Computation of Ratio of Earnings to Fixed Charges

EX-12.1 9 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratios of earnings to fixed charges for the periods presented under IFRS. The ratios of earnings to fixed charges for the periods presented under US GAAP do not differ significantly.

Year ended December 31,

Three months ended

March 31,

2002

2003

2004

2005

2006

2007

Ratio of earnings to fixed charges

⁽¹

⁾

⁽¹

⁾

5.1x

1.1x

1.6x

1.3x

1.1x

⁽¹⁾	IFRS information is not required to be presented for these periods.

In calculating the ratio of earnings to fixed charges, earnings consist of profit from continuing operations before tax plus fixed charges. Fixed charges consist of finance charges, amortization of debt issuance costs and one-third of operating lease rental expense (deemed representative of that portion of rental expense estimated to be attributable to interest). This table provides the calculation of the ratio of earnings to fixed charges:


	Year ended December 31,										Three months ended March 31,
	2002		2003		2004		2005		2006		2006		2007
	(audited)										(unaudited)
	(in thousands, except ratios)
Earnings:
Profit from continuing operations before tax	⁽¹	⁾	⁽¹	⁾	£	62,986	£	5,515	£	22,828	£	2,537	£	780
Fixed charges	⁽¹	⁾	⁽¹	⁾		15,500		39,372		38,072		9,896		11,143

Total earnings	⁽¹	⁾	⁽¹	⁾	£	78,486	£	44,887	£	60,900	£	12,433	£	11,923

Fixed charges:
Interest	⁽¹	⁾	⁽¹	⁾	£	5,040	£	28,065	£	28,547	£	7,026	£	8,356
Amortization of debt issuance costs	⁽¹	⁾	⁽¹	⁾		26		1,024		1,028		256		365
Interest component of rent expense	⁽¹	⁾	⁽¹	⁾		10,434		10,283		8,497		2,614		2,422

Total fixed charges	⁽¹	⁾	⁽¹	⁾	£	15,500	£	39,372	£	38,072	£	9,896	£	11,143

Ratio of earnings to fixed charges	⁽¹	⁾	⁽¹	⁾		5.1 x		1.1 x		1.6 x		1.3 x		1.1 x

⁽¹⁾	IFRS information is not required to be presented for these periods.