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