EX-12.1 2 a2198724zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Talecris Biotherapeutics Holdings Corp.

Ratio of Earnings to Fixed Charges

(Dollars in thousands)

 

 

 

Predecessor

 

Successor

 

 

 

Three Months

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Ended

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

Years Ended December 31,

 

 

 

2005

 

2005

 

2006

 

2007

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Losses) earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

$

(6,500

)

$

(40,514

)

$

86,613

 

$

82,771

 

$

102,391

 

$

228,897

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings of equity investees

 

 

(197

)

(684

)

(436

)

(426

)

(441

)

Interest capitalized

 

 

(300

)

(700

)

(2,000

)

(2,300

)

(2,000

)

Preference dividends

 

 

(2,248

)

(3,981

)

(13,014

)

(22,353

)

(17,468

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

26,508

 

48,441

 

131,614

 

128,613

 

99,388

 

Amortization of capitalized interest

 

 

20

 

103

 

270

 

539

 

804

 

Dividends from equity investees

 

 

 

 

94

 

94

 

225

 

(Losses) earnings as defined

 

$

(6,500

)

$

(16,731

)

$

129,792

 

$

199,299

 

$

206,558

 

$

309,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

 

$

21,500

 

$

39,900

 

$

110,200

 

$

97,200

 

$

72,800

 

Interest capitalized

 

 

300

 

700

 

2,000

 

2,300

 

2,000

 

Amortization of debt issuance costs and debt discount

 

 

1,300

 

2,300

 

3,800

 

3,800

 

3,800

 

Interest cost

 

 

23,100

 

42,900

 

116,000

 

103,300

 

78,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents

 

 

5,800

 

7,800

 

13,000

 

14,800

 

16,600

 

Interest factor

 

 

20.0

%

20.0

%

20.0

%

20.0

%

20.0

%

Estimated interest component of rents

 

 

1,160

 

1,560

 

2,600

 

2,960

 

3,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference dividends

 

 

2,248

 

3,879

 

13,014

 

14,364

 

11,744

 

Ratio of pre-tax (loss) income to (loss) income from continuing operations

 

 

1

 

102.6

%

1

 

155.6

%

148.7

%

Preferred dividend factor

 

 

2,248

 

3,981

 

13,014

 

22,353

 

17,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges as defined

 

$

 

$

26,508

 

$

48,441

 

$

131,614

 

$

128,613

 

$

99,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

 

 

2.68

 

1.51

 

1.61

 

3.11

 

 


(1) Earnings were insufficient to cover fixed charges and preference dividends by $43.2 million for the nine months ended December 31, 2005.

 


 

Talecris Biotherapeutics Holdings Corp.

Ratio of Earnings to Fixed Charges

(Dollars in thousands)

 

 

 

Predecessor

 

Successor

 

 

 

 

Three Months

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma

 

 

 

 

Ended

 

Ended

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

Three Months Ended

 

 

 

 

March 31,

 

December 31,

 

Years Ended December 31,

 

 March 31,

 

December 31,

 

March 31,

 

 

 

 

2005

 

2005

 

2006

 

2007

 

2008

 

2009

 

2009

 

2010

 

2009

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Losses) earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

$

(6,500

)

$

(40,514

)

$

86,613

 

$

82,771

 

$

102,391

 

$

228,897

 

33,435

 

45,339

 

 

 

 

 

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings of equity investees

 

 

(197

)

(684

)

(436

)

(426

)

(441

)

(89

)

(147

)

 

 

 

 

 

Interest capitalized

 

 

(300

)

(700

)

(2,000

)

(2,300

)

(2,000

)

(300

)

(1,300

)

 

 

 

 

 

Preference dividends

 

 

(2,248

)

(3,981

)

(13,014

)

(22,353

)

(17,468

)

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

26,508

 

48,441

 

131,614

 

128,613

 

99,388

 

26,548

 

15,420

 

 

 

 

 

 

Amortization of capitalized
interest

 

 

20

 

103

 

270

 

539

 

804

 

180

 

202

 

 

 

 

 

 

Dividends from equity
investees

 

 

 

 

94

 

94

 

225

 

 

 

 

 

 

 

 

(Losses) earnings as defined

 

$

(6,500

)

$

(16,731

)

$

129,792

 

$

199,299

 

$

206,558

 

$

309,405

 

$

59,774

 

$

59,514

 

$

309,405

 

$

59,774

 

historical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

 

$

21,500

 

$

39,900

 

$

110,200

 

$

97,200

 

$

72,800

 

$

20,700

 

$

12,100

 

 

 

 

 

 

Interest capitalized

 

 

300

 

700

 

2,000

 

2,300

 

2,000

 

300

 

1,300

 

 

 

 

 

 

Amortization of debt issuance costs and debt discount

 

 

1,300

 

2,300

 

3,800

 

3,800

 

3,800

 

900

 

1,100

 

 

 

 

 

 

Interest cost

 

 

23,100

 

42,900

 

116,000

 

103,300

 

78,600

 

21,900

 

14,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents

 

 

5,800

 

7,800

 

13,000

 

14,800

 

16,600

 

4,150

 

4,600

 

 

 

 

 

 

Interest factor

 

 

20.0

%

20.0

%

20.0

%

20.0

%

20.0

%

20.0

%

20.0

%

 

 

 

 

 

Estimated interest component of
rents

 

 

1,160

 

1,560

 

2,600

 

2,960

 

3,320

 

830

 

920

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference dividends

 

 

2,248

 

3,879

 

13,014

 

14,364

 

11,744

 

3,818

 

 

 

 

 

 

 

Ratio of pre-tax (loss) income to (loss) income from continuing operations

 

 

1

 

102.6

%

1

 

155.6

%

148.7

%

1

 

 

 

 

 

 

 

Preferred dividend factor

 

 

2,248

 

3,981

 

13,014

 

22,353

 

17,468

 

3,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges as defined

 

$

 

$

26,508

 

$

48,441

 

$

131,614

 

$

128,613

 

$

99,388

 

$

26,548

 

$

15,420

 

$

99,388

 

$

26,548

 

historical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,914

 

$

2,805

 

adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

135,302

 

$

29,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

 

 

2.68

 

1.51

 

1.61

 

3.11

 

2.25

 

3.86

 

2.29

 

2.04

 

 

 


(1) Earnings were insufficient to cover fixed charges and preference dividends by $43.2 million for the nine months ended December 31, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt refinancted

 

$

550,000

 

$

550,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.75% Notes rate

 

7.75

%

7.75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and bond rate

 

$

42,625

 

$

10,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average historical rate

 

3.36

%

5.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and historical rate

 

18,480

 

7,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional interest charge

 

$

24,145

 

$

2,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross-up of interest charge

 

35,914

 

$

2,805