Exhibit 12.1

	Year ended December 31,
	2010			2011		2012		2013		2014
	(millions of euro, except ratios)
Earnings:
Profit before tax from continuing operations		13,901			6,488		5,864		6,280		3,635
Share of (profit) loss of investments accounted for by the equity method		(76	)		635		1,275		304		510
Dividends from investments accounted for by the equity method		97			45		57		28		34
Fixed charges (see below)		3,329			3,609		4,025		3,629		3,511
Capitalized interest, net of amortization		3			3		3		—		—
Earnings		17,254			10,780		11,224		10,241		7,690
Fixed charges:
Finance cost, including amortization of debt expense and similar charges		3,329			3,609		4,025		3,629		3,511
Capitalized interest		—			—		—		—		—
Total fixed charges		3,329			3,609		4,025		3,629		3,511
Ratio of earnings to fixed charges		5.2			3.0		2.8		2.8		2.2

For the purpose of calculating ratios of earnings to fixed charges, earnings consist of profit before tax from continuing operations, before share of profit or loss of investments accounted for by the equity method, plus dividends from investments accounted for by the equity method, 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.