19.7 Exhibit 7 Ratio of earnings to fixed charges

19 Exhibits 19.7 - 19.7

Unaudited calculation of ratio of earnings to fixed charges

in millions of euros unless otherwise stated

	2007		2008		2009		2010		2011
Income(loss) before taxes		4,628		384		498		1,959		(509	)
Fixed charges		391		355		419		366		356
Dividend received from associates		48		66		35		19		44
Total earnings		5,067		804		952		2,344		(110	)
Interest paid to third party on loans and borrowings		278		243		294		263		245
Costs related to indebtedness		10		9		10		16		14
Interest included in capital lease payments		1		3		3		2		3
One third of rental expense (being that portion of rental expense representative of the interest factor)		101		99		112		84		94
Total fixed charges		391		355		419		366		356
Ratio of earnings to fixed charges		13.0		2.3		2.3		6.4		466	1)

¹⁾  The dollar amount of the deficiency