Swebus AB F-4/A Registration of securities (foreign) (amended)

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Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIOS

SWEDISH GAAP

	Year ended April 30,	10 months ended February 29,		Year ended February 28,					Year ended February 29,
	1999	2000		2001	2002		2003		2004
	SEK	SEK		SEK	SEK		SEK		SEK
	(in millions, except for ratios)
Earnings =
Net income (loss)	54	12		4	(173	)	(179	)	(171	)
+ Income tax expense (benefit)	39	(1	)	42	(46	)	(49	)	(83	)
+ Fixed charges	74	57		118	172		225		265
=	167	68		164	(47	)	(3	)	11
Fixed charges =
Interest expense	69	46		95	85		100		105
Amortization of financing costs	3	0		7	10		8		31
Interest element on operating leases	2	11		16	77		117		129
=	74	57		118	172		225		265
Ratio of earnings to fixed charges
Earnings	167	68		164	(47	)	(3	)	11
Fixed charges	74	57		118	172		225		265
=	2.3	1.2		1.4	—		—		0.0
Earnings are insufficient to cover fixed charges by:					219		228

U.S. GAAP

	Year ended February 28,
					Year ended February 29, 2004
	2002		2003
	SEK		SEK		SEK
	(in millions, except for ratios)
Earnings under U.S. GAAP =
Net loss under U.S. GAAP	(188	)	(168	)	(127	)
Add back taxes (Swedish)	(46	)	(49	)	(83	)
Tax adjustment U.S. GAAP	6		(9	)	12
Fixed charges under U.S. GAAP	172		225		265
=	(56	)	(1	)	67
Fixed charges under U.S. GAAP =
Interest expense	85		100		105
Amortization of financing costs	10		8		31
Interest element on operating leases	77		117		129
=	172		225		265
Ratio of earnings to fixed charges under U.S. GAAP
Earnings	(56	)	(1	)	67
Fixed charges	172		225		265
=	—		—		0.3
Earnings are insufficient to cover fixed charges by:	228		226

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Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIOS