EXHIBIT 12.1
KERZNER INTERNATIONAL LIMITED (F/K/A SUN INTERNATIONAL HOTELS LIMITED) AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands of Dollars)
For the three months
For the years ended December 31, ended March 31,
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1997 1998 1999 2000 2001 2001 2002
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Earnings available for fixed charges:
Earnings (loss) before income taxes and
extraordinary item 92,333 65,755 79,146 (112,791) 32,746 34,650 29,902
Interest and amortization of debt discount
and expense 24,370 4,516 50,699 45,678 52,702 14,210 10,654
Interest element of rentals (A) 879 1,187 1,893 1,963 2,407 584 580
Cash distributions received from equity investees 1,589 2,061 2,651 2,848 2,871 - -
Less equity earnings in equity investees (2,214) (2,730) (2,628) (4,225) (3,059) (1,823) (1,263)
Amortization of capitalized interest - - 1,417 1,580 1,949 496 487
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Earnings available for fixed charges 116,957 70,789 133,178 (64,947) 89,616 48,117 40,360
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Fixed charges:
Interest and amortization of debt discount
and expense 24,370 4,516 50,699 45,678 52,702 14,210 10,654
Capitalized interest 6,778 35,304 4,865 11,072 1,099 601 62
Interest element of rentals (A) 879 1,187 1,893 1,963 2,407 580 584
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Total fixed charges 32,027 41,007 57,457 58,713 56,208 15,391 11,300
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Ratio of earnings to fixed charges (B) 3.65 1.73 2.32 - 1.59 3.13 3.57
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(A) The Company estimates the interest component of rent expense to be 0.33.
(B) Earnings were insufficient to cover fixed charges by $123,660,000 for the
year 2000.