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, first, by determining the sum of: (a) net profit before taxation and the Unilever Group’s share of net profit/(loss) of joint ventures and associates; (b) dividend income receivable from joint ventures and associates; and (c) 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 |
| Year ended December 31, |
| ||||||||
|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
|
| (€ million) |
| ||||||||||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit |
| 2,995 |
| 5,263 |
| 4,836 |
| 4,491 |
| 4,465 |
| 3,646 |
|
Add: Taxation |
| 1,223 |
| 1,851 |
| 1,697 |
| 1,575 |
| 1,486 |
| 1,253 |
|
(Less)/Add: Share of net profit/(loss) of joint ventures and associates |
| (61 | ) | (113 | ) | (105 | ) | (113 | ) | (111 | ) | (115 | ) |
Add: Dividend income receivable from joint ventures and associates |
| 60 |
| 110 |
| 119 |
| 111 |
| 141 |
| 177 |
|
Add: Fixed charges |
| 354 |
| 663 |
| 712 |
| 691 |
| 634 |
| 640 |
|
|
| 4,571 |
| 7,774 |
| 7,259 |
| 6,755 |
| 6,615 |
| 5,601 |
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs |
| 273 |
| 500 |
| 526 |
| 540 |
| 480 |
| 483 |
|
Add: One-third of lease costs |
| 81 |
| 163 |
| 186 |
| 151 |
| 154 |
| 157 |
|
|
| 354 |
| 663 |
| 712 |
| 691 |
| 634 |
| 640 |
|
Ratio of earnings to fixed charges (times) |
| 12.9 |
| 11.7 |
| 10.2 |
| 9.8 |
| 10.4 |
| 8.8 |
|