OF EARNINGS TO FIXED CHARGES 3.8x 5.5x 3.7x (0.9)x 2.8x 2.4x ===== ===== ===== ===== ===== =====