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Exhibit 7 - Earnings to fixed charges
The following table sets forth our significant subsidiaries owned directly by the parent company in alphabetical order, equity interest and each subsidiary’s country of incorporation. In each case our voting interest is equivalent to our equity interest.
| 2006 | 2005 | 2004 | 2003 | 2002 |
Fixed Charges | |||||
Interest expense | 1,262,000 | 539,000 | 301,000 | 859,000 | 1,918,000 |
Interest within rental expense | 2,008,000 | 1,891,000 | 1,834,000 | 2,055,000 | 2,350,000 |
Capitalized interest | 2,076,000 | 1,672,000 | 829,000 | 442,000 | 382,000 |
Total fixed charges | 5,346,000 | 4,102,000 | 2,964,000 | 3,356,000 | 4,650,000 |
Earnings | |||||
Income before tax and minority interest | 121,695,000 | 91,531,000 | 70,840,000 | 44,265,000 | 51,332,000 |
Equity in equity-accounted investees | (410,000) | (1,090,000) | (1,209,000) | (616,000) | (352,000) |
Distributed income of equity-accounted investees | 254,000 | 567,000 | 213,000 | 104,000 | 436,000 |
Income before taxes, minority interests and equity-accounted investees | 121,539,000 | 91,008,000 | 69,844,000 | 43,753,000 | 51,416,000 |
Fixed charges | 5,346,000 | 4,102,000 | 2,964,000 | 3,356,000 | 4,650,000 |
Ordinary depreciation of capitalized interest | 682,000 | 617,000 | 612,000 | 656,000 | 726,000 |
Capitalized interest | (2,076,000) | (1,672,000) | (829,000) | (442,000) | (382,000) |
Total earnings | 125,491,000 | 94,055,000 | 72,591,000 | 47,323,000 | 56,410,000 |
| |||||
Ratio | 23.5 | 22.9 | 24.5 | 14.1 | 12.1 |