EX-12.1 12 a2163915zex-12_1.htm EXHIBIT 12-1

Exhibit 12.1

 

KERZNER INTERNATIONAL LIMITED

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In Thousands of US Dollars)

 

 

 

For the years ended December 31,

 

For the nine
months ended
September 30,

 

 

 

2000(1)

 

2001

 

2002

 

2003

 

2004

 

2005

 

Income (loss) from continuing operations before provision for income taxes and minority interest

 

$

(109,134

)

$

38,359

 

$

47,760

 

$

71,769

 

$

61,322

 

$

21,016

 

Fixed charges

 

58,713

 

63,881

 

41,728

 

32,059

 

45,266

 

43,134

 

Amortization of capitalized interest

 

1,579

 

1,948

 

1,985

 

1,993

 

2,066

 

1,650

 

Distributed income of equity investees

 

18,590

 

20,036

 

30,258

 

21,864

 

36,974

 

33,239

 

Less: Equity earnings in equity investees

 

(23,733

)

(26,473

)

(24,832

)

(33,640

)

(43,364

)

(43,494

)

Less: Capitalized interest

 

(11,072

)

(1,099

)

(237

)

(433

)

(5,806

)

(8,355

)

Less: Minority interest that have not incurred fixed charges

 

 

 

 

(1,340

)

7,234

 

6,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

(65,057

)

$

96,652

 

$

96,662

 

$

92,272

 

$

103,692

 

$

53,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of debt issuance costs, discounts and premiums

 

$

45,678

 

$

60,375

 

$

39,104

 

$

29,264

 

$

36,814

 

$

32,582

 

Capitalized interest

 

11,072

 

1,099

 

237

 

433

 

5,806

 

8,355

 

Interest component of rentals(2)

 

1,963

 

2,407

 

2,387

 

2,362

 

2,646

 

2,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

58,713

 

$

63,881

 

$

41,728

 

$

32,059

 

$

45,266

 

$

43,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

1.51

 

2.32

 

2.88

 

2.29

 

1.25

 

 


(1)           Earnings were insufficient to cover fixed charges by $123,770 for the year ended December 31, 2000.

 

(2)           The Company estimates the interest components of rentals to be 0.33.