Exhibit 7.1
SBS
BROADCASTING
SA
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| Years ended December 31, |
| ||||||||
|
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes and minority interest |
| (42,964 | ) | (97,508 | ) | (120,263 | ) | (30,424 | ) | 49,856 |
|
Add: undistributed earnings of unconsolidated subsidiaries |
| -13,213 |
| -24,536 |
| -25,749 |
| -33,232 |
| -7,273 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total |
| (29,751 | ) | (72,972 | ) | (94,514 | ) | 2,808 |
| 57,129 |
|
|
|
|
|
|
|
|
|
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Fixed charges |
|
|
|
|
|
|
|
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|
|
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Interest expense |
| 17,490 |
| 16,702 |
| 24,331 |
| 26,831 |
| 26,288 |
|
25% of operating lease |
| 11,234 |
| 10,897 |
| 10,946 |
| 11,041 |
| 8,250 |
|
|
|
|
|
|
|
|
|
|
|
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Total fixed charges |
| 28,724 |
| 27,599 |
| 35,277 |
| 37,872 |
| 34,538 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total earnings available for payment of fixed charges |
|
| * |
| * |
| * | 40,680 |
| 91,667 |
|
|
|
|
|
|
|
|
|
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Ratio of earnings to fixed charges |
|
|
|
|
|
|
| 1.07 |
| 2.65 |
|
|
|
|
|
|
|
|
|
|
|
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Expenses under opeating leases |
| 44,936 |
| 43,586 |
| 43,783 |
| 44,162 |
| 32,999 |
|
*) Earnings were insufficient to cover fixed charges by €29.8 million, €73.0million and €94.5 million in the years ended December 31, 1999, 2000 and 2001, respectively.