EX-12 5 exhibit_12.htm EXHIBIT 12 exhibit_12.htm
EXHIBIT 12
 
GILAT SATELLITE NETWORKS LTD.
 
Computation of Ratios of Earnings to Fixed Charges *
 
   
Year ended December 31,
  
   
2009
    
2010
    
2011
    
2012
    
2013
   
(Dollars in thousands, except ratios)
  
Earnings:
                                        
Income (loss) before taxes on income
     6,907       38,441       (2,281 )     (22,815 )     (10,332 )
Add: Fixed charges
     2,738       2,679       3,746       3,064       2,355  
Deduct: Interest on capital notes recognized in 2003 based on FAS 15.
     649       625       589       426       -  
      8,996       40,495       876       (20,177 )     (7,977 )
Fixed Charges:
                                        
Interest expense
     2,089       2,050       3,122       2,628       2,352  
Interest on troubled debt recorded in 2003 according to FAS 15
     649       625       589       426       -  
Amortized discounts
                                        
An estimate of the interest within rental expenses
     -       4       35       10       3  
      2,738       2,679       3,746       3,064       2,355  
                                         
Ratio of Earnings to Fixed Charges
     3.29       15.12       0.23       (6.59 )     (3.39 )

* The data in this table excludes the results of our former subsidiary, Spacenet Inc., which was sold by us in 2013 and which results are accounted in our financials as discontinued operations.