EX-12 7 a09-1273_1ex12.htm EX-12

Exhibit 12

 

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES

 

Computation of Ratios of Earnings to Fixed Charges

 

 

Year ended December 31,

 

2004

 

2005

 

2006

 

2007

 

2008

 

 

 

(Dollars in thousands, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/earnings before income taxes

 

$

24,960

 

$

34,327

 

$

35,486

 

$

49,465

 

$

(22,595

)

 

 

 

 

 

 

 

 

 

 

 

 

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

 

8,165

 

9,752

 

10,700

 

11,807

 

12,608

 

Add back dividends received

 

—

 

624

 

—

 

1,763

 

3,840

 

Impairments/gains on disposals

 

—

 

—

 

(6,619

)

(2,312

)

32,715

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (loss)/earnings before income taxes

 

$

33,125

 

$

44,703

 

$

39,567

 

$

60,723

 

$

26,568

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

22,515

 

$

31,640

 

$

42,454

 

$

50,232

 

$

56,734

 

Amortization of finance costs

 

2,276

 

2,845

 

5,580

 

3,243

 

3,103

 

Interest on guaranteed indebtedness

 

—

 

—

 

—

 

—

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest

 

24,791

 

34,485

 

48,034

 

53,475

 

59,837

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest factor of rent expense

 

572

 

637

 

692

 

1,422

 

3,011

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

25,363

 

35,122

 

48,726

 

54,897

 

62,848

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

1,708

 

448

 

1,735

 

5,619

 

7,628

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (excluding capitalized interest)

 

$

23,655

 

$

34,674

 

$

46,991

 

$

49,278

 

$

55,220

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

56,780

 

$

79,377

 

$

86,558

 

$

110,001

 

$

81,788

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.2

 

2.3

 

1.8

 

2.0

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency in earnings to cover fixed charges

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—