EX-12 6 d74455_ex12.htm RATIO OF EARNINGS TO FIXED CHANGES

Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

 

 

 

 

 

 

 

 

 

 

Six Months
Ended May 31,

 

 

 

 

 

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

626

 

$

673

 

Income tax benefit, net

 

 

(4

)

 

(13

)

 

 

 

 

Income before income taxes

 

 

622

 

 

660

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

Interest expense, net

 

 

200

 

 

178

 

Interest portion of rent expense(a)

 

 

8

 

 

7

 

Capitalized interest

 

 

28

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

236

 

 

208

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges not affecting earnings Capitalized interest

 

 

(28

)

 

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

830

 

$

845

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.5

x

 

4.1

x

 

 

 

 

 

 

(a)

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

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