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).
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| 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 |
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