EX-12.1 5 y77013exv12w1.htm EX-12.1 EX-12.1
EXHIBIT 12.1
                                         
    Year ended December 31,  
    2004     2005     2006     2007     2008  
    (millions of euro)  
Earnings:
                                        
Profit before tax from continuing operations
     4,692       6,607       6,764       10,684       10,915  
Share of (profit) loss of associates
     50       128       (76 )     (140 )     161  
Dividends from joint ventures and associates
     14       36       43       218       65  
Fixed charges (see below)
     2,624       2,429       3,881       3,554       3,648  
Capitalized interest net of amortization
     —       (5 )     (1 )     3       3  
 
                              
Earnings
     7,380       9,195       10,611       14,319       14,792  
 
                              
 
                                        
Fixed charges:
                                        
 
                                        
Finance costs, including amortization of debt expense and similar charges
     2,622       2,420       3,877       3,554       3,648  
Capitalized interest
     2       9       4       —       —  
 
                              
Total fixed charges
     2,624       2,429       3,881       3,554       3,648  
 
                              
 
                                        
Ratio of earnings to fixed charges
     2.8       3.8       2.7       4.0       4.1  
 
For the purpose of calculating ratios of earnings to fixed charges, earnings consist of profit before tax from continuing operations, plus share of profit or loss of associates, dividends from joint ventures and associates, fixed charges and capitalized interest net of amortization. Fixed charges consist of finance costs, including amortization of debt expense and similar charges, and capitalized interest.