EX-12 6 a2152851zex-12.htm EXHIBIT 12
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Exhibit 12


ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in thousands, except ratios)

 
   Year ended December 31,
 
   2000
   2001
   2002
   2003
   2004
Earnings before income taxes   $ 37,029   $ 24,968   $ 19,110   $ 17,291   $ 21,689

Earnings from unconsolidated companies excluding equity in undistributed earnings of unconsolidated companies
 
 
5,941
 
 
6,702
 
 
7,892
 
 
7,080
 
 
8,185
Add back dividends received     —     —     —     —     —
   
 
 
 
 
Total earnings before income taxes   $ 42,970   $ 31,670   $ 27,002   $ 24,371   $ 29,854
   
 
 
 
 
Fixed charges:                              
Interest   $ 23,770   $ 20,403   $ 21,691   $ 22,549   $ 22,628
Amortization of finance costs     892     1,152     1,617     3,280     2,276
Interest on guaranteed indebtedness     —     —     —     —     —
   
 
 
 
 
Total interest     24,662     21,555     23,308     25,829     24,904
Interest factor of rent expense     336     403     369     455     572
   
 
 
 
 
Total fixed charges     24,998     21,958     23,677     26,284     25,476
Capitalized interest     331     882     1,271     1,795     1,708
   
 
 
 
 
Fixed charges (excluding capitalized interest)   $ 24,667   $ 21,076   $ 22,406   $ 24,489   $ 23,768
   
 
 
 
 
Earnings before fixed charges (excluding capitalized interest) and income taxes   $ 67,637   $ 52,746   $ 49,408   $ 48,860   $ 53,622
   
 
 
 
 
Ratio of earnings to fixed charges     2.7     2.4     2.1     1.9     2.1
   
 
 
 
 
Deficiency in earnings to cover fixed charges   $ —   $ —   $ —   $ —   $ —
   
 
 
 
 

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ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES Computation of Ratios of Earnings to Fixed Charges (Dollars in thousands, except ratios)