EX-12.1 4 a2124753zex-12_1.txt EXHIBIT 12.1 Exhibit 12.1 RATIO OF EARNINGS TO FIXED CHARGES
YEAR-ENDED DECEMBER 31, ---------------------------------------------------------------------- NINE MONTHS ENDED 1998 1999 2000 2001 2002 SEPTEMBER 30, 2003 --------- --------- -------- --------- --------- ------------------ FIXED CHARGES Interest expensed and capitalized E 7,838 E 12,108 E 15,198 E 16,170 E 16,887 E 19,382 ========= ========= ======== ========= ========= ========= EARNINGS Income (loss) before minority interest and taxes E 8,382 E (34,747) E 32,130 E (2,740) E (17,551) E (17,446) Add back: equity loss in investee - - - - - 912 --------- --------- -------- --------- --------- --------- Pre-tax income from continuing operations before minority interests and income (loss) from equity investees and capitalized interest 8,382 (34,747) 32,130 (2,740) (17,551) (16,534) Fixed charges 7,838 12,108 15,198 16,170 16,887 19,382 Subtract interest capitalized (4,795) (9,297) - - (3,134) (12,495) --------- --------- -------- --------- --------- --------- Total earnings E 11,425 E (31,936) E 47,328 E 13,430 E (3,798) E (9,647) ========= ========= ======== ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 1.46 (2.64) 3.11 0.83 (0.22) (0.50) ========= ========= ======== ========= ========= ========= Deficiency E - E 44,044 E - E 2,740 E 20,685 E 29,029 ========= ========= ======== ========= ========= =========