EX-12.1 5 d538045dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES(1)

 

     Year ended December 31,  
     2013      2014      2015      2016      2017  
     (millions of euro, except ratios)  

Earnings:

               

Profit before tax from continuing operations

      6,280        3,635        906        3,245        4,597  

Share of (income) loss of investments accounted for by the equity method

      304        510        10        5        (5 ) 

Dividends from joint ventures and investments accounted for by the equity method

      28        34        11        13        11  

Fixed charges (see below)

      3,629        3,511        4,417        4,476        3,363  

Capitalized interest, net of amortization

      —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings

      10,241        7,690        5,344        7,739        7,966  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges:

               

Finance cost, including amortization of debt expense and similar charges

      3,629        3,511        4,417        4,476        3,363  

Capitalized interest

      —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

      3,629        3,511        4,417        4,476        3,363  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

      2.8        2.2        1.2        1.7        2.4  

 

(1) For the purpose of calculating ratios of earnings to fixed charges, earnings consist of profit before tax from continuing operations, plus share of income 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.