EX-12.1 9 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

Kansas City Southern de México, S.A. de C.V.

Schedule of Ratio of Earnings to Fixed Charges

(in millions of U.S. dollars, except ratio data)

	Year ended  December 31,
	2011		2010		2009		2008		2007
Earnings:
Pretax income from continuing operations, excluding equity in earnings of unconsolidated affiliates	$	219.7	$	88.5	$	3.4	$	109.2	$	121.3
Interest expense	77.0		94.6		106.6		83.4		81.9
Amortization of capitalized expenses	3.2		3.2		3.5		3.2		3.5
Portion of rents representative of an appropriate interest factor (1)	15.5		17.9		21.0		21.2		21.4
Distributions from unconsolidated affiliates	2.3		1.5		3.0		7.2		—
Income before income taxes and minority interest as adjusted	$	317.7	$	205.7	$	137.5	$	224.2	$	228.1
Fixed charges:
Interest expense	77.0		94.6		106.6		83.4		81.9
Amortization of capitalized expenses	3.2		3.2		3.5		3.2		3.5
Capitalized interest	—		—		—		0.6		—
Portion of rents representative of an appropriate interest factor (1)	15.5		17.9		21.0		21.2		21.4
Total fixed charges	$	95.7	$	115.7	$	131.1	$	108.4	$	106.8
Ratio of earnings to fixed charges	3.3		1.8		1.0		2.1		2.1

(1)Rents represent one-third of rents expense.