EXHIBIT 12.1

VIVENDI UNIVERSAL

RATIO OF EARNINGS TO FIXED CHARGES

											Six months
		Years ended									ended
		December 31,									June 30,
		2002			2001			2000			2003			2002
	(in millions of Euro)
EARNINGS			952			3,602			3,324			1,627			(938	)
FIXED CHARGES			1,771			1,770			1,359			587			861
EARNINGS TO FIXED CHARGE RATIO			NA			2.04			2.45			2.77			NA
DEFICIENCY			(819	)		NA			NA			NA			(1,799	)
(A)  FIXED CHARGES
(a)  Financial Expenses, net			1,333			1,455			1,288			377			674
(a)  Capitalized Interest expense			61			56			3			28			28
(b)  Amortization of premiums, discounts, capitalized interest related to the indebtedness			160			42			30			132			51
(c)  estimate of interest expense within rental expense			217			217			38			50			108
(d)  preference security dividend requirements of consolidated subsidiaries			—			—			—			—			—
FIXED CHARGES			1,771			1,770			1,359			587			861
(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			1,011			(1,940	)
(b)  fixed charges			1,771			1,770			1,359			587			861
(c)  amortization of capitalized interest			17			21			—			10			10
(d)  distributed income of equity affiliates			179			—			30			47			159
(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			1,655			(910	)
(a)  interest capitalized			(61	)		(56	)		(3	)		(28	)		(28	)
(b)  preference security dividend per above			—			—			—			—			—
(c)  minority interest in pre-tax income of subsidiaries that have not incurred charges			—			—			—			—			—
EARNINGS			952			3,602			3,324			1,627			(938	)