EX-12.1 2 d340872dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

 

     Year ended December 31,  
     2012      2013      2014      2015      2016  
     (millions of euro, except ratios)  

Earnings:

               

Profit before tax from continuing operations

      5,864        6,280        3,635        906        3,245  

Share of (profit) loss of associates

      1,275        304        510        10        5  

Dividends from joint ventures and associates

      57        28        34        11        13  

Fixed charges (see below)

      4,025        3,629        3,511        4,417        4,476  

Capitalized interest, net of amortization

      3        —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings

      11,224        10,241        7,690        5,344        7,739  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges:

               

Finance cost, including amortization of debt expense and similar charges

      4,025        3,629        3,511        4,417        4,476  

Capitalized interest

      —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

      4,025        3,629        3,511        4,417        4,476  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

      2.8        2.8        2.2        1.2        1.7  

 

For the purpose of calculating ratios of earnings to fixed charges, earnings consist of profit before tax from continuing operations, plus share of profit or loss of investments accounted for by the equity method, dividends from joint ventures and 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.

 

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