Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Pound sterling amounts in thousands)
|
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| Nine Months |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
| |||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investee |
| £ | 6,104 |
| £ | (44,273 | ) | £ | 12,004 |
| £ | (4,664 | ) | £ | 19,150 |
|
Add: Fixed charges |
| 119,048 |
| 106,075 |
| 44,444 |
| 47,437 |
| 33,258 |
| |||||
Add: Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| |||||
Add: Distributed income of equity investee |
| — |
| — |
| — |
| — |
| — |
| |||||
Add: Non-controlling interest in pre-tax loss (income) of subsidiaries that have not incurred fixed charges |
| — |
| — |
| — |
| — |
| — |
| |||||
Subtract: Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| |||||
Total adjusted earnings |
| £ | 125,152 |
| £ | 61,802 |
| £ | 56,448 |
| £ | 42,773 |
| £ | 52,408 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expensed and capitalized |
| £ | 117,335 |
| £ | 103,325 |
| £ | 44,821 |
| £ | 45,845 |
| £ | 31,011 |
|
Amortization of premiums, discounts and capitalized expenses relating to indebtedness |
| 1,408 |
| 2,268 |
| (819 | ) | 863 |
| 1,562 |
| |||||
Estimated interest portion of rental expense |
| 305 |
| 482 |
| 442 |
| 729 |
| 685 |
| |||||
Total fixed charges |
| £ | 119,048 |
| £ | 106,075 |
| £ | 44,444 |
| £ | 47,437 |
| £ | 33,258 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges: |
| 1.05 |
| — | (1) | 1.27 |
| — | (1) | 1.58 |
| |||||
Dollar amount of the coverage deficiency |
| — |
| $ | 67,144 |
| — |
| $ | 7,073 |
| — |
| |||
(1) The ratio coverage was less than 1:1.
