EX-12 2 oeh-ex12_20130331.htm EXHIBIT 12 OEH-EX12_2013.03.31


EXHIBIT 12

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

 
 
Three months ended
 
Year ended December 31,
 
 
March 31, 2013
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
(Dollars in thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings/(losses) before income taxes and earnings from unconsolidated companies, net of tax
 
(51,358
)
 
9,246

 
(3,110
)
 
(12,355
)
 
(1,236
)
 
(8,119
)
Distributed interest from unconsolidated companies
 
—

 
—

 
—

 
—

 
—

 
6,240

Add back dividends received
 
651

 
2,524

 
2,428

 
1,759

 
3,790

 
3,840

Impairments on equity method investment
 
—

 
—

 
—

 
—

 
—

 
22,992

Total earnings/(losses) before income taxes
 
(50,707
)
 
11,770

 
(682
)
 
(10,596
)
 
2,554

 
24,953

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest
 
6,324

 
29,737

 
36,571

 
32,611

 
33,478

 
52,008

Amortization of finance costs
 
2,018

 
5,318

 
7,167

 
4,884

 
3,596

 
2,883

Interest on uncertain tax positions
 
—

 
26

 
(479
)
 
408

 
79

 
(895
)
Total interest
 
8,342

 
35,081

 
43,259

 
37,903

 
37,153

 
53,996

Interest factor of rent expense
 
851

 
3,513

 
3,296

 
3,153

 
2,942

 
2,935

Total fixed charges
 
9,193

 
38,594

 
46,555

 
41,056

 
40,095

 
56,931

Capitalized interest
 
(1,088
)
 
(4,193
)
 
(863
)
 
(2,201
)
 
(949
)
 
(4,599
)
Fixed charges (excluding capitalized interest)
 
8,105

 
34,401

 
45,692

 
38,855

 
39,146

 
52,332

Earnings before fixed charges (excluding capitalized interest) and income taxes
 
(42,602
)
 
46,171

 
45,010

 
28,259

 
41,700

 
77,285

Ratio of earnings to fixed charges
 
N/A

 
1.2

 
1.0

 
0.7

 
1.0

 
1.4

Deficiency in earnings to cover fixed charges
 
50,707

 
—

 
682

 
10,596

 
—

 
—