Yes, but that is only on the input AC supply (and not accounting for any losses in the power supply - cooling fans etc will also add to that) and simply a straight transformer ratio if this was a simple step-down (same frequency) unit.
If using the two separate modules (i.e. AC to DC & DC to AC, the DC supply, regardless of only pulling 5A from the wall for just a raw ratio (and it would be higher than that in real World), it still needs to put out 100A at the 12V output to put 1200W in;
And for the AC to AC unit (Step-down AND 50 to 60 Hz), regardless of the input current at 240V (and there will be some losses in the power supply itself) it still needs to be rated at 1.2kVA for the output power and the input will be whatever it needs to be to supply that plus any overhead current used by the unit.
So I wouldn't even look at the input current requirement at 240V - in either case, the output current is the spec to look at and any module that is capable of supplying what is needed at the input will present no problems to the input side, or the wall socket.