EX-12 3 a06-6066_1ex12.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

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,

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

24,968

 

$

19,110

 

$

17,291

 

$

21,689

 

$

34,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated companies excluding equity in undistributed earnings of unconsolidated companies

 

6,702

 

7,892

 

7,080

 

8,165

 

9,752

 

Add back dividends received

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings before income taxes

 

$

31,670

 

$

27,002

 

$

24,371

 

$

29,854

 

$

44,325

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

20,403

 

$

21,691

 

$

22,549

 

$

22,628

 

$

31,822

 

Amortization of finance costs

 

1,152

 

1,617

 

3,280

 

2,276

 

2,845

 

Interest on guaranteed indebtedness

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest

 

21,555

 

23,308

 

25,829

 

24,904

 

34,667

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest factor of rent expense

 

403

 

369

 

455

 

572

 

637

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

21,958

 

23,677

 

26,284

 

25,476

 

35,304

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

882

 

1,271

 

1,795

 

1,708

 

448

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (excluding capitalized interest)

 

$

21,076

 

$

22,406

 

$

24,489

 

$

23,768

 

$

34,856

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges (excluding capitalized interest) and income taxes

 

$

52,746

 

$

49,408

 

$

48,860

 

$

53,622

 

$

79,181

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.4

 

2.1

 

1.9

 

2.1

 

2.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency in earnings to cover fixed charges

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

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