EX-12.1 15 u48890exv12w1.htm EX-12.1 EX-12.1
 

Exhibit 12.1

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

U.S. GAAP basis
(Amounts in millions of dollars)

                                         
    Year ending December 31,  
    2004     2003     2002     2001     2000  
Earnings
                                       
Pre-tax income from continuing operations before adjustment for minority interest and income from equity investees
    27,139       18,613       14,871       16,307       21,441  
Total fixed charges
    1,473       1,424       1,568       1,075       1,325  
Distributed income from equity investees
    3,472       2,192       1,571       1,800       1,832  
Interest capitalized
    (206 )     (44 )     (43 )     (32 )     (51 )
Preference security dividend requirements of consolidated subsidiaries
    (9 )     (5 )     (8 )     (13 )     (17 )
 
                             
Total earnings
    31,869       22,180       17,959       19,137       24,530  
 
                             
 
                             
 
                                       
Fixed charges
                                       
Interest expensed and capitalized
    839       828       883       662       877  
Interest within rental expense
    625       591       677       400       431  
Preference security dividend requirements of consolidated subsidiaries
    9       5       8       13       17  
 
                             
Total fixed charges
    1,473       1,424       1,568       1,075       1,325  
 
                             
 
                             
 
                                       
Ratio of Earnings to Fixed Charges
    21.64       15.58       11.45       17.80       18.51