These excerpts taken from the ICI 20-F filed Mar 31, 2006.
Ratio of earnings to fixed charges continuing operations
For the purpose of computing this ratio, earnings consist of Group income from continuing operations before taxation of Group and income received from companies owned 50% or less, plus fixed charges excluding capitalised interest. Fixed charges consist of interest (including capitalised interest) on all indebtedness, amortisation of debt discount and expense and that portion of rental expense representative of the interest factor.
The deficiency of earnings to fixed charges under US GAAP for the years ended December 31, 2003 and 2002 was £73m and £47m respectively.