Exhibit 12.1
ECOPETROL S.A.
Computation Of Ratio Of Earnings To Fixed Charges
The following table sets forth Ecopetrol’s consolidated ratio of earnings to fixed charges for the fiscal years ended December 31, 2012, 2011, 2010, 2009 and 2008 in accordance with Colombian Government Entity GAAP (expressed in millions of pesos).
Under Colombian Government Entity GAAP (expressed in millions of pesos)
Period | Consolidated | |||||||||||||||||||
December 2012 | December 2011 | December 2010 | December 2009 | December 2008(1) | ||||||||||||||||
Pre-tax income before minority interest | 22,331,701 | 23,641,432 | 11,492,617 | 7,250,844 | 16,011,204 | |||||||||||||||
Income from equity investees | (125,474 | ) | (141,647 | ) | (83,574 | ) | (55,143 | ) | (110,824 | ) | ||||||||||
Loss from equity investees | 197 | 372 | 802 | 0 | 185,606 | |||||||||||||||
Dividends of unconsolidated subsidiaries | (32,541 | ) | (10,135 | ) | (30,941 | ) | (31,687 | ) | (39,472 | ) | ||||||||||
Total income | 22,173,883 | 23,490,022 | 11,378,904 | 7,164,014 | 16,046,514 | |||||||||||||||
Fixed Charges without interest capitalized | 45,598 | 41,085 | 34,085 | 47,779 | 37,634 | |||||||||||||||
Income before fixed charges | 22,219,481 | 23,531,107 | 11,412,989 | 7,211,793 | 16,084,148 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest Expenses | 12,441 | 10,878 | 7,986 | 17,322 | 10,156 | |||||||||||||||
Estimate of interes within rental expense | 33,157 | 30,207 | 26,099 | 30,457 | 27,478 | |||||||||||||||
Total Fixed Charges | 45,598 | 41,085 | 34,085 | 47,779 | 37,634 | |||||||||||||||
Ratio of Earnings to fixed charges | 487.29 | 572.74 | 334.84 | 150.94 | 427.38 |
Under US GAAP (expressed in millions of pesos)
Period | Consolidated | |||||||||||||||||||
December 2012 | December 2011 | December 2010 | December 2009 | December 2008(1) | ||||||||||||||||
Pre-tax income before minority interest | 22,413,482 | 23,456,685 | 12,840,721 | 8,768,383 | 13,427,443 | |||||||||||||||
Income from equity investees | (15,725 | ) | (120,523 | ) | (59,784 | ) | (43,826 | ) | (266,500 | ) | ||||||||||
Loss from equity investees | 197 | 7,073 | 2,075 | 170,674 | 176,548 | |||||||||||||||
Dividends of unconsolidated subsidiaries | (32,541 | ) | (10,135 | ) | (30,941 | ) | (31,687 | ) | (39,472 | ) | ||||||||||
Total income | 22,365,413 | 23,333,100 | 12,752,071 | 8,863,544 | 13,298,019 | |||||||||||||||
Fixed Charges without interest capitalized | 44,548 | 40,812 | 33,252 | 46,680 | 35,579 | |||||||||||||||
Income before fixed charges | 22,409,961 | 23,373,912 | 12,785,323 | 8,910,224 | 13,333,598 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest Expenses | 12,441 | 10,878 | 7,986 | 17,322 | 10,156 | |||||||||||||||
Interest Capitalized | 2,647 | 1,676 | 118 | 582 | 1,006 | |||||||||||||||
Estimate of interes within rental expense | 29,460 | 28,258 | 25,149 | 28,776 | 24,417 | |||||||||||||||
Total Fixed Charges | 44,548 | 40,812 | 33,252 | 46,680 | 35,579 | |||||||||||||||
Ratio of Earnings to fixed charges | 503.05 | 572.72 | 384.49 | 190.88 | 374.76 |
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(1) | Our ratio of earnings to fixed charges for the fiscal year ended December 31, 2008 in accordance with both Colombian Government Entity GAAP and U.S. GAAP has been revised from the ratio reported in our registration statement on Form F-3 filed with the SEC on February 12, 2010 (File No. 333-164898) due to a correction in the reclassifications made on lease expenses and interest. |
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