Exhibit 12
HAYES LEMMERZ INTERNATIONAL, INC.
RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Millions of dollars except ratios)
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Year |
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Year |
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Year |
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Year |
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Year |
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Ended |
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Ended |
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Ended |
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Ended |
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Ended |
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January 31, |
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January 31, |
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January 31, |
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January 31, |
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January 31, |
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1996 |
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1997 |
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1998 |
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1999 |
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2000 |
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Earnings: |
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Earnings (loss) before taxes on income and minority interest |
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$ |
46.2 |
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$ |
(102.0 |
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$ |
55.1 |
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$ |
93.1 |
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$ |
119.4 |
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Interest expense: |
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Bank borrowings and long-term debt |
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15.0 |
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48.5 |
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90.4 |
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94.9 |
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153.3 |
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Rentals(1) |
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2.6 |
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4.6 |
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5.7 |
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7.2 |
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8.7 |
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Earnings (loss) before interest expense, taxes on income and
minority interest |
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$ |
63.8 |
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$ |
(48.9 |
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$ |
151.2 |
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$ |
195.2 |
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$ |
281.4 |
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Fixed charges: |
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Bank borrowings and long-term debt |
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$ |
15.0 |
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$ |
48.5 |
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$ |
90.4 |
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$ |
94.9 |
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$ |
153.3 |
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Rentals(1) |
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2.6 |
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4.6 |
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5.7 |
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7.2 |
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8.7 |
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Total fixed charges |
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$ |
17.6 |
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$ |
53.1 |
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$ |
96.1 |
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$ |
102.1 |
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$ |
162.0 |
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Ratio of earnings (loss) to fixed charges |
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3.63 |
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(0.92 |
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1.57 |
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1.91 |
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1.74 |
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Coverage deficiency on fixed charges |
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N/A |
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102.0 |
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N/A |
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N/A |
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N/A |
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| (1) |
Estimated interest component of rent expense. |
