Exhibit 12.1
| For the three months ended March 31, | Year ended December 31, | |||||||||||||||||||||||
| 2012 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||
| (millions of euro, except ratios) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Profit before tax from continuing operations | 1,212 | 10,684 | 10,915 | 10,387 | 13,901 | 6,488 | ||||||||||||||||||
Share of (profit) loss of associates | 481 | (140 | ) | 161 | (47 | ) | (76 | ) | 635 | |||||||||||||||
Dividends from joint ventures and associates | — | 218 | 65 | 58 | 97 | 45 | ||||||||||||||||||
Fixed charges (see below) | 970 | 3,554 | 3,648 | 3,581 | 3,329 | 3,609 | ||||||||||||||||||
Capitalized interest, net of amortization | — | 3 | 3 | 3 | 2 | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings | 2,663 | 14,319 | 14,792 | 13,982 | 17,253 | 10,779 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Finance cost, including amortization of debt expense and similar charges | 970 | 3,554 | 3,648 | 3,581 | 3,329 | 3,609 | ||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 970 | 3,554 | 3,648 | 3,581 | 3,329 | 3,609 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | 2.7 | 4.0 | 4.1 | 3.9 | 5.2 | 3.0 | ||||||||||||||||||
For the purpose of calculating ratios of earnings to fixed charges, earnings consist of profit before tax from continuing operations, plus share of profit or loss of associates, dividends from joint ventures and associates, fixed charges and capitalized interest net of amortization. Fixed charges consist of finance costs, including amortization of debt expense and similar charges, and capitalized interest.
