Grupo TMM, S.A.B. (GTMAY) 20-F 2004 FY Annual report (foreign)

EXHIBIT 7.1

Grupo TMM, S.A. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UNDER U.S. GAAP

			December 31,
			2004			2003			2002			2001			2000
			(Amounts in thousands of dollars)
Historical ratio (U.S. GAAP):
Fixed charges:
	Interest costs and amortization on debt discount or premium in all indebtedness			97,367			61,004			64,337			53,317			58,800
	Portion of rent expense representative of interest factor(A)			16,777			12,048			10,225			17,491			19,302
		Fixed charges		114,144			73,052			74,562			70,808			78,102
Earnings:
	Pretax income from continuing operations			(65,752	)		(118,335	)		(52,631	)		(54,772	)		(35,864	)
	Less:
		Minority interest		2,635			1,588			(669	)		4,400			7,759
		Equity investee income/loss		(885	)		759			(918	)		(1,374	)		(541	)
	Fixed charges			114,144			73,052			74,562			70,808			78,102
	Amortization of capitalized interest			345			345			345			345			345
	Distributed income of equity investees						—			1,274			—			—
		Earnings		50,487			(42,591	)		21,963			19,407			49,801
Ratio of earnings to fixed charges				(N/A	)(B)		(N/A	)(B)		(N/A	)(B)		(N/A	)(B)		(N/A	)(B)

(A)	The Company considered one-third of the rent expense as imputed interest factor.
(B)	Due to the registrant’s loss in 2004, 2003, 2002, 2001 and 2000, the ratio of earnings to fixed charges was less than 1:1. The registrant must generate additional earnings of $63.6 million, $115.6 million, $52.6 million, $51.4 million and $28.3 million, respectively, to achieve a coverage ratio of 1:1.

      Note: This information reflects discontinued operations figures (see Note 2 of the Financial Statements).

Grupo TMM and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UNDER IFRS

			December 31,
			2004			2003			2002			2001			2000
			(Amounts in thousands of dollars)
Historical ratio (IFRS):
Fixed charges:
	Interest costs and amortization on debt discount or premium in all indebtedness			89,317			61,297			61,632			54,100			58,509
	Portion of rent expense representative of interest factor(A)			17,851			13,121			13,511			19,895			21,211
		Fixed charges		107,168			74,418			75,143			73,995			79,720
Earnings:
	Pretax income from continuing operations			(68,314	)		(122,472	)		(68,521	)		(58,507	)		(30,716	)
	Less:
		Minority interest		2,655			2,042			(552	)		4,199			12,633
		Equity investee (income) loss		(885	)		759			(918	)		(1,374	)		(541	)
	Fixed charges			107,168			74,418			75,143			73,995			79,720
	Amortization of capitalized interest			345			345			345			345			345
	Distributed income of equity investees			—			—			1,274			—			—
		Earnings		40,969			(44,908	)		6,771			18,658			61,441
Ratio of earnings to fixed charges				(N/A	)(B)		(N/A	)(B)		(N/A	)(B)		(N/A	)(B)		(N/A	)(B)

(A)	The Company considered one-third of the rent expense as imputed interest factor.
(B)	Due to the registrant’s loss in 2004, 2003, 2002, 2001 and 2000, the ratio of earnings to fixed charges was less than 1:1. The registrant must generate additional earnings of $66.2 million, $119.3 million, $68.4 million, $55.3 million and $18.3 million, respectively, to achieve a coverage ratio of 1:1.

      Note: This information reflects discontinued operations figures (see Note 2 of the Financial Statements).