EX-12.1 27 a2232425zex-12_1.htm EX-12.1
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Exhibit 12.1

ENVIVA PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
   Year Ended December 31,  
 
   2013   2014   2015   2016   Three Months Ended
March 31, 2017 		 
 
   (dollars in thousands)
  

Earnings:

                                

Pre-tax income (loss) from continuing operations

   $ (6,864 ) $ (3,292 ) $ 22,167   $ 17,806   $ 2,523  

Fixed charges

   $ 7,276   $ 9,286   $ 12,377   $ 16,983   $ 7,892  
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Total earnings

   $ 412   $ 5,994   $ 34,544   $ 34,790   $ 10,414  
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Fixed charges:

                                

Interest expense

   $ 6,888   $ 8,724   $ 11,710   $ 16,220   $ 7,705  

Interest portion of rental expense

   $ 388   $ 562   $ 667   $ 763   $ 187  
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Total fixed charges

   $ 7,276   $ 9,286   $ 12,377   $ 16,983   $ 7,892  
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Ratio of earnings to fixed charges(a)

     0.06     0.65     2.79     2.05     1.32  
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(a)
We calculated the ratio of earnings to fixed charges by dividing earnings by fixed charges. Earnings consist of income from continuing operations before income taxes and before adjustment for noncontrolling interest, plus fixed charges. Fixed charges consist of (i) interest expense, including original issue discount and amortization of deferred financing fees and (ii) the portion of rental expense we estimate to be representative of the interest factor in rent expense.



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ENVIVA PARTNERS, LP COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES