Exhibit 12.1
Amounts (in millions of euro) in accordance with Dutch GAAP
|
|
|
Year ended December 31, |
|
Pro forma year |
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||||||||
|
|
|
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 |
|
— |
|
— |
|
|
|
|
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 |
|
— |
|