EX-12.1 2 a13-20679_1ex12d1.htm EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
(Pound sterling amounts in thousands)

		2009			2010			2011			2012			2013
Earnings:
Pre-tax income from continuing operations before adjustment for income or loss from equity investee		£	6,104		£	(44,273	)	£	12,004		£	(4,664	)	£	(8,793	)
Add: Fixed charges		119,048			106,075			44,444			47,437			41,333
Add: Amortization of capitalized interest		—			—			—			—			—
Add: Distributed income of equity investee		—			—			—			—			—
Add: Non-controlling interest in pre-tax loss (income) of subsidiaries that have not incurred fixed charges		—			—			—			—			—
Subtract: Capitalized interest		—			—			—			—			—
Total adjusted earnings		£	125,152		£	61,802		£	56,448		£	42,773		£	32,540
Fixed charges:
Interest expensed and capitalized		£	117,335		£	103,325		£	44,821		£	45,845		£	38,269
Amortization of premiums, discounts and capitalized expenses relating to indebtedness		1,408			2,268			(819		)	863			2,144
Estimated interest portion of rental expense		305			482			442			729			920
Total fixed charges		£	119,048		£	106,075		£	44,444		£	47,437		£	41,333
Ratio of earnings to fixed charges:		1.05			—		(1)	1.27			—		(1)	—		(1)
Dollar amount of the coverage deficiency		—			$	67,144		—			$	7,073		$	13,335

(1) The ratio coverage was less than 1:1.