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 |