Propimex, S. de R.L. de C.V. – ‘10-K’ for 12/31/02 – EX-12.1

On:  Thursday, 3/27/03, at 9:34pm ET   ·   As of:  3/28/03   ·   For:  12/31/02   ·   Accession #:  950157-3-194   ·   File #:  1-12290

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                        125    751K 
 2: EX-3.4      Certificate of Designation -- Series D Pref Stock     10     47K 
 3: EX-10.44    Employment Termination Agrt and General Release        7     28K 
 4: EX-10.46    First Amendment to Employment Agrt -- C. Jung          2     16K 
 5: EX-10.47    Second Amendment to Employment Agrt -- C. Jung         2     14K 
 6: EX-10.48    Third Amendment to Employment Agrt -- C. Jung          5     24K 
 7: EX-10.49    Share Subscription Agreement -- Ca Beverages          31     91K 
 8: EX-10.50    Coca Cola Opa Trust Agreement                         21     70K 
 9: EX-10.51    Coca Cola Holdback Agreement                          25     84K 
10: EX-10.52    Cbp Opa Trust Agreement -- Ca Beverages               19     63K 
11: EX-10.53    Cbp Holdback Agreement -- Ca Beverages                23     76K 
12: EX-10.54    Amended & Restated to Us$60M Credit Agreement         55    165K 
13: EX-10.55    Amendment to Us$130M 2nd Amended ... Credit Agrt      10     20K 
14: EX-10.56    Us$33M Credit Agreement -- Inarco Intl Bank            2     19K 
15: EX-10.57    Memorandum of Understanding                           12     47K 
16: EX-10.58    Limited Non-Competition Agreement                      5     26K 
17: EX-10.59    Employment Agreement -- Annette Franqui               18     68K 
18: EX-10.60    Letter Agreement -- Woods W. Staton                    1     12K 
19: EX-10.61    Second Amd. to Revolving Credit Agreement              4     19K 
20: EX-10.62    Amendment No. 1 to Us$ 10M Guaranty                    3     19K 
21: EX-10.68    Key Exec Retention, Severance and Non-Compet Plan     15     71K 
22: EX-10.69    Key Employee Retention                                13     61K 
23: EX-10.71    Employment Agreement -- Spal                           5     27K 
24: EX-10.72    First Amendment to Employment Agreement -- Spal        2     15K 
25: EX-10.73    Executive Deferred Compensation Plan                  14     57K 
26: EX-10.74    Employment Agreement -- Ruben Pietropaolo De Jong      8     57K 
27: EX-10.75    Amendment to Promissory Note -- Ing Bank               3     16K 
28: EX-10.76    Guaranty -- Citigroup Inc.                             4     31K 
29: EX-12.1     Computation of Ratio of Earnings                       1     15K 
30: EX-21.1     Subsidiaries of the Registrant                         2     15K 
31: EX-23.1     Independent Auditors' Consent                          1     12K 
32: EX-23.2     Explanation of Concerning Absence                      1     14K 
33: EX-99.1     Certificate of CEO and President                       1     12K 
34: EX-99.2     Certificate of Chief Financial Officer                 1     12K 

EX-12.1   —   Computation of Ratio of Earnings

                                                                EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES     
(Amounts in thousands of U.S. dollars, except ratios)     
(Unaudited)     

                                                        [Enlarge/Download Table]

                                                                                                                          

                                                                            Year Ended December 31,                       
                                                    ----------------------------------------------------------------------
                                                       2002           2001           2000           1999           1998   
                                                    ----------     ----------     ----------     ----------     ----------
 EARNINGS:                                                                                                                
        Net income (loss)                             $ 33,242       $118,024     $(504,660)      $(59,904)     $ 120,322 
        Minority interest in earnings of                                                                                  
        consolidated subsidiaries                        4,871          5,865         1,944          3,695          5,305 
        Provision for income taxes                      51,126         50,369        21,800         31,254         51,374 
        Fixed charges                                   87,460        122,313       146,348        131,742        101,842 
                                                    ----------     ----------    ----------     ----------     ---------- 
        Subtotal Earnings                              176,699        296,571      (334,569)       106,787        278,843 

    Less:  Undistributed earnings (loss) of less                                                                          
    than 50% owned affiliates                             (290)           516        (1,189)        (4,371)        (3,550)
                                                    ----------     ----------     ----------     ----------     ----------

   Total                                             $ 176,989      $ 296,055     $(333,380)     $ 111,158      $ 282,393 
                                                    ==========     ==========     ==========     ==========     ==========

 FIXED CHARGES:                                                                                                           
        Gross interest expense                         $85,312      $ 119,390     $ 142,299      $ 129,072       $ 98,152 
        Interest element of rentals                      2,148          2,923         4,049          2,670          3,690 
                                                    ----------     ----------     ----------     ----------     ----------

   Total                                               $87,460      $ 122,313     $ 146,348      $ 131,742       $ 101,842
                                                    ==========     ==========     ==========     ==========     ==========

 RATIO OF EARNINGS TO FIXED CHARGES                        2.0            2.4        NM (a)         NM  (b)            2.8
                                                    ==========     ==========     ==========     ==========     ==========

  (a)    For the fiscal year ended December 31, 2000, the Company's fixed charges exceeded its earnings by $479.7         
         million.                                                                                                         
  (b)    For the fiscal year ended December 31, 1999, the Company's fixed charges exceeded its earnings by $20.6          
         million.                                                                                                         

In the computation of the Company's ratio of earnings to fixed charges, earnings consist of earnings before income        
taxes, plus fixed charges, less undistributed earnings (loss) of less than 50% owned affiliates.  Fixed charges           
consist of interest expense and a reasonable approximation of the interest component included in rental expense.          

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed as of:		3/28/03		DEFA14A,  DEFM14A,  SC 13E3/A
Filed on:		3/27/03
For Period End:		12/31/02
		12/31/00		10-K
		12/31/99		20-F,  6-K
				List all Filings