EX-12.1 4 exhibit_12-1.htm EXHIBIT 12.1 exhibit_12-1.htm
Exhibit 12.1

   
Year ended December 31,
  
   
2012
    
2011
    
2010
    
2009
    
2008
  
         
(In dollars)
        
                               
Earnings (losses) before tax on income
     3,455       (4,469 )     4,640       2,089       5,261  
                                         
Earnings (losses) before  fixed charges
     3,455       (4,469 )     4,640       2,089       5,261  
                                         
FIXED CHARGES:
                                        
                                         
Interest expenses
     1,655       1,715       1,842       1,775       1,639  
Amortization discount on long term loan
     -       -       -       -       704  
The non controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     -       -       -       (303 )     -  
                                         
Total fixed charges
     1,655       1,715       1,842       1,472       2,343  
                                         
Adjusted earnings (losses)
     5,110       (2,754 )     6,482       3,561       7,604  
                                         
Ratio of earnings to fixed charges
     3.09       (1.61 )     3.52       2.42       3.25  
Earnings (losses) before tax on income