Exhibit 12.1
Huntsman Corporation
Computation of Ratio of Earnings to Fixed Charges
and Preferred Dividends
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Pro Forma |
Historical |
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Nine Months Ended Sep. 30, 2004 |
Nine Months Ended Sep. 30, 2004 |
Nine Months Ended Sep. 30, 2003 |
Year Ended Dec. 31, 2003 |
Year Ended Dec. 31, 2002 |
Year Ended Dec. 31, 2001 |
Year Ended Dec. 31, 2000 |
Year Ended Dec. 31, 1999 |
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(Dollars in Millions) |
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| Fixed charges: | ||||||||||||||||||||||||||
| Interest expensed and capitalized (includes amortization of deferred financing costs) | $ | 308.3 | $ | 464.4 | 287.2 | $ | 433.4 | $ | 198.4 | $ | 242.8 | $ | 222.0 | $ | 204.8 | |||||||||||
| Interest portion of rent expense | 9.5 | 9.5 | 8.4 | 12.8 | 12.2 | 16.7 | 17.6 | 16.2 | ||||||||||||||||||
| Preference security dividend requirements of consolidated subsidiaries | — | — | 3.7 | 4.9 | 13.6 | 19.8 | 20.0 | 34.2 | ||||||||||||||||||
| Total fixed charges | 317.8 | 473.9 | 299.2 | 451.1 | 224.2 | 279.3 | 259.6 | 255.2 | ||||||||||||||||||
| Preferred dividends: | ||||||||||||||||||||||||||
| Preferred dividend requirement | 28.7 | 59.1 | 54.7 | 82.2 | 18.8 | — | — | — | ||||||||||||||||||
| Total fixed charges and preferred dividend requirement | $ | 346.5 | $ | 533.0 | $ | 353.9 | $ | 533.3 | $ | 243.0 | $ | 279.3 | $ | 259.6 | $ | 255.2 | ||||||||||
| Earnings: | ||||||||||||||||||||||||||
| Pretax income (loss) from continuing operations before minority interest and equity income (loss) | $ | (98.0 | ) | $ | (254.1 | ) | $ | (180.3 | ) | $ | (253.0 | ) | $ | (116.5 | ) | $ | (954.0 | ) | $ | (271.0 | ) | $ | (118.7 | ) | ||
| Fixed charges | 317.8 | 473.9 | 299.2 | 451.1 | 224.2 | 279.3 | 259.6 | 255.2 | ||||||||||||||||||
| Amortization of capitalized interest | 6.0 | 6.0 | 2.0 | 5.3 | 2.7 | 2.7 | 2.7 | 2.8 | ||||||||||||||||||
| Distributed income of equity investees | — | — | — | — | — | — | 8.0 | — | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Interest capitalized | (4.9 | ) | (4.9 | ) | (7.3 | ) | (5.1 | ) | (3.3 | ) | (3.7 | ) | (4.0 | ) | (6.4 | ) | ||||||||||
| Preference security dividend requirements of consolidated subsidiaries | — | — | (3.7 | ) | (4.9 | ) | (13.6 | ) | (19.8 | ) | (20.0 | ) | (34.2 | ) | ||||||||||||
| Total earnings | $ | 220.9 | $ | 220.9 | $ | 110.0 | $ | 193.4 | $ | 93.5 | $ | (695.5 | ) | $ | (24.7 | ) | $ | 98.7 | ||||||||
| Ratio of earnings to fixed charges and preferred dividends | — | — | — | — | — | — | — | — | ||||||||||||||||||
| Deficiency of earnings to fixed charges and preferred dividends | $ | 125.6 | $ | 312.1 | $ | 244.0 | $ | 339.9 | $ | 149.5 | $ | 974.8 | $ | 284.3 | $ | 156.5 | ||||||||||