SEC Info - Telefonica SA, et al. - ‘F-3ASR’ on 5/13/15

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Telefonica SA, et al. – ‘F-3ASR’ on 5/13/15 – EX-12.1

On: Wednesday, 5/13/15, at 1:21pm ET · Effective: 5/13/15 · Accession #: 1193125-15-185497 · File #s: 333-204118, -01

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/13/15  Telefonica SA                     F-3ASR      5/13/15    7:598K                                   RR Donnelley/FA
          Telefonica Emisiones, S.A.U.

Automatic Shelf Registration Statement for Securities of a Well-Known Seasoned Foreign Private Issuer — Form F-3
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: F-3ASR      Automatic Shelf Registration Statement for          HTML    193K 
                          Securities of a Well-Known Seasoned                    
                          Foreign Private Issuer                                 
 2: EX-3.1      Articles of Incorporation/Organization or By-Laws   HTML    102K 
 3: EX-5.1      Opinion re: Legality                                HTML     15K 
 4: EX-5.2      Opinion re: Legality                                HTML     35K 
 5: EX-12.1     Statement re: Computation of Ratios                 HTML     18K 
 6: EX-23.1     Consent of Experts or Counsel                       HTML      6K 
 7: EX-25.1     Statement re: Eligibility of Trustee                HTML     35K

EX-12.1 — Statement re: Computation of Ratios

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

EX-12.1

Exhibit 12.1


	Year ended December 31,
	2010			2011		2012		2013		2014
	(millions of euro, except ratios)
Earnings:
Profit before tax from continuing operations		13,901			6,488		5,864		6,280		3,635
Share of (profit) loss of investments accounted for by the equity method		(76	)		635		1,275		304		510
Dividends from investments accounted for by the equity method		97			45		57		28		34
Fixed charges (see below)		3,329			3,609		4,025		3,629		3,511
Capitalized interest, net of amortization		3			3		3		—		—

Earnings		17,254			10,780		11,224		10,241		7,690

Fixed charges:
Finance cost, including amortization of debt expense and similar charges		3,329			3,609		4,025		3,629		3,511
Capitalized interest		—			—		—		—		—

Total fixed charges		3,329			3,609		4,025		3,629		3,511

Ratio of earnings to fixed charges		5.2			3.0		2.8		2.8		2.2

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

Dates Referenced Herein and Documents Incorporated by Reference

This ‘F-3ASR’ Filing	Date	Other Filings

Filed on / Effective on:	5/13/15
	12/31/10	20-F
		List all Filings

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Filing Submission 0001193125-15-185497 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)