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EXHIBIT 7
FAGE DAIRY INDUSTRY S.A. AND SUBSIDIARIES
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(AMOUNTS IN 000'S OF EURO AND U.S. DOLLARS)
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1998 1999 2000 2001 2002 2002
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Earnings
Income before taxes ....................... EUR 15,795 EUR 3,695 EUR (9,483) EUR 5,599 EUR 36,848 $ 38,635
Interest expense .......................... 10,069 10,462 11,251 11,693 10,483 10,991
Amortization of cap. interest ............. 170 173 179 185 195 204
Losses on equity investee ................. 194 173 200 303 1,197 1,255
Realized losses on marketable securities .. 0 0 8,869 0 0 0
Minority share of subsidiaries (gain) loss. (252) 0 (74) (13) (111) (116)
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Total earnings ................... 25,975 14,503 10,941 17,767 48,723 51,086
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Fixed charges
Interest expense .......................... 10,069 10,462 11,251 11,693 10,483 10,991
Capitalized interest ...................... 220 38 82 82 195 204
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Total fixed charges .............. 10,289 10,500 11,333 11,775 10,678 11,195
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Ratio ..................................... 2.5 1.4 1.0 1.5 4.6 4.6
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