EX-12.1 6 d931713dex121.htm COMPUTATION OF RATIOS Computation of Ratios

Exhibit 12.1

The following tables set forth our ratio of earnings to fixed charges and earnings to combined fixed charges and preferred share dividends.

 

Computation of Ratio of Earnings to Fixed Charges

 

                                        
(in millions of US dollars except for ratios)    Three
Months
Ended		     Fiscal Year Ended  
   4/4/2015     1/3/2015     12/28/2013      12/29/2012      12/31/2011      1/1/2011  

Earnings (losses):

                

Net income (loss) before taxes

      (10.6 )      (45.0 )      23.8         57.3         41.0         78.4   

Add: Combined fixed charges

      30.1        46.6        59.2         62.5         65.9         43.9   

Less: Net income-noncontrolling interests

      1.3        5.6        5.0         4.5         3.6         5.1   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Earnings before fixed charges

   18.2      (4.0 )    78.0      115.3      103.3      117.2   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed Charges:

Interest and amortization expense

   27.7      39.8      52.1      54.6      57.3      37.1   

Estimated interest component of rent

   2.4      6.8      7.1      7.9      8.6      6.8   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Combined fixed charges

   30.1      46.6      59.2      62.5      65.9      43.9   

Deficiency of earnings available to cover fixed charges

   11.9      50.6      —        —        —        —     
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

   —   (1)    —   (2)    1.3      1.8      1.6      2.7   
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends   
   
(in millions of US dollars except for ratios)    Three
Months
Ended		     Fiscal Year Ended  
   4/4/2015     1/3/2015     12/28/2013      12/29/2012      12/31/2011      1/1/2011  

Earnings (losses):

                

Net income (loss) before taxes

      (10.6 )      (45.0 )      23.8         57.3         41.0         78.4   

Add: Combined fixed charges

      30.1        46.6        59.2         62.5         65.9         43.9   

Add: Preferred Share Dividends

      3.5        0.8        0.0         0.0         0.0         0.0   

Less: Net income-noncontrolling interests

      1.3        5.6        5.0         4.5         3.6         5.1   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Earnings before fixed charges and preferred share dividends

   21.7      (3.2 )    78.0      115.3      103.3      117.2   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed Charges:

Interest and amortization expense

   27.7      39.8      52.1      54.6      57.3      37.1   

Estimated interest component of rent

   2.4      6.8      7.1      7.9      8.6      6.8   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Combined fixed charges

   30.1      46.6      59.2      62.5      65.9      43.9   

Preferred Share Dividends

   3.5      0.8      0.0      0.0      0.0      0.0   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Combined Fixed Charges and Preferred Share Dividends

   33.6      47.4      59.2      62.5      65.9      43.9   

Deficiency of earnings available to cover fixed charges and Preferred Share Dividends

   11.9      50.6      —        —        —        —     
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to combined fixed charges and preferred share dividends

   —   (3)    —   (4)    1.3      1.8      1.6      2.7   

 

1  The ratio of earnings to fixed charges was less than 1:1 for the three months ended April 4, 2015. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $11.9 million in pre-tax earnings in the three months ended April 4, 2015.
2  The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended January 3, 2015. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $50.6 million in pre-tax earnings in the fiscal year ended January 3, 2015.
3  The ratio of earnings to combined fixed charges and preferred share dividends was less than 1:1 for the three months ended April 4, 2015. In order to achieve a ratio of earnings to combined fixed charges and preferred share dividends of 1:1, we would have had to generate an additional $11.9 million in pre-tax earnings in the three months ended April 4, 2015.
4  The ratio of earnings to combined fixed charges and preferred share dividends was less than 1:1 for the fiscal year ended January 3, 2015. In order to achieve a ratio of earnings to combined fixed charges and preferred share dividends of 1:1, we would have had to generate an additional $50.6 million in pre-tax earnings in the fiscal year ended January 3, 2015.