EXHIBIT 12.1

Statement re Computation of Ratios

	Three months ended			Year ended
	March-31			Dec-31			Dec-31			Dec-31			Dec-31			Dec-31
In millions of euros	2006			2005			2004			2003			2002			2001
							restated
Interest expensed or capitalised (US GAAP, excluding amortized fees)		6.8			35.4			22.4			25.1			28.5			23.0
Amortized premiums, interest related to indebtedness		0.2			11.2			1.4			1.6			1.8			0.0
Preference security dividend
Interest within rental expense
Preference Security Dividends
Fixed Charges		7.0			46.6			23.8			26.7			30.3			23.0
Pre-tax income from continuing		52.2			31.5			(4.2	)		(7.0	)		43.3			32.7
Excluding variance on derivative		12.4			11.5			23.5
Excluding equity in income of investees		(2.7	)		(13.0	)		(10.3	)		(6.5	)		(6.4	)		(8.8	)
Fixed charges		7.0			46.6			23.8			26.7			30.3			23.0
Amortization of capitalized interest
Distributed income to investees
Share pre-tax losses
Earnings		68.9			76.6			32.8			13.2			67.2			46.9
Ratio of Earnings to Fixed Charges		9.8	x		1.6	x		1.4	x		0.5	x		2.2	x		2.0	x
(Deficit)	Excess			Excess			Excess				(13.5	)	Excess			Excess