EX-12.1 12 u45117exv12w1.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.1 I COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in millions of euros, except ratios)
Year ended December 31, ------------------------------------------------------------------- 2001 2000 1999 1998 1997 (a) IN ACCORDANCE WITH DUTCH GAAP * EARNINGS Income (loss) before taxes (2,326) 9,666 1,883 949 2,608 Dividend income from unconsolidated companies 85 150 2 1 14 Add: fixed charges 503 341 324 396 487 ---------- ----------- ----------- ----------- ----------- Total earnings, as defined (1,738) 10,157 2,209 1,346 3,109 FIXED CHARGES Interest paid 454 265 261 318 411 Costs related to indebtedness 10 14 15 17 20 Interest included in capital lease payments 3 1 1 2 2 Rental expense representative of interest 36 61 47 59 54 ---------- ----------- ----------- ----------- ----------- Total fixed charges, as defined 503 341 324 396 487 RATIO OF EARNINGS TO FIXED CHARGES (3.46) 29.79 6.82 3.40 6.38 (b) IN ACCORDANCE WITH US GAAP Total adjusted estimated earnings available for payment of fixed charges, after taking account of adjustments to income before taxes in accordance with US GAAP (1,762) 10,139 1,872 1,381 3,223 RATIO OF EARNINGS TO FIXED CHARGES (3.50) 29.73 5.78 3.49 6.62
o Reclassified for comparison purposes The ratio of earnings to fixed charges is computed by aggregating (a) in the case of Dutch GAAP, income (loss) before taxes adjusted for gains and losses on sale of unconsolidated companies and, in case of US GAAP, income (loss) from continuing operations before taxes, (b) dividend income receivable from unconsolidated companies and (c) fixed charges, and dividing the total by fixed charges. Fixed charges comprise (a) interest and similar payments including financing costs on all indebtedness and (b) one third of rental expense (being that portion of rental expense representative of the interest factor). Under US GAAP, the deficiency is equivalent to an amount of EUR 2,265 million for the year ended December 31, 2001. I COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in millions of euros, except ratios)
Periods ended March 31, -------------------------- 2002 2001 ---------- ------------- IN ACCORDANCE WITH US GAAP* EARNINGS Income before taxes 53 229 Dividend income from unconsolidated companies - 82 Add: fixed charges 115 79 -------- --------- Total earnings, as defined 168 390 FIXED CHARGES Interest paid 102 66 Costs related to indebtedness 2 3 Interest included in capital lease payments - 1 Rental expense representative of interest 11 9 -------- --------- Total fixed charges, as defined 115 79 RATIO OF EARNINGS TO FIXED CHARGES 1.46 4.94
--------------- * US GAAP applied from January 1, 2002 onwards The ratio of earnings to fixed charges is computed by aggregating (a) income (loss) from continuing operations before taxes, (b) dividend income receivable from unconsolidated companies and (c) fixed charges, and dividing the total by fixed charges. Fixed charges comprise (a) interest and similar payments including financing costs on all indebtedness and (b) one third of rental expense (being that portion of rental expense representative of the interest factor).