EX-12.1 8 a2104721zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

Hexcel Corporation and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges

 
   For the Year Ended December 31,
 
   2002
   2001
   2000
   1999
   1998
 
   (in millions)
Income (loss) before Income Taxes and Equity in Earnings (Losses)   $ 7.7   $ (383.7 ) $ 75.0   $ (5.0 ) $ 78.3

Interest Expense, Including Amortization of Debt Issuance Costs
 
 
62.8
 
 
64.8
 
 
68.7
 
 
73.9
 
 
38.7

Interest Portion of Rentals (1)
 
 
1.3
 
 
1.8
 
 
2.3
 
 
3.1
 
 
2.7
   
 
 
 
 

EARNINGS BEFORE PROVISION FOR TAXES AND FIXED CHARGES
 
$
71.8
 
$
(317.1
)
$
146.0
 
$
72.0
 
$
119.7
   
 
 
 
 

Interest Expense, Including Amortization of Debt Issuance Costs
 
$
62.8
 
$
64.8
 
$
68.7
 
$
73.9
 
$
38.7

Interest Portion of Rentals (1)
 
 
1.3
 
 
1.8
 
 
2.3
 
 
3.1
 
 
2.7
   
 
 
 
 
 
TOTAL FIXED CHARGES
 
$
64.1
 
$
66.6
 
$
71.0
 
$
77.0
 
$
41.4
   
 
 
 
 

RATIO OF EARNINGS TO FIXED CHARGES (2)
 
 
1.1
 
 
N/A
 
 
2.1
 
 
N/A
 
 
2.9
   
 
 
 
 
(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 2001 and 1999. The deficiency in earnings for the years ended December 31, 2001 and December 31, 1999 is $(383.7) million and $(5.0) million, respectively.