EX-12.1 9 dp14845_ex1201.htm EXHIBIT 12.1
 
 

 
Exhibit 12.1
 
 
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
 

   
For the six months ended June 30,
    
For the year ended December 31,
  
   
2009(2)
    
2008(2)
    
2007
    
2006
    
2005(3)
    
2004(3)
  
   
(in millions of EUR except ratios)
  
                                     
Excluding interest on deposits(1)
                                    
Operating profit before taxes
     (3,491 )     (15,474 )     496       2,260       5,684       3,263  
Add:  fixed charges
     1,484       5,859       7,280       6,792       7,261       4,284  
Earnings before taxes and fixed charges
     (2,007 )     (9,615 )     7,776       9,052       12,945       7,547  
                                                 
Fixed charges
     1,484       5,859       7,280       6,792       7,261       4,284  
                                                 
Ratio of earnings to fixed charges
     –       –       1.07       1.33       1.78       1.76  
                                                 
Including interest on deposits(1)
                                                
Fixed charges as above
     1,484       5,859       7,280       6,792       7,261       4,284  
Add:  interest on deposits
     3,511       10,438       10,859       8,325       15,654       10,571  
Total fixed charges and interest on deposits
     4,995       16,297       18,139       15,117       22,915       14,855  
                                                 
Earnings before taxes and fixed charges
     (2,007 )     (9,615 )     7,776       9,052       12,945       7,547  
Add:  interest on deposits
     3,511       10,438       10,859       8,325       15,654       10,571  
Earnings before taxes and fixed charges and interest on deposits
     1,504       823       18,635       17,377       28,599       18,118  
                                                 
Ratio of earnings to fixed charges
     0.30       0.05       1.03       1.15       1.25       1.22  

(1)
Deposits include Banks and Total customer accounts. Negative ratios have been excluded.
 
(2)
The earnings for the six months ended June 30, 2009 and for the year ended December 31, 2008 were inadequate to cover total fixed charges excluding interest on deposits and total fixed charges including interest on deposits.  The coverage deficiencies for total fixed charges excluding interest on deposits for the six months ended June 30, 2009 and for the year ended December 31, 2008 were €3,491 and €15,474, respectively.  The coverage deficiencies for total fixed charges including interest on deposits for the six months ended June 30, 2009 and for the year ended December 31, 2008 were €3,491 and €15,474, respectively.
 
(3)
According to IFRS the income statement figures of 2007 and 2006 have been restated for the qualifying discontinued operations arising in 2008. The 2005 and 2004 figures have not been restated for discontinued operations arising in 2008 and 2007. As a result the applicable ratios throughout the years are not comparable.