Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for the periods presented under IFRS.

	Year Ended December 31,
(in millions of euros)	2011			2010			2009			2008			2007
Earnings
Profit before tax and discontinued operations		631			821			740			702			605
Add fixed charges		313			303			292			290			331
Subtract capitalized interest		(2	)		(3	)		(3	)		(4	)		(3	)
Earnings		942			1 121			1 029			988			933
Fixed Charges
Interest expensed and capitalized		202			200			198			203			235
Add amortized premiums, discounts and capitalized expenses related to indebtedness		7			4			4			6			15
Add estimate of the interest within rental expense		104			99			90			81			81
Fixed charges		313			303			292			290			331
Ratio of earnings to fixed charges		3.01x			3.70x			3.51x			3.41x			2.81x