EXHIBIT 12.1
Calculation of Ratio of Earnings to Fixed Charges
(Amounts in millions of euros) | ||||||||||||||||||||
FRENCH GAAP BASIS | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
Earnings | ||||||||||||||||||||
Net income | 9,612 | 7,025 | 5,941 | 7,658 | 6,904 | |||||||||||||||
Income tax expenses | 8,316 | 5,353 | 5,034 | 5,874 | 6,322 | |||||||||||||||
Minority interest | 260 | 194 | 13 | 166 | 304 | |||||||||||||||
Equity in income of affiliates (in excess of)/less than dividends received | 216 | (603 | ) | (479 | ) | (709 | ) | (406 | ) | |||||||||||
Interest expensed | 811 | 677 | 695 | 1,015 | 1,181 | |||||||||||||||
Estimate of the interest within rental expense | 81 | 66 | 68 | 56 | 44 | |||||||||||||||
Amortization of capitalised interest | 110 | 100 | 116 | 95 | 97 | |||||||||||||||
Total | 19,406 | 12,812 | 11,388 | 14,155 | 14,446 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expensed | 811 | 677 | 695 | 1,015 | 1,181 | |||||||||||||||
Capitalized interest | 35 | 46 | 89 | 259 | 274 | |||||||||||||||
Estimate of the interest within rental expense | 81 | 66 | 68 | 56 | 44 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 6 | 5 | 10 | 19 | 28 | |||||||||||||||
Total | 933 | 794 | 862 | 1,349 | 1,527 | |||||||||||||||
Ratio of Earnings to fixed charges | 20.80 | 16.14 | 13.21 | 10.50 | 9.46 | |||||||||||||||
(Amounts in millions of euros) | ||||||||||||||||||||
US GAAP BASIS | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
Earnings | ||||||||||||||||||||
Net income | 7,221 | 6,103 | 6,264 | 5,271 | 5,638 | |||||||||||||||
Income tax expenses | 8,357 | 5,215 | 5,412 | 5,643 | 6,588 | |||||||||||||||
Minority interest | 273 | 195 | 16 | 173 | 310 | |||||||||||||||
Equity in income of affiliates (in excess of)/less than dividends received | 96 | (651 | ) | (547 | ) | (561 | ) | (666 | ) | |||||||||||
Interest expensed | 843 | 677 | 695 | 1,015 | 1,181 | |||||||||||||||
Estimate of the interest within rental expense | 81 | 66 | 68 | 56 | 44 | |||||||||||||||
Amortization of capitalised interest | 117 | 107 | 124 | 103 | 101 | |||||||||||||||
Total | 16,988 | 11,712 | 12,032 | 11,700 | 13,196 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expensed | 843 | 677 | 695 | 1,015 | 1,181 | |||||||||||||||
Capitalized interest | 35 | 46 | 89 | 259 | 274 | |||||||||||||||
Estimate of the interest within rental expense | 81 | 66 | 68 | 56 | 44 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | 6 | 5 | 10 | 19 | 28 | |||||||||||||||
Total | 965 | 794 | 862 | 1,349 | 1,527 | |||||||||||||||
Ratio of Earnings to fixed charges | 17.60 | 14.75 | 13.96 | 8.67 | 8.64 | |||||||||||||||
(Amounts in millions of euros) | Three Months Ended | |||||||
IFRS BASIS | March 31, 2005 | March 31, 2004 | ||||||
Earnings | ||||||||
Net income | 3,208 | 2,090 | ||||||
Income tax expenses | 2,899 | 1,797 | ||||||
Minority interest | 84 | 61 | ||||||
Equity in income of affiliates (in excess of)/less than dividends received | (195 | ) | (245 | ) | ||||
Interest expensed | 264 | 159 | ||||||
Estimate of the interest within rental expense | 17 | 13 | ||||||
Amortization of capitalised interest | 24 | 25 | ||||||
Total | 6,301 | 3,900 | ||||||
Fixed Charges | ||||||||
Interest expensed | 264 | 159 | ||||||
Capitalized interest | 15 | 7 | ||||||
Estimate of the interest within rental expense | 17 | 13 | ||||||
Preference security dividend requirements of consolidated subsidiaries | 1 | 1 | ||||||
Total | 297 | 180 | ||||||
Ratio of Earnings to fixed charges | 21.22 | 21.67 | ||||||
(Amounts in millions of euros) | Three Months Ended | |||||||
U.S. GAAP BASIS | March 31, 2005 | March 31, 2004 | ||||||
Earnings | ||||||||
Net income | 3,295 | 1,940 | ||||||
Income tax expenses | 2,809 | 1,763 | ||||||
Minority interest | 81 | 59 | ||||||
Equity in income of affiliates (in excess of)/less than dividends received | (120 | ) | (194 | ) | ||||
Interest expensed | 339 | 157 | ||||||
Estimate of the interest within rental expense | 17 | 13 | ||||||
Amortization of capitalised interest | 26 | 26 | ||||||
Total | 6,447 | 3,764 | ||||||
Fixed Charges | ||||||||
Interest expensed | 339 | 157 | ||||||
Capitalized interest | 15 | 7 | ||||||
Estimate of the interest within rental expense | 17 | 13 | ||||||
Preference security dividend requirements of consolidated subsidiaries | 1 | 1 | ||||||
Total | 372 | 178 | ||||||
Ratio of Earnings to fixed charges | 17.33 | 21.15 | ||||||