Lesaka (LSAK) S-3 Shelf registration

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

		Three
		months
		ended
		September
		30,		Year ended June 30,
		2015		2015		2014		2013		2012		2011
				(in thousands, except for ratio of earnings to fixed charges)
Fixed charges
Interest expensed and capitalized	$	974	$	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		170		650		709		1,430		678		628
Preference security dividend requirements of consolidated subsidiaries		-		-		-		-		-		-
Fixed charges		1,144		5,106		8,182		9,396		10,023		9,300
Earnings
Add		35,950		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		34,516		140,418		109,142		27,279		60,381		36,410
Fixed charges		1,144		5,106		8,182		9,396		10,023		9,300
Amortization of capitalized interest		-		-		-		-		-		-
Distributed income of equity investees		290		-		-		-		-		-
Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges		-		-		-		-		-		-
Less		120		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		120		328						-		-
Earnings		35,830	$	145,196	$	117,324	$	36,675	$	70,404	$	45,710
Ratio of earnings to fixed charges		31.32		28.44		14.34		3.90		7.02		4.92