EX-12.1 2 u10539exv12w1.htm EXHIBIT 12.1 exv12w1
EXHIBIT 12.1
                                                         
                                            Nine months ended  
    Year ended December 31,     September 30,  
    2005     2006     2007     2008     2009     2009     2010  
    (millions of euro)  
Earnings:
                                                        
Profit before taxes from continuing operations
     6,607       6,764       10,684       10,915       10,387       7,736       11,718  
Share of (profit) loss of associates
     128       (76 )     (140 )     161       (47 )     (47 )     (68 )
Dividends from joint ventures and associates
     36       43       218       65       58       57       100  
Fixed charges (see below)
     2,429       3,881       3,554       3,648       3,581       2,455       2,435  
Capitalized interest net of amortization
     (5 )     (1 )     3       3       3       2       2  
 
                                          
Earnings
     9,195       10,611       14,319       14,792       13,982       10,203       14,187  
 
                                          
 
                                                        
Fixed charges:
                                                        
 
                                                        
Finance costs, including amortization of debt expense and similar charges
     2,420       3,877       3,554       3,648       3,581       2,455       2,435  
Capitalized interest
     9       4       —       —       —       —       —  
 
                                          
Total fixed charges
     2,429       3,881       3,554       3,648       3,581       2,455       2,435  
 
                                          
 
                                                        
Ratio of earnings to fixed charges
     3.8       2.7       4.0       4.1       3.9       4.2       5.8  
 
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.