EX-7 5 d304051dex7.htm RATIO OF EARNINGS TO FIXED CHARGES.

19.7 Exhibit 7 Ratio of earnings to fixed charges

19 Exhibits 19.7 - 19.7

Unaudited calculation of ratio of earnings to fixed charges

in millions of euros unless otherwise stated

|  | 2007 |  |  | 2008 |  |  | 2009 |  |  | 2010 |  |  | 2011 |
Income(loss) before taxes |  |  | 4,628 |  |  |  | 384 |  |  |  | 498 |  |  |  | 1,959 |  |  |  | (509 | )
Fixed charges |  |  | 391 |  |  |  | 355 |  |  |  | 419 |  |  |  | 366 |  |  |  | 356 |
Dividend received from associates |  |  | 48 |  |  |  | 66 |  |  |  | 35 |  |  |  | 19 |  |  |  | 44 |
Total earnings |  |  | 5,067 |  |  |  | 804 |  |  |  | 952 |  |  |  | 2,344 |  |  |  | (110 | )
Interest paid to third party on loans and borrowings |  |  | 278 |  |  |  | 243 |  |  |  | 294 |  |  |  | 263 |  |  |  | 245 |
Costs related to indebtedness |  |  | 10 |  |  |  | 9 |  |  |  | 10 |  |  |  | 16 |  |  |  | 14 |
Interest included in capital lease payments |  |  | 1 |  |  |  | 3 |  |  |  | 3 |  |  |  | 2 |  |  |  | 3 |
One third of rental expense (being that portion of rental expense representative of the interest factor) |  |  | 101 |  |  |  | 99 |  |  |  | 112 |  |  |  | 84 |  |  |  | 94 |
Total fixed charges |  |  | 391 |  |  |  | 355 |  |  |  | 419 |  |  |  | 366 |  |  |  | 356 |
Ratio of earnings to fixed charges |  |  | 13.0 |  |  |  | 2.3 |  |  |  | 2.3 |  |  |  | 6.4 |  |  |  | 466 | 1)

1) | The dollar amount of the deficiency