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. The ratios of earnings to fixed charges for the periods presented under US GAAP do not differ significantly.
Pro-forma 2007 (1) | Pro-forma 2007 (1) | Six-month 2007 | Year ended December 31, | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 (2) | |||||||||||||||||||
Earnings | |||||||||||||||||||||||
Profit before tax and discontinued operations | 360.7 | (3) | 683.2 | 251.0 | 670.6 | 603.4 | 557.7 | 482.4 | |||||||||||||||
Add fixed charges | 172.8 |
| 360.5 | 178.7 | 373.1 | 392.7 | 378.1 | 391.1 | |||||||||||||||
Subtract capitalized interest | (1.5 | ) | (2.9 | ) | (1.5 | ) | (2.9 | ) | (3.0 | ) | (1.7 | ) | (2.8 | ) | |||||||||
Earnings | 532.0 | 1,040.8 | 428.2 | 1,040.8 | 993.1 | 934.1 | 870.7 | ||||||||||||||||
Fixed Charges | |||||||||||||||||||||||
Interest expensed and capitalized | 119.5 | 266.3 | 125.4 | 278.9 | 303.4 | 290.9 | 305.3 | ||||||||||||||||
Add amortized premiums, discounts and capitalized expenses related to indebtedness | 11.7 | 9.9 | 11.7 | 9.9 | 10.3 | 7.9 | 3.8 | ||||||||||||||||
Add estimate of the interest within rental expense | 41.6 | 84.3 | 41.6 | 84.3 | 79.1 | 79.4 | 82.0 | ||||||||||||||||
Fixed charges | 172.8 | 360.5 | 178.7 | 373.1 | 392.8 | 378.2 | 391.4 | ||||||||||||||||
Ratio of earnings to fixed charges | 3.08x | 2.89x | 2.40x | 2.79x | 2.53x | 2.47x | 2.23x | ||||||||||||||||
| (1) | The pro-forma ratio is adjusted for the interest differential related to the refinancing of the purchase of 1.1 USD million Delhaize America debt. |
| (2) | IFRS information is not required to be presented for this period. |
| (3) | Adjusted for the EUR 103.8 million one-time charge related to the purchase of USD 1.1 million Delhaize America debt. |