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Exhibit 12.1

Statement Regarding Computation of Ratios of Earnings to Fixed Charges

				Three Months Ended March 31,		As of and for the Year ended December 31,
				2003		2002		2001		2000		1999
				(US$ in millions except ratios)
Earnings:
Pre-tax income from continuing operations before minority interests				97		484		264		71		(16	)
plus:		Fixed charges		69		210		267		273		224
		Amortization of capitalized interest		1		6		5		4		3
		Distributed income of equity investees		—		—		—		—		—
		Share of pre-tax losses of equity investees		—		—		—		—		—
less:		Capitalized interest		(1	)	(6	)	(15	)	(5	)	(6	)
		Preferred stock dividends		(1	)	(5	)	(10	)	—		—
		Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		—		—		—		—		—
Earnings:				165		689		511		342		205
Fixed Charges:
Capitalized interest				1		6		15		5		6
Expensed interest				60		177		225		254		206
plus:		Amortized premiums, discounts and capitalized debt expenditures		2		4		1		1		1
		Estimate of interest within rental expense		5		18		16		13		11
		Preferred stock dividends		1		5		10		—		—
Fixed charges:				69		210		267		273		224
Ratio of Earnings/Fixed Charges(1)				2.40		3.28		1.91		1.26		0.92	(2)

(1)

For the purpose of determining the Ratio of Earnings to Fixed Charges, earnings are defined as income before taxes plus fixed charges and amortization of capitalized interest less capitalized interest and preferred stock dividend requirements. Fixed charges consist of interest expense (capitalized and expensed), amortization of deferred debt issuance costs, portion of rental expense that is representative of the interest factor and preferred stock dividend requirements of majority-owned subsidiaries.

(2)

Earnings were inadequate to cover fixed charges by $19 million.

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Statement Regarding Computation of Ratios of Earnings to Fixed Charges