<PAGE> 1
EXHIBIT 12.1
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
RATIO OF EARNINGS TO FIXED CHARGES IN ACCORDANCE WITH MEXICAN GAAP
(AMOUNTS EXPRESSED IN MILLIONS OF MEXICAN PESOS (PS)
WITH PURCHASING POWER AS OF DECEMBER 31, 1999)
<TABLE>
<CAPTION>
1999 1998
======================================================================================================================
<S> <C> <C>
Income (Loss) Before Income Tax Ps (217.2) Ps -
----------------------------------------------------------------------------------------------------------------------
Determination of Ratio
Fixed Charges:
Interest expense 46.3 -
Interest capitalized during period 8.9 19.4
Current period amortization of interest capitalized in prior years 1.3 -
----------------------------------------------------------------------------------------------------------------------
Total fixed charges 56.5 19.4
----------------------------------------------------------------------------------------------------------------------
Earnings:
Income (loss) before income tax Ps (217.2) Ps -
Fixed charges 56.5 19.4
Less: interest capitalized during period (8.9) (19.4)
----------------------------------------------------------------------------------------------------------------------
Ps (169.6) Ps -
======================================================================================================================
</TABLE>
<PAGE> 2
MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
RATIO OF EARNINGS TO FIXED CHARGES IN ACCORDANCE WITH U.S. GAAP
(AMOUNTS EXPRESSED IN MILLIONS OF MEXICAN PESOS (PS)
WITH PURCHASING POWER AS OF DECEMBER 31, 1999)
<TABLE>
<CAPTION>
1999 1998
======================================================================================================================
<S> <C> <C>
Income (Loss) Before Income Tax Ps (280.9) Ps (91.7)
----------------------------------------------------------------------------------------------------------------------
Determination of Ratio
Fixed Charges:
Interest expense 37.1 .7
Interest capitalized during period 18.2 18.7
----------------------------------------------------------------------------------------------------------------------
Total fixed charges 55.3 19.4
----------------------------------------------------------------------------------------------------------------------
Earnings:
Income (loss) before income tax Ps (280.9) Ps (91.7)
Fixed charges 55.3 19.4
Less: interest capitalized during period (18.2) (18.6)
----------------------------------------------------------------------------------------------------------------------
Ps (243.8) Ps (90.9)
======================================================================================================================
</TABLE>
