EX-12.1 5 a2233272zex-12_1.htm EX-12.1

Exhibit 12.1

 

 

 

China Lodging Group, Limited
Ratio of Earnings to Fixed Charges
Year ended December 31,

 

Six months ended
June 30,

 

 

 

2012

 

2013

 

2014

 

2015

 

2016

 

2017

 

 

 

(RMB’000 except ratio)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

859

 

1,084

 

14,733

 

5,383

 

11,056

 

18,228

 

An estimate of the interest within rental expense

 

486,895

 

600,296

 

649,689

 

639,610

 

625,242

 

396,452

 

Fixed charges

 

487,754

 

601,380

 

664,422

 

644,993

 

636,298

 

414,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Add

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before adjustment for income or loss from equity investees

 

233,673

 

388,515

 

413,631

 

638,805

 

1,077,445

 

723,351

 

Fixed charges

 

487,754

 

601,380

 

664,422

 

644,993

 

636,298

 

414,680

 

Amortization of capitalized interest

 

1,300

 

1,321

 

1,919

 

2,474

 

2,552

 

1,228

 

Subtract

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

37

 

271

 

13,200

 

1,529

 

—

 

—

 

Adjusted Earnings

 

722,690

 

990,945

 

1,066,772

 

1,284,743

 

1,716,295

 

1,139,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.5

 

1.6

 

1.6

 

2.0

 

2.7

 

2.7