Lesaka (LSAK) 10-K 2015 FY Annual report

EXHIBIT 12

Statement regarding computation of ratio of earnings to fixed charges

		Year ended June 30,
		2015		2014		2013		2012		2011
		(in thousands, except for ratio of earnings to fixed charges)
Fixed charges
Interest expensed and capitalized	$	4,456	$	7,473	$	7,966	$	9,345	$	8,672
Amortized premiums, discounts and capitalized expenses related to indebtedness Estimate of the interest within rental expense		650		709		1,430		- 678		- 628
Preference security dividend requirements of consolidated subsidiaries		-		-		-		-		-
Fixed charges		5,106		8,182		9,396		10,023		9,300
Earnings
Add		145,524		117,324		36,675		70,404		45,710
Pretax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees		140,418		109,142		27,279		60,381		36,410
Fixed charges		5,106		8,182		9,396		10,023		9,300
Amortization of capitalized interest		-		-		-		-		-
Distributed income of equity investees		-		-		-		-		-
Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges		-		-		-		-		-
Less		328		-		-		-
Interest capitalized								-		-
Preference security dividend requirements of consolidated subsidiaries								-		-
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges		328						-		-
Earnings	$	145,196	$	117,324	$	36,675	$	70,404	$	45,710
Ratio of earnings to fixed charges		28.44		14.34		3.90		7.02		4.92