EX-12.1 12 a2114440zex-12_1.htm EX-12.1

Exhibit 12.1

 

Hexcel Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

 

(in millions)

 


For the Year Ended December 31,

 

Three
Months
3/31/03

 

1998

 

1999

 

2000

 

2001

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before Income Taxes and Equity in Earnings (Losses)

 

$

78.3

 

$

(5.0

)

$

75.0

 

$

(383.7

)

$

7.7

 

$

(0.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense, Including Amortization of Debt Issuance Costs

 

38.7

 

73.9

 

68.7

 

64.8

 

62.8

 

13.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Portion of Rentals (1)

 

2.7

 

3.1

 

2.3

 

1.8

 

1.3

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE PROVISION FOR TAXES AND FIXED CHARGES

 

$

119.7

 

$

72.0

 

$

146.0

 

$

(317.1

)

$

71.8

 

$

13.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense, Including Amortization of Debt Issuance Costs

 

$

38.7

 

$

73.9

 

$

68.7

 

$

64.8

 

$

62.8

 

$

13.7

 

Interest Portion of Rentals (1)

 

2.7

 

3.1

 

2.3

 

1.8

 

1.3

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL FIXED CHARGES

 

$

41.4

 

$

77.0

 

$

71.0

 

$

66.6

 

$

64.1

 

$

14.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES (2)

 

2.9

 

N/A

 

2.1

 

N/A

 

1.1

 

0.9

 

 

(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.