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 months ended June
	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