Exhibit 7.1
(1 of 2)
PETRÓLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES
Computation of ratio of earnings to fixed charges
(in thousands of pesos)(1)
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||
Mexican Financial Reporting Standards | |||||||||||||||
Fixed Charges(2): | |||||||||||||||
Interest capitalized in fixed assets | 3,813,747 | 1,057,440 | 5,350,849 | 6,996,305 | 5,540,983 | ||||||||||
Interest expense | 78,300,095 | 73,883,856 | 57,847,569 | 46,099,472 | 57,146,232 | ||||||||||
Total interest cost | 82,113,842 | 74,941,296 | 63,198,418 | 53,095,777 | 62,687,215 | ||||||||||
Total Fixed Charges | 82,113,842 | 74,941,296 | 63,198,418 | 53,095,777 | 62,687,215 | ||||||||||
Net income | (94,662,018 | ) | (112,076,444 | ) | (18,307,569 | ) | 46,953,205 | (82,357,983 | ) | ||||||
Hydrocarbons Income Tax (IRP) | 2,502,651 | 1,582,910 | 6,030,367 | 4,914,859 | 2,135,245 | ||||||||||
Income Tax and Others | 6,219,098 | 8,885,312 | 3,226,241 | 4,605,044 | 3,981,678 | ||||||||||
Cumulative effect of adoption of new accounting standards | — | — | — | — | (1,905,868 | ) | |||||||||
Profit sharing in subsidiaries and affiliates (income from equity investees) | 1,291,487 | 1,965,213 | (5,545,054 | ) | (10,073,577 | ) | (8,658,665 | ) | |||||||
Pretax income from continuing operations before income from equity investees | (84,648,782 | ) | (99,643,009 | ) | (14,596,015 | ) | 46,399,531 | (86,805,593 | ) | ||||||
Fixed Charges(2): | 82,113,842 | 74,941,296 | 63,198,418 | 53,095,777 | 62,687,215 | ||||||||||
Amortization of interest capitalized | 152,550 | 42,298 | 214,034 | 279,852 | 221,639 | ||||||||||
Distribution of income from investments in shares | — | 2,923,216 | 3,558,680 | 5,876,453 | 5,486,425 | ||||||||||
Interest capitalized in fixed assets | (3,813,747 | ) | (1,057,440 | ) | (5,350,849 | ) | (6,996,305 | ) | (5,540,983 | ) | |||||
Earnings | (6,196,137 | ) | (22,793,639 | ) | 47,024,268 | 98,655,308 | (23,951,297 | ) | |||||||
Amount by which fixed charges exceed earnings | 88,309,979 | 97,734,935 | 16,174,150 | 86,638,512 | |||||||||||
Ratio of earnings to fixed charges | 1.8581 |
(1) | Figures for 2005 and 2006 are stated in constant pesos as of December 31, 2007. Figures for 2008 and 2009 are stated in constant pesos as of December 31, 2009. |
(2) | These figures do not include rental expense. |
Exhibit 7.1
(2 of 2)
PETRÓLEOS MEXICANOS, SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES
Computation of ratio of earnings to fixed charges
(in thousands of pesos)(1)
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||
U.S. GAAP | |||||||||||||||
Fixed Charges(2): | |||||||||||||||
Interest capitalized in fixed assets | 3,813,747 | 559,607 | 7,797,815 | 8,659,013 | 6,321,963 | ||||||||||
Interest expense | 78,300,095 | 74,381,689 | 55,400,603 | 44,436,764 | 56,365,252 | ||||||||||
Total interest cost | 82,113,842 | 74,941,296 | 63,198,418 | 53,095,777 | 62,687,215 | ||||||||||
Total Fixed Charges | 82,113,842 | 74,941,296 | 63,198,418 | 53,095,777 | 62,687,215 | ||||||||||
Net income | (52,572,107 | ) | (67,765,607 | ) | (32,642,076 | ) | 56,722,446 | (79,791,073 | ) | ||||||
Hydrocarbons Income Tax (IRP) | 2,456,637 | 1,570,288 | 5,967,879 | 4,840,082 | 2,577,913 | ||||||||||
Income Tax and Others | 6,219,098 | 8,885,312 | 3,226,241 | 4,605,044 | 3,981,678 | ||||||||||
Cumulative effect of adoption of new accounting standards | — | — | — | — | (1,905,868 | ) | |||||||||
Profit sharing in subsidiaries and affiliates (income from equity investees) | 1,291,487 | (1,815,570 | ) | (5,791,312 | ) | (7,078,235 | ) | (7,828,486 | ) | ||||||
Non-controlling interest | (160,285 | ) | (140,652 | ) | 6,089 | 54,789 | (1,159,233 | ) | |||||||
Pretax income from continuing operations before income from equity investees | (42,765,170 | ) | (59,266,229 | ) | (29,233,179 | ) | 59,144,126 | (84,125,069 | ) | ||||||
Fixed Charges(2): | 82,113,842 | 74,941,296 | 63,198,418 | 53,095,777 | 62,687,215 | ||||||||||
Amortization of interest capitalized | 152,550 | 22,384 | 311,913 | 346,361 | 252,879 | ||||||||||
Distribution of income from investments in shares | — | 2,923,216 | 3,558,680 | 5,876,453 | 5,486,425 | ||||||||||
Interest capitalized in fixed assets | (3,813,747 | ) | (559,607 | ) | (7,797,815 | ) | (8,659,013 | ) | (6,321,963 | ) | |||||
Earnings | 35,687,475 | 18,061,060 | 30,038,017 | 109,803,704 | (22,020,513 | ) | |||||||||
Amount by which fixed charges exceed earnings | 46,426,367 | 56,880,236 | 33,160,401 | 84,707,728 | |||||||||||
Ratio of earnings to fixed charges | 2.0680 |
(1) | Figures for 2005 and 2006 are stated in constant pesos as of December 31, 2007. Figures for 2008 and 2009 are stated in constant pesos as of December 31, 2009. |
(2) | These figures do not include rental expense. |