EX-12.1 6 exhibit121ratioofearningst.htm EXHIBIT 12.1 Exhibit


RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
Year Ended September
 
 
2012
2013
2014
2015
2016
Fixed Charges
 
 
 
 
 
Interest expensed and capitalized interest
83,078

89,447

79,724

72,409

64,233

Debt related amortization
2,823

646

22,927

5,433

5,947

Portion of rents representative of interest factor
-

-

-

-

-

Preferred returns to minority interest shareholders
-

-

-

-

-

Total Fixed Charges
85,901

90,093

102,651

77,842

70,180

 
 
 
 
 
 
 
Earnings
 
 
 
 
 
Pre-tax income (loss) from continuing operations, before taxes, as reported
(22,542
)
(139,223
)
13,961

37,912

58,195

Add: Noncontrolling interest
399

593

876

1,002

1,058

Less: Equity in earnings of associated companies, net
(7,231
)
(8,685
)
(8,297
)
(8,254
)
(8,533
)
Income (loss) from continuing operations, before income taxes, as adjusted
(29,773
)
(147,908
)
5,664

29,658

49,662

Add: Fixed charges
85,901

90,093

102,651

77,842

70,180

Add: Amortization of capitalized interest
-

-

-

-

-

Add: Distributed income of associated companies
9,086

11,398

9,996

10,975

13,886

Less: Interest capitalized
-

-

-

-

-

Less: Preference security dividend
-

-

-

-

-

Less: Noncontrolling interest
399

593

876

1,002

1,058

Total earnings (losses) available for fixed charges
64,815

(47,010
)
117,435

117,473

132,670

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
(A)
(B)
1.1
1.5
1.9
 
 
 
 
 
 
 
(A)
The ratio was less than 1.0 for the fiscal year ended September 30, 2012 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $21 million would have been necessary to bring the ratio to 1.0. Loss from continuing operations before income taxes, as reported, includes $41 million of debt refinancing and reorganization charges. Absent these charges, the ratio of earnings to fixed charges would have been 1.2. These charges are described in our 2013 Form 10-K, which is incorporated by reference herein.
 
 
 
 
 
 
 
(B)
The ratio was less than 1.0 for the fiscal year ended September 29, 2013 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $137 million would have been necessary to bring the ratio to 1.0. Loss from continuing operations before income taxes, as reported, includes $171 million of asset impairment charges. Absent these charges, the ratio of earnings to fixed charges would have been 1.4. These charges are described in our 2013 Form 10-K, which is incorporated by reference herein.