Exhibit 12.1
VIVENDI UNIVERSAL
RATIO OF EARNINGS TO FIXED CHARGES
Three months | |||||||||||||||||||||
Years ended | ended | ||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||
2002 | 2001 | 2000 | 2003 | 2002 | |||||||||||||||||
(in millions of Euros) | |||||||||||||||||||||
EARNINGS | 952 | 3,602 | 3,324 | 737 | 638 | ||||||||||||||||
FIXED CHARGES | 1,771 | 1,770 | 1,359 | 228 | 432 | ||||||||||||||||
EARNINGS TO FIXED CHARGE RATIO | NA | 2.04 | 2.45 | 3.23 | 1.48 | ||||||||||||||||
DEFICIENCY | (819 | ) | NA | NA | NA | NA | |||||||||||||||
(A) FIXED CHARGES | |||||||||||||||||||||
(a) Financial Expenses, net | 1,333 | 1,455 | 1,288 | 180 | 355 | ||||||||||||||||
(a) Capitalized Interest expense | 61 | 56 | 3 | 14 | 14 | ||||||||||||||||
(b) Amortization of premiums, discounts, capitalized interest related to the indebtedness | 160 | 42 | 30 | 9 | 9 | ||||||||||||||||
(c) estimate of interest expense within rental expense | 217 | 217 | 38 | 25 | 54 | ||||||||||||||||
(d) preference security dividend requirements of consolidated subs. | — | — | — | — | — | ||||||||||||||||
FIXED CHARGES | 1,771 | 1,770 | 1,359 | 228 | 432 | ||||||||||||||||
(B) EARNINGS | |||||||||||||||||||||
(a) Pre tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | (954 | ) | 1,867 | 1,938 | 518 | 215 | |||||||||||||||
(b) fixed charges | 1,771 | 1,770 | 1,359 | 228 | 432 | ||||||||||||||||
(c) amortization of capitalized interest | 17 | 21 | — | 5 | 5 | ||||||||||||||||
(d) distributed income of equity affiliates | 179 | — | 30 | — | — | ||||||||||||||||
(e) share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | ||||||||||||||||
1,013 | 3,658 | 3,327 | 751 | 652 | |||||||||||||||||
(a) interest capitalized | (61 | ) | (56 | ) | (3 | ) | (14 | ) | (14 | ) | |||||||||||
(b) preference security dividend per above | — | — | — | — | — | ||||||||||||||||
(c) minority interest in pre-tax income of subs that have not incurred charges | — | — | — | — | — | ||||||||||||||||
EARNINGS | 952 | 3,602 | 3,324 | 737 | 638 | ||||||||||||||||