Grupo TMM, S.A.B. 20F 2003 Annual report | GTMAY Filing

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Exhibit 12.1

Grupo TMM and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands of dollars)

		Year Ended December 31,
		2003		2002		2001		2000		1999
Historical ratio(U.S. GAAP):
Fixed charges:
	Interest costs and amortization on debt discount or premium in all indebtedness	173,904		162,498		142,036		165,767		167,919
	Portion of rent expense representative of interest factor(A)	29,879		27,574		34,310		31,597		21,500

	Fixed charges	203,783		190,072		176,346		197,364		189,419

Earnings:
	Pretax income from continuing operations	(168,496	)	(102,648	)	(14,761	)	(30,423	)	70,523
	Less:
	Minority interest	27,947		87,126		71,134		46,846		(104,628	)
	Equity investee income/loss	230		(2,187	)	(459	)	(522	)	(1,247	)
	Fixed charges	203,783		190,072		176,346		197,364		189,419
	Amortization of capitalized interest	345		345		345		345		345
	Distributed income of equity investees	—		1,274		—		—		—

		63,809		173,982		232,605		213,610		154,412

Ratio of earnings to fixed charges		(N/A	)(B)	(N/A	)(B)	1.32		1.08		(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 2003,2002 and 1999, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $140.0 million, $16.1 million and $35.0 million respectively to achieve a coverage ratio of 1:1.

Note: This information reflects discontinued Port and Terminals figures.

Grupo TMM and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands of dollars)

		Year Ended December 31,
		2003		2002		2001		2000		1999
Historical ratio(IFRS GAAP):
Fixed charges:
	Interest costs and amortization on debt discount or premium in all indebtedness	173,860		163,430		141,103		165,767		167,919
	Portion of rent expense representative of interest factor(A)	31,777		33,194		38,839		35,653		24,148

	Fixed charges	205,637		196,624		179,942		201,420		192,067

Earnings:
	Pretax income from continuing operations	(45,105	)	(22,808	)	1,775		(15,783	)	29,349
	Less:
	Minority interest	(31,248	)	(3,455	)	91,139		57,643		(39,873	)
	Equity investees income/loss	230		(2,187	)	(459	)	(522	)	(1,247	)
	Fixed charges	205,637		196,624		179,942		201,420		192,067
	Amortization of capitalized interest	345		345		345		345		345
	Distributed income of equity investees	—		1,274		—		—		—

		129,859		169,793		272,742		243,103		180,641

Ratio of earnings to fixed charges		(N/A	)(B)	(N/A	)(B)	1.52		1.21		(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 2003, 2002, and 1999, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $75.8 million, $26.8 million and $11.4 million respectively to achieve a coverage ratio of 1:1.

Note:This information not reflects discontinued Port and Terminals figures

Grupo TMM, S.A.B. (GTMAY) 20-F2003 FY Annual report (foreign)