Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| Six Months Ended June 30, |
| Year Ended December 31, |
| ||||||||||
In millions $ |
| 2008 |
| 2007 |
| 2007 |
| 2006 |
| 2005 |
| 2004(1) |
| 2003(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes |
| 5,320 |
| 4,691 |
| 7,487 |
| 7,994 |
| 6,867 |
| 6,128 |
| 5,396 |
|
- Results from associated companies |
| 256 |
| 192 |
| 412 |
| 264 |
| 193 |
| 68 |
| -279 |
|
Income from continuing operations before taxes (after eliminating our share of results from associated companies) |
| 5,064 |
| 4,499 |
| 7,075 |
| 7,730 |
| 6,674 |
| 6,060 |
| 5,675 |
|
+ Fixed charges |
| 174 |
| 166 |
| 354 |
| 379 |
| 406 |
| 357 |
| 320 |
|
+ Dividends from associated companies |
| 248 |
| 153 |
| 155 |
| 114 |
| 96 |
| 73 |
| 62 |
|
Total EARNINGS |
| 5,486 |
| 4,818 |
| 7,584 |
| 8,223 |
| 7,176 |
| 6,490 |
| 6,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 118 |
| 110 |
| 237 |
| 266 |
| 294 |
| 261 |
| 243 |
|
Interest within rental expense (1/3 of rental) |
| 56 |
| 56 |
| 117 |
| 113 |
| 112 |
| 96 |
| 77 |
|
Total FIXED CHARGES |
| 174 |
| 166 |
| 354 |
| 379 |
| 406 |
| 357 |
| 320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings to Fixed Charges |
| 31.5 |
| 29.0 |
| 21.4 |
| 21.7 |
| 17.7 |
| 18.2 |
| 18.9 |
|
(1) We adopted a number of new International Financial Reporting Standards from January 1, 2005, not all of which required retrospective application. Data for 2004 and 2003 is therefore not comparable with 2007, 2006 and 2005.
1