EX-12.1 5 y36897exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12.1
 

Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
     The following tables set forth our consolidated ratios of earnings to fixed charges for each year in the five-year period ended December 31, 2006, in accordance with Mexican GAAP/FRS and U.S. GAAP.
Grupo Televisa, S.A.B.
Ratio of earnings to fixed charges
(Millions of Mexican pesos in purchasing power as of December 31, 2006)
Mexican GAAP/FRS:
                                         
    2002   2003   2004   2005   2006
EARNINGS:
                                        
 
                                        
Pretax-income from continuing operations
     1,248.2       4,785.2       6,592.6       8,664.1       11,823.8  
Add:
                                        
Fixed charges
     1,995.6       1,934.4       2,844.5       2,982.1       2,169.4  
Amortization of capitalized interest (Property, plant and equipment)
     87.2       86.4       82.3       67.0       67.4  
Distributed income of equity investees
     —       —       —       —       —  
Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges
     —       —       —       —       —  
Subtract:
                                        
Interest capitalized
     —       —       —       —       —  
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     (81.0 )     (136.9 )     249.2       1,127.9       588.2  
Total:
     3,412.0       6,942.9       9,270.2       10,585.3       13,472.4  
 
                                        
FIXED CHARGES:
                                        
 
                                        
Interest costs:
                                        
Expensed
     1,612.5       1,556.0       2,253.0       2,221.0       1,937.6  
Capitalized
     —       —       —       —       —  
Total
     1,612.5       1,556.0       2,253.0       2,221.0       1,937.6  
Amortization of debt expense and discount related to indebtedness
     —       —       —       —       —  
Rental expense
     383.1       378.4       591.5       761.1       231.8  
Total
     1,995.6       1,934.4       2,844.5       2,982.1       2,169.4  
 
                                        
RATIO OF EARNINGS TO FIXED CHARGES
     1.7       3.6       3.3       3.6       6.2  

 

 

Grupo Televisa, S.A.B.
Ratio of earnings to fixed charges
(Millions of Mexican pesos in purchasing power as of December 31, 2006)
U.S. GAAP:
                                         
    2002   2003   2004   2005   2006
EARNINGS:
                                        
 
                                        
Pretax-income from continuing operations (under Mexican GAAP/FRS)
     1,248.2       4,785.2       6,592.6       8,664.1       11,823.8  
Total adjustments under U.S. GAAP:
     (2,199.6 )     (697.0 )     (115.6 )     727.5       (579.1 )
 
                                        
Subtract:
                                        
Deferred income taxes
     670.3       (2,460.6 )     352.4       259.1       74.5  
Discontinued operations
     —       —       —       —       —  
Minority interest
     9.5       (1.0 )     (27.7 )     (10.8 )     1.1  
Sub-total adjustments under U.S. GAAP:
     (2,879.4 )     1,764.6       (440.3 )     479.2       (654.7 )
 
Subtract:
                                        
Employee Profit Sharing
     4.8       6.2       7.0       20.7       30.5  
Deferred Employees profit sharing
     —       —       —       —       —  
 
                                        
Add:
                                        
Fixed charges
     1,995.6       1,934.4       2,844.5       2,982.1       2,169.4  
Amortization of capitalized interest under U.S. GAAP
     —       —       —       —       —  
Distributed income of equity investors
     —       —       —       —       —  
Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges
     —       —       —       —       —  
Subtract:
                                        
Interest capitalized
     —       —       —       —       —  
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
     (81.0 )     (136.9 )     249.2       1,127.9       588.2  
 
                                        
Total
     440.6       8,614.9       8,740.6       10,976.8       12,719.8  
 
                                        
FIXED CHARGES:
                                        
 
                                        
Interest costs:
                                        
Expensed
     1,612.5       1,556.0       2,253.0       2,221.0       1,937.6  
Capitalized
     —       —       —       —       —  
 
                                        
Amortization of debt expense and discount related to indebtedness
     —       —       —       —       —  
Rental expense
     383.1       378.4       591.5       761.1       231.8  
Total
     1,995.6       1,934.4       2,844.5       2,982.1       2,169.4  
 
                                        
RATIO OF EARNINGS TO FIXED CHARGES
     —       4.5       3.1       3.7       5.8  
 
                                        
Earnings were insufficient to cover fixed charges by
     1,555.0       —       —       —       —