Exhibit 12.1

VIVENDI UNIVERSAL

RATIO OF EARNINGS TO FIXED CHARGES

											Three months
		Years ended									ended
		December 31,									March 31,
		2002			2001			2000			2003			2002
	(in millions of Euros)
EARNINGS			952			3,602			3,324			737			638
FIXED CHARGES			1,771			1,770			1,359			228			432
EARNINGS TO FIXED CHARGE RATIO			NA			2.04			2.45			3.23			1.48
DEFICIENCY			(819	)		NA			NA			NA			NA
(A)  FIXED CHARGES
(a)  Financial Expenses, net			1,333			1,455			1,288			180			355
(a)  Capitalized Interest expense			61			56			3			14			14
(b)  Amortization of premiums, discounts, capitalized interest related to the indebtedness			160			42			30			9			9
(c)  estimate of interest expense within rental expense			217			217			38			25			54
(d)  preference security dividend requirements of consolidated subs.			—			—			—			—			—
FIXED CHARGES			1,771			1,770			1,359			228			432
(B)  EARNINGS
(a)  Pre tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees			(954	)		1,867			1,938			518			215
(b)  fixed charges			1,771			1,770			1,359			228			432
(c)  amortization of capitalized interest			17			21			—			5			5
(d)  distributed income of equity affiliates			179			—			30			—			—
(e)  share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges			—			—			—			—			—
			1,013			3,658			3,327			751			652
(a)  interest capitalized			(61	)		(56	)		(3	)		(14	)		(14	)
(b)  preference security dividend per above			—			—			—			—			—
(c)  minority interest in pre-tax income of subs that have not incurred charges			—			—			—			—			—
EARNINGS			952			3,602			3,324			737			638