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Exhibit 12.1


Statement Regarding Computation of Ratios of Earnings to Fixed Charges

        The following computation of Ratios of Earnings to Fixed Charges reflects a reclassification made to prior years' consolidated financial statements relating to the sale of our US bakery business in December 2003, which has been presented as discontinued operations for all periods.

 
   As of and for the Six months ended June 30,
   As of and for the
Year ended December 31,
  
 
   2004
   2003
   2002
   2001
   2000
   1999
  
 
    
   (US$ in millions except ratios)

  
Earnings:                          
  Pre-tax income before minority interest   347   723   481   264   66   (21 )
  plus: Fixed charges   132   258   211   265   271   222  
      Amortization of capitalized interest   3   7   6   5   4   3  
      Distributed income of equity investees   —   —   —   —   —   —  
      Share of pre-tax losses of equity investees   —   —   —   —   —   —  
  less: Capitalized interest   (3 ) (8 ) (6 ) (15 ) (5 ) (6 )
      Preferred stock dividends   (2 ) (6 ) (5 ) (10 ) —   —  
      Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges   —   —   —   —   —   —  
   
 
 
 
 
 
 
Earnings   477   974   687   509   336   198  

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
  Capitalized interest   3   8   6   15   5   6  
  Expensed interest   114   215   176   223   252   204  
  plus: Amortized premiums, discounts and capitalized debt expenditures   4   8   6   1   1   1  
      Estimate of interest within rental expense   9   21   18   16   13   11  
      Preferred stock dividends   2   6   5   10   —   —  
   
 
 
 
 
 
 
Fixed Charges   132   258   211   265   271   222  

Ratio of Earnings/Fixed Charges(1)
 
3.61
 
3.78
 
3.26
 
1.92
 
1.24
 
0.89
(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 $24 million.



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Statement Regarding Computation of Ratios of Earnings to Fixed Charges