Exhibit 12.1
| Year ended December 31, | ||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
| (millions of euro, except ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Profit before tax from continuing operations | 13,901 | 6,488 | 5,864 | 6,280 | 3,635 | |||||||||||||||
Share of (profit) loss of investments accounted for by the equity method | (76 | ) | 635 | 1,275 | 304 | 510 | ||||||||||||||
Dividends from investments accounted for by the equity method | 97 | 45 | 57 | 28 | 34 | |||||||||||||||
Fixed charges (see below) | 3,329 | 3,609 | 4,025 | 3,629 | 3,511 | |||||||||||||||
Capitalized interest, net of amortization | 3 | 3 | 3 | — | — | |||||||||||||||
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Earnings | 17,254 | 10,780 | 11,224 | 10,241 | 7,690 | |||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Finance cost, including amortization of debt expense and similar charges | 3,329 | 3,609 | 4,025 | 3,629 | 3,511 | |||||||||||||||
Capitalized interest | — | — | — | — | — | |||||||||||||||
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Total fixed charges | 3,329 | 3,609 | 4,025 | 3,629 | 3,511 | |||||||||||||||
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Ratio of earnings to fixed charges | 5.2 | 3.0 | 2.8 | 2.8 | 2.2 | |||||||||||||||
For the purpose of calculating the ratio of earnings to fixed charges, earnings consist of profit before tax from continuing operations, before share of profit or loss of investments accounted for by the equity method, plus dividends from investments accounted for by the equity method, fixed charges and capitalized interest net of amortization. Fixed charges consist of finance costs, including amortization of debt expense and similar charges, and capitalized interest.
