Exhibit 12.1
|
| For the year ended December 31 |
| ||||||||
|
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
|
|
| RMB |
| RMB |
| RMB |
| RMB |
| RMB |
|
Interest expense and amortized discounts |
| 130,157,000 |
| 301,805,020 |
| 309,498,000 |
| 599,665,074 |
| 853,611,541 |
|
Interest capitalized |
| 47,523,000 |
| 144,179,000 |
| 272,369,000 |
| 202,138,294 |
| 130,962,357 |
|
Amortized discount of mandatory redeemable and convertible bonds |
| 31,974,000 |
| 74,531,000 |
| 128,513,000 |
| 24,311,000 |
| 35,647,000 |
|
An estimate of the interest within rental expense |
| — |
| — |
| — |
| — |
| — |
|
Preference security dividend requirements of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
|
Interest on financing lease |
| — |
| — |
| — |
| 2,760,700 |
| 7,865,777 |
|
Fixed charge |
| 209,654,000 |
| 520,515,020 |
| 710,380,000 |
| 828,875,068 |
| 1,028,086,675 |
|
Add |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax (loss) income from continuing operations before adjustment for minority interest in consolidated subsidiaries or loss from equity investees |
| 952,302,710 |
| (487,329,749 | ) | 2,030,870,590 |
| (3,408,747,017 | ) | (3,397,121,395 | ) |
Fixed charge |
| 209,654,000 |
| 520,515,020 |
| 710,380,000 |
| 828,875,068 |
| 1,028,086,675 |
|
Amortization of capitalized interest |
| 4,205,815 |
| 8,688,129 |
| 18,840,482 |
| 39,987,949 |
| 63,794,957 |
|
Distributed income of equity investees |
| — |
| — |
| — |
| — |
| — |
|
Your share of pre-tax income of equity investees for which charges arising from guarantees are included in fixed charges |
| — |
| — |
| — |
| — |
| — |
|
Subtract |
|
|
|
|
|
|
|
|
|
|
|
Interest capitalized |
| 47,523,000 |
| 144,179,000 |
| 272,369,000 |
| 202,138,295 |
| 130,962,357 |
|
Preference security dividend requirements of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
|
The minority interest in pre-tax income of subsidiaries that have not incurred fixed charges |
| — |
| — |
| — |
| — |
| — |
|
Earnings |
| 1,118,639,525 |
| (102,305,600 | ) | 2,487,722,072 |
| (2,742,022,295 | ) | (2,436,202,120 | ) |
Ratio of Earnings to Fixed charge |
| 5.3 |
| — |
| 3.5 |
| — |
| — |
|
Insufficient Coverage |
|
|
| 622,820,620 |
|
|
| 3,570,897,363 |
| 3,464,288,795 |
|
