Ratio of Earnings to Fixed Charges
| | Year Ended December 31, | | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Nine Months Ended September 30, 2004 | ||||||||||||
| | 1999 | 2000 | 2001 | 2002 | 2003 | ||||||||
| | (in thousands) | ||||||||||||
| FIXED CHARGES | |||||||||||||
| Interest expensed and capitalized | €12,108 | €15,198 | €16,170 | €16,887 | €28,930 | €36,774 | |||||||
EARNINGS | |||||||||||||
| Income (loss) before minority interest and taxes | €(34,747 | ) | €32,130 | €(2,740 | ) | €(17,551 | ) | €(6,068 | ) | €(16,577 | ) | ||
| Add back: Equity loss in investee | — | — | — | — | 3,931 | (1) | 554 | ||||||
| Pre-tax income from continuing operations before minority interests and income (loss) from equity investee and capitalized interest | (34,747 | ) | 32,130 | (2,740 | ) | (17,551 | ) | (2,137 | ) | (16,023 | ) | ||
| Fixed charges | 12,108 | 15,198 | 16,170 | 16,887 | 28,930 | 36,774 | |||||||
| Subtract interest capitalized | (9,297 | ) | — | — | (3,134 | ) | (17,407 | ) | (27,220 | ) | |||
| Total earnings | €(31,936 | ) | €47,328 | €13,430 | €(3,798 | ) | €9,386 | €(6,469 | ) | ||||
| RATIO OF EARNINGS TO FIXED CHARGES | (2.64 | ) | 3.11 | 0.83 | (0.22 | ) | 0.32 | (0.18 | ) | ||||
| Deficiency | €44,044 | €— | €2,740 | €20,685 | €19,544 | €43,243 | |||||||
