EX-12 15 d61873_ex12.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, ---------------------------------------------------- 2004 2003 2002 2001 2000 ---- ---- ---- ---- ---- Net income $1,854 $1,194 $1,016 $ 926 $ 965 Income tax expense (benefit), net 47 29 (57) (12) 1 ------ ------ ------ ------ ----- Income before income taxes 1,901 1,223 959 914 966 Adjustment to earnings: Loss (income) from affiliated operations and dividends received 3 1 2 57 (21) ------ ----- ------ ------ ------ Earnings as adjusted 1,904 1,224 961 971 945 ------ ----- ------ ------ ------ Fixed charges Interest expense, net 284 195 111 121 41 Interest portion of rent expense (a) 17 16 5 4 4 Capitalized interest 26 49 39 29 41 ------ ----- ----- ----- ---- Total fixed charges 327 260 155 154 86 ------ ----- ----- ----- ----- Fixed charges not affecting earnings: Capitalized interest (26) (49) (39) (29) (41) ------ ----- ------ ------ ----- Earnings before fixed charges $2,205 $1,435 $1,077 $1,096 $ 990 ====== ====== ====== ====== ===== Ratio of earnings to fixed charges 6.7x 5.5x 6.9x 7.1x 11.5x === === === === ====
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 45