Compania Arrendadora TMM Sa De CV F4 Registration of securities | SEC 27 Jan 04

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Exhibit 12.1

GRUPO TMM, S.A.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in thousands of US dollars)

			Six Months Ended June 30,				Year Ended December 31,
			2003		2002		2002		2001		2000		1999
Historical ratio (U.S. GAAP):
Fixed charges:
	Interest costs and amortization on debt discount or premium on all indebtedness		90,001		71,896		162,498		142,036		165,767		167,919
	Portion of rent expense representative of interest factor(A)		14,086		15,644		27,574		34,310		31,597		21,500

		Fixed charges	104,087		87,540		190,072		176,346		197,364		189,419

Earnings:
	Pretax income (loss) from continuing operations		(57,397	)	(52,227	)	(96,701	)	(13,631	)	(33,781	)	70,790
	Less:
		Minority interest	11,419		54,570		97,418		82,714		55,945		(100,130	)
		Equity investee income/loss	800		1,751		2,187		459		522		1,247
	Fixed charges		104,087		87,540		190,072		176,346		197,364		189,419
	Amortization of capitalized interest		172		172		345		345		345		345
	Distributed income of equity investees		—		1,274		1,274

			57,481		89,578		190,219		245,315		219,351		159,177
	Less:
		Interest capitalized
		Earnings	57,481		89,578		190,219		245,315		219,351		159,177

Ratio of earnings to fixed charges			(N/A	)(B)	1.02		1.00		1.39		1.11		(N/A	)(B)

COMPUTATION OF PRO FORMA RATIO OF EARNINGS

TO FIXED CHARGES FOR

ADJUSTMENT FOR ISSUANCE OF DEBT

	Six Months Ended June 30,
	2003		2002
Pretax income from continuing operations less minority interest and equity investees plus fixed charges, amortization of capitalized interest and distributed income of equity investees	47,891		171,040
Fixed charges as above	104,087		190,072
Estimated net increase in interest and amortization of debt expense for refinancing	9,589		19,179

Total pro forma fixed charges	113,676		209,251

Pro forma ratio of earnings to fixed charges	N/A	(C)	N/A	(C)

(A): The Company considered one third of the rent expense as imputed interest factor.
(B): Due to the registrant's loss in the six months ended June 30, 2003 and the year ended December 31, 1999, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $46.6 million and $30.2 million, respectively, to achieve a coverage ratio of 1:1.
(C): Due to the registrant's loss in the six months ended June 30, 2003 and 2002, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $65.8 million and $38.2 million, respectively, to achieve a coverage ratio of 1:1.

Note: This information reflects discontinued Ports and Terminals figures.

Grupo TMM, S.A.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in thousands of dollars)

			Six Months Ended June 30,				Year Ended December 31,
			2003		2002		2002		2001	2000		1999		1998
Historical ratio (IAS GAAP):
Fixed charges:
	Interest costs and amortization on debt discount or premium on all indebtedness		89,925		72,829		163,430		141,103	165,767		167,919		168,100
	Portion or rent expense representative of interest factor(A)		15,448		18,045		33,194		38,839	35,653		24,148		25,104

		Fixed charges	105,373		90,874		196,624		179,942	201,420		192,067		193,204

Earnings:
	Pretax income (loss) from continuing operations		30,085		(9,318	)	(22,808	)	1,775	(15,783	)	29,349		(88,118	)
	Less:
		Minority interest	(8,548	)	19,428		(3,455	)	91,139	57,643		(39,873	)	15,885
		Equity investee income/loss	800		1,751		2,187		459	522		1,247		829
	Fixed charges		105,370		90,874		196,624		179,942	201,420		192,067		193,204
	Amortization of capitalized interest		172		172		345		345	345		345		345
	Distributed income of equity investees		—		1,274		1,274

			126,282		100,679		169,793		272,742	243,103		180,640		122,487
	Less:
		Interest capitalized
		Earnings	126,282		100,679		169,793		272,742	243,103		180,640		122,487

Ratio of earnings to fixed charges			1.20		1.11		(N/A	)(B)	1.52	1.21		(N/A	)(B)	(N/A	)(B)

COMPUTATION OF PRO FORMA RATIO OF EARNINGS

TO FIXED CHARGES FOR

ADJUSTMENT FOR ISSUANCE OF DEBT

	Six Months Ended June 30,
	2003	2002
Pretax income from continuing operations less minority interest and equity investees plus fixed charges, amortization of capitalized interest and distributed income of equity investees	116,693	150,614
Fixed charges as above	105,373	196,624
Estimated net increase in interest for refinancing	9,589	19,179

Total pro forma fixed charges	114,962	215,803

Pro forma ratio or earnings to fixed charges(**)	1.02	N/A	(C)

(A): The Company considered one third of the rent expense as imputed interest factor.
(B): Due to the registrant's loss in the years ended December 31, 2002, 1999, and 1998, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $26.8 million, $11.4 million and $70.7 million, respectively, to achieve a coverage ratio of 1:1.
(C): Due to the registrant's loss in the six months ended June 30, 2002, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $65.2 million to achieve a coverage ratio of 1:1.

Note: This information not reflects discontinued Ports and Terminals figures.

Compania Arrendadora TMM Sa De CV Inactive F-4Registration of securities (foreign)