Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated using financial information prepared in accordance with IFRS.

		Six months				Year Ended December 31,
		ended June 30, 2011				2010				2009				2008				2007				2006
		(in thousands of Euros)
Computation of Fixed charges
Interest expense (1)			55,546				49,660				27,087				29,305				23,523				20,263
Add: Interest capitalized			260				2,399				1,278				0				0				0
Add: Estimated rental expenses (2)			1,454				1,927				1,736				1,658				1,114				1,124
Add: Preference security dividend requirement			0				0				0				0				0				21,877
Total Fixed Charges			57,260				53,986				30,101				30,963				24,637				43,264
Computation of Earnings
Profit/(loss) before tax from continuing operations before share of profit or loss of associates			89,580				158,663				203,943				172,245				123,568				63,433
Add: Fixed charges			57,260				53,986				30,101				30,963				24,637				43,264
Add: Distributed earnings of associates			0				0				0				0				0				0
Less: Preference security dividend requirement			0				0				0				0				0				0
Total earnings			146,840				212,649				234,044				203,208				148,205				106,697
Ratio of earnings to fixed charges			2.5645				3.9390				7.7752				6.5629				6.0155				2.4662