EX-12.1 9 catalent-20150630xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1


Statement Regarding Computation of Ratio of Earnings to Fixed Charges

 
Year Ended June 30,
(Dollars in millions, except for ratios)
2015
 
2014
 
2013
 
2012
 
2011
Earnings/(loss) from continuing operations before income taxes and noncontrolling interest
112.5

 
67.4

 
(23.9
)
 
18.6

 
(5.4
)
 
 
 
 
 
 
 
 
 
 
Plus Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
105.0

 
163.1

 
204.6

 
185.1

 
166.0

Capital interest
1.6

 
2.5

 
2.3

 
0.6

 
0.1

Estimated interest within rental expense
4.2

 
3.4

 
3.3

 
4.7

 
5.5

Total Fixed Charges
110.8

 
169.0

 
210.2

 
190.4

 
171.6

Plus: amortization of capitalized interest
0.3

 
0.6

 
0.3

 
1.0

 
1.5

Less: Interest expense capitalized
1.6

 
2.5

 
2.3

 
0.6

 
0.1

Earnings
222.0

 
234.5

 
184.3

 
209.4

 
167.6

Ratio of earnings to fixed charges (1)
2.0

 
1.4

 
*

 
1.1

 
*

Shortfall
 
 
 
 
(25.9
)
 

 
(4.0
)

*
Ratios not meaningful

(1)
The ratio of earnings to fixed charges is calculated by dividing the sum of earnings from continuing operations before income taxes, equity in earnings (loss) from non-consolidated investments and fixed charges, by fixed charges. Fixed charges consist of interest expenses, capitalized interest and imputed interest on our leased obligations. For fiscal years 2011 and 2013, earnings were insufficient to cover fixed charges by $4.0 million and $25.9 million, respectively. For fiscal year 2012, 2014, and 2015 the ratio of earnings to fixed charges was 1.1, 1.4,and 2.0, respectively.