EX-12 6 a2106343zex-12.htm EX-12

EXHIBIT 12

 

SEA CONTAINERS LTD.

 

COMPUTATION OF RATIOS

 

 

 

Year ended December 31,

 

Nine months ended September 30,

 

 

 

1997

 

1998

 

1999

 

2000

 

2001

 

Pro forma 2001

 

2001

 

Pro forma 2001

 

2002

 

Pro forma 2002

 

 

 

(in thousands, except ratios)

 

Earnings before income taxes

 

$

44,811

 

$

63,634

 

$

66,654

 

$

59,146

 

$

22,656

 

$

7,374

 

$

29,312

 

$

15,889

 

$

45,253

 

$

33,400

 

Equity in undistributed earnings of unconsolidated companies

 

(308

)

33

 

(23,804

)

(22,653

)

(26,565

)

(42,953

)

(17,995

)

(32,999

)

(11,567

)

(22,420

)

Add back dividends received

 

637

 

—

 

513

 

585

 

103

 

103

 

20

 

20

 

—

 

—

 

Total earnings (losses) before income taxes

 

$

45,140

 

$

63,667

 

$

43,363

 

$

37,078

 

($3,808

)

($35,476

)

($9,196

)

($17,090

)

$

20,945

 

$

10,980

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

112,425

 

$

120,879

 

$

124,043

 

$

141,959

 

$

128,923

 

$

108,520

 

$

99,730

 

$

83,934

 

$

101,134

 

$

84,907

 

Amortization of finance costs

 

5,799

 

4,957

 

5,043

 

5,659

 

45,787

 

4,635

 

4,447

 

3,707

 

3,910

 

2,819

 

Total interest

 

118,224

 

125,836

 

129,086

 

147,618

 

134,710

 

113,155

 

104,177

 

87,641

 

105,044

 

87,726

 

Interest factor of rent expense

 

84,801

 

87,501

 

105,349

 

87,933

 

83,061

 

82,659

 

62,296

 

61,994

 

62,296

 

61,994

 

Total fixed charges

 

203,025

 

213,337

 

234,435

 

235,551

 

217,771

 

195,814

 

166,473

 

149,635

 

167,340

 

149,720

 

Capitalized interest

 

1,391

 

1,392

 

1,928

 

1,365

 

1,815

 

933

 

1,229

 

739

 

1,127

 

588

 

Fixed charges (excluding capitalized interest)

 

$

201,634

 

$

211,945

 

$

232,507

 

$

234,186

 

$

215,956

 

$

194,881

 

$

165,244

 

$

148,896

 

$

166,213

 

$

149,132

 

Earnings before fixed charges (excluding capitalized interest and income taxes)

 

$

246,774

 

$

275,612

 

$

275,870

 

$

271,264

 

$

212,150

 

$

159,405

 

$

174,440

 

$

131,808

 

$

188,889

 

$

160,112

 

Ratio of earnings to fixed charges (reported)

 

1.2x

 

1.3x

 

1.2x

 

1.2x

 

1.0x

 

0.8x

 

1.0x

 

0.9x

 

1.2x

 

1.1x

 

Deficiency in earnings to cover   fixed charges

 

—

 

—

 

—

 

—

 

—

 

(36,409

)

—

 

(17,829

)

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA*

 

$

250,664

 

$

278,110

 

$

285,521

 

$

291,710

 

$

248,279

 

$

197,983

 

$

202,663

 

$

162,346

 

$

221,282

 

$

180,392

 

Ratio of EBITDA to cash interest expense

 

2.3x

 

2.5x

 

2.5x

 

2.1x

 

1.9x

 

1.8x

 

2.0x

 

1.9x

 

2.4x

 

2.3x

 

 

*              Earnings from operations plus depreciation and amortization.