EX-12.1 9 a2225317zex-12_1.htm EX-12.1

Exhibit 12.1

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

|  | 2010 |  | 2011 |  | 2012 |  | 2013 |  | 2014 |  | Nine Months Ended March 31, 2015 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax income from continuing operations before adjustment for income or loss from equity investee |  | £ | (44,273 | ) | £ | 12,004 |  | £ | (4,664 | ) | £ | (8,793 | ) | £ | 40,503 |  | £ | 4,496 |
Add: Fixed charges |  | 106,075 |  | 44,444 |  | 47,437 |  | 41,333 |  | 28,452 |  | 19,080 |
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 |  | £ | 61,802 |  | £ | 56,448 |  | £ | 42,773 |  | £ | 32,540 |  | £ | 68,955 |  | £ | 23,576 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expensed and capitalized(1) |  | £ | 103,325 |  | £ | 44,821 |  | £ | 45,845 |  | £ | 38,269 |  | £ | 25,732 |  | £ | 16,758 |
Amortization of premiums, discounts and capitalized expenses relating to indebtedness |  | 2,268 |  | (819 | ) | 863 |  | 2,144 |  | 1,936 |  | 1,623 |
Estimated interest portion of rental expense |  | 482 |  | 442 |  | 729 |  | 920 |  | 784 |  | 699 |
Total fixed charges |  | £ | 106,075 |  | £ | 44,444 |  | £ | 47,437 |  | £ | 41,333 |  | £ | 28,452 |  | £ | 19,080 |
Ratio of earnings to fixed charges: |  | — | (2) | 1.27 |  | — | (2) | — | (2) | 2.42 |  | 1.24 |
Amount of the coverage deficiency |  | £ | 44,273 |  | — |  | £ | 4,664 |  | £ | 8,793 |  | — |  | — |

(1) Interest expensed and capitalized consists of our total finance costs, less (i) for each period presented, amortization of issue discount, debt finance and debt issue costs on our secured term loan facility and our senior secured notes due 2017 (the “2017 Notes”), and (ii) for each of the fiscal years ended June 30, 2011, 2012 and 2013, premiums paid by us in connection with repurchases of the 2017 Notes.

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