EX-12 9 dex12.htm STATEMENT RE COMPUTATION OF RATIOS Statement re computation of ratios

EXHIBIT 12

 

COCA-COLA ENTERPRISES INC.

 

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In millions, except ratios)

 

     Year-ended December 31,

       2006       2005      2004      2003      2002
    


 

  

  

  

Computation of Earnings:

                                   

(Loss) income from continuing operations before income taxes

   $ (2,118 )   $ 790    $ 818    $ 972    $ 705

Add:

                                   

Interest Expense

     616       622      607      595      655

Amortization of capitalized interest

     2       2      3      3      3

Amortization of debt premium/discount and expenses

     20       16      14      14      14

Interest portion of rent expense

     63       55      57      48      33
    


 

  

  

  

Earnings as Adjusted

   $ (1,417 )   $ 1,485    $ 1,499    $ 1,632    $ 1,410
    


 

  

  

  

Computation of Fixed Charges:

                                   

Interest expense

   $ 616     $ 622    $ 607    $ 595    $ 655

Capitalized interest

     3       4      3      1      1

Amortization of debt premium/discount and expenses

     20       16      14      14      14

Interest portion of rent expense

     63       55      57      48      33
    


 

  

  

  

Fixed charges

     702       697      681      658      703

Preferred stock dividends

     —         —        —        2      4
    


 

  

  

  

Combined Fixed Charges and Preferred Stock Dividends

   $ 702     $ 697    $ 681    $ 660    $ 707
    


 

  

  

  

Ratio of Earnings to Fixed Charges (A)

     n/a (B)     2.13      2.20      2.48      2.00
    


 

  

  

  


(A)

 

Ratios were calculated prior to rounding to millions.

(B)

 

Fixed charges exceeded our adjusted earnings by $2.1 billion for the year ended December 31, 2006.