<PAGE>
EXHIBIT 12.1
VIATEL
RATIO OF COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS TO EARNINGS
<TABLE>
<CAPTION>
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
Rent 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)
======== ======== ======== ========= ========= =========
Deficiency of Earnings to
Fixed Charges.............. $(28,984) $(38,442) $(43,208) $(133,927) $(229,252) $(243,202)
======== ======== ======== ========= ========= =========
<CAPTION>
FOR THE THREE MONTHS ENDED MARCH 31,
--------------------------------------
PRO FORMA
1999 2000 2000
---------- ----------- -----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C>
Earnings Section 229.503(d)(1)
Net loss................... $(37,111) $(119,188) $(119,188)
Fixed Charges.............. 30,063 55,469 68,450
Preferred Dividends........ (1,177) (1,780) (5,268)
Interest--Capitalized...... (2,276) (4,207) (4,207)
-------- --------- ---------
$(10,501) $ (69,706) $ (60,213)
======== ========= =========
Fixed Charges
Section 229.503(d)(1)
Interest--Expensed*........ $ 26,166 $ 48,385 $ 57,878
Interest--Capitalized...... 2,276 4,207 4,207
Preferred Dividends........ 1,177 1,780 5,268
Rent Expense............... 444 1,097 1,097
-------- --------- ---------
$ 30,063 $ 55,469 $ 68,450
======== ========= =========
Ratio of Combined Fixed
Charges and Preferred Stock
Dividends to Earnings**.... (2.86) (0.80) (1.14)
======== ========= =========
Deficiency of Earnings to
Fixed Charges.............. $(40,564) $(125,175) $(128,663)
======== ========= =========
</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. Fixed charges
consist of interest on indebtedness, dividends on preferred stock and one-
third of rent 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, $40.6 million, $125.2 million, $243.2 million, and $128.7 million
for the years ended December 31, 1995, 1996, 1997, 1998, and 1999, and for
the three months ended March 31, 1999 and 2000 and pro forma for the year
ended December 31, 1999 and for the three months ended March 31, 2000,
respectively.
