<PAGE>
EXHIBIT 12.1
<TABLE>
<CAPTION>
VIATEL
RATIO OF COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS TO EARNINGS AND RATIO OF EARNINGS TO FIXED CHARGES
FOR THE YEARS ENDED DECEMBER 31,
------------------------------------------------------------------
PRO FORMA
1995 1996 1997 1998 1999 1999
-------- -------- -------- --------- --------- ---------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Earnings Section 229.503(d)(1)
Net loss................... $(28,476) $(38,375) $(43,044) $(127,304) $(217,836) $(217,836)
Fixed Charges.............. 9,681 11,426 13,056 86,402 150,848 202,771
Preferred Dividends........ (3,301) (1,341) (15,291)
Interest--Capitalized...... (508) (67) (164) (3,322) (10,075) (10,075)
-------- -------- -------- --------- --------- ---------
$(19,303) $(27,016) $(30,152) $ (47,525) $ (78,404) $ (40,431)
======== ======== ======== ========= ========= =========
Fixed Charges
Section 229.503(d)(1)
Interest--Expensed*........ $ 8,856 $ 10,848 $ 12,450 $ 79,177 $ 137,409 $ 175,382
Interest--Capitalized...... 508 67 164 3,322 10,075 10,075
Preferred Dividends........ 3,301 1,341 15,291
Lease Expense............... 317 511 442 602 2,023 2,023
-------- -------- -------- --------- --------- ---------
$ 9,681 $ 11,426 $ 13,056 $ 86,402 $ 150,848 $ 202,771
======== ======== ======== ========= ========= =========
Ratio of Combined Fixed
Charges and Preferred Stock
Dividends to Earnings**.... (0.50) (0.42) (0.43) (1.82) (1.92) (5.02)
======== ======== ======== ========= ========= =========
Ratio of Earnings to
Fixed Charges**............ (1.99) (2.36) (2.31) (0.55) (0.52) (0.20)
======== ======== ======== ========= ========= =========
Deficiency of Earnings to
Fixed Charges.............. $(28,984) $(38,442) $(43,208) $(133,927) $(229,252) $(243,202)
======== ======== ======== ========= ========= =========
<CAPTION>
FOR THE SIX MONTHS ENDED JUNE 30,
--------------------------------------
PRO FORMA
1999 2000 2000
---------- ----------- -----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C>
Earnings Section 229.503(d)(1)
Net loss................... $(82,596) $(253,848) $(253,848)
Fixed Charges.............. 68,592 127,498 142,925
Preferred Dividends........ (1,341) (11,726) (15,640)
Interest--Capitalized...... (4,690) (10,708) (10,708)
-------- --------- ---------
$(20,035) $(148,784) $(137,271)
======== ========= =========
Fixed Charges
Section 229.503(d)(1)
Interest--Expensed*........ $ 61,665 $ 102,594 $ 114,107
Interest--Capitalized...... 4,690 10,708 10,708
Preferred Dividends........ 1,341 11,726 15,640
Lease Expense............... 896 2,470 2,470
-------- --------- ---------
$ 68,592 $ 127,498 $ 142,925
======== ========= =========
Ratio of Combined Fixed
Charges and Preferred Stock
Dividends to Earnings**.... (3.42) (0.86) (1.04)
======== ========= =========
Ratio of Earnings to
Fixed Charges**............ (0.29) (1.17) (0.96)
======== ========= =========
Deficiency of Earnings to
Fixed Charges.............. $(88,627) $(276,282) $(280,196)
======== ========= =========
</TABLE>
------------------------
* Includes accretion of senior discount notes and amortization of debt issue
costs.
** The ratio of combined fixed charges and preferred stock dividends to
earnings is calculated as fixed charges divided by earnings. The ratio of
earnings to fixed charges is calculated as earnings divided by fixed
charges. Fixed charges consist of interest on indebtedness, dividends on
preferred stock and one-third of lease expense. Earnings were not
sufficient to cover fixed charges by $29.0 million, $38.4 million, $43.2
million, $133.9 million, $229.3 million, $88.6 million, $276.3 million,
$243.2 million, and $280.2 million for the years ended December 31, 1995,
1996, 1997, 1998, and 1999, and for the six months ended June 30, 1999
and 2000 and pro forma for the year ended December 31, 1999 and for the
six months ended June 30, 2000, respectively.
