Exhibit 12.1
Statement Regarding Computation of Ratios of Earnings to Fixed Charges
The following computation of Ratios of Earnings to Fixed Charges reflects a reclassification made to prior years' consolidated financial statements relating to the sale of our US bakery business in December 2003, which has been presented as discontinued operations for all periods.
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As of and for the Year ended December 31, |
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2003 |
2002 |
2001 |
2000 |
1999 |
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(US$ in millions except ratios) |
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| Earnings: | ||||||||||||||
| Pre-tax income before minority interest | 723 | 481 | 264 | 66 | (21 | ) | ||||||||
| plus: Fixed charges | 258 | 211 | 265 | 271 | 222 | |||||||||
| Amortization of capitalized interest | 7 | 6 | 5 | 4 | 3 | |||||||||
| Distributed income of equity investees | — | — | — | — | — | |||||||||
| Share of pre-tax losses of equity investees | — | — | — | — | — | |||||||||
| less: Capitalized interest | (8 | ) | (6 | ) | (15 | ) | (5 | ) | (6 | ) | ||||
| Preferred stock dividends | (6 | ) | (5 | ) | (10 | ) | — | — | ||||||
| Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||||||
| Earnings | 974 | 687 | 509 | 336 | 198 | |||||||||
Fixed Charges: |
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| Capitalized interest | 8 | 6 | 15 | 5 | 6 | |||||||||
| Expensed interest | 215 | 176 | 223 | 252 | 204 | |||||||||
| plus: Amortized premiums, discounts and capitalized debt expenditures | 8 | 6 | 1 | 1 | 1 | |||||||||
| Estimate of interest within rental expense | 21 | 18 | 16 | 13 | 11 | |||||||||
| Preferred stock dividends | 6 | 5 | 10 | — | — | |||||||||
| Fixed Charges | 258 | 211 | 265 | 271 | 222 | |||||||||
Ratio of Earnings/Fixed Charges(1) |
3.78 |
3.26 |
1.92 |
1.24 |
0.89 |
(2) |
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