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RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the historical ratios of our earnings to our fixed charges for the periods indicated:
| Three Months Ended March 31, | Year ended December 31, | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2006 | 2005 | 2005 | 2004 | 2003 | 2002(1) | 2001 | ||||||||
| Reorganized Company | Reorganized Company | Reorganized Company | Reorganized Company | Reorganized Company | Predecessor Company | Predecessor Company | ||||||||
| (in millions) | ||||||||||||||
Fixed charges: | |||||||||||||||
Interest | £83.8 | £70.1 | £235.8 | £271.0 | £459.9 | £519.3 | £929.6 | ||||||||
Interest portion of rental expense | 4.1 | 3.7 | 14.2 | 14.9 | 14.9 | 28.9 | 14.9 | ||||||||
Fixed charges | £87.9 | £73.8 | £250.0 | £285.9 | £474.8 | £548.2 | £944.5 | ||||||||
Earnings: | |||||||||||||||
Loss from continuing operations before income taxes, minority interest and cumulative effect of change in accounting principle | £(121.5 | ) | £(54.6 | ) | £(221.9 | ) | £(504.4 | ) | £(606.6 | ) | £(1,617.4 | ) | £(7,882.6 | ) | |
Fixed charges | 87.9 | 73.8 | 250.0 | 285.9 | 474.8 | 548.2 | 944.5 | ||||||||
Less: capitalized interest | — | — | — | — | (3.4 | ) | (30.8 | ) | (47.0 | ) | |||||
£(33.6 | ) | £19.2 | £28.1 | £(218.5 | ) | £(135.2 | ) | £(1,100.0 | ) | £(6,985.1 | ) | ||||
Ratio of earnings to fixed charges deficiency | £(121.5 | ) | £(54.6 | ) | £(221.9 | ) | £(504.4 | ) | £(610.0 | ) | £(1,648.2 | ) | £(7,929.6 | ) |
- (1)
- In accordance with SOP-97, the Company discontinued accruing interest on certain of its debt. For the year ended December 31, 2002, contractual interest was £948.7 million, which was £429.4 million in excess of reported interest expense.
The ratio of earnings to fixed charges and combined fixed charges is not meaningful for the periods that result in a deficit.
RATIO OF EARNINGS TO FIXED CHARGES