Ex 12.1
CALCULATION OF
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO FIXED CHARGES
Our ratio of earnings to fixed charges for the three fiscal years ended August 31, 2005, 2006 and 2007, presented in accordance with HKFRS, and for the two fiscal years ended August 31, 2008 and 2009, presented in accordance with IFRS, are as follows:
Fiscal Year Ended August 31, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
HK$ | HK$ | HK$ | HK$ | HK$ | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Profit before taxation | (170,221 | ) | (149,306 | ) | 30,891 | 108,372 | 251,559 | |||||||||||||
Add: Fixed charges | 56,509 | 88,637 | 87,504 | 75,137 | 55,127 | |||||||||||||||
Total Earnings | (113,712 | ) | (60,669 | ) | 118,395 | 183,509 | 306,686 | |||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expensed | 54,816 | 87,208 | 85,375 | 73,472 | 53,582 | |||||||||||||||
Amortization of capitalized expenses relating to indebtedness | 1,693 | 1,429 | 2,129 | 1,665 | 1,545 | |||||||||||||||
Total Fixed Charges | 56,509 | 88,637 | 87,504 | 75,137 | 55,127 | |||||||||||||||
Ratio of Earnings to Fixed Charges | (2.01 | ) | (0.68 | ) | 1.35 | 2.44 | 5.56 |