EX-12.1 5 h04098exv12w1.htm EX-12.1 exv12w1
Ex 12.1
CALCULATION OF
RATIO OF EARNINGS TO FIXED CHARGES
     Our ratio of earnings to fixed charges for the three fiscal years ended August 31, 2005, 2006 and 2007, presented in accordance with HKFRS, and for the two fiscal years ended August 31, 2008 and 2009, presented in accordance with IFRS, are as follows:
                                         
    Fiscal Year Ended August 31,
    2005   2006   2007   2008   2009
    HK$   HK$   HK$   HK$   HK$
    (in thousands)
Earnings
                                        
Profit before taxation
     (170,221 )     (149,306 )     30,891       108,372       251,559  
Add: Fixed charges
     56,509       88,637       87,504       75,137       55,127  
Total Earnings
     (113,712 )     (60,669 )     118,395       183,509       306,686  
Fixed charges
                                        
Interest expensed
     54,816       87,208       85,375       73,472       53,582  
Amortization of capitalized expenses relating to indebtedness
     1,693       1,429       2,129       1,665       1,545  
Total Fixed Charges
     56,509       88,637       87,504       75,137       55,127  
 
                                        
Ratio of Earnings to Fixed Charges
     (2.01 )     (0.68 )     1.35       2.44       5.56