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Exhibit 12.1

Statement Regarding Computation of Ratios of Earnings to Fixed Charges

			As of June 30,		As of and for the Year ended December 31,
			2003		2002		2001		2000		1999		1998
			(US$ in millions except ratios)
Earnings:
	Pre-tax income before minority interests		351		484		264		71		(16	)	176
	plus: Fixed charges		126		210		267		273		224		203
	Amortization of capitalized interest		3		6		5		4		3		3
	Distributed income of equity investees		—		—		—		—		—		—
	Share of pre-tax losses of equity investees		—		—		—		—		—		—
	less: Capitalized interest		(3	)	(6	)	(15	)	(5	)	(6	)	(16	)
	Preferred stock dividends		(2	)	(5	)	(10	)	—		—		—
	Minority interest in pre-tax income of           subsidiaries that have not incurred           fixed charges		—		—		—		—		—		—
Earnings			475		689		511		343		205		366
Fixed Charges:
	Capitalized interest		3		6		15		5		6		16
	Expensed interest		111		177		225		254		206		180
	plus: Amortized premiums, discounts and capitalized debt expenditures		4		4		1		1		1		1
	Estimate of interest within rental expense		6		18		16		13		11		6
	Preferred stock dividends		2		5		10		—		—		—
Fixed charges			126		210		267		273		224		203
Ratio of Earnings/Fixed Charges(1)			3.77		3.28		1.91		1.26		0.92	(2)	1.80

(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