EX-12 7 w50555aex12.txt EX-12 STATEMENT RE: COMPUTATION OF RATIO 1
Ratio of Earnings to Fixed Charges Exhibit 12 FIXED CHARGES DESCRIPTION A/C # 1996 1997 1998 1999 ------------------------------------------------------------------------------------------------------------------------------ Interest Expense Debentures 9,273,608 11,588,516 18,431,944 16,340,487 FIP Loan 162,836 145,842 230,893 135,515 Other 1,540 1,027 805 Amortization of Prem. And Discount 561,751 785,820 280,968 Gasgoyne: Interest 772,020 1,210,671 43,654 31,580 Fachinal: Interest 1,723,863 1,443,847 21,151 18,436 Rochester: Interest 66,449 3,406 6,375 0 El Bronce: Interest 297,346 795,279 218,287 27,284 Coeur Alaska Kensington Trust 224,136 183,400 163,721 149,501 Capitalized Interest (9,504,616) (5,720,290) (6,608,711) (1,281,342) Other ------------------------------------------------------ 3,578,933 10,437,518 12,789,085 15,421,462 ------------------------------------------------------ Amortization of Lease costs-CDAM 55,381 68,888 34,588 12,588 Amortization of Lease costs-Alaska 5,145 11,099 16,392 77,393 Amortization of Lease costs-Fachinal 168 Amortization of Lease costs-CRI 348,343 1,528,627 1,237,402 0 ------------------------------------------------------ 409,037 1,608,614 1,288,382 89,981 ------------------------------------------------------ Equipment Leases CDAM 459,715 120,074 111,368 45,544 SVR 2,950 10,728 53,678 CRI 3,273,006 3,371,109 3,682,701 3,447,350 CGNZ 674,631 317,983 C Alaska 49,310 156,922 323,186 26,392 FACH 359,485 153,391 41,814 323,514 CDE Chile 20,475 175,770 132,242 75,924 ELBRNCE 19,262 54,582 49,805 20,802 ------------------------------------------------------ 4,858,834 4,360,559 4,341,116 3,993,204 ------------------------------------------------------ Capitalized Interest CRI Kensington 5,235,537 5,834,827 6,068,711 1,281,342 Fachinal 4,269,079 (114,537) ------------------------------------------------------ 9,504,616 5,720,290 6,068,711 1,281,342 ------------------------------------------------------ Amortization of Public Offering Costs 6% $50 million Bonds 618,113 785,820 1,324,335 1,154,902 7% 75 million Bonds 63/8% $100 million Bonds Manditory Preferred Stock ------------------------------------------------------ 618,113 785,820 1,324,335 1,154,902 ------------------------------------------------------ Preferred Dividends- MARCS 8,397,000 10,532,000 10,532,000 10,532,000 Rent Expenses CDAM 10,306 11,758 23,958 12,047 CRI 36,443 79,086 80,383 61,761 C Alaska 186,314 188,770 173,454 232,312 SVR 4,584 12,224 other 108,422 61,127 5,703 4,190 CX 2,008 1,597 599 1,328 FACH 111,709 68,435 109,222 56,535 cde 158,803 149,592 ELBRNCE 38,306 60,440 117,806 92,783 Ropes 2,250 ------------------------------------------------------- 500,342 483,437 669,928 610,548 ------------------------------------------------------- Total Rent Expense 500,342 483,437 669,928 610,548 Present Value 15 yrs.@ 10% 10.00% 10.00% 10.00% 10.00% ------------------------------------------------------- Total Interest included in Rental Expenses 50,034 48,344 66,993 61,055 ------------------------------------------------------- Total Equipment Lease Expense 4,858,834 4,360,559 4,341,116 3,993,204 Present Value 7.5 yrs.@ 7.34% 7.34% 7.34% 7.34% 7.34% ------------------------------------------------------ Total Interest included in Lease Payments 356,638 320,065 318,638 293,101 ------------------------------------------------------- Total portion of rent expense representing interest 406,673 368,409 385,631 354,156 -------------------------------------------------------
Quarter Ended March 31, ---------------------------------- FIXED CHARGES DESCRIPTION A/C # 2000 2000 2000 -------------------------------------------------------------------------------------------------------------------- Interest Expense Debentures 15,519,317 3,966,242 3,426,106 FIP Loan 213,811 91,834 30,686 Other 1 Amortization of Prem. And Discount Gasgoyne: Interest 12,755 1,674 Fachinal: Interest 11,597 3,293 1,144 Rochester: Interest 0 El Bronce: Interest (2,515) 25 0 Coeur Alaska Kensington Trust 155,858 33,424 35,820 Capitalized Interest (384,659) Other -------------------------------------------- 15,910,823 3,710,159 3,495,431 -------------------------------------------- Amortization of Lease costs-CDAM 7,732 2,607 1,493 Amortization of Lease costs-Alaska 74,718 13,370 13,370 Amortization of Lease costs-Fachinal 2 Amortization of Lease costs-CRI 0 -------------------------------------------- 82,452 15,976 14,862 -------------------------------------------- Equipment Leases CDAM 1,392 311 311 SVR 82,702 33,480 