Exhibit 12.1
City Telecom (H.K.) Limited
Statement Re: Computation of Ratios
Computation of ratio of earnings to fixed charges
| 2000 | 2001 | 2002 | 2003 | 2004 | |||||||
| HK$ | HK$ | HK$ | HK$ | HK$ | |||||||
| HKGAAP | (Amounts in thousands, except ratio of earnings to fixed charges) | ||||||||||
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries | 93,084 | 70,401 | 97,813 | 278,212 | 51,593 | ||||||
Fixed charges | |||||||||||
Interest expenses and amortisation of capitalized interests expenses | 6,228 | 4,542 | 3,504 | 601 | 240 | ||||||
Total earnings for computation of ratio | 99,312 | 74,943 | 101,317 | 278,813 | 51,833 | ||||||
Fixed charges | |||||||||||
Interest expenses | 6,228 | 4,542 | 3,504 | 601 | 175 | ||||||
Capitalized interest expenses | — | — | — | — | 3,053 | ||||||
Total fixed charges for computation of ratio | 6,228 | 4,542 | 3,504 | 601 | 3,228 | ||||||
Ratio of earnings to fixed charges | 16.0 | 16.5 | 28.9 | 463.9 | 16.1 | ||||||
Computation of pro forma ratio of earnings to fixed charges for fiscal 2004 after adjustment for issuance of notes
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| ||||||||||
Total earnings for computation of ratio, as above | 51,833 | ||||||||||
Fixed charges, as above | 3,228 | ||||||||||
Adjustments: | |||||||||||
Reduction in interest expenses on the HK$100 million loan outstanding as at August 31, 2004 | (3,053 | ) | |||||||||
Estimated increase in interest expenses of HK$100 million of the proceeds from this offering | 5,833 | ||||||||||
Total pro forma fixed charges | 6,008 | ||||||||||
Pro forma ratio of earnings to fixed charges | 8.6 | ||||||||||