EX-12.1 15 a2055198zex-12_1.txt EXHIBIT 12.1 Exhibit 12.1 HEXCEL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS)
FOR THE YEAR ENDED DECEMBER 31, ----------------------------------------------- HISTORICAL ----------------------------------------------- 1996 1997 1998 1999 2000 --------- -------- -------- ------- ------- Income before Taxes, Equity Earnings, and Extraordinary Loss $ (15.8) $ 50.7 $ 78.3 $ (5.0) $ 75.4 Interest Expense 21.6 25.8 38.7 73.9 68.3 Interest Portion of Rentals (1) 1.5 1.5 1.6 3.1 2.3 --------- -------- -------- ------- ------- EARNINGS BEFORE PROVISION FOR TAXES AND FIXED CHARGES $ 7.3 $ 78.0 $ 118.6 $ 72.0 $146.0 ========= ======== ======== ======= ======= Interest Expense $ 21.6 $ 25.8 $ 38.7 $ 73.9 $ 68.3 Interest Portion of Rentals (1) 1.5 1.5 1.6 3.1 2.3 --------- -------- -------- ------- ------- TOTAL FIXED CHARGES $ 23.1 $ 27.3 $ 40.3 $ 77.0 $ 70.6 ========= ======== ======== ======= ======= RATIO OF EARNINGS TO FIXED CHARGES (2) N/A 2.9 2.9 N/A 2.1 ========= ======== ======== ======= ======= FOR THE TWELVE MONTHS ENDED FOR THE THREE MONTHS ENDED MARCH 31, MARCH 31, -------------------------------------- ------------ SUPPLEMENTAL SUPPLEMENTAL HISTORICAL PRO FORMA PRO FORMA PRO FORMA --------------- --------- --------- ------------ 2000 2001 2000 2001 2001 ------ ------- ------ ------ ------- Income before Taxes, Equity Earnings, and Extraordinary Loss $ 3.4 $ 6.3 $ 4.0 $ 5.7 $ 76.9 Interest Expense 18.4 16.3 16.7 16.9 68.3 Interest Portion of Rentals (1) 0.6 0.6 0.6 0.6 2.3 ------ ------- ------- ------- -------- EARNINGS BEFORE PROVISION FOR TAXES AND FIXED CHARGES $22.4 $ 23.2 $ 21.3 $ 23.2 $ 147.5 ====== ======= ======= ======= ======== Interest Expense $18.4 $ 16.3 $ 16.7 $ 16.9 $ 68.3 Interest Portion of Rentals (1) 0.6 0.6 0.6 0.6 0.6 ------ ------- ------- ------- -------- TOTAL FIXED CHARGES $19.0 $ 16.9 $ 17.3 $ 17.5 $ 68.9 ====== ======= ======= ======= ======== RATIO OF EARNINGS TO FIXED CHARGES (2) 1.2 1.4 1.2 1.3 2.1 ====== ======= ======= ======= ========
(1) Calculated as one third of rentals, which is a reasonable approximation of the interest factor. (2) Earnings are inadequate to cover fixed charges for 1996 and 1999. The deficiency in earnings for the years ended December 31, 1996 and December 31, 1999 is ($15.8) and ($5.0), respectively.