EX-12.1 8 file8.htm RATIO OF EARNINGS

Exhibit 12.1





Ratio of Earnings
to Fixed Charges

 

 

 

 

 

 

 

 

 

(amounts in thousands
of US$)

               Successor

 

               Predecessor

 

Quarter ended March 31, 2007

Quarter ended March 31, 2006

 Year ended December 31, 2006

 August 26 2005 to December 31, 2005

 

 January 1, 2005 to August 25, 2005

 Year ended December 31, 2004

 Year ended December 31, 2003

 Year ended December 31, 2002

 

 

 

 

 

 

 

 

 

 

Net Income after tax

14,783

4,982

21,069

2,161

 

51,337

127,132

55,501

 (5,634)

Minority Interest

-

 

-

-

 

-

-

1,306

324

Income from equity investees

 (828)

 (154)

 (674)

 (285)

 

 (788)

 (763)

 (403)

 (68)

Income tax

 1,179

-

-

-

 

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Pre-tax income before minority interests and income from equity investees

15,134

4,828

20,395

1,876

 

50,549

126,369

56,404

(5,378)

Plus:

 

 

 

 

 

 

 

 

 

Fixed Charges

27,952

14,222

67,700

21,215

 

28,756

56,178

40,659

20,766

Distributed income of
equity investees

678

455

583

-

 

972

699

78

-

Earnings

43,764

19,505

88,678

23,091

 

80,277

183,246

97,141

15,388

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

Interest expensed

13,024

8,553

39,425

11,892

 

1,252

3,450

5,278

3,950

Plus:

 

 

 

 

 

 

 

 

 

Amortized premiums, discounts and capitalized expenses relating to indebtedness

447

653

8,004

-

 

425

-

-

-

 

 

 

 

 

 

 

 

 

 

Estimate of interest within rental expense

         14,481

5,016

20,271

9,323

 

27,079

52,728

35,381

16,816

 

 

 

 

 

 

 

 

 

 

Fixed charges

27,952

14,222

67,700

21,215

 

28,756

56,178

40,659

20,766

 

 

 

 

 

 

 

   

 

 

Ratio of earnings to fixed charges

1.57

1.37

1.31

1.09

 

2.79

3.26

2.39

0.74

 

 

 

 

 

 

 

 

 

 

Additional pre-tax income before minority interest and income from equity investees necessary to generate a ratio of Earnings to Fixed Charges of 1.00

-

-

-

-

 

-

-

-

5,378