EX-12.1 4 a2232441zex-12_1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

 

Grupo Supervielle S.A.

 

 

 

Three

 

 

 

 

 

 

 

 

 

 

 

 

 

months

 

 

 

 

 

 

 

 

 

 

 

 

 

ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

Year ended Dec. 31,

 

(in thousands of pesos)

 

2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes attributable to shareholders of Grupo Supervielle S.A.

 

567,639

 

1,811,907

 

921,270

 

562,004

 

470,755

 

401,315

 

Fixed charges, excluding interest on deposits

 

387,853

 

869,741

 

504,957

 

363,835

 

233,177

 

160,383

 

Income before income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of Grupo Supervielle S.A.

 

955,492

 

2,681,648

 

1,426,227

 

925,839

 

703,932

 

561,698

 

Interest on deposits

 

677,081

 

3,075,486

 

2,229,578

 

1,603,773

 

831,231

 

500,689

 

Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of Grupo Supervielle S.A.

 

1,632,573

 

5,757,134

 

3,655,805

 

2,529,612

 

1,535,163

 

1,062,387

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, excluding interest on deposits

 

387,853

 

869,741

 

504,957

 

363,835

 

233,177

 

160,383

 

One-third net rental expense

 

—

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges, excluding interest on deposits

 

387,853

 

869,741

 

504,957

 

363,835

 

233,177

 

160,383

 

Interest on deposits

 

677,081

 

3,075,486

 

2,229,578

 

1,603,773

 

831,231

 

500,689

 

Total fixed charges, including interests on deposits

 

1,064,934

 

3,945,227

 

2,734,535

 

1,967,608

 

1,064,408

 

661,072

 

Preferred stock dividends(A)

 

—

 

—

 

9,172

 

7,208

 

5,988

 

4,923

 

Total fixed charges and preferred stock dividends, excluding interest on deposits

 

387,853

 

869,741

 

514,129

 

371,043

 

239,165

 

165,306

 

Total fixed charges and preferred stock dividends, including interest on deposits

 

1,064,934

 

3,945,227

 

2,743,707

 

1,974,816

 

1,070,396

 

665,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings to fixed charges ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

4.21 x

 

6.62 x

 

7.24 x

 

6.95 x

 

6.58 x

 

6.62 x

 

Including interest on deposits

 

1.53 x

 

1.46 x

 

1.34 x

 

1.29 x

 

1.44 x

 

1.61 x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings to fixed charges and preferred stock dividends ratios (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Excluding interest on deposits

 

4.21 x

 

6.62 x

 

7.11 x

 

6.82 x

 

6.42 x

 

6.43 x

 

Including interest on deposits

 

1.53 x

 

1.46 x

 

1.33 x

 

1.28 x

 

1.43 x

 

1.60 x

 

 

(A) In January 2016, the stock of Preferred Shares was converted to Class B Shares.  No dividends on the Preferred Shares were paid in 2016 or during the three months ended March 31, 2017.