Minimum compulsory payments relating to these contracts as of December 31, 2010, including interest payable monthly, are as follows:
Covenants
The most significant financial covenants of the leases require the Company and its subsidiaries to maintain:
• A liquidity ratio of current assets to short-term liabilities no less than 1.50 to 1.0;
• A financing ratio of total liabilities (excluding deferred income taxes) to equity (excluding deferred income
taxes) no greater than 1.70 to 1.0;
• A relation of operational income to net comprehensive financing cost at a minimum level of 2.0;
As of December 31, 2010 and 2009, the Company was in compliance with these financial covenants.
b) Operating leases
As of December 31, 2010 the Company had entered into agreements for the operating lease of machinery
and equipment for a period of 5 to 6 years. The minimum compulsory payments relating to these agreements
are as follows:
Operating leases expensed for the years ended December 31, 2010, 2009 and 2008 amounted to Ps. 64,982,
Ps. 50,426 and Ps. 52,833, respectively.