Exhibit 7.1



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

under IFRS



|                                                                                         |  |  |    |   |                         |  |       |      |  |  |       |   |  |      |       |   |      |  |       |   |  |  |       |  
|---------------------------------------------------------------------------------------- |  |  | -- | - | ----------------------- |  | ----- | ---- |  |  | ----- | - |  | ---- | ----- | - | ---- |  | ----- | - |  |  | ----- | -
|                                                                                         |  |  |    |   | Year ended December 31, | 
|                                                                                         |  |  |    |   | 2010                    |  |       | 2009 |  |  | 2008  |   |  | 2007 |       |   | 2006 | 
|                                                                                         |  |  |    |   | (millions of euros)     | 
|Earnings                                                                                 |  |  |    |   |                         |  |       |      |  |  |       |   |  |      |       |   |      |  |       |   |  |  |       |  
|Profit before tax from continuing operations                                             |  |  |    |   |                         |  | 4,127 |      |  |  | 3,339 |   |  |      | 2,894 |   |      |  | 4,120 |   |  |  | 5,366 |  
|Fixed charges                                                                            |  |  |    |   |                         |  | 2,189 |      |  |  | 2,177 |   |  |      | 2,361 |   |      |  | 2,432 |   |  |  | 2,502 |  
|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    |   |  |  | 49    |  
|Share of losses of associates and joint ventures accounted for using the equity method   |  |  |    |   |                         |  | 18    |      |  |  | 11    |   |  |      | 14    |   |      |  | 2     |   |  |  | 7     |  
|Capitalized interest for the applicable period                                           |  |  |    |   |                         |  |      |      |  |  |      |   |  |      |      |   |      |  |      |   |  |  |      |  
|Share of earnings of associates and joint ventures accounted for using the equity method |  |  |    |   |                         |  | (117  | )    |  |  | (80   | ) |  |      | (79   | ) |      |  | (89   | ) |  |  | (59   | )
|                                                                                         |  |  |    |   |                         |  |       |      |  |  |       |   |  |      |       |   |      |  |       |   |  |  |       |  
|                                                                                         |  |  | (A | ) |                         |  | 6,218 |      |  |  | 5,467 |   |  |      | 5,258 |   |      |  | 6,528 |   |  |  | 7,879 |  
|Fixed charges                                                                            |  |  |    |   |                         |  |       |      |  |  |       |   |  |      |       |   |      |  |       |   |  |  |       |  
|Interest expenses (both expensed and capitalized)                                        |  |  |    |   |                         |  | 2,145 |      |  |  | 2,129 |   |  |      | 2,333 |   |      |  | 2,416 |   |  |  | 2,488 |  
|Issue costs and any original issue debt discounts or premiums                            |  |  |    |   |                         |  |      |      |  |  | 7     |   |  |      | 7     |   |      |  | 7     |   |  |  | 7     |  
|Estimated interest within rental expense for operating leases                            |  |  |    |   |                         |  | 44    |      |  |  | 41    |   |  |      | 35    |   |      |  | 22    |   |  |  | 21    |  
|                                                                                         |  |  |    |   |                         |  |       |      |  |  |       |   |  |      |       |   |      |  |       |   |  |  |       |  
|                                                                                         |  |  | (B | ) |                         |  | 2,189 |      |  |  | 2,177 |   |  |      | 2,375 |   |      |  | 2,445 |   |  |  | 2,516 |  
|Ratio of Earnings to fixed charges (A/B)                                                 |  |  |    |   |                         |  | 2.84  |      |  |  | 2.51  |   |  |      | 2.21  |   |      |  | 2.67  |   |  |  | 3.13  |  
|                                                                                         |  |  |    |   |                         |  |       |      |  |  |       |   |  |      |       |   |      |  |       |   |  |  |       |