Exhibit 12.1
CONSORCIO G GRUPO DINA, S.A. de C.V.
COMPUTATION OF RATIOS OF EARNINGS TO
FIXED CHARGES (Expressed with currency of
purchasing power as of March 31, 1996)
Year Ended December 31,
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1991 1992 1993 1994 1995
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U.S. GAAP
Pretax earning U.S. GAAP
Net income (loss) U.S. GAAP Ps 524,396 Ps 434,055 Ps 377,054 Ps (503,009) Ps (267,299)
Add:
Deferred tax adjustment 17,515 40,666 117,927 239,894 121,022
Mexican GAAP tax expense 128,741 45,029 103,015 37,361 142,326
Asset tax expense 1,764 11,140 16,651 37,746 31,965
Tax effect of timing difference (8,749) 13,427 (5,583) 0 0
Tax credits
(51,671) (12,527) (25,118) 0 0
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611,996 531,790 583,946 (188,018) 28,014
Fixed charges
Interest expense 180,488 99,878 125,365 232,251 515,050
Amortization of deferred charges
on debt offering 0 969 5,713 34,963 110,400
Total fixed charges 180,488 100,847 131,078 267,214 625,450
Total earnings plus fixed charges Ps 792,484 Ps 632,637 Ps 715,024 Ps 79,196 Ps 653,464
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Ratio 4.39 6.27 5.45 0.30 1.04
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Mexican GAAP
Pretax earnings Mexican GAAP
Income (loss) before the following
provisions (credits) Mexican GAAP Ps 309,443 Ps 594,862 Ps 577,792 Ps (878,893) Ps (336,230)
Fixed charges
Interest Expense 180,488 99,878 125,365 232,251 515,050
Amortization of deferred
issuance cost on debt 0 969 5,713 34,963 110,400
Total fixed charges 180,488 100,847 131,078 267,214 625,450
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Total earnings plus fixed charges
Ps 885,931 Ps 695,709 Ps 708,870 Ps (611,679) Ps 289,220
============= ============ =========== ============== =============
Ratio of earnings to fixed charges 4.91 6.90 5.41 (2.29) 0.46