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Previous: CORN PRODUCTS INTERNATIONAL INC, 10-Q, EX-11, 2000-08-04 |
Next: CORN PRODUCTS INTERNATIONAL INC, 10-Q, EX-27, 2000-08-04 |
<PAGE> 1
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
CORN PRODUCTS INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEARS ENDED DECEMBER 31,
(IN MILLIONS) MONTHS
ENDED
JUNE 30,
2000 1999 1998 1997 1996 1995 1994
----------- ------ ------ ------ ------ ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
*Income before special charges,
income taxes and minority equity: $ 71.0* $127.0 $ 71.0 $ 20.0* $ 37.0 $ 186.0* $ 188.0*
Fixed charges 33.7 47.3 24.0 34.4 38.0 34.7 26.6
Capitalized interest (4.4) (6.3) (3.7) (3.3) (8.1) (2.9) (2.0)
------ ------ ------ ------ ------ ------- -------
$100.3 $168.0 $ 91.3 $ 51.1 $ 66.9 $ 217.8 $ 212.7
====== ====== ====== ====== ====== ======= =======
RATIO OF EARNINGS TO FIXED
CHARGES 2.98 3.55 3.81 1.49 1.76 6.27 7.98
====== ====== ====== ====== ====== ======= =======
FIXED CHARGES:
Interest expense on debt $ 32.8 $ 45.8 $ 22.5 $ 32.9 $ 37.0 $ 34.0 $ 26.0
Amortization of discount on debt 0.1 -- -- -- -- -- --
Interest portion of rental expense
on operating leases 0.8 1.5 1.5 1.5 1.0 0.7 0.6
------ ------ ------ ------ ------ ------- -------
Total $ 33.7 $ 47.3 $ 24.0 $ 34.4 $ 38.0 $ 34.7 $ 26.6
====== ====== ====== ====== ====== ======= =======
Income before income taxes and
minority equity $ 51.0 $127.0 $ 71.0 ($89.0) $ 37.0 $ 223.0 $ 169.0
Special charges 20.0 0.0 0.0 109.0 0.0 (37.0) 19.0
------ ------ ------ ------ ------ ------- -------
Adj. Income $ 71.0 $127.0 $ 71.0 $ 20.0 $ 37.0 $ 186.0 $ 188.0
====== ====== ====== ====== ====== ======= =======
</TABLE>
* - Income before special charges, income taxes and minority equity does not
include extraordinary charges, restructuring and spin-off costs
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