EX-12 6 exhibit12.htm EX-12 Exhibit 12


Exhibit 12
CARNIVAL CORPORATION & PLC
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
 
 
 
 
 
 
 
         Years Ended November 30,
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
Net income
$
1,236
 
 
$
1,078
 
 
$
1,298
 
 
$
1,912
 
 
$
1,978

Income tax (benefit) expense, net
9
 
 
(6
)
 
4
 
 
      -
 
 
1

Income before income taxes
1,245
 
 
1,072
 
 
1,302
 
 
1,912
 
 
1,979

 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
   Interest expense, net
288
 
 
319
 
 
336
 
 
365
 
 
378

   Interest portion of rent expense (a)
21
 
 
20
 
 
19
 
 
20
 
 
21

   Capitalized interest
21
 
 
15
 
 
17
 
 
21
 
 
26

 
 
 
 
 
 
 
 
 
 
Total fixed charges
330
 
 
354
 
 
372
 
 
406
 
 
425

 
 
 
 
 
 
 
 
 
 
Fixed charges not affecting earnings
 
 
 
 
 
 
 
 
 
   Capitalized interest
(21
)
 
(15
)
 
(17
)
 
(21
)
 
(26
)
Earnings before fixed charges
$
1,554
 
 
$
1,411
 
 
$
1,657
 
 
$
2,297
 
 

$2,378

Ratio of earnings to fixed charges
      4.7x
 
 
      4.0x
 
 
      4.5x
 
 
      5.7x
 
 
     5.6x


(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.