EX-12.1 2 d497260dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

MOMENTIVE SPECIALTY CHEMICALS INC.

Statement Regarding Computation of Ratios

(Amounts in millions of dollars)

 

     Year ended December 31,  
         2012             2011              2010              2009              2008      
     (dollars in millions, except per share data)  

Pre-tax (loss) income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities

      (60 )      103         244         137         (1,171 ) 

Fixed Charges:

              
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Interest expensed and capitalized

      263        263         277         227         303   

Interest element of lease costs

      12        12         12         12         10   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

      275        275         289         239         313   

Pre-tax income (loss) from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities, plus fixed charges

      215        378         533         376         (858 ) 

Ratio of earnings to fixed charges

      N/A        1.37         1.84         1.57         N/A   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) The interest element of lease costs has been calculated as 1/3 of the rental expense relating to operating leases as management believes this represents the interest portion hereof.
(2) Our earnings were insufficient to cover fixed charges by $60 and $1,171 for the years ended December 31, 2012 and 2008, respectively.