EX-7.1 3 d339084dex71.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 7.1

(1 of 2)

PETROLEOS MEXICANOS SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES

Computation of ratio of earnings to fixed charges

(In Thousands of Mexican pesos)(1)

 

     2011     2010     2009     2008     2007  

Mexican GAAP

           

Fixed Charges(2):

           

Interest capitalized in fixed assets

      4,292,351        2,295,178        3,813,747        1,057,440        5,350,849   

Interest expense

      62,631,063        74,382,083        78,300,095        73,883,856        57,847,569   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total interest cost

      66,923,414        76,677,261        82,113,842        74,941,296        63,198,418   

Total Fixed Charges

      66,923,414        76,677,261        82,113,842        74,941,296        63,198,418   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

      (91,483,321 )      (46,527,237 )      (94,369,846 )      (110,822,681 )      (18,307,569 ) 

Hydrocarbon Income Tax (IRP)

      708,469        2,459,557        2,502,651        1,582,910        6,030,367   

Income Tax and Others

      3,969,740        1,938,451        6,219,098        8,885,312        3,226,241   

Profit sharing in subsidiaries and affiliates (income from equity investees)

      796,398        (1,540,688 )      767,228        1,965,213        (5,545,054 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Pretax income from continuing operations before income from equity investees

      (86,008,714 )      (43,669,917 )      (84,880,869 )      (98,389,246 )      (14,596,015 ) 

Fixed Charges(2):

      66,923,414        76,677,261        82,113,842        74,941,296        63,198,418   

Amortization of interest capitalized

      171,694        91,807        152,550        42,298        214,034   

Dividends received on investments in shares

      599,907        —        —        2,923,216        3,558,680   

Interest capitalized in fixed assets

      (4,292,351 )      (2,295,178 )      (3,813,747 )      (1,057,440 )      (5,350,849 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

      (22,606,050 )      30,803,973        (6,428,224 )      (21,539,876 )      47,024,268   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Amount by which fixed charges exceed earnings

      89,529,464        45,873,288        88,542,066        96,481,172        16,174,150   

Ratio of earnings to fixed charges

      —        —        —        —        —   

 

(1) Figures for 2007 are stated in constant pesos as of December 31, 2007. Figures for 2008, 2009, 2010 and 2011 are stated in nominal pesos.
(2) The figures do not include rental expense.

Exhibit 7.1

(2 of 2)

 

PETROLEOS MEXICANOS SUBSIDIARY ENTITIES AND SUBSIDIARY COMPANIES

Computation of ratio of earnings to fixed charges

(In Thousands of Mexican pesos)(1)

 

     2011     2010     2009     2008     2007  

U.S. GAAP

           

Fixed Charges(2):

           

Interest capitalized in fixed assets

      4,292,351        2,295,178        3,813,747        559,607        7,797,815   

Interest expense

      62,631,063        74,382,083        78,300,095        74,381,689        55,400,603   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total interest cost

      66,923,414        76,677,261        82,113,842        74,941,296        63,198,418   

Total Fixed Charges

      66,923,414        76,677,261        82,113,842        74,941,296        63,198,418   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

      (109,948,897 )      (16,506,920 )      (52,279,935 )      (66,511,844 )      (32,642,076 ) 

Hydrocarbon Income Tax (IRP)

      (1,120,660 )      2,417,760        2,456,637        1,570,288        5,967,879   

Income Tax and Others

      3,969,740        1,938,451        6,219,098        8,885,312        3,226,241   

Profit sharing in subsidiaries and affiliates (income from equity investees)

      796,398        (1,540,688 )      767,228        (1,815,570 )      (5,791,312 ) 

Minority Interest

      (210,166 )      (217,437 )      (160,285 )      (140,652 )      6,089   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Pretax income from continuing operations before income from equity investees

      (106,513,585 )      (13,908,834 )      (42,997,257 )      (58,012,466 )      (29,233,179 ) 

Fixed Charges(2):

      66,923,414        76,677,261        82,113,842        74,941,296        63,198,418   

Amortization of interest capitalized

      171,694        91,807        152,550        22,384        311,913   

Dividends received on investments in shares

      599,907        —        —        2,923,216        3,558,680   

Interest capitalized in fixed assets

      (4,292,351 )      (2,295,178 )      (3,813,747 )      (559,607 )      (7,797,815 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

      (43,110,921 )      60,565,056        35,455,388        19,314,823        30,038,017   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Amount by which fixed charges exceed earnings

      110,034,335        16,112,205        46,658,454        55,626,473        33,160,401   

Ratio of earnings to fixed charges

      —        —        —        —        —   

 

(1) Figures for 2007 are stated in constant pesos as of December 31, 2007. Figures for 2008, 2009, 2010 and 2011 are stated in nominal pesos.
(2) The figures do not include rental expense.