|
|
|
|
|
|
|
|
|
|
Previous: ORIENT EXPRESS HOTELS LTD, S-1/A, EX-2.6, 2000-08-08 |
Next: ORIENT EXPRESS HOTELS LTD, S-1/A, EX-23.1, 2000-08-08 |
<PAGE>
<TABLE>
<CAPTION>
ORIENT - EXPRESS HOTELS LTD. EXHIBIT 12
Computation of Ratios of Earnings to
Fixed Charges
Six Months
Year ended December 31, ended
June 30,
--------------------------------------------------- ------------------
1995 1996 1997 1998 1999 1999 2000
------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings before income taxes
and change in accounting principle 7,086 18,207 31,241 30,396 43,168 17,894 19,939
Equity in undistributed earnings of
unconsolidated companies (861) (3,215) (4,141) (5,265) (7,971) (5,311) (6,927)
Add back dividends received 490 3,118 3,868 5,087 5,790 4,929 5,772
------- ------- ------- ------- ------- ------- -------
Total earnings before income taxes
and change in accounting principle 6,715 18,110 30,968 30,218 40,987 17,512 18,784
======= ======= ======= ======= ======= ======= =======
Fixed charges :
Interest 10,760 12,974 14,203 17,420 19,811 10,027 11,858
Amortization of finance costs 1,146 1,216 1,152 1,145 904 413 494
------- ------- ------- ------- ------- ------- -------
Total interest 11,906 14,190 15,355 18,565 20,715 10,440 12,352
Interest factor of rent expense 331 299 389 331 386 193 193
------- ------- ------- ------- ------- ------- -------
Total fixed charges 12,237 14,489 15,744 18,896 21,101 10,633 12,545
Capitalized interest (1,453) (1,957) (612) (102) -- -- (197)
------- ------- ------- ------- ------- ------- -------
Fixed charges (excluding capitalized interest) 10,784 12,532 15,132 18,794 21,101 10,633 12,348
======= ======= ======= ======= ======= ======= =======
Earnings before fixed charges (excluding
capitalized interest), income taxes
and change in accounting principle 17,499 30,642 46,100 49,012 62,088 28,145 31,132
======= ======= ======= ======= ======= ======= =======
Ratio of earnings to fixed charges 1.4x 2.1x 2.9x 2.6x 2.9x 2.6x 2.5x
======= ======= ======= ======= ======= ======= =======
</TABLE>
|
|