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,										Three months ended March 31,
		1999		2000		2001		2002		2003		2003		2004
Earnings:
Net result		83		221		55		(588	)	(132	)	78		15
Minority interests		1		9		9		12		12		2		3
Income from equity investees		—		—		—		(3	)	1		—		—
Tax		5		62		(2	)	(11	)	(68	)	(33	)	2
Pre-tax income before minority interest and before income from equity investees		89		292		62		(590	)	(187	)	47		20
Plus:
Fixed charges		125		298		295		280		276		63		34
Amortization of capitalized interest		—		—		1		1		1		—		—
Distributed income of equity investees		—		—		—		—		—		—		—
Share of pre-tax losses of equity investees		—		—		—		—		—		—		—
Less:
Capitalized interest		—		—		(5	)	(6	)	(1	)	—		—
Dividend requirement on Preference Shares		(46	)	(40	)	(39	)	(36	)	(38	)	(9	)	(9	)
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		—		—		—		—		—		—		—
Earnings		168		550		314		(351	)	51		101		45
Fixed Charges:
Interest expensed		57		210		200		182		140		42		18
Interest capitalized		—		—		5		6		1		—		—
Plus:
Amortized premiums, discounts and capitalized expenses related to indebtedness		2		14		16		22		67		4		1
Estimate of interest within rental expense		20		34		35		34		30		8		6
Dividend requirement on Preference Shares		46		40		39		36		38		9		9
Fixed Charges		125		298		295		280		276		63		34
Ratio of Earnings to Fixed Charges		1.34	X	1.85	X	1.06	X	—		0.18	X	1.60	X	1.32	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

The following computation of Ratios of Earnings to Fixed Charges reflects a restatement of the consolidated statements of income under US GAAP for the discontinuance of the Paper Merchanting Division which was sold on October 31, 2003.

		Year ended December 31,
		1999		2000		2001		2002		2003
Earnings:
Result from continuing operations		157		56		13		(849	)	(59	)
Minority interests		1		9		9		12		12
Income from equity investees		—		—		—		—		—
Tax		(30	)	(14	)	(42	)	(16	)	6
Pre-tax income from continuing operations before minority interest and income from equity investees		128		51		(20	)	(853	)	(41	)
Plus:
Fixed charges		99		261		246		224		256
Amortization of capitalized interest		—		—		1		1		1
Distributed income of equity investees		—		—		—		—		—
Share of pre-tax losses of equity investees		—		—		—		—		—
Less:
Capitalized interest		—		—		(5	)	(6	)	(1	)
Dividend requirement on Preference Shares		(46	)	(40	)	(39	)	(36	)	(38	)
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		—		—		—		—		—
Earnings		181		272		183		(670	)	177
Fixed Charges:
Interest expensed		37		180		158		137		114
Interest capitalized		—		—		5		6		1
Plus:
Amortized premiums, discounts and capitalized expenses related to indebtedness		2		14		16		19		79
Estimate of interest within rental expense		14		27		28		26		24
Dividend requirement on Preference Shares		46		40		39		36		38
Fixed Charges		99		261		246		224		256
Ratio of Earnings to Fixed Charges		1.83	X	1.04	X	0.74	X	—		0.69	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

Amounts (in millions of euro) in accordance with Dutch GAAP on a pro forma basis

		Year ended December 31, 2003		Three months ended March 31, 2004
Earnings:
Pro Forma net result		50		17
Minority interests		12		3
Tax		(29	)	4
Pre-tax income before minority interest and before income from equity investees		33		24
Plus:
Fixed charges		149		30
Amortization of capitalized interest		1		—
Distributed income of equity investees		—		—
Share of pre-tax losses of equity investees		—		—
Less:
Capitalized interest		(1	)	—
Dividend requirement on Preference Shares		(38	)	(9	)
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		—		—
Pro Forma earnings		144		45
Fixed Charges:
Interest expensed		77		14
Interest capitalized		1		—
Plus:
Amortized premiums, discounts and capitalized expenses related to indebtedness		9		1
Estimate of interest within rental expense		24		6
Dividend requirement on Preference Shares		38		9
Pro Forma Fixed Charges		149		30
Pro Forma Ratio of Earnings to Fixed Charges		0.97	X	1.50	X
Additional pro forma pre-tax income from continuing operations before minority interest and income from equity investees necessary to generate a pro forma ratio of Earnings to Fixed Charges of 1.0		5		—