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Previous: ORIENT EXPRESS HOTELS LTD, S-1/A, EX-10.1, 2000-07-03 |
Next: ORIENT EXPRESS HOTELS LTD, S-1/A, EX-21, 2000-07-03 |
<PAGE>
Exhibit 12
ORIENT -
EXPRESS HOTELS
LTD.
<TABLE>
<CAPTION>
Three Months
Years ended Ended
December 31, March 31,
-------------------------------------------------------- --------------------
1995 1996 1997 1998
---- ---- ----- ----
<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 4,512 4,396
Equity in undistributed earnings of
unconsolidated companies (861) (3,215) (4,141) (5,265) (7,971) (1,495) (1,728)
Add back dividends received 490 3,118 3,868 5,087 5,790 1,413 1,400
------- ------- ------- ------- ------- ------ -------
Total earnings before income taxes and change
in accounting principle 6,715 18,110 30,968 30,218 40,987 4,430 4,068
======= ======= ======= ======= ======= ====== =======
Fixed charges :
Interest 10,760 12,974 13,663 17,420 19,811 4,927 5,308
Amortization of finance costs 1,146 1,216 1,152 1,145 904 182 528
------- ------- ------- ------- ------- ------ -------
Total interest 11,906 14,190 14,815 18,565 20,715 5,109 5,836
Interest factor of rent expense 331 299 389 331 386 96 96
------- ------- ------- ------- ------- ------ -------
Total fixed charges 12,237 14,489 15,204 18,896 21,101 5,205 5,932
Capitalized interest (1,453) (1,957) (612) (102) - - -
------- ------- ------- ------- ------- ------ -------
Fixed charges (excluding capitalized interest) 10,784 12,532 14,592 18,794 21,101 5,205 5,932
======= ======= ======= ======= ======= ====== =======
Earnings before fixed charges (excluding
capitalized interest), income taxes and
change in
accounting principle 17,499 30,642 45,560 49,012 62,088 9,635 10,000
======= ======= ======= ======= ======= ====== =======
Ratio of earnings to fixed charges 1.4 2.1 3.0 2.6 2.9 1.9 1.7
======= ======= ======= ======= ======= ====== =======
</TABLE>
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