EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS)
PREDECESSOR COMPANY UK GAAP PREDECESSOR COMPANY US GAAP
----------------------------------- ----------------------------------
YEAR ENDED PERIOD FROM
YEAR ENDED MARCH 31, MARCH 31, APRIL 1, 1995 TO
----------------------------------- ---------- SEPTEMBER 17,
1992 1993 1994 1995 1994 1995 1995
-------- -------- -------- -------- -------- -------- ----------------
(Pounds) (Pounds) (Pounds) (Pounds) (Pounds) (Pounds) (Pounds)
Fixed charges:
Interest expense on
debt.................. 15.7 13.6 10.8 11.3 11.0 11.0 5.0
==== ===== ===== ===== ===== ===== ====
Earnings:
Consolidated net in-
come.................. 62.3 77.7 92.9 85.9 88.0 94.0 24.0
Extraordinary loss
(gain)................ -- -- -- 20.0 -- -- --
Consolidated provision
for income taxes...... 20.7 23.4 23.9 25.6 43.0 50.0 13.0
Discontinued opera-
tions, net............ -- -- (2.1) (1.3) -- 7.0 1.0
Fixed charges.......... 15.7 13.6 10.8 11.3 11.0 11.0 5.0
---- ----- ----- ----- ----- ----- ----
98.7 114.7 125.5 141.5 142.0 162.0 43.0
==== ===== ===== ===== ===== ===== ====
Ratio of earnings to
fixed changes.......... 6.3 8.4 11.6 12.5 12.9 14.7 8.6
==== ===== ===== ===== ===== ===== ====
PREDECESSOR SUCCESSOR
COMPANY COMPANY
SUCCESSOR COMPANY US GAAP US GAAP US GAAP
------------------------------------ ------------- -------------
INCEPTION PRO FORMA THREE MONTHS THREE MONTHS
(JUNE 23, 1995) TO FISCAL YEAR ENDED ENDED ENDED
MARCH 31, 1996 MARCH 31, 1996 JUNE 30, 1995 JUNE 30, 1996
------------------ ----------------- ------------- -------------
(Pounds) (Pounds) (Pounds) (Pounds)
Fixed charges:
Interest expense on
debt.................. 28.0 66.0 3.0 13.0
===== ===== ==== ====
Earnings:
Consolidated net in-
come.................. 59.0 56.0 16.0 11.0
Extraordinary loss
(gain)................ (6.0) (6.0) -- --
Consolidated provision
for income taxes...... 28.0 30.0 9.0 6.0
Discontinued opera-
tions, net............ -- 1.0 -- --
Fixed charges.......... 28.0 66.0 3.0 13.0
----- ----- ---- ----
109.0 147.0 28.0 30.0
===== ===== ==== ====
Ratio of earnings to
fixed changes.......... 3.9 2.2 9.3 2.3
===== ===== ==== ====