EXHIBIT 12.1
RATIOS OF EARNINGS TO FIXED CHARGES
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SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
---------------------- --------------------------------------------------------------
2005 2004 2004 2003 2002 2001 2000
--------- --------- --------- --------- --------- --------- ---------
(IN MILLIONS, EXCEPT RATIOS)
(U.S. GAAP)
Earnings:
Pre-tax income (loss) before
minority interest and before
income from equity investees (258.7) (164.4) (412.3) (489.3) (2,165.8) 308.1 (264.2)
Plus:
Fixed charges 85.3 57.4 129.0 122.4 135.7 124.8 61.8
Amortization of capitalized
interest 0.1 0.1 0.1 0.1 0.1 -- --
Distributed income of equity
investees
Share of pre-tax losses of equity
investees for which charges
arising from guarantees are
included in fixed charges -- -- -- -- -- -- --
-- -- -- -- -- -- --
Less:
Capitalized interest -- -- -- -- (3.0) -- --
Dividend requirement on
Preference Shares -- -- -- -- -- -- --
Minority interest in pre-tax
income of subsidiaries that have
not incurred fixed charges -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Earnings (173.3) (106.9) (283.2) (366.8) (2,033.0) 432.9 (202.4)
========= ========= ========= ======== ========= ========= =========
Fixed Charges:
Interest expensed 80.2 53.4 121.1 81.4 84.8 81.5 22.2
Interest capitalized -- -- -- -- 3.0 -- --
Plus:
Amortized premiums, discounts and
capitalized expenses related to
indebtedness 3.9 2.8 5.5 38.6 44.6 41.0 38.4
Estimate of interest within rental
expense 1.2 1.2 2.4 2.4 3.3 2.3 1.2
Dividend requirement on Preference
Shares -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
Fixed Charges 85.3 57.4 129.0 122.4 135.7 124.8 61.8
========= ========= ========= ======== ========= ========= =========
Ratio of Earnings to Fixed Charges -- -- -- -- -- 3.5 --
Additional pre-tax income before
minority interest and income from
equity investees necessary to
generate a ratio of Earnings to
Fixed Charges of 1.0 258.6 164.3 412.2 489.2 2,168.7 -- 264.2
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