EX-12.1 5 ex-121computationofratioof.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 
 
Successor
 
Successor
 
Successor
 
Successor
 
Successor
 
 
Predecessor
 
Predecessor
 
Predecessor
(in €m, except ratios)
 
Three months
ended
Mar 31, 2018
 
Year
ended
Dec 31, 2017
 
Year
ended
Dec 31, 2016
 
9 months
ended
Dec 31, 2015
 
Year
ended
Mar 31, 2015
 
 
5 months
ended
May 31, 2015
 
Year ended
Dec 31, 2014
 
Year ended
Dec 31, 2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Pre-tax income
      (loss)
 
80.9

 
168.5

 
76.0

 
(349.6
)
 
(167.5
)
 
 
(87.1
)
 
(67.3
)
 
(39.2
)
   Add: Fixed charges
      (below)
 
13.5

 
86.4

 
81.0

 
40.7

 
—

 
 
96.3

 
277.1

 
235.2

   Less: Capitalized
      Interest
 
—

 
—

 
—

 
—

 
—

 
 
(60.2
)
 
(133.4
)
 
(119.1
)
   Less: Net income of
      non-controlling
      entities
 
—

 
—

 
—

 
—

 
—

 
 
—

 
—

 
—

Total Earnings
 
94.4

 
254.9

 
157.0

 
(308.9
)
 
(167.5
)
 
 
(51.0
)
 
76.4

 
76.9

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Interest Expense
 
10.9

 
53.8

 
65.6

 
34.4

 
—

 
 
33.4

 
93.1

 
99.2

    Capitalized Interest
 
—

 
—

 
—

 
—

 
—

 
 
60.2

 
133.4

 
119.1

    Amortization and
       write-off of
       capitalized
       expense relating
       to indebtedness
 
0.1

 
22.8

 
5.0

 
3.0

 
—

 
 
0.9

 
45.4

 
11.8

     Accretion expense
 
1.2

 
4.8

 
5.5

 
1.9

 
—

 
 
0.7

 
2.7

 
2.5

     Estimated interest
        portion of rental
        expense
 
1.3

 
5.0

 
4.9

 
1.4

 
—

 
 
1.1

 
2.5

 
2.6

Total Fixed Charges
 
13.5

 
86.4

 
81.0

 
40.7

 
—

 
 
96.3

 
277.1

 
235.2

Ratio of Earnings to Fixed Charges
 
7.0

 
3.0

 
1.9

 
—

 
—

 
 
—

 
—

 
—

Deficiency(1)
 
—

 
—

 
—

 
349.6

 
167.5

 
 
147.3

 
200.7

 
158.3


(1)
For the relevant periods, earnings were insufficient to cover fixed charges by the amounts indicated.

The ratio of earnings to fixed charges was computed by dividing our earnings by our fixed charges. For this purpose, earnings have been calculated as, where applicable, (a) income (loss) from continuing operations before allocation to non-controlling interest and income from investments in unconsolidated joint ventures, plus (b) fixed charges (as defined below), plus (c) amortization of capitalized interest, plus (d) distributed income of investments in unconsolidated joint ventures, less (a) capitalized interest, and less (b) preferred dividends on our Preferred Shares. Fixed charges are comprised of (a) interest, whether expensed or capitalized, (b) amortization of premiums, discounts and capitalized expenses related to our indebtedness, and (c) the estimated interest component of rental expense.