Exhibit 12.1
Talecris Biotherapeutics Holdings Corp.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
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| Predecessor |
| Successor |
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| Three Months |
| Nine Months |
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| Ended |
| Ended |
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| March 31, |
| December 31, |
| Years Ended December 31, |
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| 2005 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
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(Losses) earnings: |
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(Loss) income from continuing operations before income taxes |
| $ | (6,500 | ) | $ | (40,514 | ) | $ | 86,613 |
| $ | 82,771 |
| $ | 102,391 |
| $ | 228,897 |
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Deduct: |
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Earnings of equity investees |
| — |
| (197 | ) | (684 | ) | (436 | ) | (426 | ) | (441 | ) | ||||||
Interest capitalized |
| — |
| (300 | ) | (700 | ) | (2,000 | ) | (2,300 | ) | (2,000 | ) | ||||||
Preference dividends |
| — |
| (2,248 | ) | (3,981 | ) | (13,014 | ) | (22,353 | ) | (17,468 | ) | ||||||
Add: |
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Fixed charges |
| — |
| 26,508 |
| 48,441 |
| 131,614 |
| 128,613 |
| 99,388 |
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Amortization of capitalized interest |
| — |
| 20 |
| 103 |
| 270 |
| 539 |
| 804 |
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Dividends from equity investees |
| — |
| — |
| — |
| 94 |
| 94 |
| 225 |
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(Losses) earnings as defined |
| $ | (6,500 | ) | $ | (16,731 | ) | $ | 129,792 |
| $ | 199,299 |
| $ | 206,558 |
| $ | 309,405 |
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Fixed charges: |
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Interest expense |
| $ | — |
| $ | 21,500 |
| $ | 39,900 |
| $ | 110,200 |
| $ | 97,200 |
| $ | 72,800 |
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Interest capitalized |
| — |
| 300 |
| 700 |
| 2,000 |
| 2,300 |
| 2,000 |
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Amortization of debt issuance costs and debt discount |
| — |
| 1,300 |
| 2,300 |
| 3,800 |
| 3,800 |
| 3,800 |
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Interest cost |
| — |
| 23,100 |
| 42,900 |
| 116,000 |
| 103,300 |
| 78,600 |
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Rents |
| — |
| 5,800 |
| 7,800 |
| 13,000 |
| 14,800 |
| 16,600 |
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Interest factor |
| — |
| 20.0 | % | 20.0 | % | 20.0 | % | 20.0 | % | 20.0 | % | ||||||
Estimated interest component of rents |
| — |
| 1,160 |
| 1,560 |
| 2,600 |
| 2,960 |
| 3,320 |
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Preference dividends |
| — |
| 2,248 |
| 3,879 |
| 13,014 |
| 14,364 |
| 11,744 |
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Ratio of pre-tax (loss) income to (loss) income from continuing operations |
| — |
| 1 |
| 102.6 | % | 1 |
| 155.6 | % | 148.7 | % | ||||||
Preferred dividend factor |
| — |
| 2,248 |
| 3,981 |
| 13,014 |
| 22,353 |
| 17,468 |
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Fixed charges as defined |
| $ | — |
| $ | 26,508 |
| $ | 48,441 |
| $ | 131,614 |
| $ | 128,613 |
| $ | 99,388 |
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Ratio of earnings to fixed charges (1) |
| — |
| — |
| 2.68 |
| 1.51 |
| 1.61 |
| 3.11 |
|
(1) Earnings were insufficient to cover fixed charges and preference dividends by $43.2 million for the nine months ended December 31, 2005.
