Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SHARE DIVIDENDS
The ratio of earnings to fixed charges and the ratio of earning to combined fixed charges and preferred stock dividends, as well as any deficiency of earnings are determined using the following applicable factors:
Earnings available for fixed charges are calculated first, by determining the sum of (a) income/(loss) from continuing operations before incomes taxes and equity income; (b) distributed equity income; (c) fixed charges, as defined below; and (d) amortization of capitalized interest, if any. From this total, we subtract capitalized interest and net income attributable tonon-controlling interests.
Fixed charges are calculated as the tum of (a) interest costs (both expensed and capitalized); (b) amortization of debt expense and discount or premium relating to any indebtedness; and (c) that portion of rental expense that is representative of the interest factor.
Preferred stock dividends used in the ratio of earnings to combined fixed charges and preferred stock dividends consist of the amount ofpre-tax earnings required to cover dividends paid on any preferred stock.
Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||
(EUR’000) | ||||||||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expenses | 8 | 16 | 6 | 5 | 97 | 4 | ||||||||||||||||||
Estimated interest component of rental expenses(1) | 27 | 36 | 43 | 70 | 76 | 17 | ||||||||||||||||||
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Total fixed charges | 35 | 52 | 49 | 75 | 173 | 21 | ||||||||||||||||||
Earnings available for fixed charges | ||||||||||||||||||||||||
Profit/(loss) before tax | 4,705 | 10,340 | (33,574 | ) | (68,732 | ) | (124,374 | ) | (41,482 | ) | ||||||||||||||
Add fixed charges | 35 | 52 | 49 | 75 | 173 | 21 | ||||||||||||||||||
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Total earnings available for fixed charges | 4,740 | (10,288 | ) | (33,575 | ) | (68,657 | ) | (124,201 | ) | (41,461 | ) | |||||||||||||
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Ratio of earnings (loss) to fixed charges | 136 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
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(1) | Represents the estimatedportion of operating lease rental expense that is considered by us to be representative of interest. |