EX-12 6 a07-5058_1ex12.htm STATEMENT OF COMPUTATION OF RATIOS

Exhibit 12

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES

 

Computation of Ratios of Earnings to Fixed Charges

Year ended December 31,

 

2002

 

2003

 

2004

 

2005

 

2006

 

 

 

(restated)

 

(restated)

 

(restated)

 

(restated)

 

 

 

 

 

(Dollars in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

23,831

 

$

20,126

 

$

24,481

 

$

34,573

 

$

35,588

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

7,892

 

7,080

 

8,165

 

9,752

 

10,700

 

 

 

 

 

 

 

 

 

 

 

 

 

Add back dividends received

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings before income taxes

 

$

31,783

 

$

27,206

 

$

32,646

 

$

44,325

 

$

46,288

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

21,691

 

$

22,549

 

$

22,628

 

$

31,822

 

$

48,177

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of finance costs

 

1,617

 

3,280

 

2,276

 

2,845

 

5,580

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on guaranteed indebtedness

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest

 

23,308

 

25,829

 

24,904

 

34,667

 

53,757

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest factor of rent expense

 

369

 

455

 

572

 

637

 

692

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

23,677

 

26,284

 

25,476

 

35,304

 

54,449

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

1,271

 

1,795

 

1,708

 

448

 

1,735

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (excluding capitalized interest)

 

$

22,406

 

$

24,489

 

$

23,768

 

$

34,856

 

$

52,714

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

49,408

 

$

51,695

 

$

56,414

 

$

79,181

 

$

99,002

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.1

 

2.0

 

2.2

 

2.2

 

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency in earnings to cover fixed charges

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

1