EX-12.1 12 d850935dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

Ratio of earnings to fixed charges

		9 months ended Sept 30								Year ended December 31
		2014 IFRS				2013 IFRS				2013 IFRS				2012 IFRS				2011 IFRS				2010 IFRS				2009 Previous GAAP
Precision
Earnings
Pretax income			170,076				133,577				221,538				27,677				240,784				26,190				162,273
Add
Fixed charges (interest)			77,100				65,825				88,516				85,113				69,959				67,570				101,108
Fixed charges (amortized premiums and costs)			2,517				3,392				4,343				4,120				30,386				144,463				43,893
Fixed charges est. interest in rent expense (NOTE 1)			529				529				705				734				514				451				416
Interest on tax settlement			—				—				—				—				—				—				—
Debt amendment fees			—				—				—				149				1,134				—				—
Earnings per Item 503			250,222				203,323				315,102				117,793				342,777				238,674				307,690
Fixed charges			80,146				69,746				93,564				90,116				101,993				212,484				145,417
Ratio of earnings to fixed charges			3.12				2.92				3.37				1.31				3.36				1.12				2.12
NOTE 1 Calculated as:
Rent expense from annual report			8,810				8,810				11,747				12,238				8,563				7,516				6,937
Esimated rent expense			8,810				8,810				11,747				12,238				8,563				7,516				6,937
Assumed interest rate			6	%			6	%			6	%			6	%			6	%			6	%			6	%
			529				529				705				734				514				451				416