EX-12 3 dex12.htm STATEMENTS RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statements re: Computation of Ratio of Earnings to Fixed Charges

LEVI STRAUSS & CO. AND SUBSIDIARIES

 

Exhibit 12

 

Statements re: Computation of Ratio of Earnings to Fixed Charges

 

     Year Ended
  

(Dollars in thousands)

    November 28,
2004
     November 30,
2003
     November 24,
2002
     November 25,
2001
     November 26,
2000
  

Earnings:

                                         

Income (loss) before income taxes

    $ 95,525     $ (31,292 )   $ 26,587     $ 222,648     $ 382,710  

Add: Fixed charges

      287,491       281,470       212,765       245,835       260,124  

Add: Minority interest in consolidated subsidiaries

      1,626       1,545       2,062       440       632  
    
 
 
 
 

Total earnings

    $ 384,642     $ 251,723     $ 241,414     $ 468,923     $ 643,466  
    
 
 
 
 

Fixed Charges:

                                         

Interest expense (includes amortization of debt discount and debt issuance costs)

    $ 260,124     $ 254,265     $ 186,493     $ 219,956     $ 234,098  

Interest factor in rental expense(1)

      27,367       27,205       26,272       25,879       26,026  
    
 
 
 
 

Total fixed charges

    $ 287,491     $ 281,470     $ 212,765     $ 245,835     $ 260,124  
    
 
 
 
 

Ratio of earnings to fixed charges

      1.3 x     —         1.1 x     1.9 x     2.5 x
    
 
 
 
 

Deficit of earnings to fixed charges

      —       $ (29,747 )     —         —         —    
    
 
 
 
 
(1) Utilized an assumed interest factor of 33% in rental expense.