Exhibit 12.1
Bowater Incorporated
Statement of Computation of Unaudited Ratio of Earnings to Fixed Charges
(in millions, except ratio information)
| Six Months Ended June 30, |
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| 2004 |
2003 |
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Earnings: |
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Income (loss) before income taxes, minority interests
and cumulative effect of accounting change |
$ | (94.5 | ) | $ | (115.2 | ) | ||
Add: Fixed charges from below |
100.4 | 93.5 | ||||||
Less: Capitalized interest |
— | 5.7 | ||||||
| $ | 5.9 | $ | (27.4 | ) | ||||
Fixed Charges: |
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Interest expense, net of interest capitalized |
98.1 | 82.1 | ||||||
Capitalized interest |
— | 5.7 | ||||||
Estimate of interest within rental expense |
1.4 | 1.7 | ||||||
Amortized premium and discounts related to indebtedness |
0.9 | 4.0 | ||||||
| $ | 100.4 | $ | 93.5 | |||||
Deficiency of Earnings to Fixed Charges |
$ | 94.5 | $ | 120.9 | ||||