EX-12.1 2 u08686exv12w1.htm EXHIBIT 12.1 EXHIBIT 12.1
EXHIBIT 12.1
                                         
    Year ended December 31,
    2005   2006   2007   2008   2009
    (millions of euro)
 
                                        
Earnings:
                                        
Profit before taxes from continuing operations
     6,607       6,764       10,684       10,915       10,387  
Share of (profit) loss of associates
     128       (76 )     (140 )     161       (47 )
Dividends from joint ventures and associates
     36       43       218       65       58  
Fixed charges (see below)
     2,429       3,881       3,554       3,648       3,581  
Capitalized interest net of amortization
     (5 )     (1 )     3       3       3  
 
                                        
Earnings
     9,195       10,611       14,319       14,792       13,982  
 
                                        
 
                                        
Fixed charges:
                                        
Finance costs, including amortization of debt expense and similar charges
     2,420       3,877       3,554       3,648       3,581  
Capitalized interest
     9       4       —       —       —  
 
                                        
Total fixed charges
     2,429       3,881       3,554       3,648       3,581  
 
                                        
 
                                        
Ratio of earnings to fixed charges
     3.8       2.7       4.0       4.1       3.9  
For the purpose of calculating ratios of earnings to fixed charges, earnings consist of profit before taxes 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.