EXHIBIT 99.2
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
MAXCOM TELECOMMUNICACIONES, S.A. DE C.V.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
IN ACCORDANCE WITH MEXICAN GAAP
(Amounts expressed in Thousands of Mexican Pesos
with Purchasing Power as of December 31, 2005)
2005 2004 2003 2002 2001
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Income (Loss) Before Income Tax (44,633) (104,334) (385,082) (819,336) (779,316)
Determination of the Ratio
Fixed charges:
Interest expense (1) 101,587 42,234 32,976 241,714 510,559
Interest capitalized during period 377 288 86 903 6,740
Rental expense 14,558 14,331 14,130 19,991 16,138
Amortization of Debt issuance costs 34,993 32,594 32,411 32,787 35,348
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Total fixed charges: 151,515 89,447 79,603 295,395 568,785
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Earnings:
Income (loss) from continuing operations (44,633) (104,334) (385,082) (819,336) (779,316)
Fixed charges 151,515 89,447 79,603 295,395 568,785
Amortization of capitalized interests 816 782 768 734 220
Less: interest capitalized during period (377) (288) (86) (903) (6,740)
Total earnings: 107,321 (14,394) (304,797) (524,110) (217,051)
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Ratio of Earnings to Fixed Charges .71 (.16) (3.83) (1.77) (.38)
INSUFFICIENCY 44,194 103,840 384,400 819,505 785,836
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(1) Bank's commissions are included in the interest income in selected
financial data