Exhibit 12.1
ECOPETROL S.A.
Computation of Ratios of Earnings to Fixed Charges
The following table sets forth Ecopetrol’s consolidated ratio of earnings to fixed charges for the years ended December 31, 2008, 2007, 2006, 2005 and 2004 and for the nine-month periods ended September 30, 2009 and 2008, in accordance with Colombian Government Entity GAAP (express in millions of pesos).
For the year ended December 31, | For the period ended September 30, | |||||||||||||||||||||||||||
Period | 2008 | 2007 | 2006 | 2005 | 2004 | 2009 | 2008 | |||||||||||||||||||||
Consolidated, audited | Consolidated, unaudited | |||||||||||||||||||||||||||
Pre-tax income before minority interest | 16,011,204 | 7,065,304 | 4,891,142 | 4,288,331 | 2,916,389 | 4,909,690 | 13,303,972 | |||||||||||||||||||||
Income from equity investees | (110,824 | ) | (881 | ) | - | - | - | (18,801 | ) | (12,561 | ) | |||||||||||||||||
Loss from equity investees | 185,606 | 115 | - | - | - | - | - | |||||||||||||||||||||
Dividends from unconsolidated subsidiaries | (39,468 | ) | (25,387 | ) | (36,093 | ) | (29,525 | ) | (41,245 | ) | (31,687 | ) | (39,468 | ) | ||||||||||||||
Pre-tax income before adjustments for minority interests and income (loss) from equity investees | 16,046,518 | 7,039,151 | 4,855,049 | 4,258,806 | 2,875,144 | 4,859,202 | 13,251,943 | |||||||||||||||||||||
Fixed Charges | 46,896 | 23,523 | 25,668 | 26,074 | 29,088 | 131,459 | 15,590 | |||||||||||||||||||||
Pre-tax income before adjustments for minority interests and income (loss) from equity investees plus fixed charges | 16,093,414 | 7,062,674 | 4,880,717 | 4,284,880 | 2,904,232 | 4,990,661 | 13,267,533 | |||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest Expenses | 19,376 | 1,021 | 6,994 | 6,737 | 14,686 | 113,348 | 541 | |||||||||||||||||||||
Estimated interest within rental expense | 27,520 | 22,502 | 18,674 | 19,337 | 14,402 | 18,110 | 15,049 | |||||||||||||||||||||
Total Fixed Charges | 46,896 | 23,523 | 25,668 | 26,074 | 29,088 | 131,459 | 15,590 | |||||||||||||||||||||
Ratio of Earnings to fixed charges | 343.17 | 300.24 | 190.15 | 164.34 | 99.84 | 37.96 | 851.05 |
Source: Ecopetrol’s financial statements.
The following table sets forth Ecopetrol’s consolidated ratio of earnings to fixed charges for the years ended December 31, 2008, 2007 and 2006 and for the nine-month periods ended September 30, 2009 and 2008, in accordance with U.S. GAAP (express in millions of pesos).
Consolidated | ||||||||||||||||||||
For the year ended December 31, | For the period ended September 30, | |||||||||||||||||||
Period | 2008 | 2007 | 2006 | 2009 | 2008 | |||||||||||||||
Consolidated, audited | Consolidated, unaudited | |||||||||||||||||||
Pre-tax income before minority interest | 13,427,443 | 8,710,648 | 7,765,863 | 6,300,728 | 12,322,796 | |||||||||||||||
Income from equity investees | (401,340 | ) | (748,159 | ) | (22,483 | ) | (314,537 | ) | (652,233 | ) | ||||||||||
Loss from equity investees | - | - | - | - | - | |||||||||||||||
Dividends from unconsolidated subsidiaries | (39,468 | ) | (25,387 | ) | (36,093 | ) | (31,687 | ) | (39,468 | ) | ||||||||||
Pre-tax income before adjustments for minority interests and income (loss) from equity investees | 12,986,635 | 7,937,102 | 7,707,287 | 5,954,504 | 11,631,095 | |||||||||||||||
Fixed Charges | 92,082 | 69,246 | 79,715 | 182,388 | 59,392 | |||||||||||||||
Pre-tax income before adjustments for minority interests and income (loss) from equity investees plus fixed charges | 13,078,717 | 8,006,348 | 7,787,002 | 6,136,892 | 11,690,487 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest Expenses | 75,228 | 54,783 | 68,881 | 165,545 | 44,343 | |||||||||||||||
Interest Capitalized | - | 1,228 | 1,635 | - | - | |||||||||||||||
Estimated interest within rental expense | 16,854 | 13,235 | 9,199 | 16,843 | 15,049 | |||||||||||||||
Total Fixed Charges | 92,082 | 69,246 | 79,715 | 182,388 | 59,392 | |||||||||||||||
Ratio of Earnings to fixed charges | 142.03 | 115.62 | 97.69 | 33.65 | 196.83 |
Source: Ecopetrol’s financial statements.
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