EX-12.1 4 exh_121.htm EXHIBIT 12.1

exh_121.htm

Exhibit 12.1

Statement regarding computation of ratio of combined fixed charges and preferred share dividends

				2009				2010				2011				2012				2013
Pre-tax income from continuing operations (4)					(7,694	)			(11,778	)			(543	)			(7,358	)			(4,886	)
Interest expense					1,454				2,136				875				2,065				830
Amortization of Capitalized expenses on debt grant					469				920				224				31				0
Preference security dividend requirements					N/A				N/A				N/A				N/A				N/A
Earnings					(5,771	)			(8,722	)			556				(5,262	)			(4,056	)
Fixed Charges					1,923				3,056				1,099				2,096				830
Ratio of earnings to fixed charges (1)					[-	]			[-	]			[-	]			[-	]			[-	]
Ratio of earnings to combined fixed charges and preferred share dividends (1) (3)					[-	]			[-	]			[-	]			[-	]			[-	]
(1) Earnings were insufficient to cover fixed charges by:		Euro (in thousands)			7,694				11,778				543				7,358				4,886
		US Dollar (in millions) (2)			10,737				15,565				760				9,499				6,500
(2) Dollar amounts have been translated solely for the convenience of the reader at the following exchange rates:					1.3955				1.3215				1.4002				1.2909				1.3303
(3) The Company did not have any outstanding preferred shares over the indicated periods.
(4) Pre-tax incomes from continuing operations include the following non-cash changes in fair value: income / (loss)					(2,718	)			(6,052	)			2,434				(374	)			1,007