EX-12 4 a08-2443_2ex12.htm EX-12

Exhibit 12

 

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES

 

Computation of Ratios of Earnings to Fixed Charges

 

Year ended December 31,

 

2003

 

2004

 

2005

 

2006

 

2007

 

 

 

(Dollars in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

22,364

 

$

24,980

 

$

34,327

 

$

35,486

 

$

49,465

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

7,080

 

8,165

 

9,752

 

10,700

 

11,807

 

Add back dividends received

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings before income taxes

 

$

29,444

 

$

33,125

 

$

44,079

 

$

46,186

 

$

61,272

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

22,610

 

$

22,515

 

$

31,640

 

$

48,034

 

$

53,475

 

Amortization of finance costs

 

3,280

 

2,276

 

2,845

 

5,580

 

3,243

 

Interest on guaranteed indebtedness

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest

 

25,890

 

24,791

 

34,485

 

53,614

 

56,718

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest factor of rent expense

 

455

 

572

 

637

 

692

 

1,422

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

26,345

 

25,363

 

35,122

 

54,306

 

58,140

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

1,795

 

1,708

 

448

 

1,735

 

5,619

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (excluding capitalized interest)

 

$

24,550

 

$

23,655

 

$

34,674

 

$

52,571

 

$

52,521

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

53,994

 

$

56,780

 

$

78,753

 

$

98,757

 

$

113,793

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.0

 

2.2

 

2.2

 

1.8

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency in earnings to cover fixed charges

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

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