EX-12 8 dex12.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement regarding computation of ratio of earnings to fixed charges

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     (in millions of euros, except ratios)
     Year ended December, 31
     2007    2006    2005    2004    2003

IN ACCORDANCE WITH US GAAP

               

EARNINGS

               

Income before taxes

    4,465    1,229    1,662    1,948    681

Dividend income from equity accounted investees *

    48    7    312    59    1

Amortisation on capitalised interest

    8    8    9    9    8

Add: fixed charges

    405    494    436    462    530

Total earnings, as defined

    4,926    1,738    2,419    2,478    1,220

FIXED CHARGES

               

Interest paid

    279    339    289    306    361

Costs related to indebtedness

    10    15    11    10    7

Capitalised interest

    5    9    10    10    10

Rental expense representative of interest

    111    131    126    136    152

Total fixed charges, as defined

    405    494    436    462    530

RATIO OF EARNINGS TO FIXED CHARGES

    12.15    3.52    5.55    5.37    2.30

 

* In accordance with accounting principles, for the years 2006 and 2007 TSMC has been reclassified from an equity-accounted investee to a non-current financial asset.

Note: The years 2003 through 2006 have been restated to present the MDS business, Semiconductors division and Medquist business as discontinued operations.