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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
UNAUDITED
EXHIBIT 12
Year ended December 31
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1994 1995 1996
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(in thousands)
US GAAP
EARNINGS:
Profit and loss before taxes L.(8,679) L.(27,607) L.(35,830)
FIXED CHARGES:
Interest element of capital lease charges 352 515 853
Rental expense deemed to be representative of interest factor(1) 26 244 386
Other interest expense 166 1,956 381
Amortisation of debt discount and expense 3,318 14,647 39,100
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3,862 17,362 40,720
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(Loss)/profit before income taxes and fixed charges (4,817) (10,245) 4,890
Fixed charges (3,862) (17,362) (40,720)
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Deficiency of earnings to fixed charges (8,679) (27,607) (35,830)
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Ratio of earnings to fixed charges(2) N/A N/A N/A
(1) For the purposes of the calculation of the deficiency/ratio of earnings
to fixed charges the portion of rental expenses deemed to be
representative of the interest factor is 1/3 of the rental expense.
(2) The ratio of earnings to fixed charges is computed by aggregating:
(a) income from continuing operations before taxes on income;
(b) fixed charges.
and dividing the total by fixed charges.
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