EX-12.1 5 a2160922zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 
Statement Regarding Computation of Ratios of Earnings to Fixed Charges

 

Amounts (in millions of euro) in accordance with Dutch GAAP

 

 

 

Year ended December 31,

 

Pro forma year
ended
December 31,

 

 

 

2000

 

2001

 

2002

 

2003

 

2004

 

2004

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net result

 

221

 

55

 

(588

)

(132

)

80

 

73

 

Minority interests

 

9

 

9

 

12

 

12

 

17

 

17

 

Income from equity investees

 

—

 

—

 

(3

)

1

 

—

 

—

 

Tax

 

62

 

(2

)

(11

)

(68

)

(33

)

(37

)

Pre-tax income before minority interest and before income from equity investees

 

292

 

62

 

(590

)

(187

)

64

 

53

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

298

 

295

 

280

 

276

 

133

 

137

 

Amortization of capitalized interest

 

—

 

1

 

1

 

1

 

1

 

1

 

Distributed income of equity investees

 

—

 

—

 

—

 

—

 

—

 

—

 

Share of pre-tax losses of equity investees

 

—

 

—

 

—

 

—

 

—

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

(5

)

(6

)

(1

)

(1

)

(1

)

Dividend requirement on Preference Shares

 

(40

)

(39

)

(36

)

(38

)

(37

)

(30

)

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

—

 

—

 

—

 

—

 

—

 

—

 

Earnings

 

550

 

314

 

(351

)

51

 

160

 

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

210

 

200

 

182

 

140

 

62

 

72

 

Interest capitalized

 

—

 

5

 

6

 

1

 

1

 

1

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

14

 

16

 

22

 

67

 

9

 

10

 

Estimate of interest within rental expense

 

34

 

35

 

34

 

30

 

24

 

24

 

Dividend requirement on Preference Shares

 

40

 

39

 

36

 

38

 

37

 

30

 

Fixed Charges

 

298

 

295

 

280

 

276

 

133

 

137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.85

X

1.06

X

—

 

0.18

X

1.21

X

1.17

X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional pre-tax income before minority interest and income from equity investees necessary to generate a ratio of Earnings to Fixed Charges of 1.0

 

—

 

—

 

632

 

226

 

—

 

—

 

 


 

Amount (in millions of euro) in accordance with US GAAP

 

 

 

Year ended December 31,

 

 

 

2000

 

2001

 

2002

 

2003

 

2004

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Result from continuing operations

 

56

 

13

 

(849

)

(59

)

104

 

Minority interests

 

9

 

9

 

12

 

12

 

17

 

Income from equity investees

 

—

 

—

 

—

 

—

 

—

 

Tax

 

(14

)

(42

)

(16

)

6

 

3

 

Pre-tax income from continuing operations before minority interest and income from equity investees

 

51

 

(20

)

(853

)

(41

)

124

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

261

 

246

 

224

 

256

 

131

 

Amortization of capitalized interest

 

—

 

1

 

1

 

1

 

1

 

Distributed income of equity investees

 

—

 

—

 

—

 

—

 

—

 

Share of pre-tax losses of equity investees

 

—

 

—

 

—

 

—

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

(5

)

(6

)

(1

)

(1

)

Dividend requirement on Preference Shares

 

(40

)

(39

)

(36

)

(38

)

(37

)

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

—

 

—

 

—

 

—

 

—

 

Earnings

 

272

 

183

 

(670

)

177

 

218

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

180

 

158

 

137

 

114

 

62

 

Interest capitalized

 

—

 

5

 

6

 

1

 

1

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

14

 

16

 

19

 

79

 

7

 

Estimate of interest within rental expense

 

27

 

28

 

26

 

24

 

24

 

Dividend requirement on Preference Shares

 

40

 

39

 

36

 

38

 

37

 

Fixed Charges

 

261

 

246

 

224

 

256

 

131

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.04

X

0.74

X

—

 

0.69

X

1.67

X

 

 

 

 

 

 

 

 

 

 

 

 

Additional pre-tax income from continuing operations before minority interest and income from equity investees necessary to generate a ratio of Earnings to Fixed Charges of 1.0

 

—

 

63

 

894

 

79

 

—

 

 


 

Amounts (in millions of euro) in accordance with IFRS

 

 

 

March 31,

 

 

 

2005

 

2004

 

Earnings:

 

 

 

 

 

Net result

 

(78

)

6

 

Minority interests

 

4

 

4

 

Income from equity investees

 

—

 

—

 

Tax

 

8

 

2

 

Pre-tax income before minority interest and before income from equity investees

 

(66

)

12

 

Plus:

 

 

 

 

 

Fixed charges

 

44

 

49

 

Amortization of capitalized interest

 

—

 

—

 

Distributed income of equity investees

 

—

 

—

 

Share of pre-tax losses of equity investees

 

—

 

—

 

Less:

 

—

 

—

 

Capitalized interest

 

—

 

—

 

Dividend requirement on Preference Shares

 

—

 

—

 

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

—

 

—

 

Earnings

 

(22

)

61

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest expensed

 

38

 

43

 

Interest capitalized

 

—

 

—

 

Plus:

 

 

 

 

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

—

 

—

 

Estimate of interest within rental expense

 

6

 

6

 

Fixed Charges

 

44

 

49

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

—

 

1.24

X

 

 

 

 

 

 

Additional pre-tax income before minority interest and income from equity investees necessary to generate a ratio of Earnings to Fixed Charges of 1.0

 

66