EX-12.1 5 a2236287zex-12_1.htm EX-12.1

Exhibit 12.1

 

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

 

 

 

2014

 

2015

 

2016

 

2017

 

2018

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Pre-tax (loss)/income from continuing operations before adjustment for income or loss from equity investee

 

£

40,503

 

£

(3,567

)

£

48,833

 

£

56,538

 

£

26,097

 

Add: Fixed charges

 

28,452

 

31,301

 

21,256

 

25,785

 

24,828

 

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

 

£

68,955

 

£

27,734

 

£

70,089

 

£

82,323

 

£

50,925

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized(1)

 

£

25,732

 

£

24,446

 

£

19,915

 

£

24,405

 

£

23,606

 

Amortization of premiums, discounts and capitalized expenses relating to indebtedness

 

1,936

 

5,978

 

544

 

608

 

627

 

Estimated interest portion of rental expense

 

784

 

877

 

797

 

772

 

595

 

Total fixed charges

 

£

28,452

 

£

31,301

 

£

21,256

 

£

25,785

 

£

24,828

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges:

 

2.42

 

(2)

3.30

 

3.19

 

2.05

 

Amount of the coverage deficiency:

 

 

£

3,567

 

 

 

 

 


(1)   Interest expensed and capitalized consists of our total finance costs as disclosed in our consolidated financial statements, less (i) for each period presented, amortization of issue discount and debt finance costs on our secured term loan facility and our senior secured notes, (ii) for the fiscal year ended June 30, 2015, premiums paid by us in connection with repurchases of our senior secured notes due 2017, and (iii) for the fiscal year ended June 30, 2015, costs associated with debt financing.

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