Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Nine Months
Ended August 31,
----------------
2004 2003
---- ----
Net income $1,561 $ 989
Income tax expense, net 56 20
Loss from equity investees 3
------ ------
Income before income taxes 1,620 1,009
------ ------
Fixed charges
Interest expense, net 212 129
Interest portion of rent
expense(1) 13 7
Capitalized interest 21 38
------ ------
Total fixed charges 246 174
------ ------
Fixed charges not affecting
earnings
Capitalized interest (21) (38)
------ ------
Earnings before fixed
charges $1,845 $1,145
====== ======
Ratio of earnings to
fixed charges 7.5x 6.6x
====== ======
(1) Represents one-third of rent expense, which we believe to be
representative of the interest portion of rent expense.
22