EXHIBIT 12.1
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of earnings to fixed charges for the Company for the eight month period ended December 31, 2001 computed by dividing net fixed charges (interest expense on all debt plus the interest element of operating leases) into earnings (income before income taxes and fixed charges) on a historical and pro forma basis, giving effect to the issuance of debt offered herein.
| | Historical | Pro Forma | ||||
|---|---|---|---|---|---|---|
| | (Amounts in EURO millions) | |||||
| Net loss | (69.5 | ) | (66.0 | ) | ||
| Discontinuing operations | — | — | ||||
| Minority interest | 4.9 | 4.0 | ||||
| Losses on equity investees | 15.2 | 15.2 | ||||
| Income tax benefit | (26.2 | ) | (26.6 | ) | ||
| Interest charges, including amortization of debt issuance cost | 120.8 | 120.8 | ||||
| Interest portion of rental expense | 7.2 | 7.2 | ||||
| Earnings (losses) available to cover fixed charges | 52.4 | 54.6 | ||||
| Fixed charges | ||||||
| Interest charges, including amortization of debt issuance cost | 120.8 | 120.8 | ||||
| Interest portion of rental expense | 7.2 | 7.2 | ||||
| Total fixed charges | 128.0 | 128.0 | ||||
| Deficiency in earnings to cover fixed charges | (75.6 | ) | (73.4 | ) | ||
| Ratio of earnings to fixed charges | 0.409 | 0.427 | ||||
