EX-12 11 d73197_ex12.htm RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended November 30,

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 

 

 

 

 

Net income

 

$

2,408

 

$

2,279

 

$

2,253

 

$

1,809

 

$

1,187

 

Income tax expense, net

 

 

16

 

 

39

 

 

72

 

 

47

 

 

29

 

 

 

 

 

 

 

 

Income before income taxes

 

 

2,424

 

 

2,318

 

 

2,325

 

 

1,856

 

 

1,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

367

 

 

312

 

 

330

 

 

284

 

 

195

 

Interest portion of rent expense (a)

 

 

15

 

 

16

 

 

17

 

 

17

 

 

16

 

Capitalized interest

 

 

44

 

 

37

 

 

21

 

 

26

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

426

 

 

365

 

 

368

 

 

327

 

 

260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges not affecting earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(44

)

 

(37

)

 

(21

)

 

(26

)

 

(49

)

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

2,806

 

$

2,646

 

$

2,672

 

$

2,157

 

$

1,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

6.6

x

 

7.2

x

 

7.3

x

 

6.6

x

 

5.5

x

 

 

 

 

 

 

 

(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.

55