Exhibit 12
Calculation 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 by determining the sum of: (a) net profit; (b) taxation charge/(income); (c) the Unilever Group’s share of net profit/(loss) of joint ventures and associates; (d) dividend income receivable from joint ventures and associates; and (e) fixed charges, as defined below.
Fixed charges are calculated as the sum of: (a) finance costs (both expensed and capitalized); and (b) one-third of lease costs (e.g., that portion of rental expense that is representative of the interest factor).
|
| Six |
|
|
|
|
|
|
|
|
|
|
|
|
| 30 |
| Year ended December 31 |
| ||||||||
|
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
|
|
| (€ million) |
| ||||||||||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit |
| 3,317 |
| 5,547 |
| 5,259 |
| 5,515 |
| 5,263 |
| 4,836 |
|
(Less)/Add: Taxation charge/(income) |
| 1,315 |
| 1,922 |
| 1,961 |
| 2,131 |
| 1,851 |
| 1,697 |
|
(Less)/Add: Share of net profit/(loss) of joint ventures and associates |
| (75) |
| (127 | ) | (107 | ) | (98 | ) | (113 | ) | (105 | ) |
Add: Dividend income receivable from joint ventures and associates |
| 71 |
| 144 |
| 124 |
| 131 |
| 110 |
| 119 |
|
Add: Fixed charges |
| 426 |
| 761 |
| 694 |
| 678 |
| 663 |
| 712 |
|
|
| 5,054 |
| 8,247 |
| 7,931 |
| 8,357 |
| 7,774 |
| 7,259 |
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs |
| 331 |
| 584 |
| 516 |
| 500 |
| 500 |
| 526 |
|
Add: One-third of lease costs |
| 95 |
| 177 |
| 178 |
| 178 |
| 163 |
| 186 |
|
|
| 426 |
| 761 |
| 694 |
| 678 |
| 663 |
| 712 |
|
Ratio of earnings to fixed charges (times) |
| 11.9 |
| 10.8 |
| 11.4 |
| 12.3 |
| 11.7 |
| 10.2 |
|
