EX-12.1 7 a2153218zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

Statement Regarding Computation of Ratios of Earnings to Fixed Charges

		Year Ended December 31,
		2004		2003		2002		2001		2000
		(US$ in millions except ratios)
Earnings (1)
Pretax income before minority interests		904		723		481		264		66
plus:	Fixed charges	260		258		211		265		271
	Amortization of capitalized interest	7		7		6		5		4
less:	Capitalized interest	(6	)	(8	)	(6	)	(15	)	(5	)
	Preferred stock dividends	(5	)	(6	)	(5	)	(10	)	—

Earnings:		1,160		974		687		509		336
Fixed Charges (1)
Capitalized interest		6		8		6		15		5
Expensed interest		214		215		176		223		252
plus:	Amortized premiums, discounts and capitalized debt expenditures	8		8		6		1		1
	Estimate of interest within rental expense	27		21		18		16		13
	Preferred stock dividends	5		6		5		10		—

Fixed charges:		260		258		211		265		271
Ratio of Earnings/Fixed Charges		4.46		3.78		3.26		1.92		1.24

(1): For the purpose of determining the Ratio of Earnings to Fixed Charges, earnings are defined as pretax income before minority interests in consolidated subsidiaries 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 consolidated subsidiaries.