EX-12 5 p68063exv12.htm EXHIBIT 12 exv12
 

PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

COMPUTATION OF TOTAL DEBT TO TOTAL CAPITALIZATION
($ in millions)

                 
    June 30,   December 31,
    2003   2002
   
 
Short-term debt
   $ 61.5       35.2  
Current portion of long-term debt
     134.7       127.0  
Long-term debt
     1,864.9       1,948.4  
 
    
     
 
     Total debt
     2,061.1       2,110.6  
Minority interests in consolidated subsidiaries
     71.8       65.3  
Shareholders’ equity
     2,819.0       2,813.6  
 
    
     
 
     Total capitalization
   $ 4,951.9       4,989.5  
 
    
     
 
Ratio of total debt to total capitalization
     41.6 %     42.3 %