EX-12.1 5 a2228295zex-12_1.htm EX-12.1

Exhibit 12.1

		Year Ended December 31,
		2011		2012		2013		2014		2015
		RMB		RMB		RMB		RMB		RMB		US$
		(in thousands)
Earnings
Loss before tax		(1,283,745	)	(1,723,346	)	(49,939	)	(4,977,034	)	(9,401,844	)	(1,451,394	)
Less: Share of results of equity investees		—		—		—		—		(3,134,283	)	(483,850	)
Less: Impairment of investments accounted for under cost method and available-for-sale securities		—		—		—		—		(611,108	)	(94,339	)
Add: Fixed charges		60,159		148,288		216,104		390,246		721,735		111,417
Total Earnings		(1,223,586	)	(1,575,058	)	166,165		(4,586,788	)	(4,934,718	)	(761,788	)
Fixed Charges
Interest expense		—		8,324		8,437		28,825		82,507		12,737
An estimate of the interest within rental expense		60,159		139,964		207,667		361,421		639,228		98,680
Total Fixed Charges		60,159		148,288		216,104		390,246		721,735		111,417
Deficiency		(1,283,745	)	(1,723,346	)	(49,939	)	(4,977,034	)	(5,656,453	)	(873,205	)