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.