EX-12 8 d58480_ex-12.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (In millions, except ratios)
Years Ended November 30, ----------------------------------------------------- 2003 2002 2001 2000 1999 ------- ------- ------- ----- ------- Net income $ 1,194 $ 1,016 $ 926 $ 965 $ 1,027 Income tax expense (benefit), net 29 (57) (12) 1 3 ------- ------- ------- ----- ------- Income before income taxes 1,223 959 914 966 1,030 Adjustment to earnings: Minority interest 14 Loss (income) from affiliated operations and dividends received 57 (21) (61) ------- ------- ------- ----- ------- Earnings as adjusted 1,223 959 971 945 983 ------- ------- ------- ----- ------- Fixed charges Interest expense, net 195 111 121 41 47 Interest portion of rent expense (a) 16 5 4 4 3 Capitalized interest 49 39 29 41 41 ------- ------- ------- ----- ------- Total fixed charges 260 155 154 86 91 ------- ------- ------- ----- ------- Fixed charges not affecting earnings: Capitalized interest (49) (39) (29) (41) (41) ------- ------- ------- ----- ------- Earnings before fixed charges $ 1,434 $ 1,075 $ 1,096 $ 990 $ 1,033 ======= ======= ======= ===== ======= Ratio of earnings to fixed charges 5.5x 6.9x 7.1x 11.5x 11.4x ======= ======= ======= ===== =======
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 44