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- F-4 Registration of securities (foreign)
- 2.1 Exhibit 2.1
- 2.2 Exhibit 2.2
- 2.3 Exhibit 2.3
- 3.1 Exhibit 3.1
- 3.2 Exhibit 3.2
- 3.3 Exhibit 3.3
- 3.4 Exhibit 3.4
- 3.5 Exhibit 3.5
- 3.6 Exhibit 3.6
- 3.7 Exhibit 3.7
- 3.8 Exhibit 3.8
- 3.9 Exhibit 3.9
- 3.10 Exhibit 3.10
- 3.11 Exhibit 3.11
- 3.12 Exhibit 3.12
- 3.13 Exhibit 3.13
- 3.14 Exhibit 3.14
- 3.15 Exhibit 3.15
- 3.16 Exhibit 3.16
- 3.17 Exhibit 3.17
- 3.18 Exhibit 3.18
- 4.1 Exhibit 4.1
- 4.2 Exhibit 4.2
- 4.3 Exhibit 4.3
- 4.4 Exhibit 4.4
- 5.1 Exhibit 5.1
- 5.2 Exhibit 5.2
- 5.3 Exhibit 5.3
- 5.4 Exhibit 5.4
- 5.5 Exhibit 5.5
- 5.6 Exhibit 5.6
- 5.7 Exhibit 5.7
- 5.8 Exhibit 5.8
- 5.9 Exhibit 5.9
- 10.1 Exhibit 10.1
- 10.2 Exhibit 10.2
- 10.3 Exhibit 10.3
- 10.4 Exhibit 10.4
- 10.5 Exhibit 10.5
- 10.6 Exhibit 10.6
- 10.7 Exhibit 10.7
- 10.8 Exhibit 10.8
- 10.9 Exhibit 10.9
- 10.10 Exhibit 10.10
- 10.11 Exhibit 10.11
- 10.12 Exhibit 10.12
- 10.13 Exhibit 10.13
- 10.14 Exhibit 10.14
- 10.15 Exhibit 10.15
- 10.16 Exhibit 10.16
- 10.17 Exhibit 10.17
- 10.18 Exhibit 10.18
- 10.19 Exhibit 10.19
- 10.20 Exhibit 10.20
- 10.21 Exhibit 10.21
- 10.22 Exhibit 10.22
- 10.23 Exhibit 10.23
- 10.24 Exhibit 10.24
- 10.25 Exhibit 10.25
- 10.26 Exhibit 10.26
- 10.27 Exhibit 10.27
- 10.28 Exhibit 10.28
- 10.29 Exhibit 10.29
- 10.30 Exhibit 10.30
- 10.31 Exhibit 10.31
- 12.1 Exhibit 12.1
- 21.1 Exhibit 21.1
- 23.1 Exhibit 23.1
- 23.2 Exhibit 23.2
- 25.1 Exhibit 25.1
- 25.2 Exhibit 25.2
- 99.1 Exhibit 99.1
- 99.2 Exhibit 99.2
Exhibit 12.1
Ratio of Earnings to Fixed Charges
For purposes of calculating the ratio of earnings to fixed charges, earnings consist of income before taxes plus fixed charges. Fixed charges consist of interest payable and similar charges, amortization of debt issuance costs, and one-third of operating lease rental expense, deemed representative of the interest component of rental expense. Set forth below is an overview of how we calculate the ratio of earnings to fixed charges:
|
| Predecessor |
| Successor |
| ||||
|
| For the year ended |
| For the period |
| For the period |
| ||
|
| 2004 |
| 2005 |
| September 28, 2006 |
| December 31, 2006 |
|
|
| (€ in millions) |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
Income (loss) before taxes |
| €141 |
| €39 |
| €117 |
| €(852 | ) |
Fixed charges |
| 106 |
| 82 |
| 36 |
| 86 |
|
Total earnings |
| €247 |
| €121 |
| €153 |
| €(766 | ) |
Fixed charges: |
|
|
|
|
|
|
|
|
|
Interest expense |
| €88 |
| €61 |
| €19 |
| €79 |
|
Interest component of rent |
| 18 |
| 21 |
| 17 |
| 7 |
|
Total fixed charges |
| €106 |
| €82 |
| €36 |
| €86 |
|
Ratio of earnings to fixed charges(a) |
| 2.3x |
| 1.5x |
| 4.3x |
| — |
|
(a) For the period ended December 31, 2006, earnings were insufficient by €852 million to cover fixed charges.