EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
In calculating the ratio of earnings to fixed charges, earnings consist of income before income taxes from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of debt issuance costs, and of 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 calculations of the ratio of earnings to fixed charges under UK GAAP:
| Period from to December 31, 2000 |
Year ended December 31, |
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| 2001 |
2002 |
2003 |
2004 |
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| (in thousands) | ||||||||||||||||||||
| Earnings: |
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| Profit/(loss) from continuing operations before tax |
£ | (241,895 | ) | £ | (160,165 | ) | £ | (44,433 | ) | £ | 21,072 | £ | 40,718 | |||||||
| Fixed charges |
11,130 | 7,994 | 14,208 | 13,653 | 15,500 | |||||||||||||||
| Total |
£ | (230,765 | ) | £ | (152,171 | ) | £ | (30,225 | ) | £ | 34,725 | £ | 56,218 | |||||||
| Fixed charges: |
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| Interest |
£ | 7,807 | £ | 3,756 | £ | 4,099 | £ | 3,797 | £ | 5,040 | ||||||||||
| Amortization of debt issuance costs |
— | — | — | — | 26 | |||||||||||||||
| Interest component of rent expense |
3,323 | 4,238 | 10,109 | 9,856 | 10,434 | |||||||||||||||
| Total fixed charges |
£ | 11,130 | £ | 7,994 | £ | 14,208 | £ | 13,653 | £ | 15,500 | ||||||||||
| Ratio of earnings to fixed charges |
(a | ) | (a | ) | (a | ) | 2.5 | x | 3.6 | x | ||||||||||
(a) The earnings are insufficient to cover fixed charges by £241.9 million, £160.2 million and £44.4 million for the period of inception to December 31, 2000 and the years ended December 31, 2001 and 2002, respectively.
This table provides the calculations of the ratio of earnings to fixed charges under US GAAP:
| Year ended December 31, |
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| 2002 |
2003 |
2004 |
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| (in thousands, except ratios) | ||||||||||||
| Earnings: |
||||||||||||
| Profit/(loss) from continuing operations before tax |
£ | (29,869 | ) | £ | 331,413 | £ | 56,905 | |||||
| Fixed charges |
14,208 | 13,653 | 15,500 | |||||||||
| Total |
£ | (15,661 | ) | £ | 345,066 | £ | 72,405 | |||||
| Fixed charges: |
||||||||||||
| Interest |
£ | 4,099 | £ | 3,797 | £ | 5,040 | ||||||
| Amortization of debt issuance costs |
— | — | 26 | |||||||||
| Interest component of rent expenses |
10,109 | 9,856 | 10,434 | |||||||||
| Total fixed charges |
£ | 14,208 | £ | 13,653 | £ | 15,500 | ||||||
| Ratio of earnings to fixed charges |
(a | ) | 25.3 | x | 4.7 | x | ||||||
(a) The earnings are insufficient to cover fixed charges by £29.9 million for the year ended December 31, 2002.