Exhibit 12.1
| Ratio of Earnings to Fixed Charges | Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||
| in NIS millions, other than ratio computation | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
| Pre-tax income (loss) | 489 | 2,489 | 1,488 | 2,450 | 3,171 | 2,381 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||
| Group share in earnings of equity-accounted investees | (35 | ) | (242 | ) | (12 | ) | (149 | ) | (299 | ) | (334 | ) | ||||||||||||
| Distribution of income from equity-accounted investees | 5 | 51 | 209 | 151 | 389 | 88 | ||||||||||||||||||
| Fixed Charges | 408 | 1,821 | 1,854 | 2,110 | 2,162 | 2,062 | ||||||||||||||||||
| Capitalized interest | (32 | ) | (134 | ) | (128 | ) | (113 | ) | (132 | ) | (105 | ) | ||||||||||||
| Earnings as defined (loss) | 835 | 3,985 | 3,410 | 4,449 | 5,291 | 4,092 | ||||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest expense | 380 | 1,697 | 1,689 | 1,958 | 1,978 | 1,910 | ||||||||||||||||||
| Net amortization of debt discount (premium) and issuance costs | (4 | ) | (10 | ) | 36 | 39 | 53 | 47 | ||||||||||||||||
| Capitalized interest | 32 | 134 | 128 | 113 | 132 | 105 | ||||||||||||||||||
| Fixed Charges | 408 | 1,821 | 1,854 | 2,110 | 2,162 | 2,062 | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges | 2.0 | 2.2 | 1.8 | 2.1 | 2.4 | 2.0 | ||||||||||||||||||