EX-12.1 123 a2081040zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 - PAGE 1 OF 2 OWENS-ILLINOIS GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of dollars, except ratios)
Years ended December 31, ---------------------------------- 2001 2000 1999 ---------- -------- -------- Earnings before income taxes, minority share owners' interests, and extraordinary items ........................................................... $ 667.2 $ 158.4 $ 497.8 Less: Equity earnings ............................................................ (19.4) (19.8) (22.3) Add: Total fixed charges deducted from earnings .................................. 448.4 499.2 452.4 Proportional share of pre-tax earnings of 50% owned associates .............. 10.4 11.0 10.6 Dividends received from less than 50% owned associates ...................... 9.9 14.5 9.8 ---------- -------- -------- Earnings available for payment of fixed charges ........................... $ 1,116.5 $ 663.3 $ 948.3 ========== ======== ======== Fixed charges (including the Company's proportional share of 50% owned associates): Interest expense ............................................................ $ 414.2 $ 476.6 $ 417.0 Portion of operating lease rental deemed to be interest ..................... 14.3 12.5 26.5 Amortization of deferred financing costs and debt discount expense .......... 19.9 10.1 8.9 ---------- -------- -------- Total fixed charges deducted from earnings and total fixed charges ............... $ 448.4 $ 499.2 $ 452.4 ========== ======== ======== Ratio of earnings to fixed charges ............................................... 2.5 1.3 2.1
EXHIBIT 12.1 - PAGE 2 OF 2 OWENS-ILLINOIS GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of dollars, except ratios)
Three months ended Years ended December 31, March 31, ------------------------ ------------------------ 1998 1997 2002 2001 -------- -------- -------- -------- Earnings before income taxes, minority share owners' interests, and extraordinary items ............................................... $ 459.0 $ 452.3 $ 109.2 $ 81.0 Less: Equity earnings ............................................... (16.0) (17.9) (6.0) (3.6) Add: Total fixed charges deducted from earnings ..................... 404.8 324.1 104.0 116.8 Proportional share of pre-tax earnings of 50% owned associates . 7.2 2.8 3.5 3.0 Dividends received from less than 50% owned associates ......... 6.6 4.8 2.5 4.7 -------- -------- -------- -------- Earnings available for payment of fixed charges ............. $ 861.1 $ 766.1 $ 213.2 $ 201.9 ======== ======== ======== ======== Fixed charges (including the Company's proportional share of 50% owned associates): Interest expense .................................................. $ 372.6 $ 298.7 $ 95.2 $ 111.0 Portion of operating lease rental deemed to be interest ........... 24.8 21.3 3.1 3.3 Amortization of deferred financing costs and debt discount expense 7.4 4.1 5.7 2.5 -------- -------- -------- -------- Total fixed charges deducted from earnings and total fixed charges ... $ 404.8 $ 324.1 $ 104.0 $ 116.8 ======== ======== ======== ======== Ratio of earning to fixed charges .................................... 2.1 2.4 2.1 1.7