Computation of Ratio of Earnings to Fixed Charges
(Pound sterling amounts in thousands)
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| 2014 |
| 2015 |
| 2016 |
| 2017 |
| 2018 |
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Earnings: |
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Pre-tax (loss)/income from continuing operations before adjustment for income or loss from equity investee |
| £ | 40,503 |
| £ | (3,567 | ) | £ | 48,833 |
| £ | 56,538 |
| £ | 26,097 |
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Add: Fixed charges |
| 28,452 |
| 31,301 |
| 21,256 |
| 25,785 |
| 24,828 |
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Add: Amortization of capitalized interest |
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| — |
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Add: Distributed income of equity investee |
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Add: Non-controlling interest in pre-tax loss (income) of subsidiaries that have not incurred fixed charges |
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Subtract: Capitalized interest |
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Total adjusted earnings |
| £ | 68,955 |
| £ | 27,734 |
| £ | 70,089 |
| £ | 82,323 |
| £ | 50,925 |
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Fixed charges: |
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Interest expensed and capitalized(1) |
| £ | 25,732 |
| £ | 24,446 |
| £ | 19,915 |
| £ | 24,405 |
| £ | 23,606 |
|
Amortization of premiums, discounts and capitalized expenses relating to indebtedness |
| 1,936 |
| 5,978 |
| 544 |
| 608 |
| 627 |
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Estimated interest portion of rental expense |
| 784 |
| 877 |
| 797 |
| 772 |
| 595 |
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Total fixed charges |
| £ | 28,452 |
| £ | 31,301 |
| £ | 21,256 |
| £ | 25,785 |
| £ | 24,828 |
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Ratio of earnings to fixed charges: |
| 2.42 |
| — | (2) | 3.30 |
| 3.19 |
| 2.05 |
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Amount of the coverage deficiency: |
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| £ | 3,567 |
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(1) Interest expensed and capitalized consists of our total finance costs as disclosed in our consolidated financial statements, less (i) for each period presented, amortization of issue discount and debt finance costs on our secured term loan facility and our senior secured notes, (ii) for the fiscal year ended June 30, 2015, premiums paid by us in connection with repurchases of our senior secured notes due 2017, and (iii) for the fiscal year ended June 30, 2015, costs associated with debt financing.
(2) The ratio coverage was less than 1:1.