16,166 CRI 3,280,849 828,854 789,045 CGNZ C Alaska 1,494 FACH 1,248,890 443,027 4,918 CDE Chile 60,759 14,423 3,600 ELBRNCE 6,706 1,659 3,330 -------------------------------------------- 4,682,792 1,321,754 817,370 -------------------------------------------- Capitalized Interest CRI Kensington 0 384,659 Fachinal -------------------------------------------- 0 384,659 0 -------------------------------------------- Amortization of Public Offering Costs 6% $50 million Bonds 1,099,928 282,512 249,286 7% 75 million Bonds 63/8% $100 million Bonds Manditory Preferred Stock -------------------------------------------- 1,099,928 282,512 249,286 -------------------------------------------- Preferred Dividends- MARCS 2,180,000 2,180,000 0 Rent Expenses CDAM 11,264 2,258 4,658 CRI 37,194 13,994 5,577 C Alaska 154,515 39,539 32,958 SVR 19,500 6,000 4,465 other 8,126 CX 26,413 869 20,355 FACH 92,428 46,483 14,364 cde 81,880 20,573 19,419 ELBRNCE 21,078 4,420 Ropes -------------------------------------------- 444,272 134,135 109,922 -------------------------------------------- Total Rent Expense 444,272 134,135 109,922 Present Value 15 yrs.@ 10% 10.00% 10.00% 10.00% -------------------------------------------- Total Interest included in Rental Expenses 44,427 13,413 10,992 -------------------------------------------- Total Equipment Lease Expense 4,682,792 1,321,754 817,370 Present Value 7.5 yrs.@ 7.34% 7.34% 7.34% 7.34% ------------------------------------------- Total Interest included in Lease Payments 343,717 97,017 59,995 -------------------------------------------- Total portion of rent expense representing interest 388,144 110,430 70,987 --------------------------------------------
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Coeur d' Alene Mines Corporation Calculation of Ratio of Earnings to Fixed Charges Year Ended December 31, Quarter Ended March 31, ------------------------------------------------------------------------------------------- Fixed Charges 1996 1997 1998 1999 2000 2000 2001 ---------------------- ------------------------------------------------------------------------------------------- Interest expense 3,578,933 10,437,518 12,789,085 15,421,462 15,910,823 3,710,159 3,495,431 Capitalized interest 9,504,616 5,720,290 6,608,711 1,281,342 0 384,659 0 Amotization of public offering costs 618,113 785,820 1,324,335 1,154,902 1,099,928 282,512 249,286 Amortization of capital lease costs 409,037 1,608,614 1,288,382 89,981 82,452 15,976 14,862 Marcs Dividend 8,397,000 10,532,000 10,532,000 10,532,000 2,180,000 2,180,000 0 Portion of rent expense representative of interest 406,673 368,409 385,631 354,156 388,144 110,430 70,987 -------------------------------------------------------------------------------------------- TOTAL FIXED CHARGES 22,914,372 29,452,651 32,928,144 28,833,842 19,661,347 6,683,737 3,830,566 -------------------------------------------------------------------------------------------- Earnings ------------ Net income (loss) from continuing operations before income taxes (55,754,000) (14,325,000) (245,493,000) (31,981,000) (63,601,000) (9,822,000) (11,248,000) Fixed charges per above 22,914,372 29,452,651 32,928,144 28,833,842 19,661,347 6,683,737 3,830,566 Less interest capitalized (9,504,616) (5,720,290) (6,608,711) (1,281,342) 0 (384,659) 0 Current period amortization of capitalized interest 0 1,970,946 12,992,346 0 0 -------------------------------------------------------------------------------------------- (42,344,244) 11,378,307 (206,181,222) (4,428,500) (43,939,653) (3,522,923) (7,417,434) -------------------------------------------------------------------------------------------- Earnings insufficient to cover fixed charges (65,258,616) (18,074,344) (239,109,365) (33,262,342) (63,601,000) (10,206,659) (11,248,000) -------------------------------------------------------------------------------------------- Ratio of earnings to fixed charges (1.85) 0.39 (6.26) (0.15) (2.23) (0.53) (1.94) -------------------------------------------------------------------------------------------- * Coverage ratio of less than 1.0 Total rent expense(annual) Monthly payment present value 15yrs @ 10% Portion of rent expense representative of interest ANALYSIS OF FIXED CHARGES TO CASH FLOW: ----------------------------------------- Cash flow from operations Add fixed charges Add capitalized interest Add nonrecurring expenses Proforma cash flow before fixed charges Less fixed charges Less interest on Bonds Shortage Woking capital at 9/30/92 Shortage Term to amortize existing working capital
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