Exhibit 7
RATIO OF EARNINGS TO FIXED CHARGES
| IRISH GAAP | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | |||||||||||
Earnings: | ||||||||||||||||||
Pre-tax income pre-Minority Interests | euro'm | 855.7 | 802.9 | 696.7 | 634.9 | 408.9 | 321.5 | 255.9 | ||||||||||
Add back Share of Equity Investee Interest | euro'm | 7.1 | 3.6 | 0.9 | 0.9 | 5.4 | 4.1 | 3.3 | ||||||||||
Deduct Share of Equity Investee PBIT | euro'm | -33.5 | } | |||||||||||||||
Deduct Share of Equity Investee Loss on Asset Sale | euro'm | -1.2 | -25.5 | -16.5 | -11.8 | -15.4 | -14.2 | -10.8 | ||||||||||
Add Share of Equity Investee Goodwill Amortisation | euro'm | 2.0 | ||||||||||||||||
Add back Fixed Charges | euro'm | 234.6 | 282.1 | 295.5 | 162.6 | 144.0 | 119.2 | 89.2 | ||||||||||
Add Back Amortised Capitalised Interest | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Distributed Income of Equity Investees | euro'm | 23.5 | 11.3 | 7.8 | 5.6 | 4.4 | 8.0 | 8.0 | ||||||||||
Deduct Interest Capitalised | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Preference dividends of consolidated Subsidiaries | euro'm | -10.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Minority Interest in subsidiaries not incurring fixed charges | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
| euro'm | 1077.7 | 1074.4 | 984.4 | 792.2 | 547.3 | 438.6 | 345.6 | |||||||||||
Fixed charges: | ||||||||||||||||||
Interest expensed | euro'm | 175.9 | 233.5 | 253.9 | 135.8 | 121.5 | 100.0 | 74.5 | ||||||||||
Interest capitalised | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Amortised premiums and discounts related to indebtedness | euro'm | 0.0 | �� | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||
Amortised expenses related to indebtedness | euro'm | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Estimated Interest element rental expense | euro'm | 48.1 | 48.6 | 41.6 | 26.8 | 22.5 | 19.2 | 14.7 | ||||||||||
Preference dividends of consolidated Subsidiaries | euro'm | 10.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
| euro'm | 234.6 | 282.1 | 295.5 | 162.6 | 144.0 | 119.2 | 89.2 | |||||||||||
Ratio of earnings to fixed charges | Irish GAAP | 4.6 | 3.8 | 3.3 | 4.9 | 3.8 | 3.7 | 3.9 | ||||||||||
| 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | ||||||||||||
Pre-tax income under Irish GAAP | euro'm | 855.7 | 802.9 | 696.7 | 634.9 | 408.9 | 321.5 | 255.9 | ||||||||||
US GAAP Adjustments | ||||||||||||||||||
Stock-based employee compensation | euro'm | 19.4 | -19.6 | -6.2 | -32.9 | -25.6 | -11.0 | 0.0 | ||||||||||
Goodwill Amortisation | euro'm | 41.4 | -8.3 | -12.3 | -10.7 | -11.7 | -9.7 | -8.2 | ||||||||||
Adjustment to profit on disposal of Keyline | euro'm | 27.2 | ||||||||||||||||
Cumulative FAS133 Adjustment | euro'm | -16.9 | ||||||||||||||||
Adjustment to profit on disposal of Vebofoam | euro'm | 0.8 | ||||||||||||||||
Gains/(losses) on hedging instruments | euro'm | 11.5 | -8.2 | |||||||||||||||
Adjustment to eliminate Revaluation Surplus: | ||||||||||||||||||
-depreciation | euro'm | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.6 | 0.5 | ||||||||||
-profit on disposal | euro'm | 0.0 | 0.8 | 0.0 | 1.0 | 0.5 | 0.1 | 1.8 | ||||||||||
Pensions | euro'm | 15.5 | 22.1 | 26.4 | 16.7 | 12.4 | 9.0 | 9.3 | ||||||||||
Debt Issue Expenses Incurred and written-off | euro'm | 0.0 | 0.6 | 1.2 | 1.1 | 0.0 | 0.0 | 0.0 | ||||||||||
Amortisation of Issue Expenses | euro'm | -0.4 | -0.5 | -0.3 | -0.2 | -0.1 | -0.1 | -0.1 | ||||||||||
Pre-tax income under US GAAP | euro'm | 943.5 | 774.1 | 705.9 | 637.5 | 384.8 | 310.4 | 259.2 | ||||||||||
| US GAAP | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | |||||||||||
Earnings: | ||||||||||||||||||
Pre-tax income pre-Minority Interests | euro'm | 943.5 | 774.1 | 705.9 | 637.5 | 384.8 | 310.4 | 259.2 | ||||||||||
Add back Share of Equity Investee Interest | euro'm | 3.6 | 3.6 | 0.9 | 0.9 | 5.4 | 4.1 | 3.3 | ||||||||||
Deduct Share of Equity Investee PBIT | euro'm | -33.5 | } | -25.5 | -16.5 | -11.8 | -15.4 | -14.2 | -10.8 | |||||||||
Deduct Share of Equity Investee Loss on Asset Sale | euro'm | -1.2 | ||||||||||||||||
Add Share of Equity Investee Goodwill Amortisation | euro'm | 2.0 | ||||||||||||||||
Add back Fixed Charges | euro'm | 235.0 | 282.6 | 295.8 | 162.8 | 144.1 | 119.3 | 89.3 | ||||||||||
Add Back Amortised Capitalised Interest | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Distributed Income of Equity Investees | euro'm | 23.5 | 11.3 | 7.8 | 5.6 | 4.4 | 8.0 | 8.0 | ||||||||||
Deduct Interest Capitalised | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Preference dividends of consolidated Subsidiaries | euro'm | -10.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Minority Interest in subsidiaries not incurring fixed charges | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
| euro'm | 1162.4 | 1046.1 | 993.9 | 795.0 | 523.3 | 427.6 | 349.0 | |||||||||||
Fixed charges: | ||||||||||||||||||
Interest expensed | euro'm | 175.9 | 233.5 | 253.9 | 135.8 | 121.5 | 100.0 | 74.5 | ||||||||||
Interest capitalised | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Amortised premiums and discounts related to indebtedness | euro'm | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
Amortised expenses related to debt—Irish GAAP | euro'm | 0.1 | ||||||||||||||||
Amortised expenses related to indebtedness | euro'm | 0.4 | 0.5 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | ||||||||||
Estimated Interest element within rental expense | euro'm | 48.1 | 48.6 | 41.6 | 26.8 | 22.5 | 19.2 | 14.7 | ||||||||||
Preference dividends of consolidated Subsidiaries | euro'm | 10.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||
| euro'm | 235.0 | 282.6 | 295.8 | 162.8 | 144.1 | 119.3 | 89.3 | |||||||||||
Ratio of earnings to fixed charges | US GAAP | 4.9 | 3.7 | 3.4 | 4.9 | 3.6 | 3.6 | 3.9 | ||||||||||
