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.
| Nine Months Ended September 30, | Year Ended December 31, | ||||||||||||||||||||
| 2008 EUR | 2007 EUR | 2007 EUR | 2006 EUR | 2005 EUR | 2004 EUR | 2003 EUR | |||||||||||||||
Earnings | |||||||||||||||||||||
Profit before tax and discontinued operations | 469.0 | 414.9 | 604.5 | 670.6 | 603.4 | 557.7 | 482.4 | ||||||||||||||
Add fixed charges | 210.9 | 256.8 | 331.5 | 373.1 | 392.8 | 378.2 | 391.1 | ||||||||||||||
Subtract capitalized interest | (2.5 | ) | (2.5 | ) | (3.2 | ) | (2.9 | ) | (3.1 | ) | (1.8 | ) | (2.8 | ) | |||||||
Earnings | 677.4 | 669.2 | 932.8 | 1,040.8 | 993.1 | 934.1 | 870.7 | ||||||||||||||
Fixed Charges | |||||||||||||||||||||
Interest expensed and capitalized | 147.5 | 181.7 | 234.9 | 278.9 | 303.4 | 290.9 | 305.3 | ||||||||||||||
Add amortized premiums, discounts and capitalized expenses related to indebtedness | 4.7 | 13.2 | 14.7 | 9.9 | 10.3 | 7.9 | 3.8 | ||||||||||||||
Add estimate of the interest within rental expense | 58.7 | 61.9 | 81.9 | 84.3 | 79.1 | 79.4 | 82.0 | ||||||||||||||
Fixed charges | 210.9 | 256.8 | 331.5 | 373.1 | 392.8 | 378.2 | 391.1 | ||||||||||||||
Ratio of earnings to fixed charges | 3.21x | 2.61x | 2.81x | 2.79x | 2.53x | 2.47x | 2.23x | ||||||||||||||