Talecris Biotherapeutics Holdings Corp.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
|
| Predecessor |
| Successor |
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| Three Months |
| Nine Months |
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| Pro forma |
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| Ended |
| Ended |
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| Three Months Ended |
| Year Ended |
| Three Months Ended |
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| March 31, |
| December 31, |
| Years Ended December 31, |
| March 31, |
| December 31, |
| March 31, |
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|
| 2005 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2009 |
| 2010 |
| 2009 |
| 2009 |
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(Losses) earnings: |
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(Loss) income from continuing operations before income taxes |
| $ | (6,500 | ) | $ | (40,514 | ) | $ | 86,613 |
| $ | 82,771 |
| $ | 102,391 |
| $ | 228,897 |
| 33,435 |
| 45,339 |
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Deduct: |
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Earnings of equity investees |
| — |
| (197 | ) | (684 | ) | (436 | ) | (426 | ) | (441 | ) | (89 | ) | (147 | ) |
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Interest capitalized |
| — |
| (300 | ) | (700 | ) | (2,000 | ) | (2,300 | ) | (2,000 | ) | (300 | ) | (1,300 | ) |
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Preference dividends |
| — |
| (2,248 | ) | (3,981 | ) | (13,014 | ) | (22,353 | ) | (17,468 | ) | — |
| — |
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Add: |
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Fixed charges |
| — |
| 26,508 |
| 48,441 |
| 131,614 |
| 128,613 |
| 99,388 |
| 26,548 |
| 15,420 |
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Amortization of capitalized |
| — |
| 20 |
| 103 |
| 270 |
| 539 |
| 804 |
| 180 |
| 202 |
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Dividends from equity |
| — |
| — |
| — |
| 94 |
| 94 |
| 225 |
| — |
| — |
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(Losses) earnings as defined |
| $ | (6,500 | ) | $ | (16,731 | ) | $ | 129,792 |
| $ | 199,299 |
| $ | 206,558 |
| $ | 309,405 |
| $ | 59,774 |
| $ | 59,514 |
| $ | 309,405 |
| $ | 59,774 |
| historical |
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Fixed charges: |
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Interest expense |
| $ | — |
| $ | 21,500 |
| $ | 39,900 |
| $ | 110,200 |
| $ | 97,200 |
| $ | 72,800 |
| $ | 20,700 |
| $ | 12,100 |
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Interest capitalized |
| — |
| 300 |
| 700 |
| 2,000 |
| 2,300 |
| 2,000 |
| 300 |
| 1,300 |
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Amortization of debt issuance costs and debt discount |
| — |
| 1,300 |
| 2,300 |
| 3,800 |
| 3,800 |
| 3,800 |
| 900 |
| 1,100 |
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Interest cost |
| — |
| 23,100 |
| 42,900 |
| 116,000 |
| 103,300 |
| 78,600 |
| 21,900 |
| 14,500 |
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Rents |
| — |
| 5,800 |
| 7,800 |
| 13,000 |
| 14,800 |
| 16,600 |
| 4,150 |
| 4,600 |
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Interest factor |
| — |
| 20.0 | % | 20.0 | % | 20.0 | % | 20.0 | % | 20.0 | % | 20.0 | % | 20.0 | % |
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Estimated interest component of |
| — |
| 1,160 |
| 1,560 |
| 2,600 |
| 2,960 |
| 3,320 |
| 830 |
| 920 |
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Preference dividends |
| — |
| 2,248 |
| 3,879 |
| 13,014 |
| 14,364 |
| 11,744 |
| 3,818 |
| — |
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Ratio of pre-tax (loss) income to (loss) income from continuing operations |
| — |
| 1 |
| 102.6 | % | 1 |
| 155.6 | % | 148.7 | % | 1 |
| — |
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Preferred dividend factor |
| — |
| 2,248 |
| 3,981 |
| 13,014 |
| 22,353 |
| 17,468 |
| 3,818 |
| — |
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Fixed charges as defined |
| $ | — |
| $ | 26,508 |
| $ | 48,441 |
| $ | 131,614 |
| $ | 128,613 |
| $ | 99,388 |
| $ | 26,548 |
| $ | 15,420 |
| $ | 99,388 |
| $ | 26,548 |
| historical |
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| 35,914 |
| $ | 2,805 |
| adjustment | |||||||||
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| $ | 135,302 |
| $ | 29,353 |
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Ratio of earnings to fixed charges (1) |
| — |
| — |
| 2.68 |
| 1.51 |
| 1.61 |
| 3.11 |
| 2.25 |
| 3.86 |
| 2.29 |
| 2.04 |
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(1) Earnings were insufficient to cover fixed charges and preference dividends by $43.2 million for the nine months ended December 31, 2005.
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| Debt refinancted |
| $ | 550,000 |
| $ | 550,000 |
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| 7.75% Notes rate |
| 7.75 | % | 7.75 | % |
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| Interest expense and bond rate |
| $ | 42,625 |
| $ | 10,656 |
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| Weighted average historical rate |
| 3.36 | % | 5.71 | % |
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| Interest expense and historical rate |
| 18,480 |
| 7,851 |
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| Additional interest charge |
| $ | 24,145 |
| $ | 2,805 |
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| Gross-up of interest charge |
| 35,914 |
| $ | 2,805 |
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