EX-12.1 2 d704012dex121.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,  
         2013             2012             2011              2010              2009      
     (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

      (302 )      (58 )      102         243         137   

Fixed Charges:

             
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Interest expensed and capitalized

      304        263        263         277         227   

Interest element of lease costs

      12        12        12         12         12   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total fixed charges

      316        275        275         289         239   

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

      14        217        377         532         376   

Ratio of earnings to fixed charges

      N/A        N/A        1.37         1.84         1.57   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

(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 $302 and $58 for the years ended December 31, 2013 and 2012, respectively.