Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
CCBC’s ratio of earnings to fixed charges for each of the periods indicated is set forth below. We have derived the ratios of earnings to fixed charges from our historical consolidated financial statements. The ratios should be read in conjunction with our consolidated financial statements, including the notes thereto, and the other financial information included or incorporated by reference in the registration statement with respect to which this exhibit is filed.
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Year Ended March 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Ratio of earnings to fixed charges | 3.2 | 27.6 | 30.6 | 19.2 | 30.1 |
We have computed the ratios of earnings to fixed charges set forth above by dividing earnings by fixed charges. For the purpose of determining the ratio of earnings to fixed charges, earnings include income before income tax from continuing operations plus fixed charges and subtract interest cost capitalized. Fixed charges consist of interest on the short term loan, convertible notes and amortization of debt issuance costs, interest cost capitalized and the estimated interest component of operating lease expense. As of the date of filing of the registration statement with respect to which this exhibit is filed, we have no preferred shares outstanding and have not declared or paid any dividends on preferred shares for the periods set forth above.
Earnings:
Year Ended March 31, | ||||||||||||||||||||||||||||
RMB’000 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||
Income before income tax | 158,185 | 151,599 | 132,142 | 79,663 | 42,299 | |||||||||||||||||||||||
Add: Fixed charges | ||||||||||||||||||||||||||||
Interest expense | 70,097 | 3,287 | 2,606 | 2,431 | — | |||||||||||||||||||||||
Interest component of operating lease expense(1) | 1,555 | 2,402 | 1,865 | 1,944 | 1,453 | |||||||||||||||||||||||
Interest cost capitalized | 1,274 | — | — | — | — | |||||||||||||||||||||||
Total fixed charges | 72,926 | 5,689 | 4,471 | 4,375 | 1,453 | |||||||||||||||||||||||
Less: Interest cost capitalized | (1,274 | ) | — | — | — | — | ||||||||||||||||||||||
Earnings | 229,837 | 157,288 | 136,613 | 84,038 | 43,752 |
(1) | The interest component of operating lease expense represents one-third of rents, which is deemed representative of the interest component of operating lease expense. |