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.
Year Ended December 31, | ||||||||||||||||||||
(in millions of euros) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Earnings | ||||||||||||||||||||
Profit before tax and discontinued operations | 631 | 821 | 740 | 702 | 605 | |||||||||||||||
Add fixed charges | 313 | 303 | 292 | 290 | 331 | |||||||||||||||
Subtract capitalized interest | (2 | ) | (3 | ) | (3 | ) | (4 | ) | (3 | ) | ||||||||||
Earnings | 942 | 1 121 | 1 029 | 988 | 933 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expensed and capitalized | 202 | 200 | 198 | 203 | 235 | |||||||||||||||
Add amortized premiums, discounts and capitalized expenses related to indebtedness | 7 | 4 | 4 | 6 | 15 | |||||||||||||||
Add estimate of the interest within rental expense | 104 | 99 | 90 | 81 | 81 | |||||||||||||||
Fixed charges | 313 | 303 | 292 | 290 | 331 | |||||||||||||||
Ratio of earnings to fixed charges | 3.01x | 3.70x | 3.51x | 3.41x | 2.81x |