Grupo TMM, S.A.B. (GTMAY) 20-F 2010 FY Annual report (foreign)

Exhibit 7.1

Grupo TMM, S.A.B. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UNDER IFRS
(Amounts in thousands of dollars)

	December 31,
	2010			2009			2008		2007			2006
Historical ratio:
Fixed charges:
Interest costs and amortization on debt discount or premium in all indebtedness		78,167			95,051			91,338		55,616			60,036
Portion of rent expense representative of interest factor (A)		12,454			15,566			25,720		22,683			16,663
Fixed charges		90,621			110,617			117,058		78,299			76,699
Earnings:
Pretax income from continuing operations		(78,097	)		(94,583	)		95,534		(29,193	)		(68,760	)
Less:
Non-controlling interest		1,647			1,380			507		160			509
Equity investee (income) loss		136			191			329		1,006			511
Fixed charges		90,621			110,617			117,058		78,299			76,699
Amortization of capitalized interest		—			—			—		—			—
Distributed income of equity investees		—			—			—		—			—
Less:
Capitalized interest								8,352		—			—
Earnings		10,741			14,463			203,404		47,940			6,919
Ratio of earnings to fixed charges		(N/A	)(B)		(N/A	)(B)		1.74		(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 2010, 2009, 2007 and 2006, the ratio of earning to fixed charges was less than 1:1. The registrant must generate additional earnings of $79.9 million, $96.2 million, $30.4 million, and $69.8 million respectively to achieve a coverage ratio of 1:1.