Exhibit 12.1
Statement Regarding Computation of Ratios of Earnings to Fixed Charges
Amounts (in millions of euro) in accordance with Dutch GAAP
|
| Year ended December 31, |
| Pro forma year |
| ||||||||
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| 2004 |
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net result |
| 221 |
| 55 |
| (588 | ) | (132 | ) | 80 |
| 73 |
|
Minority interests |
| 9 |
| 9 |
| 12 |
| 12 |
| 17 |
| 17 |
|
Income from equity investees |
| — |
| — |
| (3 | ) | 1 |
| — |
| — |
|
Tax |
| 62 |
| (2 | ) | (11 | ) | (68 | ) | (33 | ) | (37 | ) |
Pre-tax income before minority interest and before income from equity investees |
| 292 |
| 62 |
| (590 | ) | (187 | ) | 64 |
| 53 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 298 |
| 295 |
| 280 |
| 276 |
| 133 |
| 137 |
|
Amortization of capitalized interest |
| — |
| 1 |
| 1 |
| 1 |
| 1 |
| 1 |
|
Distributed income of equity investees |
| — |
| — |
| — |
| — |
| — |
| — |
|
Share of pre-tax losses of equity investees |
| — |
| — |
| — |
| — |
| — |
| — |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
| — |
| (5 | ) | (6 | ) | (1 | ) | (1 | ) | (1 | ) |
Dividend requirement on Preference Shares |
| (40 | ) | (39 | ) | (36 | ) | (38 | ) | (37 | ) | (30 | ) |
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges |
| — |
| — |
| — |
| — |
| — |
| — |
|
Earnings |
| 550 |
| 314 |
| (351 | ) | 51 |
| 160 |
| 160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expensed |
| 210 |
| 200 |
| 182 |
| 140 |
| 62 |
| 72 |
|
Interest capitalized |
| — |
| 5 |
| 6 |
| 1 |
| 1 |
| 1 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized premiums, discounts and capitalized expenses related to indebtedness |
| 14 |
| 16 |
| 22 |
| 67 |
| 9 |
| 10 |
|
Estimate of interest within rental expense |
| 34 |
| 35 |
| 34 |
| 30 |
| 24 |
| 24 |
|
Dividend requirement on Preference Shares |
| 40 |
| 39 |
| 36 |
| 38 |
| 37 |
| 30 |
|
Fixed Charges |
| 298 |
| 295 |
| 280 |
| 276 |
| 133 |
| 137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings to Fixed Charges |
| 1.85 | X | 1.06 | X | — |
| 0.18 | X | 1.21 | X | 1.17 | X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| — |
| — |
| 632 |
| 226 |
| — |
| — |
|
Amount (in millions of euro) in accordance with US GAAP
|
| Year ended December 31, |
| ||||||||
|
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
Result from continuing operations |
| 56 |
| 13 |
| (849 | ) | (59 | ) | 104 |
|
Minority interests |
| 9 |
| 9 |
| 12 |
| 12 |
| 17 |
|
Income from equity investees |
| — |
| — |
| — |
| — |
| — |
|
Tax |
| (14 | ) | (42 | ) | (16 | ) | 6 |
| 3 |
|
Pre-tax income from continuing operations before minority interest and income from equity investees |
| 51 |
| (20 | ) | (853 | ) | (41 | ) | 124 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 261 |
| 246 |
| 224 |
| 256 |
| 131 |
|
Amortization of capitalized interest |
| — |
| 1 |
| 1 |
| 1 |
| 1 |
|
Distributed income of equity investees |
| — |
| — |
| — |
| — |
| — |
|
Share of pre-tax losses of equity investees |
| — |
| — |
| — |
| — |
| — |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
| — |
| (5 | ) | (6 | ) | (1 | ) | (1 | ) |
Dividend requirement on Preference Shares |
| (40 | ) | (39 | ) | (36 | ) | (38 | ) | (37 | ) |
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges |
| — |
| — |
| — |
| — |
| — |
|
Earnings |
| 272 |
| 183 |
| (670 | ) | 177 |
| 218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
Interest expensed |
| 180 |
| 158 |
| 137 |
| 114 |
| 62 |
|
Interest capitalized |
| — |
| 5 |
| 6 |
| 1 |
| 1 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
Amortized premiums, discounts and capitalized expenses related to indebtedness |
| 14 |
| 16 |
| 19 |
| 79 |
| 7 |
|
Estimate of interest within rental expense |
| 27 |
| 28 |
| 26 |
| 24 |
| 24 |
|
Dividend requirement on Preference Shares |
| 40 |
| 39 |
| 36 |
| 38 |
| 37 |
|
Fixed Charges |
| 261 |
| 246 |
| 224 |
| 256 |
| 131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings to Fixed Charges |
| 1.04 | X | 0.74 | X | — |
| 0.69 | X | 1.67 | X |
|
|
|
|
|
|
|
|
|
|
|
|
Additional pre-tax income from continuing operations before minority interest and income from equity investees necessary to generate a ratio of Earnings to Fixed Charges of 1.0 |
| — |
| 63 |
| 894 |
| 79 |
| — |
|