Exhibit 7.1



Statement explaining computation of ratio of Earnings to fixed
charges under IFRS



|                                                                                         |  |     |  |                         |        |      |      |  |       |      |  |  |       |   |  |      |       |   |  |  |       |  
|---------------------------------------------------------------------------------------- |  | --- |  | ----------------------- | ------ | ---- | ---- |  | ----- | ---- |  |  | ----- | - |  | ---- | ----- | - |  |  | ----- | -
|                                                                                         |  |     |  | Year ended December 31, |       
|                                                                                         |  |     |  | 2011                    |        |      | 2010 |  |       | 2009 |  |  | 2008  |   |  | 2007 |      
|                                                                                         |  |     |  | (millions of euros)     |       
|Earnings                                                                                 |  |     |  |                         |        |      |      |  |       |      |  |  |       |   |  |      |       |   |  |  |       |  
|Profit (loss) before tax from continuing operations                                      |  |     |  |                         | (2,624 | )    |      |  | 4,132 |      |  |  | 3,339 |   |  |      | 2,894 |   |  |  | 4,120 |  
|Fixed charges                                                                            |  |     |  |                         | 2,098  |      |      |  | 2,189 |      |  |  | 2,177 |   |  |      | 2,361 |   |  |  | 2,432 |  
|Amortization of capitalized interest and issue debt discounts or premiums                |  |     |  |                         |       |      |      |  |      |      |  |  |      |   |  |      |      |   |  |  |      |  
|Dividends from associates and joint ventures accounted for using the equity method       |  |     |  |                         |       |      |      |  | 1     |      |  |  | 20    |   |  |      | 54    |   |  |  | 50    |  
|Share of losses of associates and joint ventures accounted for using the equity method   |  |     |  |                         | 41     |      |      |  | 18    |      |  |  | 11    |   |  |      | 14    |   |  |  | 2     |  
|Capitalized interest for the applicable period                                           |  |     |  |                         |       |      |      |  |      |      |  |  |      |   |  |      |      |   |  |  |      |  
|Share of earnings of associates and joint ventures accounted for using the equity method |  |     |  |                         | (2     | )    |      |  | (117  | )    |  |  | (80   | ) |  |      | (79   | ) |  |  | (89   | )
|                                                                                         |  |     |  |                         |        |      |      |  |       |      |  |  |       |   |  |      |       |   |  |  |       |  
|                                                                                         |  | (A) |  |                         | (487   | )    |      |  | 6,223 |      |  |  | 5,467 |   |  |      | 5,258 |   |  |  | 6,528 |  
|Fixed charges                                                                            |  |     |  |                         |        |      |      |  |       |      |  |  |       |   |  |      |       |   |  |  |       |  
|Interest expenses (both expensed and capitalized)                                        |  |     |  |                         | 2,053  |      |      |  | 2,145 |      |  |  | 2,129 |   |  |      | 2,333 |   |  |  | 2,416 |  
|Issue costs and any original issue debt discounts or premiums                            |  |     |  |                         |       |      |      |  |      |      |  |  | 7     |   |  |      | 7     |   |  |  | 7     |  
|Estimated interest within rental expense for operating leases                            |  |     |  |                         | 45     |      |      |  | 44    |      |  |  | 41    |   |  |      | 35    |   |  |  | 22    |  
|                                                                                         |  |     |  |                         |        |      |      |  |       |      |  |  |       |   |  |      |       |   |  |  |       |  
|                                                                                         |  | (B) |  |                         | 2,098  |      |      |  | 2,189 |      |  |  | 2,177 |   |  |      | 2,375 |   |  |  | 2,445 |  
|Ratio of Earnings to fixed charges (A/B)                                                 |  |     |  |                         | (0.23  | )(1) |      |  | 2.84  |      |  |  | 2.51  |   |  |      | 2.21  |   |  |  | 2.67  |  
|                                                                                         |  |     |  |                         |        |      |      |  |       |      |  |  |       |   |  |      |       |   |  |  |       |  



|(1) | Due to the loss in 2011, the ratio coverage was less than 1:1. The Company would have needed to generate additional earnings of 2,585 million euros to
achieve a coverage of 1:1 in 2011.
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