<PAGE>
EXHIBIT 12.1
<TABLE>
<CAPTION>
VIATEL
RATIO OF COMBINED FIXED CHARGES AND
PREFERRED SECURITIES DIVIDENDS TO EARNINGS
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
Securities Dividends to
Earnings**................. (0.50) (0.42) (0.43) (1.82) (1.92) (5.02)
======== ======== ======== ========= ========= =========
<CAPTION>
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
--------------------------------------
PRO FORMA
1999 2000 2000
---------- ----------- -----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C>
Earnings Section 229.503(d)(1)
Net loss................... $(130,831) $(399,286) $(399,286)
Fixed Charges.............. 107,050 200,612 216,039
Preferred Dividends........ (1,341) (22,232) (26,146)
Interest--Capitalized...... (7,112) (17,096) (17,096)
--------- --------- ---------
$ (32,234) $(238,002) $(226,489)
========= ========= =========
Fixed Charges
Section 229.503(d)(1)
Interest--Expensed*........ $ 97,344 $ 157,689 $ 169,202
Interest--Capitalized...... 7,112 17,096 17,096
Preferred Dividends........ 1,341 22,232 26,146
Lease Expense.............. 1,253 3,595 3,595
--------- --------- ---------
$ 107,050 $ 200,612 $ 216,039
========= ========= =========
Ratio of Combined Fixed
Charges and Preferred
Securities Dividends
to Earnings**.............. (3.32) (0.84) (0.95)
========= ========= =========
</TABLE>
------------------------
* Includes accretion of senior discount notes and amortization of debt
issue costs.
** The ratio of combined fixed charges and preferred securities dividends to
earnings is calculated as fixed charges divided by earnings. Fixed
charges consist of interest on indebtedness, dividends on preferred
securities and one-third of lease expense.
