EX-12.1 3 a2225750zex-12_1.htm EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our unaudited consolidated ratio of earnings to fixed charges for each of the periods indicated. The ratio of earnings to fixed charges is calculated by dividing earnings by fixed charges on a historical basis, in each case for the period indicated. For this purpose, fixed charges consist of interest expense (including amortization of capitalized expenses related to indebtedness), an estimate of the interest within rental expense and capitalized interest. Earnings consist of income before income tax and share of results of equity investees, fixed charges and distributed income of equity investees, minus capitalized interest.

|  | Year ended |  | Three months ended |
|  | Mar. 31, 2011 |  | Mar. 31, 2012 |  | Mar. 31, 2013 |  | Mar. 31, 2014 |  | Mar. 31, 2015 |  | Jun. 30, 2015 |
|  | (in millions of RMB, except for ratio) |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |
Income before income tax and share of results of equity investees |  | 1,935 |  | 5,532 |  | 10,112 |  | 26,802 |  | 32,326 |  | 32,617 |
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed charges |  | 51 |  | 130 |  | 1,746 |  | 2,085 |  | 2,839 |  | 544 |
Capitalized interest and others |  | — |  | — |  | (14 | ) | (29 | ) | (23 | ) | 16 |
Total earnings |  | 1,986 |  | 5,662 |  | 11,844 |  | 28,858 |  | 35,142 |  | 33,177 |
Fixed Charges |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed charges before capitalized interest |  | 51 |  | 130 |  | 1,732 |  | 2,054 |  | 2,814 |  | 530 |
Add: Capitalized interest |  | — |  | — |  | 14 |  | 31 |  | 25 |  | 14 |
Total fixed charges |  | 51 |  | 130 |  | 1,746 |  | 2,085 |  | 2,839 |  | 544 |
Ratio of earnings to fixed charges |  | 38.9 |  | 43.6 |  | 6.8 |  | 13.8 |  | 12.4 |  | 61.0 |

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