Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges is determined using the following applicable factors:
Earnings available for fixed charges are calculated first, by determining the sum of: (a) income/(loss) from continuing operations before income taxes and equity (income)/loss; (b) fixed charges, as defined below, (c) amortization of capitalized interest; and (d) distributions from equity method investees. From this total, we subtract capitalized interest.
Fixed charges are calculated as the sum of: (a) interest costs (both expensed and capitalized), which include the amortization of debt issuance costs and discounts or premiums relating to any indebtedness; and (b) that portion of rental expense that is representative of the interest factor (which is calculated as one-third of net operating lease expense).
| Fiat Chrysler Automobiles N.V. | ||||||||||||||||||
| STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||
Three months ended March 31, 2015 | Year ended December 31, 2014 | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | Year ended December 31, 2010 | |||||||||||||
| € million | ||||||||||||||||||
| Earnings: | ||||||||||||||||||
| Income/(loss) before income taxes | 186 | 1,176 | 1,015 | 1,524 | 1,932 | 706 | ||||||||||||
| Equity (income)/loss | (44 | ) | (117 | ) | (74 | ) | (74 | ) | (146 | ) | (120 | ) | ||||||
| Fixed charges | 456 | 1,696 | 1,392 | 1,364 | 1,106 | 810 | ||||||||||||
| Amortization of capitalized interest | 9 | 23 | 5 | 2 | — | — | ||||||||||||
| Distributions from Equity method investees | 112 | 87 | 92 | 89 | 105 | 62 | ||||||||||||
| Capitalized interest | (84 | ) | (256 | ) | (230 | ) | (189 | ) | (63 | ) | (3 | ) | ||||||
| Earnings available for fixed charges | 635 | 2,609 | 2,200 | 2,716 | 2,934 | 1,455 | ||||||||||||
| Fixed charges: | ||||||||||||||||||
| Interest expense | 359 | 1,375 | 1,096 | 1,114 | 1,004 | 791 | ||||||||||||
| Capitalized interest | 84 | 256 | 230 | 189 | 63 | 3 | ||||||||||||
| Estimated interest on operating leases | 13 | 65 | 66 | 61 | 39 | 16 | ||||||||||||
| Total fixed charges | 456 | 1,696 | 1,392 | 1,364 | 1,106 | 810 | ||||||||||||
| Ratio of earnings to fixed charges | 1.39 | 1.54 | 1.58 | 1.99 | 2.65 | 1.80 | ||||||||||||
| Deficiency of earnings to cover fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||