Exhibit 12.1
Calculation of Fixed Charge Ratio
| |
Pro forma |
Huntsman International |
Huntsman Specialty |
||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
(Dollars in millions) |
||||||||||||||||||||||||||||||
| |
Three Months Ended March 31, 2003 |
Year Ended Dec. 31, 2002 |
Three Months Ended March 31, 2003 |
Three Months Ended March 31, 2002 |
Year Ended Dec. 31, 2002 |
Year Ended Dec. 31, 2001 |
Year Ended Dec. 31, 2000 |
Six Months Ended Dec. 31, 1999 |
Six Months Ended June 30, 1999 |
Year Ended Dec. 31, 1998 |
|||||||||||||||||||||
| Fixed Charges: | |||||||||||||||||||||||||||||||
| Interest Expense (includes amortization of deferred financing costs) | $ | 65.4 | $ | 250.9 | $ | 63.6 | $ | 53.2 | $ | 245.4 | $ | 239.6 | $ | 233.1 | $ | 104.0 | $ | 18.0 | $ | 39.9 | |||||||||||
| Interest portion of rent expense | 1.3 | 5.3 | 1.3 | 1.3 | 5.3 | 6.2 | 7.9 | 5.9 | 0.7 | 1.9 | |||||||||||||||||||||
Total Fixed Charges |
$ |
66.7 |
$ |
256.2 |
$ |
64.9 |
$ |
54.5 |
$ |
250.7 |
$ |
245.8 |
$ |
241.0 |
$ |
109.9 |
$ |
18.7 |
$ |
41.8 |
|||||||||||
Earnings: |
|||||||||||||||||||||||||||||||
| Income (loss) from operations before taxes | (59.4 | ) | (25.3 | ) | (57.9 | ) | (28.5 | ) | (21.5 | ) | (83.2 | ) | 183.6 | 99.8 | 34.6 | 15.2 | |||||||||||||||
Fixed Charges: |
66.7 |
256.2 |
64.9 |
54.5 |
250.7 |
245.8 |
241.0 |
109.9 |
18.7 |
41.8 |
|||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||
| Minority interest in pre-tax income of subsidiaries | — | — | — | 0.8 | (0.1 | ) | 2.2 | 2.8 | 1.0 | — | — | ||||||||||||||||||||
Total Earnings Plus Fixed Charges |
$ |
7.3 |
$ |
230.9 |
$ |
7.0 |
$ |
25.2 |
$ |
229.3 |
$ |
160.4 |
$ |
421.8 |
$ |
208.7 |
$ |
53.3 |
$ |
57.0 |
|||||||||||
| Ratio of Earnings to Fixed Charges | — | — | — | — | — | — | 1.8 | 1.9 | 2.9 | 1.4 | |||||||||||||||||||||
| Deficiency (Excess) of Earnings to Fixed Charges | $ | 59.4 | $ | 25.3 | $ | 57.9 | $ | 29.3 | $ | 21.4 | $ | 85.4 | |||||||||||||||||||