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 | Year Ended December 31, | |||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||
2010 EUR | 2009 EUR | 2009 EUR | 2008 EUR | 2007 EUR | 2006 EUR | 2005 EUR | ||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Profit before tax and discontinued operations | 565 | 568 | 740 | 702 | 605 | 671 | 603 | |||||||||||||||||||||
Add fixed charges | 228 | 222 | 292 | 290 | 330 | 373 | 393 | |||||||||||||||||||||
Subtract capitalized interest | (2 | ) | (2 | ) | (3 | ) | (4 | ) | (3 | ) | (3 | ) | (3 | ) | ||||||||||||||
Earnings | 791 | 788 | 1 029 | 988 | 932 | 1 041 | 993 | |||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest expensed and capitalized | 152 | 151 | 198 | 203 | 235 | 279 | 304 | |||||||||||||||||||||
Add amortized premiums, discounts and capitalized expenses related to indebtedness | 3 | 3 | 4 | 6 | 14 | 10 | 10 | |||||||||||||||||||||
Add estimate of the interest within rental expense | 73 | 68 | 90 | 81 | 81 | 84 | 79 | |||||||||||||||||||||
Fixed charges | 228 | 222 | 292 | 290 | 330 | 373 | 393 | |||||||||||||||||||||
Ratio of earnings to fixed charges | 3.46x | 3.55x | 3.51x | 3.41x | 2.81x | 2.79x | 2.53x |