EX-12 8 a2106374zex-12.htm EXHIBIT 12
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EXHIBIT 12

SEA CONTAINERS LTD.

COMPUTATION OF RATIOS

											Pro Forma Information Debentures Exchanged
			Years ended December 31,								(100%)		(50%)
$'000		1998	1999		2000		2001		2002		2002		2002
Earnings / (losses) before income taxes		63,634	66,654		59,146		22,656		59,834		54,169		57,001
Equity in undistributed earnings of unconsolidated companies		33	(23,804	)	(22,653	)	(26,565	)	(18,698	)	(18,698	)	(18,698	)
Add back dividends received		—	513		585		103		86		86		86

Total earnings / (losses) before income taxes		63,667	43,363		37,078		(3,806	)	41,222		35,557		38,389

Fixed charges:
	Interest	120,879	124,043		141,959		128,923		130,831		135,769		133,300
	Amortization of finance costs	4,957	5,043		5,659		5,787		5,020		5,747		5,384
	Interest on guaranteed indebtedness	—	—		—		—		—		—		—

	Total interest	125,836	129,086		147,618		134,710		135,851		141,516		138,684
Interest factor of rent expense		87,501	105,349		87,933		83,061		56,569		56,569		56,569

Total fixed charges		213,337	234,435		235,551		217,771		192,420		198,085		195,253

Capitalized interest		1,392	1,928		1,365		1,815		1,168		1,168		1,168

Fixed charges (excluding capitalized interest)		211,945	232,507		234,186		215,956		191,252		196,917		194,085

Earnings before fixed charges (excluding capitalized interest) and income taxes		275,612	275,870		271,264		212,150		232,474		232,474		232,474

Ratio of earnings to fixed charges		1.3	1.2		1.2		1.0		1.2		1.2		1.2

E B I T D A *		278,110	285,621		291,710		248,279		288,214		288,214		288,214

Ratio of EBITDA to cash interest expense		2.5	2.5		2.1		1.9		2.5		2.4		2.4