Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES
AND PREFERRED DIVIDENDS (UNAUDITED)
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Predecessor | |
Successor | |||||||||||||||||||||||
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Year
Ended December 31, |
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Three
Months Ended March 31, 2004 |
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Nine
Months Ended December 31, 2004 |
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2000 | |
2001 | |
2002 | |
2003 | |
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(in $ millions, except ratio of earnings to combined fixed charges) | |||||||||||||||||||||||||
| Earnings: | |
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| Pre-tax earnings (loss) from continuing operations excluding minority interest expense | |
$ | 184 | |
$ | (424 | ) | |
$ | 180 | |
$ | 196 | |
$ | 72 | |
$ | (174 | ) | ||||||
| Less: | |
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| Income from equity investees, net | |
(18 | ) | |
(12 | ) | |
(21 | ) | |
(35 | ) | |
(12 | ) | |
(36 | ) | ||||||||
| Plus: | |
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| Income distributions from equity investments | |
12 | |
19 | |
61 | |
23 | |
15 | |
22 | ||||||||||||||
| Amortization of capitalized interest | |
9 | |
9 | |
10 | |
14 | |
2 | |
6 | ||||||||||||||
| Total fixed charges | |
103 | |
104 | |
89 | |
85 | |
16 | |
332 | ||||||||||||||
| Total "earnings" as defined before combined fixed charges | |
$ | 290 | |
$ | (304 | ) | |
$ | 319 | |
$ | 283 | |
$ | 93 | |
$ | 150 | |||||||
| Fixed charges: | |
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| Interest expense | |
$ | 68 | |
$ | 72 | |
$ | 55 | |
$ | 49 | |
$ | 6 | |
$ | 300 | ||||||||
| Capitalized interest | |
12 | |
4 | |
6 | |
3 | |
3 | |
4 | ||||||||||||||
| Estimated interest portion of rent expense(1) | |
23 | |
28 | |
28 | |
33 | |
7 | |
21 | ||||||||||||||
| Preferred stock dividends | |
— | |
— | |
— | |
— | |
— | |
— | ||||||||||||||
| Guaranteed payment to minority shareholders | |
— | |
— | |
— | |
— | |
— | |
7 | ||||||||||||||
| Total fixed charges | |
$ | 103 | |
$ | 104 | |
$ | 89 | |
$ | 85 | |
$ | 16 | |
$ | 332 | ||||||||
| Ratio of earnings to combined fixed charges(2) | |
2.8 | x | |
— | |
3.6 | x | |
3.3 | x | |
5.8 | x | |
— | ||||||||||
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| (1) | The estimated interest portion of rental expense is based on the amount of rental expense including discontinued operations for 2000 and excluding discontinued operations for subsequent periods. |
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| (2) | Earnings were insufficient to cover combined fixed charges by $408 million for the year ended December 31, 2001 and $182 million for the nine months ended December 31, 2004. |