EX-12.1 5 a2233760zex-12_1.htm EX-12.1

Exhibit 12.1

 

ENVIVA PARTNERS, LP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended December 31,

 

 

 

2013

 

2014

 

2015

 

2016

 

Nine Months Ended
September 30, 2017

 

 

 

(dollars in thousands)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

(6,864

)

$

(3,292

)

$

22,167

 

$

17,806

 

$

12,757

 

Fixed charges

 

$

7,276

 

$

9,286

 

$

12,377

 

$

16,983

 

$

23,898

 

Total earnings

 

$

412

 

$

5,994

 

$

34,544

 

$

34,790

 

$

36,655

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

6,888

 

$

8,724

 

$

11,710

 

$

16,220

 

$

23,062

 

Interest portion of rental expense

 

$

388

 

$

562

 

$

667

 

$

763

 

$

836

 

Total fixed charges

 

$

7,276

 

$

9,286

 

$

12,377

 

$

16,983

 

$

23,898

 

Ratio of earnings to fixed charges(a)

 

0.06

 

0.65

 

2.79

 

2.05

 

1.53

 

 

(a)We calculated the ratio of earnings to fixed charges by dividing earnings by fixed charges. Earnings consist of income from continuing operations before income taxes and before adjustment for noncontrolling interest, plus fixed charges. Fixed charges consist of (i) interest expense, including original issue discount and amortization of deferred financing fees and (ii) the portion of rental expense we estimate to be representative of the interest factor in rent expense.